How Is Betting Odds Calculated
- How Are Sports Betting Odds Calculated
- How Is Betting Odds Calculated College Football
- Betting Odds Calculator Payout
Online sports betting apps are popping up all across the US. Almost two dozen states already have sports betting in some format, and more are on the way. State legislatures are beginning to grasp the large opportunity presented by sports as eager bettors await regulation in their home states.
As a result, the US is becoming a hotbed for sports betting, and many of the states that have sportsbooks allow betting online. This means bettors can place wagers online via desktop or mobile devices, making sports betting easier than ever.
To calculate your winnings when betting with decimal odds you simply multiply your stake by the odds and that will show you your total returns For example; A $50 wager at odds of 5.4 would be calculated as 50 x 5.4 = $270 for a profit of $220. Using Your Sportsbook Betslip To Calculate Your Winnings. On the most basic level, odds calculators are designed to help you understand the implications of your bets and ultimately determine what returns you will receive if you are successful. Such tools tend to operate in a standard format, with them first asking you to input the type of bet that you have made or are planning to make. To calculate “-“ American Odds, divide 100 by the odds number (without the minus sign) and multiply that quotient by the amount wagered. For example, a $50 bet that pays -110 odds would calculate as (100/110).$50, which converts to (.909.$50) and then to $45.45. Fair odds would be 2.00 for both and if you bet 10$ on over and the same on under, you will get 20$ back, no matter what happens. In reality, the prices would probably be about 1.93 and the difference is the bookmaker’s margin. The percentage varies in each operator and depends on lots of factors. How are betting odds calculated when a market is open? To calculate betting odds, Canada bookmakers will also bear in mind how punters are placing their money on the market after it has opened. If, for example, everyone opted to place their money on Horse 1 in the above example, the bookmaker would be looking at a huge loss if that horse won the race.
Plus, playing at legal, licensed, and regulated sportsbooks keeps you safe as a player. Luckily, there’s a wide variety of options to choose from.
Simply put, sports betting is weaving its way into many corners of the US. Below we have created exclusive sports betting tools and calculators to help you bet better!
What Types Of Sports Betting Tools & Calculators Are There?
| Sports Betting Tools | What It Does |
|---|---|
| Moneyline | The most straightforward calculator of them all. Simply enter your odds and the wager, and see the potential win. |
| Arbitrage | Determine if betting on two different sides on the same match on two different sportsbooks will move the odds to give you a guaranteed profit. |
| Martingale | This will determine how much you’ll need to wager to recoup losses. |
| Odds Converter | An automated way to convert a form of odds into a different form. For example, American odds to decimal or fractional odds. |
| Spread | Compare spreads at different sportsbooks to determine the better bet. |
| Futures | Determine implied probability based on all futures odds for a given sport. |
| Kelly Criterion | Calculate how much of your bankroll you should be based on the probability of winning an outcome. |
| ROI Calculator | Calculate the projected gains from a bet versus the total cost of the bet to determine your potential return on investment (ROI). |
| 3 Way Fair Odds No Vig | For events where a tie is possible (like soccer), three way fair odds calculator eliminates the vig and presents the odds as a percentage (implied probability) to better clarify the three options. |
| Fair Odds | This one also strips out the vig from the odds, but designed for two possible results: win or lose. |
| Implied Probability | Implied probability is simply the American odds presented as a percentage rather than plus (+) and minus (-) lines. |
| Parlay | Before you place a parlay bet, use the parlay calculator to ensure you’re taking a higher risk for a worthwhile win potential. |
| Super Bowl Squares | Online super bowl squares with friends (no accounts needed) |
How To Use An Odds Calculator
Odds calculators help you determine what your payout would be if you were to make a specific bet. You can plug in your desired bet amount and the odds a sportsbook gives you, then the calculator will tell you what you’d win if the bet hit.
Odds calculators are particularly useful if you’re trying to decide between a number of sportsbooks for a specific bet. Different sportsbooks offer different odds, so you can maximize your potential payout if you search for the best odds and use a calculator to help you decide your best path.
We have a number of odds calculators on our site for various types of bets, including moneyline, parlay, and futures calculators.
Moneyline Odds Calculator
Because moneyline bets are on a single team to win, it’s the easiest calculator to use. Here’s how:
- Type your desired bet amount (in USD) into the proper field.
- Type the odds as the sportsbook lists them.
- The calculator will autofill the rest of the fields and show you how much the bet would pay if you were to win.
Parlay Odds Calculator
If you’re a fan of parlay bets (which combine multiple wagers into one), you can use a parlay-specific calculator. Here’s how:
- Plug in your desired bet amount in USD in the proper field.
