Are you looking for a sports betting odds calculator for your online betting business? If yes, this blog is for you!
An odds calculator is a vital tool for determining betting outcomes in sports events. It benefits both punters and gambling business owners by calculating potential winnings accurately. The betting odds calculators are worth their price as they help you determine the exact winning amount that you will receive if your bet wins in the match.
This guide will explore the various aspects of sports betting odds calculators, including types of odds, their workings, and their importance. Let’s get started!
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Sports betting odds represent the outcome’s probability in a sporting event. They also indicate the potential profit that can be made from a successful bet. Odds are typically presented in three different formats: fractional odds, decimal odds, and moneyline odds.
With the sports bet odds calculator, you can convert your odds to these different odd formats. Additionally, you can calculate the implied probability of the bet and its profit if your bet wins.
Here are the major types of betting odds:
American odds are also known as moneyline odds. They are shown as positive or negative numbers. Positive numbers indicate how much profit you will make on a $100 bet, while negative numbers show how much you need to bet to win $100. For example, a -400 odds means you need to bet $400 to win $100, whereas +400 odds mean a $100 bet will win you $400.
In this case, the negative odds are more favorable and have more winning chances. In the case of online positive odds, the lowest number is more likely to get higher winning chances.
Example:
Let’s understand the American odds with examples including the positive and negative numbers.
The bets made with higher implied probability are given a higher negative value. For instance, a bet placed at -400 odds would require you to wager $400 to get a profit of $100.
And bets made with lower implied probability are given a positive value. For instance, if you place a bet at +400 odds then you would get a profit of $400 on a $100 wager. This positive value indicates the odds as a plus amount and it returns more profit than the amount risked on the bet.
These odds are widely used in the UK and Ireland and are represented by the name fractional. They are very simple to read and use. The right column displays the amount needed to wager to win the figure in the left column. These odds are also used to bet on American sports like sports betting odds NFL and MBL odds. However, gamblers don’t use fractional formants for sports betting rather than racebooks. Also, the calculations are complex as compared to the Amercian Odds.
Example:
Odds of 3/1 will pay you three times (300%) as much as the risked amount. So a $100 bet would return you a profit of $300 if it wins.
The odds of ⅓ will pay only 33.33% of the risked amount, so a $100 bet will give you a profit of $33.33 if it wins.
The odds of 1/1 will pay the same amount risked. This way a $100 bet will profit you with $100 if it wins.
The decimal odds are popularly used in most parts of Asia and Europe. In recent years, they have become popular in the US sportsbooks. The popularity of the decimal odds is due to its simplicity and ease of use. These odds are represented in decimal formats and predict how much your returns per unit staked would be including the stakes.
Example:
If you made a $100 bet at decimal odds of 3.00 then it would return $300 ($100 x 3.00): $200 amount in profit and the original $100 amount is risked. A betting amount of $100 made at decimal odds of 1.50 would give you $150: $50 as a profit and the original $100 amount is risked.
Implied and True odds are the two important concepts in gambling sports. The basic difference of these in a betting odds winning calculator is that implied odds depict public opinion whereas true odds are the real probability of possible outcomes. When you are betting on your favorite sports, it is essential to know the probabilities of sports betting.
There are two types of odds probability, true odds and implied odds. Let’s take a look at both of them and understand what they are.
Implied Odds are an interpretation of the payout when you win your bet. However, many factors affect the odds like the game type, playing conditions, and other variables. These odds are also based on the fact that how much money a bookmaker thinks will be wagered on every outcome. They also depend largely on the preferences and expectations of the user making these odds.
True odds provide you with an understanding of what should happen without taking into consideration outside factors like patterns of betting or public opinions. This probability reflects pure calculations based on previous game statistics. The winning of users in matches with similar players or teams reflects these odds that help in resulting in potential outcomes while making the bets.
Now that we understand the different types of odds, let’s see how the betting odds calculator works.
Also Read:- Sports Betting API Provider 2024
Betting odds are important in any gambling activity. They are the numeric representation of the possible outcomes that are likely to occur in an event. They help the punters determine whether they will lose or win the money in a bet with the help of a betting app. The betting calculator app of betting odds can be a typical process that involves a large number of variables like the wagering amount, outcome probabilities, and the bookmaker’s fees.
The bookmakers use various combinations of statistical analysis and deep market research. They effectively analyze the previous match data, current stats, and other essential factors that influence the result of events.
Let us understand the workings of the sports betting odds calculator software and learn how the odds are calculated by this software with the simple steps given below:
Users must select from the different types of odds they want to use. If a user wants the outcome in decimal then he must choose the decimal/ European odds.
After selecting the format of odds, the user needs to input the odds. The odds must be entered in the correct format to get a suitable outcome.
In the next step, the user is required to enter the amount of money they wish to bet. The stake is the amount of money a user places on a wager.
The sports betting odds calculator calculates the odds by the stake determines the possible profit from your bet and gives you the outcome as per your selected odds format.
Also, you must remember to add your original bet value to the profit for your total payout for fractional and American odds as the original bet will be returned to you. The odds equivalent in all other formats will be displayed along with your expected profit outcome.
By now you must have understood the workings of the application of sports betting odds today and how it calculates the odds and gives the profit outcome to the user. Let’s now know the cost of the sports betting software.
Our most comprehensive and reliable odds calculator helps you to analyze the returns for horse racing betting to make affirmative decisions before placing your bet.
We provide odds-calculating software for football sports to provide a seamless approach to our clients to provide them with better returns on their initial stakes and selections.
With our boxing betting odds calculator, you can convert odds into implied probability percentages, decimal moneyline, fractional odds, and more for enhanced outcomes in boxing matches.
Our cricket betting odds calculating software is trusted by several gamblers for working out returns and getting the most accurate calculations.
For winning accuracy, worldwide punters chose the odds calculator for golf sports betting from the leading sports betting software development company, as punters are ensured to stay within the limit and view alternative bets for higher outcomes.
The most reliable and trusted odds-calculating solution for soccer sports helps bettors see how their winning is impacted efficiently.
Also Read:- Sports Betting Live Odds API
The cost is one of the most prominent factors when you are seeking to develop an odds calculating software. Various aspects add to the overall development cost. On average, the cost of making a betting calculator app starts from $5000 with basic features and functionalities.
However, the development cost of a sports betting odds calculator depends on multiple factors including features, platform type, and more. If you want to know the exact cost involved in developing your odds calculating software you need to contact a leading betting odds calculator provider.
Major factors affecting the development cost of the odds calculator:
Also Read:- Sports Betting Application Development Cost
BR Softech is a leading gaming development company that has long-standing experience in betting odds calculator software development and delivered top-class odds calculation apps to an international clientele. Our in-house team of sports betting software developers is versed in the latest technology and tools and has in-depth knowledge of this application for a wide range of sports.
If you are looking to develop a sports betting odds calculator for your gaming business, contact our developer team and they will assist you in making your reliable and result-oriented odds calculator for sports betting. Choose us to get the best benefits:
Here are the advanced features of this software:
Risk Management System
Support all types of betting
Event Tracker
Real-time tracking and updates
It takes around three to four months to develop a robust betting odds calculator for your online gambling business.
It has various benefits for both owners and the users. For users, it allows them to track in real-time and get live match updates to score perfectly. For owners, it helps their platform to stand out from the competition by giving a competitive edge to the segment players.
Yes, with our reliable sports betting odds calculator, you can view the probability of winning your bet in an easy-to-read percentage. For instance, a wager at +200 in the moneyline odds (2/1 in fractional or 3.00 in decimal) has an implied winning probability of 33.33%.
