How To Calculate Sports Odds

1. Calculate Odds Excel
2. How To Calculate Odds Payout
3. How To Calculate Sports Betting Odds
4. Calculate Odds Formula

How to use the vig calculator

Decimal odds less than 2.00 are 'odds on'. To calculate your winnings with decimal odds you just multiply your stake by the odds. 9/2 in decimal odds is 5.50, so in the example above £10 x 5.50 gives £55. To convert from fraction/ratio odds to decimal just divide the first number by the second and add 1. Using our odds value calculator, you can get the expected value of your bets by comparing your projections to the odds listed by sportsbooks. Expected Value Definition Expected value is the amount of money you can expect to win or lose if you placed the same bet on the same event at the same probability an infinite number of times. You can be surer by calculating the EV here. Step 1: Calculate the decimal odds Assuming you are given the odds for the Capitals as +115 and the opponents -135, you can easily convert them to decimal odds using our Odds Converter. You will get 2.15 and 1.74 respectively.

Enter American odds (ex: -110) for each team and view the “Vig %” for the given odds. The vig percentage represents how much “vig” or “vigorish” the sportsbook is charging you. This is also known as “juice” or “hold” in the sports betting industry.

The vig tells you how much the sportsbook is making when it offers a two sided bet. The higher the number, the more the sportsbook is making.

Use the calculator to find bets that minimize the vig. This will help you have a better chance of winning in the long run in sports betting.

Implied Probability = (-1.(Odds)) / (-1(Odds) + 100) Which looks like: Implied Probability = (-1.(-110)) / (-1(-110) + 100) or: 52.4% or 0.524 = 110 / 210.

For example, if you enter odds of -250 and +250, that would mean the vig is 0. This is a great scenario for the bettor as it means it is essentially a 50/50 bet without having to pay anything extra. The equivalent would be someone giving you 50/50 odds on a coin flip.

How to calculate market hold

Another way to use the vig calculator is to calculate market hold.

Market hold is the vig percentage across multiple different sportsbooks, choosing the best price from each side.

The benefit of doing this line shopping is that you will often bet at much better prices than you would have at a single sportsbook.

Take the image above for example. If you wanted to bet on a side for the Cincinnati Bengals at Pittsburgh Steelers, you can see the odds across multiple different sportsbooks.

If you only bet at DraftKings Sportsbook, then you would either bet on Cincinnati at +163 or Pittsburgh at -200. Entering those two values in the calculator shows a 3.4% hold. That means that DraftKings is making ~4.7% on this market on average.

However, you can see that William Hill is offering +175 on the Cincinnati Bengals while FanDuel Sportsbook is offering -190 on the Pittsburgh Steelers. If you were signed up at either of these sportsbooks, then you could bet at these improved prices.

Entering these two values into the calculator outputs a market hold of 1.9%. That means you have saved ~60% of the cost you would have paid by just choosing between the two sides on DraftKings (1.9% / 4.7%).

Moneyline wagers represent the most straightforward way to bet on sports. A moneyline bet tasks the bettor with simply choosing the winner of a game, with no point spread involved.

All moneyline odds can be converted into implied probability, breaking down each team’s chances of winning as implied by the sportsbook’s moneyline on the game.

Converting moneyline odds into implied probability takes a bit of algebraic work. The Gaming Today Implied Probability Calculator takes that work out of the equation, however, instantly converting any moneyline number into an implied probability of winning.

Implied Probability

Enter the American odds in the space provided and hit calculate to get the percent value. Note that you must place the “-” in front of favorite moneyline odds to get the proper implied probability.

What Is A Moneyline Bet?

A moneyline bet functions as a straight-up wager on which team will win a game. This kind of bet doesn’t involve a point spread.

The underdog on the moneyline pays out at greater odds than the favorite. Sportsbooks generally display the moneyline, point spread, and totals odds on a game, but all three function as separate bets.

Here’s a look at how DraftKings Sportsbook presented the lines on Super Bowl LV a few days before the game:

DraftKings Sportsbook Super Bowl LV Lines

US sportsbooks generally display American odds, with potential payouts denoted by the “+” or “-“ in front of the odds. The “+” indicates the underdog on the moneyline, while the “-“ denotes the favorite.

DraftKings sets Tampa Bay as the Super Bowl LV underdog, with the Buccaneers paying out at (+140) moneyline odds. The sportsbook puts favored Kansas City at (-162) on the moneyline.

Note that the point spread and totals columns for the Super Bowl also display an American Odds payout. Moneyline bets don’t involve any kind of point spread, however, and only concerns the straight-up winner of the game.