- Enter the odds for each individual leg of the parlay into the moneyline fields. Note that they don’t have to be moneyline bets; just pull the odds from whichever bets you intend to use as part of the parlay.
- Click “calculate” for your combined parlay odds and potential payout.
Check out some of our other odds calculators:
How Sports Betting Odds Are Calculated
If you’re new to sports betting, chances are you’ve been confused by how odds work. They can be complex to understand for a newcomer, but once you understand the basics, you’ll be betting like a pro.
How Are Sports Betting Odds Calculated
The first thing to know is that odds are typically calculated based on how many people are betting on a certain outcome. So if the Kansas City Chiefs are favored by many bettors to win over the New York Giants, the Chief’s odds to win will increase as bettors place wagers on that outcome.
Other factors can come into play, such as team record, past performance, injured players, etc., but bets placed are the biggest determining factor in most cases.
How To Read Odds And Determine Payouts
Sportsbooks display odds as a positive and negative numbers, and those odds tell you how much you’ll win if your bet hits. Here’s a scenario to help you understand how they work.
- Chicago Bears +200
- Tennessee Titans -230
This setup is showing a moneyline bet, which means those are the odds for either team to win outright. Whenever you see a negative number (in this case -230), that means that team is favored to win the match and a bet of $230 would win you $100. The positive number (+200) shows which team is the underdog and tells you how much you would win if you placed a $100 bet.
How Can I Bet On Sports In The US
Placing a bet is easy at legal sportsbooks. You just have to go through a few steps before you’re all set to wager.
Choose A Sportsbook And Create An Account
You can access most sportsbooks via desktop, Android, and iOS devices. If you’re using an Android device, head to your preferred sportsbook’s website to get the app. Google doesn’t allow sportsbooks in its Play Store marketplace, but you can download the app directly from the provider’s website.
Once you have the app or have visited the website, you can create your account. It’s a similar process to creating an online banking or social media account. Have your personal information including your SSN ready and the rest will be straightforward. Onscreen prompts will guide you through the process.
If you’re signing up on a mobile device, that’s it! If you’re on desktop, you may also have to download a geolocation plug-in. This is required to confirm that you are betting from a legal state.
Deposit Funds
Pick your favorite deposit method (so long as it’s available at your sportsbook) and add funds to your account. PayPal, credit/debit cards, and online banking are available at most sportsbooks.
When you deposit, also check for bonus offers. They can boost your account value and give you extra money to bet with.
Place A Bet
Now, you’re ready to place a bet! Peruse the available odds and find the bets you might want to place. This is the perfect time to use an odds calculator, especially if you’re using multiple sportsbooks to shop for the best lines.
After you’ve calculated your odds and figured out which bets you’d like to place, make your wager.
Withdraw Your Winnings
If you’re lucky enough to win a few bets, you can withdraw your winnings. PayPal, online banking, ACH e-check, and check by mail are common withdrawal methods, though some sportsbooks offer separate options.
What Sports Can You Bet On In The US?
The nature of legal online sports betting in the US creates a unique landscape in each individual state. Every state can regulate sports betting with their own legislation, meaning some sports that are available for betting in one state may not be available in another.
Professional Sports
Pro sports are fair game pretty much across the board in legal sports betting markets. You can bet on any of the most popular leagues without issue:
- NFL
- MLB
- PGA
- MLS
- NWLS
- WNBA
- NASCAR
- UFC
Plus many others.
College Sports
NCAA sports are somewhat of a mixed bag. They’re usually available to bet on, but some states put specific restrictions on them.
In Illinois and New Jersey, for example, you can only bet on college match-ups that don’t include a school from the state you’re betting in. So Illinois fans can’t place wagers on games including Northwestern or the University of Illinois, while New Jersey bettors can’t wager on Rutgers or Princeton match-ups.
International Sports
Globally popular sports like soccer, rugby, and cricket are available for betting in most legal markets with few restrictions.
Esports
Esports betting runs the gamut from completely legal to prohibited to left out of legislation completely. Before you place an esports bet, make sure you check that it’s legal in your state.
Non-Sporting Events
Elections and awards shows are among the most popular non-sporting events on betting platforms. Not every state allows betting on them, though. It varies by state, so check your local laws or betting sites for more information.
Legal Online Sportsbook Apps In The US: Common Questions
Not everywhere. In 2018, the Supreme Court struck down the Professional and Amateur Sports Protection Act. Rather than legalizing sports betting across the board, it put the issue in individual states’ hands.
Many states have legalized online sports betting, and more are working on legislation to do so. While it’s not legal everywhere, sports betting is swiftly making its way to more US markets beyond the two dozen that already allow it.
You can find sports betting odds by visiting the sportsbook website of your choice. They will usually display their odds without requiring you to log in or create an account.
