Sports Betting Odds Calculator
The betting odds calculator at the top of this page allows you to quickly work out the payout you stand to earn on any wager. You can switch the bet calculator between American, fractional. Decimal Odds In Sports Betting Decimal odds are the easiest to calculate compared to other odds types. Bettors just need to take their stake x odds to equal their payout amount. For instance, if you bet $100 at 2.0 decimal odds, you’d get $200 if your bet won, your $100 stake back, plus your profit of $100.
This fair odds calculator strips pairs of American odds into fair value implied probability and “no vig” odds. This calculation converts the odds into a form that is easier to understand by removing the expected sportsbook edge (otherwise known as vig or juice), and giving you the percent likelihood of each occurring as well as the odds you would expect if the sportsbook weren’t involved.
This calculator only works on 2-outcome events like moneyline or spread bets. If you have a win, lose or draw 3 way bet, you need the 3 Way Fair Odds Calculator. For a full description of the math behind the calculator see the article below. To use the fair odds calculator simply enter the American odds in the space provided and hit calculate to get the percent value.
Gaming Today Fair Odds Calculator
What Are Fair Odds And “The Vig”?
Fair odds are the chances of winning if the sportsbook didn’t add the “vig,” which is the sportsbook’s cut for taking the bet.
For example, a standard points spread bet will have -110 odds. That extra -10 is the vig. So, when you use the vig free calculator, the odds will be presented as if that vig wasn’t added. In the -110 example, the no vig calculator would show +100 odds and a 50% true probability.
Those are the “fair odds,” meaning you and the sportsbook have the same chances of winning a bet.
The equivalent would be a double or nothing bet on a coin flip. But no casino or sportsbook would take that wager, because doing so would mean they couldn’t guarantee long-term profits.
Sportsbook Odds Calculator
And, yes, they can mathematically guarantee long-term profits as long as they have enough people placing bets.
How The Fair Odds No Vig Calculator Works
Fair Odds is more of guideline than a hard and fast measure of sportsbook vig. It uses the sportsbooks edge and the proportions of the odds to break the vig “responsibility” proportionately between the two odds. Let’s use the most common odds in sports -110/-110 as an example. We know that when we see these odds there is a 50% chance of the one side winning or the other. The first step in determining the fair odds implied probability:
Implied Probability = (-1*(Odds)) / (-1(Odds) + 100)
Or:
Implied Probability = (-1*(-110)) / (-1(-110) + 100)
or:
52.4% or 0.524 = 110 / 210
Since both sides of the bet offer -110 odds, we can double the Implied Probability to get 104.8% (1.048 as a decimal). The amount over 100% is the sportsbook’s vig or juice. We need to determine the proportion of the amount over 100% that each of the odds is “responsible” for. That means simply dividing them by the total percent of all odds:
Fair Odds = Implied Probability / Total Implied Probability of All Odds
or:
Fair Odds = 52.4% / 104.8%
or:
50% = 52.4% / 104.8%
Now we know the Fair Odds for -110 and can look for an edge if we believe the side we are looking at stands a better than 50% chance of winning. There are some strong warnings that come with this calculation: sometimes bookmakers play with the lines in a way that the sports bettor is always in the dark of. That means that they are considering the vig to be more the “responsibility” of one side of the bet or another. The Fair Odds model is the best guess as to what the sportsbook is thinking, though.
Looking for other calculators to use when sports betting? Check out:
When To Use A Fair Odds Calculator
The advantage of using a no vig calculator is clarifying the odds of winning. While a casino game will add rules that shift the odds in the house’s favor, a sportsbook will simply add a “vig” to the odds to make a profit. This addition can obscure the actual odds of the bet paying off.
If the sportsbook thinks you have a 50/50 chance of winning, they’ll list the bet as -110. The +100 would be the fair odds, and they take 1.01% from the potential payout as the vig. In American odds, the odds plus the vig translates to -110.
The No Vig Odds Calculator undoes that adjustment to help you better decide what bet is right for you.
Where things get really interesting is when you see the no vig calculator on odds that offer terrible payouts, such as -300. A $100 bet would pay out just $33.33, but the vig free calculator will show that the fair odds would be -143.18. Yikes.
How does the arbitrage calculator work?
Our arbitrage calculator allows you to enter the odds of two (or more) different bets to determine how much you should stake on each to guarantee a profit.
Use the Arbitrage Calculator here
Enter Odds & Stake
Stake
Sports Betting Odds
Stake Bet 1
Stake Bet 2
Payout
Payout Bet 1
Payout Bet 2
What is an arbitrage bet?
An arbitrage (or arb for short) also known as 'surebets', 'surewins' and 'miraclebets' are bet types whereby a bettor wagers on a series of events that guarantees a profit no matter the outcome of a given event, or at worst, guarantees that no money can be lost but money can still be won depending on the result of an event.
Arbitrage bets work by taking advantage of discrepancy in prices of the same event with different Sportsbooks in a way that can ensure the bettor can't lose money no matter the outcome of the event.
What is a sports arbitrage betting example?
Arbitrage opportunities can pop-up in betting markets for a variety of reasons, most commonly being a disagreement in Sportsbook opinions on a certain event.
For example, say an NBA game was being played between the Houston Rockets and the Cleveland Cavaliers. 'Sportsbook A' may open up their market at:
Houston Rockets $1.50 (e.g -200)
Cleveland Cavaliers $2.50 (e.g +150)
And 'Sportsbook B' may open up their market at:
Houston Rockets $1.80 (e.g -125)
Cleveland Cavaliers $2.20 (e.g +120)
You can see here, that there a discrepancy in the odds, or a disagreement between the sportsbooks over the winning chances of each team. In this scenario, the bettor could place $55.55 on the Houston Rockets with Sportsbook B, to receive a payout of $100 if Houston win and the bettor can place $40.00 on the Cleveland Cavaliers with Sportsbook A, to also receive a payout of $100 if Cleveland win.
In this scenario, no matter who wins the game, the bettor has outlaid $95.55, but will receive back $100 no matter what the outcome. This a sports betting arbitrage, an opportunity to guarantee yourself a profit no matter the result (e.g + to your bankroll!)
What are the risks associated with arbitrage betting?
Arbitrage betting can be very profitable as long as you demonstrate patience and capitalise on the many opportunities that arise every day. Where you can lose big amounts with online Sportsbooks is if you outlay large sums on a bet that potentially could be a sportsbook error. That is, imagine there is a bet that is $51 when it should be $1.01 and all other Sportsbooks have it as $1.01. You may then feel the urge to place an arbitrage on the $51 and their opponent at big odds as well on another Sportbook, and outlay large amounts assuming you are in for a massive payday. That is until the Sportsbook cancels the market that had an error (Sportsbooks may be able to do this even after the event has started, read their terms and conditions). You are then stuck in a situation where you have a large amount of money on a huge underdog. Stick to non-error arbitrage opportunties where there is generally a 1-5% guaranteed return. You can however place single bets on the sportsbook errors, because if they get cancelled, you get your money back.