The sports betting industry is closing in on more than $179 billion by 2028. It’s no wonder, as sports as a whole are booming right now.
Canelo is a box office draw, the UFC sold Pay-Per-Views through every step of the pandemic, and football is such big business that we’ve got two more leagues – XFL and United States Football League (USFL) on the way to keep us entertained when the NFL is out of season.
At the same time, online sports betting is getting legalized in more states. If you’re interested in betting, an odds calculator is a must-have. Read on to find out more, so you can work toward winning big.
What Exactly Is an Odds Calculator?
It’s all about the odds when it comes to sports betting. The odds are the chances and likelihood a betting option comes to fruition. When the odds are greater, the payout is greater.
If you pick an option that is heavily favored, it’ll cost you more to win more.
A betting odds calculator allows you to quickly plug in the odds, how much you’re betting, and how much you’ll win if your bet hits. These calculators often come in the form of an app or a section on a sportsbook website.
How Can You Benefit From an Odds Calculator?
So why is a betting odds calculator so important? These calculators bring about a number of advantages. Here’s what you should know about having access to these calculations at your fingertips:
It Simplifies the Complexities of Sports Betting
Convenience is king when it comes to an odds calculator. It quickly handles calculations for you so that you can make an informed bet, aware of all ramifications.
Calculating this in your head or estimating can lead to mistakes, which will make you lament the entire sports betting process. Sports betting has plenty of options, so you’ll always want the ability to make a quick decision on any particular betting line.
For example, if you’re betting on boxing, you’ll likely want to pick the type and method of victory, along with prop bets related to punch stats, knockdowns, and other scenarios. Getting your bet in before the line closes is added stress unless you have a calculator available to help you out.
The Calculator Adapts to Different Odds Formats
Betting odds are expressed in a number of formats. It can get confusing if you’re not sure what you’re looking at, which is why odds calculators are a must.
These calculators quickly make sense of the numbers that you commonly see. For instance, consider doing an Over/Under prop bet of DeMar DeRozan scoring 30.5 points against the Denver Nuggets. If taking the Over, which wins if DeRozan scores 31 points or more, has -150 odds, it means you’ll have to bet $150 to win $100.
Likewise, if the Chicago Bulls’ odds of winning the championship this year are +2200, it means if you bet $100 and the Bulls end up winning, you’ll get a $2,200 return.
Odds calculators also deal with other formats, such as 2:1 odds, which means you get $2 for every $1 that you bet and win.
These formats and bets have their differences, but you can quickly sort it out with the help of an odds calculator.
You Can Quickly Calculate Your Payout
The sooner you let an odds calculator work its magic, the sooner you know how much you’re getting paid. The potential payout is the biggest factor every better considers before finalizing their wager.
Understanding the payout will let you decide if you’re able to take a risk.
Being able to quickly calculate payout is a game-changer for sports betters. Using an odds calculator will handle this for you in seconds so that you can keep going down the list of what’s important when making a bet.
It’s a Must for Pro Sports Betters
You’ll definitely want access to an odds calculator if you’re in any way a professional better. The industry has made way for many professional betters today, so if this is you, it makes sense to arm yourself with professional tools.
Professionals make numerous wagers regularly to protect against bad bets and to minimize damage. Having an odds calculator in your kit gives you firepower whether you’re betting online or at a casino sportsbook.
Calculators Are Helpful for Parlay Bets
The parlay bet is one of the most intriguing options today. These bets involve correctly picking a number of different combinations. Since the odds of hitting all bets are slimmer, parlays carry heavier payouts.
Parlays also give you more control and creativity with how you place bets.
For example, you might choose a combination of bets like Naomi Osaka winning on clay in straight sets, Ayo Donsumu getting 7 or more assists, Anthony Joshua upsetting Oleksandr Usyk by split decision, and Alexander Volkanovski winning by TKO.
The odds of every single one of these bets hitting are astronomical, so you could be in for a payout that changes your year.
Odds calculators help with parlays because they’re complex and multi-faceted. You won’t have to miss a betting opportunity as long as you have a calculator that can handle it all without error.
This is helpful also because new events and betting categories are regularly popping up. Perhaps you want to look into a bet of the day or free bonus points with a sportsbook.
Working with a calculator will deepen your understanding of sports betting so that you’re always in a position to win.
Put an Odds Calculator to Use
Having access to an odds calculator will help you enjoy the above benefits. This tool is essential whether you’re a complete casual or a seasoned better.
Start checking around for an odds calculator that suits you. In the meantime, check back to learn as much as you can about sports betting and legalized gambling.