Finding Value In A Moneyline Bet

Using an implied probability calculator, you can convert the moneyline odds into an implied chance of winning for each team.

In this case, the (-162) moneyline on the Chiefs implies that Kansas City has a 61.83% chance of winning. Tampa Bay’s (+140) odds convert to a 41.67% chance of winning.

Astute bettors look for value in moneyline bets, and that assessment requires converting the odds into implied probability. If you think the Buccaneers have better than a 41.67% chance of winning, for instance, the Tampa Bay (+140) line presents value.

What Is An Implied Probability Calculator?

You can plug in and moneyline odds into the Gaming Today Implied Probability Calculator and convert those odds into implied probability. Other sports betting odds calculators include tools that allow you to calculate moneyline odds or the house edge by inputting the sportsbook’s offered moneyline odds.

Our implied probability calculator works the same way. Simply input the moneyline odds on either side of a bet, and the Gaming Today Implied Probability Calculator gives you an instant calculation of that team’s implied probability.

For “+” moneyline odds, simply input the number without the “+” sign. So for the Buccaneers (+140) odds, for instance, just type “140” into the “American Odds” field in the calculator.

After inputting “140” and clicking “Calculate” we see that Tampa Bay’s implied winning probability is 41.67%.

For “-“ moneyline odds, be sure to include the “-“ sign in front of the inputted number. Calculating Kansas City’s (-162) moneyline odds yields a 61.83% implied winning probability for the Chiefs.

Using An Implied Probability Calculator To Place A Sports Bet

This Implied Probability Calculator converts American odds into implied probability. This calculation converts the odds into a form that is easier to quantify: percent likelihood of the event occurring. This type of calculator includes the sportsbook’s margin, which means the combined probabilities don’t add up to exactly 100%.

How The Implied Probability Calculator Works

Implied probability is most useful when determining the sportsbook’s edge over the bettor. It is important to note: this is not the margin/vig/juice. This is simply the advantage they have in being profitable over the bettor. Though it will never tell you which team to select, determining the percent implied probability over 100% will point out lines where the book’s advantage is lower. In being a successful sports bettor every percentage point counts, and each point the book gives back is one more win toward profitability for the bettor.

Implied Probability Calculation For Negative American Odds

Calculating implied probability is a little more complex for American odds. Let’s take the classic coin flipping example where we know the actual probability is 50%: a -110 bet on Heads. Once again, the calculation is slightly different for minus odds versus plus odds.

Implied Probability = (-1*(Odds)) / (-1(Odds) + 100)

Which looks like:

Implied Probability = (-1*(-110)) / (-1(-110) + 100)

or:

52.4% or 0.524 = 110 / 210

That number should be familiar to experienced bettors as the break-even winning percentage bettors shoot for. Because -110 on one side of a bet usually means -110 on the other side too, we can add all the probabilities (in this case another -110 probability) to determine the sportsbook’s edge.

(Heads Probability + Tails Probability) – 1 = Sportsbook’s Edge
or:

(0.524 + 0.524) – 1 = 0.048 or 4.8%

Ideally you should be looking for bets with the lowest sportsbook edge you can. It is a subtle edge in sports betting, but remember the difference between winning at 52% and 53% is a world of difference.

Implied Probability Calculation For Positive American Odds

Let’s work a positive odds example. We’ll use the following moneyline bet where the favorite is -190 and the underdog is +160. First we break down the implied probability on +160 odds :

Implied Probability = 100 / (Odds + 100)

or:

38.4% or 0.384 = 100 / (160 + 100)

To get the other outcome, we calculate the -190 odds:

65.5% or 0.655 = (-1(-190)) / (-1(-190) + 100)

In the above example we see that the sportsbook’s advantage is:

(0.384 + 0.655) – 1 = 3.9%

What this tells us is that with no other information a bet on the -190/+160 is more likely to be successful over the long term than the -110/-110 example.

What Is Line Movement?

Sportsbooks install moneyline odds on each game that gives the house a slight edge over the player in the long run.

In the Super Bowl example above, for instance, the implied probabilities for the Buccaneers and Chiefs add up to more than 100%. This happens because the sportsbooks offer this bet with the built-in house edge.

The sportsbooks aim to get enough bets on both sides of the Super Bowl to allow the house to make money no matter what. If the public puts heavy betting interest on one team, the sportsbook will start to shift the line the other way, with the goal of producing more wagers on the other team.

Legal Online Sports Betting In The US

More than a dozen US states currently offer legal online sports betting. Virginia and Michigan became the latest states to launch mobile sports wagering, with both states doing so in January 2021.

