Bet Smart, Not Hard: Odds Calculators Explained

Today we will look at one of the greatest instruments bettors can put their hands on. Besides numerous other advantages, BetBrain is here to give you the best odds calculators, designed with an intuitive interface. Let’s see how you can benefit the most from our great tools!


Enter your odds:

Odds Calculators’ Tools

As mentioned previously, any odds calculator has a couple of perks. First, the greatest tool for bettors must be the odds converter. 

Not once did any of us find a great match to wager on, with odds tough to understand, given that that particular match is unfamiliar.

Therefore, before using our great odds converter displayed below, some short explanations for each type of odds might be helpful, giving you a better perspective and a bigger image of your future bets:

Fractions

Also known as British Odds, these odds are primarily used in the United Kingdom or Ireland but can also be found on multiple other European platforms.

Nevertheless, how do fractions work in betting, and what should you expect before checking the odds converter available on BetBrain?

Basically, odds of 5/1 (5 to one) would mean that you will win 5 units for each unit you wager. Therefore, with one unit as a stake, you would win 6 units.

In other words, you will receive the ratio displayed first as profit (5), alongside the initial stake(1).


Ex: 5$ bet at odds of 2/1 = 15$ (5x2+5)

Decimals

Next, we have another type of odds which you can mainly find in Europe, Australia, New Zealand, and Canada. Decimal odds are used for most sports and are usually the most common type of odds you will find at bookmakers and in betting offers.

What are decimal odds? In essence, decimal odds represent the total payout of the bet, including the profit.

Therefore, if you’re looking to bet on a market with 3.00 odds, having 5 units as your stake, you will potentially win 15 units. These 15 units contain the 5 unites you already wagered, as well as the 10 units which are perceived as profit.

Nevertheless, these odds are the easiest when it comes to spotting the underdogs and the favourites. On top of that, these are the easiest odds to understand when it comes to maths and calculations, given that the number of odds represents the total payout you will be able to cash out.

Therefore, we are aware that this option might be the most preferred one when it comes to our odds converter.

American Odds (Moneyline)

Last but not least, we have the American odds. Despite not being the first choice for many bettors outside the United States of America, chances are you are going to find these odds many times when looking for matches in the NBA, NHL, or NFL.

Therefore, we have to take a look at them, in order to give you a better perspective on your upcoming bets.

In essence, we have to split these odds into two instances: the ones for favourites and the ones for underdogs.

Therefore, you will see the American odds for favourite being accompanied by a minus sign (-). This is because they represent the amount necessary to stake for a 100$ win.

On the other hand, the odds for underdogs will always have a plus sign (+). This is because they represent the amount won for every 100$ you place as a stake.

Let’s help you better understand how Moneyline works by providing you with an example. For instance, let’s imagine that the Indiana Pacers are about to play against the Denver Nuggets in the NBA. Therefore, the moneyline odds for this match will be:

  • Pacers: +585

  • Nuggets: - 760

Given these odds, it’s obvious that the Nuggets are considered to be favourites, while the Pacers have a small chance of getting the win, in the eyes of the bookie. Therefore, by looking at the money line, we can understand that the probability (which we will explain in detail later) is about 15% for a Pacers win.

Nevertheless, let’s imagine that you are willing to bet 100$. If the Pacers upset the odds and take the win, you will take 585$, as well as the initial 100$ you used as stake. Therefore, your total payout will be 685$.

On the other hand, you will need to bet 760$ to win 100$ more. With this in mind, the total payout will be 860$.


Probability Calculator. How to use it and why is important

As you might already know, betting refers a lot to mathematics. Therefore, probability is a concept that is well-known for experienced or professional bettors.

Considering this, our odds calculator tools on BetBrain are also ready to display the probability for each bet you’re looking to find out about.

But before that, let’s take a look at what probability really means in betting and how it can help you develop your betting game and understand how to wager better.

We already discussed that the base of the betting pyramid sits with odds. These odds are the main point that betting resolves around and the most important thing to have in mind before wagering,

Well, in essence, each display of odds is just another way to portray a certain probability. Therefore, for a better understanding of the bet you’re about to place, each display of odds can also be translated to a certain probability.

If we are to take an instance in which a bet comes with odds of 2.00, this means that the probability for that respective prediction is 50%.

Translating the odds as a probability is not just another way to note down your predictions. It can also help you better understand the actual chances of your bets.

It’s detrimental to have a better perspective on your bets and a real glimpse of what you’re about to predict. The chances a probability calculator show you can open up a huge range of scenarios that can help you take the best decision.

After all, this is the most important aspect that BetBrain seeks to help you with. Taking the best decisions in your bets, with the help of our experts, community and tools. 

Therefore, don’t hesitate to check out our probability calculator for a better perspective on your predictions.