Online resources also exist that compare and contrast the odds at top sports betting platforms. Sports news sites, including CBS Sports and NBC Sports, will often list the lines as well.
Using an online odds calculator or by calculating the odds manually. Gaming Today has several odds calculators to choose from.
How to read sports betting odds depends on how the odds are displayed. Decimal, fractional, and American odds all require different math for calculation. However, each are relatively easy to understand.
DraftKings, FanDuel, and BetRivers have the consistently best odds out of all the online sportsbooks in the US market. However, that isn’t always true. In many cases, other sportsbooks will have better odds. The most successful sports bettors compare and contrast different options before placing a bet for that very reason.
Range of factors. Sports betting odds are calculated based on a variety of things including injuries and trades, current team form, the weather, and beyond. How players are betting also determines the odds, which is one of the reasons why you’ll see significantly different odds at one sportsbook versus another.
An odds calculator helps sports bettors determine their betting strategy. The most basic is a moneyline odds calculator that tells you how much you’ll win based on your bet and the odds. However, different odds calculators have different purposes, such as comparing futures, identifying arbitrage, and more.
You should use an odds calculator when you want to save time or for when the math is too complex to perform manually. It’s never a bad idea to use an odds calculator, and they can ensure that no mistakes are made in your calculations, eliminating all chances of human error.
DraftKings Sportsbook. The sports betting website and app that consistently offers the best odds is DraftKings Sportsbook. It also offers a range of betting options, a deep sports selection, and impressive promotions. You can also seamlessly switch between the sportsbook, daily fantasy sports, and casino games (where legal). The DraftKings Sportsbook app is available for iOS and Android.
Football brings in more betting handle than any other sport in the US. The NFL regular season presents a schedule of betting opportunities that make the league a unique venture for sports bettors.
Starting with the season’s opening weekend, the NFL plays through a 17-week regular-season schedule each year. Each team plays 16 games with one bye week, and every weekend offers anywhere from 12-16 games open for betting.
The NFL season always brings plenty of surprises, and a team that might seem like a great pick early in the season often ends up as a weekly underdog later in the year.
Bonus.com NFL Odds Calculator
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How NFL Regular Season Odds Are Calculated
The most popular ways to bet on the NFL include moneyline, point spread, and totals betting. Online sportsbooks offer several other ways to bet on NFL games, but it’s important to understand the way fundamental football betting works.
For example, here’s a look at the odds on the Week 13 matchup between the Buffalo Bills and San Francisco 49ers from the 2020 NFL regular season. The lines on that game from DraftKings Sportsbook looked like this right before kickoff:
| Point Spread | Totals | Moneyline | |
|---|---|---|---|
| Buffalo Bills | +1.5 (-110) | Over 48 (-110) | +106 |
| San Francisco 49ers | -1.5 (-110) | Under 48 (-110) | -121 |
Point Spread
The point spread listed for an NFL game adds points to the underdog’s final score, or subtracts from the favorite’s final point total.
In the example above, the 49ers stand as a 1.5-point favorite over the Bills. For betting purposes, 1.5 points will be added to Buffalo’s score at the end of the game.
If San Francisco wins 31-30, for example, Bills bettors would win the wager. Buffalo would finish with 31.5 points to the 49ers 31 points.
Totals
Totals bets simply task the bettor with picking whether the final score will end up under or over the listed point total. For instance, the 31-30 San Francisco win we’ve talked about above would result in a win for Over 48 at DraftKings Sportsbook.
Moneyline
How Is Betting Odds Calculated College Football
Moneyline bets represent a straight-up wager on what team will win the game, with no point spread involved. Winning bets on the underdog pay off at better odds than the favorite, and a big NFL upset can lead to a big payout on the underdog.
Calculating American Odds
Note that all of the lines on the Bills-49ers games offer payout odds listed in American Odds. The -110 seen on both sides of the points spread and totals line represents a bet that pays -110 American Odds.
To calculate “-“ American Odds, divide 100 by the odds number (without the minus sign) and multiply that quotient by the amount wagered.
For example, a $50 bet that pays -110 odds would calculate as (100/110)*$50, which converts to (.909*$50) and then to $45.45. A $50 winning bet on -110 odds would return $95.45 total to the bettor ($45.45 profit plus the original $50 bet).
Calculating “+” odds, like the +106 payout on the Bills moneyline bet, involves a slightly different formula. “+” payouts are calculated by dividing the odds number by 100, then multiplying by the amount wagered to determine the profit.
A $50 bet on the +106 line for Buffalo would solve as (110/100)*$50, which calculates to (1.1*$50) and then to $55.
A $50 winning wager at +106 odds would return $105 total to the bettor ($55 profit plus the original $50 bet).
What Causes Point Spread And Moneyline Odds To Change During The Week?
