What Is a Sports Betting Calculator And Does It Help?
One of the most important things when it comes to betting knows how much money you can win. This will help you determine your risk management. Plus, it is the only way for you to create a profitable betting strategy.
However, the vast space of sports betting can sometimes be overly-complicated and tricky to navigate. With an array of different sports and hundreds of betting options per game, it is easy to get lost in the betting odds.
Fortunately, we have some great tools at our disposal that can make our lives easier. One of the most used tools while betting is the betting odds calculator.
The days of writing down odds on a small piece of paper and trying to work out your potential returns are gone. Now all of this is available with a few simple clicks, leaving you more time for analyzing matches.
What is a Betting Calculator?
A betting calculator or often referred to on the web as a returns calculator or odd calculator is software that can help you determine how much money you can win from any bet you place. Determining your winnings can help you make the right decision on how much money to put on a single bet.
Most betting calculators are web-based tools and depending on the software, they can handle different types of bets.
How to Use a Betting Calculator?
Before you start using a betting calculator, it is important to understand the basic functionality and terminology that often needs your input to calculate your winnings.
The first thing you need to understand is the bet type. Usually, most betting calculators use simple terminology and it is very clear to understand what information you need to input. Here you can choose from different types of bet, such as “win bet, handicap, or multiple bet”. This will help the software understand how to calculate your winnings.
You can also place single, double, or triple win bets across different events, which will eventually increase the money you’d potentially win.
If you place bets on four or more events, this is often referred to as an accumulator or “accy” for short. These are very popular bets, and fairly easy to calculate.
How to Input Odds?
If you have some betting experience, you’ll be aware that the odds are not always displayed in the same format. Depending on the game and betting calculator you are using, it might require you to input your odds as:
- Fraction (e.g 6/1)
- Decimal (6.00)
- American Moneyline format (+500)
You can also convert your odds into every form your calculator requires.
To convert fractional odds to decimal format, you need to divide the first figure of the fraction by the second and add one.
The same goes for American Moneyline odds, where you need to divide the figure by 100 and add 1.
Once you determine the right odds format you want to use, make sure to find a calculator that supports such an odd type.
Types of Betting Calculators
Not all betting calculators have the same options. So, if you find yourself in such a scenario, where your calculator cannot do the math on your bet, you need to choose a different betting calculator.
There are mainly two types of betting calculators.
Just as the name suggests, simple calculators provide information about easy-to-understand bets like win bets. These types of calculators are not particularly useful since over time you’ll develop the ability to calculate your returns without a calculator.
On the other hand, multiple bets, full cover bets, handicaps, or other more complicated bets require a comprehensive betting calculator.
Calculating your winning is very important if you want this process to turn out successful. Betting calculators really help in risk management, which is very important in the betting industry. On top of that, they can also help you come up with a winning strategy and budget management.
So, if you are still calculating your winnings the old-fashioned way, make sure to find a calculator that can do the job for you.