Use the AllStar’s betting odds calculator to quickly calculate the payout for your bets, in whatever your preferred odds format is – American, decimal, fractional or implied probability.
What are American Odds?
There are different ways that sportsbook can display their odds on an event. In the US, it is common to see American odds. In American odds, the favorite appears with a minus sign and the underdog with a plus sign. The numeral illustrates the extent to which a favorite is favored to win, or an underdog is expected to lose.
American Betting Odds Calculator
To illustrate, a slight favorite would carry odds of say -200, while a heavy favorite might be at -1500. Meaning you would need to wager $200 and $1500, respectively, to win $100.
For a slight underdog at +200 or a heavy underdog at +1500, a $100 bet would return $200 and $1500, respectively.
|Winnings/Profit||$200 ($300 return minus $100 stake)|
Check out our short video explainer below with a few different examples for how to read American odds.
What are Decimal odds?
Outside of the US, the standard way to display odds is in Decimal format.
As newcomers to betting, it’s usually considered easier to read Decimal odds because we can deduce the implied probability a little bit easier than American Odds.
Think of this when you’re trying to calculate the value in decimal odds: The odds represent what you would get back, including your stake, if you were to put down a single dollar.
Decimal Betting Odds Calculator
Let’s do a simple decimal betting odds calculation as an example. To illustrate, let’s look at the 2nd UFC fight between Conor McGregor and Nate Diaz. McGregor stepped into the Octagon as the favorite, at Decimal odds of 1.80 (or -130 in American odds). Diaz was the underdog at 2.1, which transates to +110 in American odds.
Had you placed a 1$ bet on McGregor to win, which he ultimately did, here’s how your return and winnings would be calculated:
|Return||$1.8 (1.8 x $1)|
|Winnings/Profit||$0.8 ($1.8 return minus $1 stake)|
What is Implied Probability?
Oddsmakers at sportsbooks around the globe decide on what price to set odds at based on their estimated probability of any given outcome. This implied probability is converted into various different odds formats, and can be caculated back again easily too.
Implied Probability calculator
Let’s look at an example, in a matchup where we have a -150 favorite facing a +130 underdog.
The implied probability for the favourite to win is 60%, and for the underdog it is 43.48%.
Here’s the math behind that calculation.
For favorites, where the american odds are negative, tke the absolute value of the odds (remove the negative) and calculate using the following formula:
Odds / (Odds + 100) * 100
Using our example above, we have:
150 / (150 + 100) * 100 = 60%
And for underdogs (with positive odds):
100 / (Odds + 100) * 100
Back to our example above, we have:
100 / (130 + 100) * 100 = 43.48%
Now, if you’re wondering how the probability could possibly exceed 100%, then you’re onto something. The reason for that, is explained in more detail over in our article about Vig – which in short, is the margin that the sportsbook takes which allows it to stay in business.
What is Stake?
Your stake refers to the amount you risk when you place a bet. If your bet loses, you can generally expect your stake to be kept by the sportsbook. Most professional gamblers are careful not to put all their eggs into one basket and manage their bankroll with discipline.
What is Payout?
Payout refers to the total amount that the bookmaker will credit to your account balance if your bet wins. This includes your stake as well as your profit.
You can calculate this as ‘Stake x Decimal Odds’
What is Profit?
Profit is calculated as the amount you win from your bet excluding your stake. You can calculate this as ‘Payout minus Stake’.
What Odds format is the most Popular?
In the United States, almost all gamblers use the American odds format, whereas Decimal odds are far more prevalent in the United Kingdom for example.
It can also vary by sport where conventions have created the norm. Sportsbooks will often display odds for Horse racing with fractional odds for example, and MMA markets using American odds even if that isn’t the most popular format for the region as a whole.
Most sportsbooks will default to the preferred odds format of their audience by using rules mapped to IP detection. Any worthy sportsbooks will also offer users the ability to override that default format to their own preference.
Odds conversion – Quick lookup table
Use the table below for a quick reference of popular betting lines.
|Fractional||Decimal||American Odds||Implied Probability|
What is the Moneyline?
The moneyline identifies the favorite and the underdog, but the odds assign a value to each side. The size of the odds expresses the extent to which they are favored to win, or expected to lose.
If a favorite is listed at -200 it means you have to wager $200 to win $100. If the favorite wins, you win $100, but if they lose, your $200 goes with them. Because favorites are expected to win, you assume more risk when you bet on them.
If an underdog is listed as +200 it means if you bet $100 and they win, you get $300 (your $100 stake and $200 in winnings (a simple but important breakdown when it comes to managing your bankroll). Because underdogs are not expected to win, there is a greater reward when you back them.
When looking for a sportsbook to play with, comparing the moneyline is an excellent gauge – though not the only consideration – of value. Generally speaking, it always pays to look for the best odds available, though be sure to also read all the sportsbook rules as they do differ from book to book.
Check out one of our quick explainer videos for how to bet on the moneyline market of a UFC fight below.