Welcome to our insightful guide on understanding sports betting odds and calculating potential payouts. Our bet calculator is a comprehensive tool designed for both novice and experienced bettors. It offers the flexibility to input your wager amount and view the odds in three different formats: American, Decimal, and Fractional. This versatility ensures that you can easily compute your expected payouts, no matter your preferred odds format.
Keep in mind that while our Odds Calculator offers a close estimate, actual payouts and profits may vary slightly. This variation is mainly due to the conversion of odds formats and rounding off figures, especially in complex bets like parlays. The numbers provided by the Odds Calculator are primarily for illustrative purposes, giving you a ballpark figure rather than exact figures.
Miami Heat vs. Chicago Bulls
American odds: Miami Heat +130, Chicago Bulls -180
Fractional odds: Miami Heat 13/10, Chicago Bulls 11/20
Miami Heat +130: A bet on the Miami Heat moneyline that results in a win would yield a profit of $130 for every $100 wagered. Hence, a $100 bet would lead to a total payout of $230 (original bet + profit).
Chicago Bulls -180: Betting on the Chicago Bulls moneyline and winning would result in a profit of $100 for every $180 wagered. So, a $100 bet would bring a total payout of $155.56 (original bet + profit).
Miami Heat 2.30: Winning a $100 bet on the Miami Heat moneyline would yield a total payout of $230 ($100 stake x 2.30 odds), encompassing your original stake and $130 in profit.
Chicago Bulls 1.55: A $100 bet on the Chicago Bulls moneyline, if successful, would result in a total payout of $155 ($100 stake x 1.55 odds), including your original stake and $55 in profit.
Miami Heat 13/10: A winning $100 bet on the Miami Heat moneyline would generate a total payout of $230 ($100 stake x (13/10)), including your original stake and $130 in profit.
Chicago Bulls 11/20: Winning a $100 bet on the Chicago Bulls moneyline would result in a total payout of $155 ($100 stake x (11/20)), which includes your original stake and $55 in profit.
In all these odds formats, a bet on a Miami Heat win would lead to the same payout for a $100 bet: $230. Similarly, a bet on a Chicago Bulls win would consistently yield a $155 payout for a $100 bet, regardless of the odds format.
The implied probability in sports betting indicates the likelihood of an event happening as suggested by the odds. It quantifies the chances of a particular outcome.
To calculate the implied probability, use these formulas:
Positive American Odds: Implied Probability = 100 / (Odds + 100)
Negative American Odds: Implied Probability = (-Odds) / (-Odds + 100)
Decimal Odds: Implied Probability = 1 / Odds
Fractional Odds: Implied Probability = Denominator / (Denominator + Numerator)
Consider the following example using the three odds formats for a baseball game between the Philadelphia Phillies and the Atlanta Braves:
American Odds: Phillies +140, Braves -160
For the Phillies:
Implied Probability = 100 / (140 + 100) = 100 / 240 ≈ 0.4167 or 41.67%
For the Braves:
Implied Probability = -(-160) / (-(-160) + 100) = 160 / 260 ≈ 0.6154 or 61.54%
Decimal Odds: Phillies 2.40, Braves 1.62
For the Phillies:
Implied Probability = 1 / 2.40 ≈ 0.4167 or 41.67%
For the Braves:
Implied Probability = 1 / 1.62 ≈ 0.6173 or 61.73%
The minor difference from the American odds probability is due to the exact decimal odds for the Braves being 1.625. Thus, 1 / 1.625 ≈ 0.6154 or 61.54%
Calculating implied probabilities:
For the Phillies:
Implied Probability = 5 / (5 + 7) = 5 / 12 ≈ 0.4167 or 41.67%
For the Braves:
Implied Probability = 13 / (13 + 8) = 13 / 21 ≈ 0.6190 or 61.90%
