Calculating Sports Odds

Insert your odds below and the tool will automatically convert them to American, Decimal, and Fractional odds. It will also calculate the implied probability of the bet and the profit if the bet. Decimal Style Sports Betting Odds Decimal style odds are used mostly in Europe, and are pretty easy to understand. To calculate the decimal style odds all you will need to do is simply multiply the amount you wish to wager by the decimal odds shown and you will get your payout. For example it may look something like this.

  1. How To Calculate Odds Ratio In Sports
  2. Calculating Sports Odds

The Expected Value of a bet shows us how much we can expect to win (on average) per bet, and as such is the most valuable calculation a bettor can make when comparing bookmakers odds. How can you calculate Expected Value in sports betting in order to predict your winnings? Read on to find out.

Expected Value

The amount a player can expect to win or lose if they were to place a bet on the same odds many times over, calculated through a simple equation multiplying your probability of winning with the amount you could win per bet, and subtracting the probability of losing multiplied by the amount lost per bet.

A simple example of Expected Value (EV) put into practice - if you were to bet $10 on heads in a coin toss, and you were to receive $11 every time you got it right, the EV would be 0.5.

This means that if you were to make the same bet on heads over and over again, you can expect to win an average of $0.50 for each bet of $10.

How to Calculate Expected Value

The formula for calculating Expected Value is relatively easy – simply multiply your probability of winning with the amount you could win per bet, and subtract the probability of losing multiplied by the amount lost per bet:

(Probability of Winning) x (Amount Won per Bet) – (Probability of Losing) x (Amount Lost per Bet)

To calculate the expected value for sports betting, you can fill in the above formula with decimals odds with a few calculations:

  1. Find the decimal odds for each outcome (win, lose, draw)
  2. Calculate the potential winnings for each outcome by multiplying your stake by the decimal, and then subtract the stake.
  3. Divide 1 by the odds of an outcome to calculate the probability of that outcome
  4. Substitute this information into the above formula.

For example, when Manchester United (1.263) play Wigan (13.500), with a draw at 6.500, a bet of $10 on Wigan to win would provide potential winnings of $125, with the probability of that happening at 0.074 or 7.4%.

The probability of this outcome not occurring is the sum of Man Utd and a draw, or 0.792 + 0.154 = 0.946. The amount lost per bet is the initial wager – $10. Therefore the complete formula looks like:

The EV is negative for this bet, suggesting that you will lose an average of $0.20 for every $10 staked.

How Does Expected Value for Sports Betting Help?

Remember, a negative EV doesn’t mean you’re going to lose money. Unlike a coin toss, sports betting odds are subjective, and therefore if you outsmart the bookmaker, you’re likely to make money.

If you calculate your own probability for a match that differs from the implied probability of the odds, you could see where to find a positive EV, and therefore the best chance to win.

For example, the odds imply that Wigan only have a 7.4% chance of winning. If you calculate (maybe using a system like Poisson distribution) that Wigan has a 10% chance of winning, the EV for betting on a Wigan win jumps to $3.262.

It’s also a perfect measure for comparing odds in arbitrage betting, which is discussed in our article What is arbitrage betting.

Calculating the EV of bets gives bettors more information about the value of their bookmaker. While low-margin bookmakers like Pinnacle have EVs of around -$0.20, it’s not uncommon for typical bookmakers to have an EV of -$1.00 – for every $10 stake you would be likely to lose a $1 .

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How bookmakers make money video explainer

Found this article useful? Why not check out our video that details how to find value.

If you want to watch more educational betting videos, subscribe to the Pinnacle YouTube channel!

The sports betting odds calculator allows you to convert betting odds across American and Decimal odds. The odds calculator will also tell you the equivalent implied probability of winning as well as return and profit given a bet amount. Fields with a yellow background are editable.

How to use a sports betting odds calculator

The sports betting calculator above allows you to see various outputs such as decimal odds, implied win probability, amount returned on a bet (or “payout”), and bet profit.

The yellow fields above are input cells. All you need to enter are the American odds of a bet (either by using the slider or entering the value in the field) and the bet amount.

You can use the odds calculator a few different ways:

  • Convert odds from American to Decimal
  • Convert American odds to an implied win probability percentage
  • Return the profit of a given bet if it wins

The betting odds calculator will work for all types of bets: point spread, moneyline, total, or props. For any bet that has a handicap value set (ex: a point spread of -6, total of 43, etc.), you can ignore that part and simply enter the odds associated with that bet.

Related: Find sports betting calculators and more tools here

Moneyline Odds Calculator

How

Take for example the following matchup and associated moneyline odds to win the game:

Minnesota Vikings (+260) at San Francisco 49ers (-330)

I have bolded the moneyline odds to make it obvious what we are looking for. If you wanted to place a $10 bet on the San Francisco 49ers at -330, you could enter -330 in the odds calculator above.

You would see the following information as a result. Odds of -330:

  • Decimal odds = 1.30
  • Implied win probability = 76.7%
  • $10 bet = $13.03 payout
  • $10 bet = $3.03 profit

Point Spread, Total (Over/Under), and Props

Let’s say you wanted to bet a different market on the same game. Using the Vikings/49ers example, we have the following markets:

Point Spread: Vikings +7 (-110) at 49ers -7 (-110)

Total: Over 44.5 (-120), Under 44.5 (+105)

Prop: Kirk Cousins TD Passes: Over 2.5 (+165), Under 2.5 (-190)

I have highlighted the actual odds you would enter for any of the given markets. Despite each example above representing a different bet, they all have odds that you can enter into the calculator.

How To Calculate Odds Ratio In Sports

Win Probability Calculator

The odds calculator will also tell you the implied probability of winning a given set of odds.

You can also check out our implied win probability to odds calculator if you want to take a win percentage and translate it to American or Decimal odds.

Using the previous example, American odds of -330 represents a 76.7% implied win probability.

Why is this useful?

Knowing the implied odds of a bet is extremely useful if you are doing your own modeling. If you have a model that says the San Francisco 49ers have a 79% chance to win the game, you could compare that to the implied win probability to see how it compares.

While most models are unlikely to be sharper than the market number, it is a useful comparison point to see how your “number” compares to the market. Using odds calculators are a good way to check how your numbers stack up.

How do I calculate betting odds?

Calculating Sports Odds

Calculating betting odds will depend on which odds format you used to place your bet: American, Decimal, or Fractional odds. Most bettors in the United States will use American odds. Each odds format represents the same thing: the percent chance of winning.
To calculate this percentage, convert odds from American to Decimal. Then take 1/Decimal odds to calculate the implied chance of winning. You can also calculate the bets payout, profit, and more.

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