Several notable brands compete for market share in states like New Jersey, Pennsylvania, and Michigan. These states represent some of the top online sports betting markets in the US.

States That Offer Legal Online Sports Betting

Calculate Odds Excel

• Nevada
• West Virginia
• New Hampshire
• Oregon
• Rhode Island
• Montana
• Washington DC

Top US Online Sportsbooks

FanDuel Sportsbook

FanDuel Sportsbook takes the No. 1 spot as the biggest online sportsbook by market share in the US. The platform offers a robust selection of sports, betting types, and deposit/cashout options.

Ten states currently enjoy access to the FanDuel Sportsbook platform. Those jurisdictions include New Jersey, Pennsylvania, Illinois, Indiana, Iowa, Colorado, West Virginia, Michigan, Tennessee, and Virginia.

DraftKings Sportsbook

DraftKings and FanDuel battle for mobile sports betting supremacy in several states. DraftKings Sportsbook offers one of the most comprehensive online sports betting platforms in the legal US industry.

Eleven different states can bet online at DraftKings Sportsbook. That list includes New Jersey, Pennsylvania, Illinois, Indiana, Iowa, Colorado, West Virginia, Michigan, Tennessee, Virginia, and New Hampshire.

BetRivers Sportsbook

Known in the sports betting industry for its player-friendly welcome bonuses and creative prop bets, BetRivers has emerged as one of the top online sportsbooks in the US in just a short time.

BetRivers takes online sports bets in New Jersey, Pennsylvania, Illinois, Indiana, Iowa, Colorado, Michigan, and Virginia.

Implied Probability Calculator FAQ

How To Calculate Odds Payout

Is online sports betting legal in the US?

Yes. Federal laws permit states to choose to allow sports betting, both retail and online.

More than a dozen states offer legal online sports betting, and several more will likely join that list in the coming months.

When should I use an implied probability calculator?

Anytime you make a moneyline bet! Finding value on the moneyline requires that you convert the odds into an implied probability.

Once you have the implied probability for each team, you can then decide whether either team has a better chance of winning than the implied probability.

Is it legal to use an implied probability calculator?

Yes. Sharp bettors use tools like the Gaming Today Implied Probability Calculator for every wager they make.

Understanding how implied probability works related to moneyline odds is crucial to a winning betting strategy.

Who sets the odds at online sportsbooks?

Each sportsbook employs bookmakers, tasked with setting the odds on each game. After setting a line, the sportsbook will shift the odds one way or the other if the public is heavily favoring one side of the bet.

How do I convert American odds to fractional odds?

How To Calculate Sports Betting Odds

To convert “+” American odds into fractional odds, you must divide the odds by 100 and convert to a fraction. To convert +160 into fractional odds, for instance, divide 160 by 100 (160/100) and reduce that fraction to 8/5. American odds of +160 translates to 8/5 fractional odds.

To convert “-” American odds, divide 100 by the odds and convert to a fraction. As an example, for -160 odds, calculate as 100/160, and reduce to 5/8 fractional odds.

What is the best online sportsbook in the US?

The US legal online sports betting industry involves several high-quality platforms competing for wagering dollars.

Some of the top brands in the US include DraftKings Sportsbook, FanDuel Sportsbook, BetRivers, BetMGM, and William Hill.

Yes. Federal laws permit states to choose to allow sports betting, both retail and online.

More than a dozen states offer legal online sports betting, and several more will likely join that list in the coming months.

Anytime you make a moneyline bet! Finding value on the moneyline requires that you convert the odds into an implied probability.

Once you have the implied probability for each team, you can then decide whether either team has a better chance of winning than the implied probability.

Yes. Sharp bettors use tools like the Gaming Today Implied Probability Calculator for every wager they make.

Understanding how implied probability works related to moneyline odds is crucial to a winning betting strategy.

Each sportsbook employs bookmakers, tasked with setting the odds on each game. After setting a line, the sportsbook will shift the odds one way or the other if the public is heavily favoring one side of the bet.

To convert “+” American odds into fractional odds, you must divide the odds by 100 and convert to a fraction. To convert +160 into fractional odds, for instance, divide 160 by 100 (160/100) and reduce that fraction to 8/5. American odds of +160 translates to 8/5 fractional odds.

Calculate Odds Formula

To convert “-” American odds, divide 100 by the odds and convert to a fraction. As an example, for -160 odds, calculate as 100/160, and reduce to 5/8 fractional odds.

The US legal online sports betting industry involves several high-quality platforms competing for wagering dollars.

Some of the top brands in the US include DraftKings Sportsbook, FanDuel Sportsbook, BetRivers, BetMGM, and William Hill.