Use a bet calculator to work out the returns from any type of bet from singles to complex system and multiple bets. Calculations take into account the stake, odds and type of bet to calculate the return.
How to use the bet calculator
The bet calculator is easy to use and the basic function is to work out the profit or loss from a winning or losing bet. Bets can be settled manually but this process can be time-consuming and is subject to human error. Bet settlement is made easier by the use of basic factors. These numbers equate to the return including a stake unit based on the odds. So, for example, the basic factor for 2/1 is 3.00. Therefore, a stake of one unit results in a return of 3 units at odds of 2/1.
Here are the simple steps that must be followed to make use of the bet calculator:
- Select the bet type such as single or Lucky 15
- Specify the type of odds: fractional or decimal
- Enter the stake unit
- Click each way if appropriate
- Enter the odds for each horse
- Specify the place terms
- Enter the result: win, lose, placed
- Click Calculate
The betting odds calculator displays the return and profit or loss.
How are the bets calculated?
The returns from a bet are determined by the stake, odds and result. The most basic bet is a single which is a bet on one event and one outcome. For example, in a Premier League match, the match odds are for a home win, away win and draw. Assuming the odds for a home win are 6/4 (2.50) and the stake is £100 the manual calculation is as follows:
£100 (Stake) multiplied by 2.50 (Odds Including Stake) equals £250.
The return is two and a half times the stake and the profit is £150 (Return Minus Stake).
The same principles apply to more complex bets such as a double. This bet involves two outcomes which both must win for the bet to be successful. The return from the first element is placed on the second including the stake. The odds are multiplied or accumulated and the return and profit are based on the combined odds.
There are two stages in the calculation of a double so the use of a betting odds calculator is less time consuming and less prone to inaccuracy.
So, let’s assume the bet is a £100 double at odds of 2/1 (3.0) and 3/1 (4.0) Here are the two steps required to work out the return which is a function of a free bet calculator.
- £100 at 2/1 (3.0) equals £300
- £300 at 3/1 (4.0) equals £1200
The profit is £1100 which equates to odds of 11/1 (12.0). The odds are multiplied to calculate the return. The same method is used to calculate the return from a treble which includes three outcomes. An accumulator includes four selections or more. The bet calculator is more efficient as the number of selections increases.
Advanced betting odds calculator functions
The most basic function is working out the returns from a win single bet. Bettors like to back an option to be placed which means winning or occupying a set number of places. In betting on horse racing in the UK place terms apply to races depending on the number of runners and whether the race is a handicap or not. The bet calculator works out the return from the win element and the return from the place element and calculates the total figure. An each-way bet is in essence two bets: win and place. The place terms are the number of places for bet settlement and the fraction of the odds that apply if the horse is placed.
It is rare but possible for two or more horses to pass the finishing line at exactly the same time. A photograph determines the result when the finish is close and the result cannot be determined by the naked eye. When that is the cases the result is declared as a dead heat because the horses cannot be separated at the line. Dead heat rules apply for bet settlement. The total stake is apportioned to the backed horse and the unbacked horse in a dead heat. The bet calculator will take dead heat rules into account when calculating the return from a bet. In the event of a dead heat, a button must be clicked in the bet calculator and the return is adjusted accordingly.
Betting odds calculation
The three most common odds formats are decimal, fractional and American. You can use the betting odds calculator to make a conversion from one format to another. Bookmaker odds can be displayed in these three formats and the bet calculator displays the odds in the same way. The basic calculation is the same for each odds format.
Rule 4 Calculator
If a horse is withdrawn from a race close to post time there might not be enough time to form a new betting market. The odds are therefore not an accurate measure of the probabilities. If the favourite is withdrawn the other horses have much better prospects and the odds are too big. In this case, the returns are adjusted based on the price of the horse when it was withdrawn. There is a sliding scale and the shorter the price of the withdrawn horse the bigger the adjustment. These rules come under the name of Rule 4 deductions. Therefore, you can specify the percentage deduction in the bet calculator and the returns will be adjusted accordingly.
Why use the bet calculator?
Odds can be complex and stakes are not always for a common unit, such as £10. It’s easy to work out the returns from a £10 win single bet at 2/1 (3.0). However, bets often have more elements such as each way, dead heats, Rule 4, complex odds and uncommon stake units. System and accumulator bets combine a number of options. You are assured of speed and accuracy using the bet calculator. The profits and returns will be correct and mistakes can happen when bets are settled manually.