Suppose the Bills-49ers game showed the 49ers as a -4 favorite at DraftKings Sportsbook a week before the game, but by game day the line showed the -1.5 point spread listed above.
The lines on an NFL game can change as the week goes on, sometimes shifting dramatically. Changes can occur right up until kickoff.
If a sportsbook gets too many bets on one side of a line, the book stands to lose big if that side wins. To combat this, sportsbooks will shift the point spread and moneyline odds one way or another, in an effort to get the right amount of money (from the sportsbook’s money-making perspective) on each side of the game.
What Is An NFL Odds Calculator?
The Bonus.com NFL Odds Calculator provides an invaluable tool for researching the lines on each NFL game. We update the lines each week for all NFL regular season games and compare the odds available at each of the top online sportsbooks in the US.
The NFL Odds Calculator presents a comprehensive menu of point spread, moneyline, and totals bets for every week of the NFL season.
Betting Odds Calculator Payout
How To Use An NFL Odds Calculator
The toggle menu at the top left of the Bonus.com NFL Odds Calculator allows you to look at spreads, moneyline, and totals lines for all games in the upcoming week of the NFL season.
The “open” column shows the odds on the game at the beginning of the week. You can compare that to the various lines offered by each sportsbook on the right, allowing you to evaluate which way the lines have moved throughout the week.
The best odds on a chosen game are highlighted in yellow, displaying the sportsbook offering the best value on a given bet.
With many states offering multiple different online sportsbooks, research and line shopping are essential aspects of a winning betting strategy. The Bonus.com NFL Odds Calculator puts all of the research you need on one page.
Check back with the Bonus.com NFL Odds Calculator every week to see the latest lines at the top sportsbooks in the US.
Where Can I Bet On the NFL Regular Season And Playoffs?
DraftKings Sportsbook
Football bettors in nine US states can legally wager on the NFL with DraftKings Sportsbook. One of the most popular sports betting platforms in the nation, DraftKings Sportsbook offers its services in the following states:
- New Jersey
- Pennsylvania
- Indiana
- Iowa
- West Virginia
- Tennessee
- New Hampshire
- Virginia
- Michigan
DraftKings offers several different ways to bet on the NFL each week.
Moneyline, point spread, parlays, totals, and player prop bets represent just some of the ways to bet on NFL games at DraftKings Sportsbook. Live in-game betting, which features rapidly changing lines as the game progresses, opens up even more ways to bet on the NFL.
FanDuel Sportsbook
Another of the most popular sports betting brands in the US, FanDuel Sportsbook presents a comprehensive menu of betting options on the NFL season.
FanDuel Sportsbook consistently offers some of the most competitive weekly point spread, moneyline, and totals odds on the NFL. In-game betting options include live player props, with odds that change multiple times as a game plays on.
FanDuel Sportsbook legally operates in these states:
- New Jersey
- Illinois
- Indiana
- Colorado
- West Virginia
- Virginia
- Michigan
BetMGM Sportsbook
The BetMGM online sportsbook operates as the mobile sports brand offered by MGM Resorts. BetMGM offers legal online sports betting in the following states:
- New Jersey
- Nevada
- Colorado
- Tennessee
- Pennsylvania
- Iowa
- Virginia
- Michigan
Bettors of all experience levels would do well to include BetMGM among their options for betting on the NFL each week. The mobile sportsbook offering from BetMGM includes a robust number of ways to bet each week.
NFL Odds Calculator FAQ
Yes, as long as it’s done from a state-regulated, legal sportsbook. Bonus.com offers up-to-date information on which states have legal sports betting, and what sportsbooks are live in those states.
Some states offer both online and retail sports betting, while others are restricted to just land-based sportsbooks.
Yes. The Bonus.com NFL Odds Calculator is 100% legal, and you can rest assured that sharp bettors across the country are using a tool like this every time they bet.
If you live in a state with several online sportsbooks to choose from, you’re missing out on value and optimized betting strategy if you’re not using an odds calculator.
Spreads, totals, and moneyline. The Bonus.com NFL Odds Calculator allows you to toggle among all three of the most popular ways to bet on NFL games.
The latest lines for all three of these ways to bet are on display for the top sportsbooks in the US when you use the Bonus.com NFL Odds Calculator.
The Bonus.com NFL Odds Calculator highlights the best odds for each game in yellow. In most cases, more than one of the sportsbooks listed on the calculator will offer the best odds on a game.
The lines can shift dramatically day-to-day, however, so be sure to check back daily for the updated betting information.
Some states offer more online sports betting brands than others, and some states don’t allow any kind of legal sports betting.
Check out the Bonus.com guide to online sports betting for a comprehensive outline of what states allow legal sports betting, and which sportsbooks operate in each.