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Even though there are several parameters involved in betting, a punter will be closely looking at odds, which is the single biggest factor in deciding to go with a bet or not. The odds can be expressed in different formats like American, decimal, and fractional. It is essentially a number which is used to denote the price offered by a bookmaker based on the probability of occurrence. It is easy to switch from one type of odds format to the other, as many bookies now offer this seamless functionality directly on the site. After knowing about the probability of the outcome, a punter can decide if the particular wager is worth taking or not.
How to use odds calculators?
The betting odds calculator comes in handy when trying to figure out the payout automatically without having to do lengthy calculations. Apart from saving a lot of time, these calculators can end up providing the edge by helping one to take quick and informed decisions in areas like live betting, where odds are dynamic. The dynamic odds will change within seconds and staying on top of the parameters like risk, payouts, and probability will give an edge to the punter.
In order to use a betting odds calculator in the most effective way, users have to understand the differences between the common formats used by sports betting sites.
This is the popular type of betting format which is used in the United Kingdom. It is also commonly seen in the case of futures bet or at racetracks. The common usage is largely applicable when the entire field of participants has the possibility of success. The odds are expressed in fractions with the numerator used to denote the returns receivable when the punter comes in with a bet that is equal to the denominator.
For example, there is a match between Chelsea and Arsenal with the former being given odds of 2/1 to win the game. If the punter was to back Chelsea in this match with a stake of £1, they would receive £2. The odds calculator can be modified in such a way that it is able to allow punters the opportunity for fractional inputs. This would be followed by the punter entering the stake so that the potential profit can be calculated. The calculation of returns in the case of fractional odds can be quite complex without the aid of odds calculators.
The decimal format is the preferred choice of European punters. It is often regarded as a straightforward way of expressing odds. Unlike in the fractional system where odds are not represented for the stake placed upon by the punter, the decimal system gives the actual return for every bet without having to do complex calculations. If Chelsea are given odds of 3.5 for a victory in a match against Arsenal, the punter would be receiving returns based on a simple formula – stake x odds. In this case, if the punter comes with a stake of £10, the returns would be £35. In most instances, the punter need not go with an odds calculator if they are using the decimal system.
The ease of calculation may be especially apparent when trying to deduce odds for the accumulator bets. Yet, this is not the case at all times and the use of a betting odds calculator will increase accuracy levels. It only takes a few seconds for the calculator to go through the odds for the particular wager and provide the returns/profits. Incidentally, the same time is also required when trying to go through a complex parlay provided that the punter can make this calculation in just a few seconds.
The American odds, as the name suggests, find the prevalence in the United States. These are also called as the money line odds. The returns indicated by these odds will be related to the hundred base figure. When there is a market indicated by a minus figure, a punter can win $100 by laying the specific amount. Similarly, if there is a + sign on the odds, it indicates the potential to win $100 by backing the bet. For example, if the New York Yankees are given a price of +275 to succeed against Boston Red Sox in the upcoming match. For every $ 100 wagered on New York Yankees to win this match will provide a return of $ 275.
If the punter wants to back a team at minus odds, it effectively means that the punter is going in favour of the favourite. As a result, the returns will be less than going with the opposite direction. In this case, Boston Red Sox are provided a price of -140. Thus, a punter has to come up with a $ 140 wager if they are to return with $ 100 in profits.
The bet calculator is no longer a luxury when it comes to the world of online betting. It is a must-have for serious bettors who do not want to perform complex mathematics over an extended period of time. Since time is of the essence in the world of betting – especially in the case of live bets, every second saved is equal to money earned.
The punter also has to understand the probability and odds of the bet that they are entering. The odds are presented to the punter by the bookmaker, but the probability has to be calculated. Among the many betting calculators that are available today, there is an opportunity to calculate the probability to identify if a particular bet is worth placing or not. The bet should possess a lot of value to be considered eligible for the wager. If the implied probability happens to be much higher, the bet will have a negative consequence and it should be avoided.