Betting Odds Calculator & Converter

How to Use the Betting Odds Calculator

Using this betting odds calculator is easy. Follow these simple steps below to get started:

1. Enter your bet amount in the first field.
2. Choose your odds format: American, Fractional, or Decimal.
3. Enter the odds of your bet in the selected format.
4. The calculator will instantly show the implied probability of your bet.
5. It also calculates your potential payout if your bet wins.

How are betting odds calculated?

Sportsbooks set odds with one main goal in mind, which is keeping the money even on both sides of a bet. This helps them limit risk and make a profit through something called the vig. The vig is also known as the juice or margin.

If most people are betting on one side, like the Chiefs -10 against the Raiders, the sportsbook might move the line to -10.5 or -11. That shift encourages more bets on the other team, helping to balance things out and protect the book's bottom line.

Why the Vig Matters in Betting Odds

Most standard odds are set at -110, meaning you bet $110 to win $100. If equal money is wagered on both sides at -110:

1. ✅ The losing bet loses $110
2. ✅ The winning bet gains $100
3. ✅ The sportsbook keeps the $10 difference as profit

That's why sportsbooks try to balance the action on both sides of a bet. It helps them stay profitable no matter how the game ends.

For bettors, knowing how odds are set can make a big difference. It helps you spot line movement, understand what the market is saying, and see the real chances behind the odds.

How Do Sports Betting Odds Work?

Sports betting odds reflect the implied probability of an outcome and determine your potential profit. Odds appear on all major bet types like moneylines, point spreads, and totals. They are vital when it comes to understanding how much you can win.

Odds are displayed in three primary formats:

• American odds (used in the U.S.)
• Decimal odds (common in Europe and Canada)
• Fractional odds (used in the UK and Ireland)

While these formats look different, they all express the same two things:

1. ✅ The likelihood of a particular outcome
2. ✅ How much profit can you make if your bet wins

Understanding these betting odds and how to convert them is key to comparing value between sportsbooks to find the most profitable betting opportunities. 

How To Calculate American Odds

Most sports betting apps in the United States use American Odds. The main signifiers of American odds are that they either have a plus (+) or minus (-) in front of them and are based on 100 units.

• Plus odds (+) show how much profit you'd make on a $100 bet.
  • Example: +150 odds mean you'd win $150 on a $100 bet (total payout: $250).
• Minus odds (−) show how much you need to bet to win $100.
  • Example: -200 odds mean you need to bet $200 to win $100 (total payout: $300).

Plus and Minus Odds

The plus (+) and minus (-) in sports betting can refer to either the point spread or betting odds. In terms of the spread, the " - " always refers to the favorite and the " + " always refers to the underdog.

For example, you can bet the Dallas Cowboys as a -7 point favorite to beat the Green Bay Packers or the Packers as a +7 point underdog. If you bet the Cowboys -7 and they win by more than seven points, you win your bet. Similarly, if you bet the Packers +7 and they lose by less than seven points or win outright, you win your bet.

How To Use Decimal Odds

Decimal odds are most popular in Australia, Canada, Europe and New Zealand. These odds may be the easiest of the three to understand just by looking at the numbers.

The team with the higher of the two numbers is the underdog and the team with the lower of the numbers is the favorite. The return can be calculated by multiplying the bet with decimal odds.

Fractional Odds Explained

Fractional odds are most popular in the United Kingdom and Ireland, and are often the choice for horse racing. Also, a lot of sports betting sites in the United States will use fractional odds for futures odds.

Example odds to win the Super Bowl:

Similar to decimal odds, the return can be determined by multiplying the odds and the bet. Above, 100 times 2.5 (5/2) equals 250. In horse racing, odds will dip to something like 3/5 or 5/7 which usually means that horse is a big favorite. A 3/5 favorite is equal to -167 in American odds and 1.6 in decimal odds.

Implied Odds vs. True Odds

Implied odds are the conversion of a sportsbook's offered odds into an implied probability of an outcome. For example, a standard football spread bet often comes with odds of -110 for both sides, translating to an implied win probability of 52.38%. This means the sportsbook believes each outcome has a 52.38% chance of happening.

True odds, on the other hand, reflect the bettor's personal estimation of the likelihood of an outcome. Using the same example, if a bettor believes that the true probability of the outcome is 52.38% or higher, the bet offers good value. 

While sportsbooks set implied odds based on market factors, true odds are subjective and calculated through methods like predictive models or handicapping. If your calculated true odds exceed the implied odds, it's considered a value bet.

What is a Moneyline Bet in Betting?

A moneyline bet is on the straight-up winner of a game.

Moneyline bets are as straightforward as it gets in sports betting. You're betting on which side will win an event and if that side wins, you win.

What is Spread Betting & How Does it Work?

A spread bet is on the forecasted point differential between two teams. A minus (-) indicates the favorite and a plus (+) is the underdog.

In each bet, a push is also possible if the Lakers win by exactly seven points. That would mean each side gets their money back.

As for the odds, the most common number for spread bets is -110, but that number varies depending on the location, sportsbook, and how popular each side is. The typical number is -110, which means you have to bet $110 to win $100. However, there are states where odds are worse in order to get the state more money such as -115 or -120. This is also called the vig, which is the amount the sportsbook charges per bet.

If two teams are equal, PK will be given alongside a team name which means the matchup is considered a "pick 'em." In this case, point spread doesn't matter as this boils down to a moneyline bet and a tie would get your money back.

What Does Over Under Mean in Betting?

An over/under bet applies to the score or points in a given contest.

The below over/under table is for the Dallas Cowboys and New York Giants game.

Similar to a spread bet, if the Cowboys and Giants combine for exactly 49 points, it's a push and each side gets their money back. Also similar to spread bets is that the odds can vary.

Sportsbooks That Offer Competitive Odds & Lines

Although most sportsbooks offer the same bets, you'll find that betting odds and lines may vary. This is why signing up for multiple sportsbooks is the best way to make sure you are getting the best odds and lines on every bet you make. Going this route gives you the best chance to be a profitable bettor in the long run. 

Here is a list of the best sportsbooks that offer the most competitive betting odds and lines. 

• BetMGM Bonus Code
• Caesars Sportsbook Promo Code
• Fanatics Sportsbook Promo
• bet365 Bonus Code
• DraftKings Promo Code
• FanDuel Promo Code
• ESPN Bet Promo Code
• Hard Rock Bet Promo Code
• BetRivers Bonus Code