How do you Calculate Betting Odds?
Although a betting calculator will automatically calculate your betting selections for you, it’s still important to understand how odds work. This is because you will need to determine whether you feel more comfortable using fractional odds or decimal odds.
Although it’s your decision to make, we at WinnerSpots.co.uk would suggest opting for the latter. In doing so, this will allow you to gain a much better understanding of whether or not the odds are competitive.
Before the age of online gambling, the UK used fractional odds only. Think along the lines of 3/1, 4/1, and 50/1. The key point of consideration is that when using fractional odds, you will need to factor in the stake total too.
Let’s look at a quick example:
- The odds of West Ham United beating Arsenal are 4/1
- You place a £50 bet
- If it wins, your total profit will be £200, as we multiply £50 by 4
- However, you will also need to add in your original stake of £50
- As such, you would receive £250 in total
Bet Calculator Decimal - Decimal Odds
Decimal odds allow online bookies to compete with one another more easily. For example, while there is a huge difference between 3/1 and 4/1, decimal odds can move from 4.01 to 4.02, or 5.07 to 5.08. Decimal odds first grew in popularity when betting exchanges like Betfair grew to prominence.
Let’s look at a quick example:
- The odds of Chelsea beating Real Madrid at 2.50
- This would be the fractional equivalent of 6/4
- You place a £100 bet
- If it wins, you would win a total of £250
- This is because we need to multiply £100 by 2.5
- We don’t need to factor in the stake when calculating our winnings, as this is already included with decimal odds
How are Each Way Bets Calculated? Bet Checker Calculator
So now that you know how to calculate a single bet, we now need to think about each way bets. This is slightly more complex, although once you get your head around it the process is easy.
Firstly, when you place terms an each way bet, you are effectively placing two individual bets. This consists of one bet on your select winning, and one bet on it being placed.
For example, let’s say that you are betting on a horse race, and the price of your horse to win is 8/1. Ordinarily, this would mean that a £10 bet would yield £80 in profit. With that said, the online bookie would typically offer you ¼ of the odds if the horse finishes placed.
This is typically a top-three finish, although it can be higher or lower depending on the number of entrants in the race. Crucially, the specific place numbers and odds will vary from sport-to-sport.
Sticking with the same example as above, let’s break down the fundamentals of calculating an each way bet.
- Your horse selection is priced at 8/1
- You think it has a great chance of being placed, so you place an each way bet
- As you place a £10 bet on the horse winning, and a £10 bet on the horse being placed, your total bet is £20
- If the horse does not place in the top four, you lose your £20 bet
- If the horse places, but does not win, you will need to calculator bet £10 against ¼ of 8/1 (2/1). As such, you’d win £20 in profit, plus your £10 total stake – so your betslip pays £30 in total from the each way segment of your bet
- If the horse wins, you would still get £30 from the each way let, but also your win segment of the bet. £10 at 8/1 yields £80, plus your £10 stake. As such, your total payout would be £90 + £30 – £120.
How do you Work out a Lucky 15? What Will I win on my bet?
If you’re planning to place a Lucky 15 bet, you will most definitely need a betting calculator. This is because you will be placing a total of 15 different bets. This includes 4 singles, 6 doubles, 4 trebles, and 1 fourfold.
As such, without the aid of a lucky 15 bet calculator, attempting to figure out how much you are likely to make would be challenging!
Nevertheless, if you did want to calculate your potential returns without a betting calculator, you would simply need to calculate each segment of your bet manually.
What is Trixie Bet and How do you Calculate it?
A Trixie bet consists of four selections. You would then be required to place three doubles, and one fourfold. Much like in the case of a Lucky 15 bet, you would want to use a betting calculator when opting for a Trixie bet.
This is because it will be [a] much easier to determine how much you are likely to make before placing the bet and [b] keep tabs on how your bet is performing after each leg has been settled.