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Betting Payout Calculator: Wondering How to Use a 20 to 1 Odds Payout Calculator When Betting on Sports?

Publish Date: 01/21/2025
Fact checked by: David Astramskas (Redapples)

Calculating and converting odds to figure out the implied probability and potential payout can be quite a chore. But it doesn’t have to be - not with my odds payout calculator.

Just enter the odds in your preferred format and the total wager, click the "Calculate" button, and let the tool handle the rest. You’ll see the odds displayed in various formats along with the implied probability and payout potential in no time. Keep reading to discover more about how this tool simplifies things for you.

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Understanding sports betting odds and implied probability

Before I explain how the betting odds payout calculator works, let's kick things off with a quick rundown of what sports betting odds and implied probability are. Simply put, odds represent the price you must pay in order to win a particular amount of money on a bet. For example, odds of 3/1 mean if you put down $1, you’re in for a $3 win, and you’ll get your original dollar back too. So, if you bet $10 at these odds, you’d win $30 and get your $10 back, totaling $40. Odds can be shown in different formats, such as fractions (3/1), decimals (4.00), or American (+300). Here's a rundown of their differences:

Odds typeExampleMeaning
Fractional3/1Win $3 for every $1 bet, total return of $4.
Decimal4.00Total return of $4 for every $1 bet (including your bet).
American+300Win $300 on a $100 bet if the underdog wins.

No matter the format, they all explain the same thing: your potential winnings based on your bet size. As for implied probability, this is when you convert the betting odds into a percentage that represents the likelihood of a certain outcome. For example, a 3/1 bet has an implied probability of 25%. Understanding this can really help you figure out whether a bet is worth taking.

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The purpose of an odds payout calculator

Figuring out the payout for certain betting odds and their implied probabilities can be a tough nut to crack, especially if math isn’t your strong suit. That’s where my odds payout calculator comes in handy. Just enter the wager amount and odds for your bet, and the calculator does all the heavy lifting, crunching the numbers to give you the potential payout and the implied probability. Just like the parlay calculator, this tool is a real time-saver, eliminating the need for complex calculations and reducing the risk of errors. So whether you’re a newbie or a seasoned sports bettor, this calculator is an essential tool that you can use to make informed betting decisions.

betting payout calculator pro contra
Pros and Cons of the Tool
  • Free to use
  • User-friendly interface
  • Instant results
  • Handles multiple odds formats
  • Cannot guarantee results

How to use the odds payout calculator

Some betting calculators, such as a parlay payout calculator, can be a bit of a headache with all the inputs they need. But the odds payout calculator on my site? It’s probably the easiest betting tool you’ll ever use. You only need to fill in some basic details, and the rest takes care of itself - automatically populating the empty fields with all the calculations done for you. Here’s how simple it is:

  • Open up the free sports betting payout calculator.
  • Enter your stake and odds in whatever format you like.
  • Hit the "Calculate" button.

And that’s literally all there is to it. The calculator will crunch the numbers and give you instant results that are 100% accurate and reliable. It not only converts the odds into different formats but also shows you the implied probability and potential payout. This means you can quickly figure out whether a bet is worth your while, skipping all the complex math and guesswork. Super handy, right?

How the odds payout calculator figures out probabilities

Calculating implied probability from betting odds lets you see how likely a bet is expected to come through. If you're not using an odds calculator, you'll need to do a little math to get there. Let’s take an example with fractional odds, like the Lakers defeating the Bulls at 4/7:

  • Add both numbers: 4 + 7 = 11.
  • Take the denominator (the second number): 7.
  • Divide the denominator by the total: 7 ÷ 11 = 0.636.

This means, with 4/7 odds, the Lakers have about a 63.6% chance to win according to the bookie. Now, for American odds - let's say a hockey team has -200 odds to win the Stanley Cup:

  • Ignore the minus and take the absolute value: 200.
  • Add 100 to this number: 200 + 100 = 300.
  • Divide the original odds by this new total: 200 ÷ 300 = 0.667.

So, -200 odds mean there's about a 66.7% chance of winning. Simply put, the higher the implied probability percentage, the more likely the outcome, at least in the eyes of the bookmaker.

Tips on how to make the most of the odds payout calculator

betting payout calculator

Whether you’re using the tool as a 20 to 1 odds payout calculator or even a 100 to 1 odds payout calculator, it's super easy to use. But of course, ease of use doesn’t automatically mean guaranteed success. The real key to making the most of this tool lies in how you use it. Let’s dive into some tips on how to leverage its capabilities to your advantage and really maximize its potential.

🛒 Shop around for the best odds

One of the biggest perks of using my calculator, whether it's as a $100 to 1 odds payout calculator or a 5 to 1 odds payout calculator, is how it simplifies finding the best odds across different sportsbooks. For instance, you can enter the odds from Sportsbook A for a specific event, see the potential payout, and then do the same for Sportsbook B. This easy comparison shows you which sportsbook offers the best value for your money, helping you make a more informed betting decision with no guesswork or complex math involved.

📊 Practice with different formats

My odds payout calculator is completely free, so feel free to use it as much as you want. I suggest taking some time to really get familiar with how it works. Try out different odds formats to see how they influence each other and the implied probability. By doing this, you’ll deepen your understanding of how odds and implied probability work.

🤔 Find the odds that work best for you

As mentioned earlier, you can choose from three main types of odds: fractional, decimal, and American. But did you know my odds payout calculator also supports additional formats like Hong Kong, Indonesian, and Malay? Many top sportsbooks, like the ones recommended in the banners on this page, allow you to switch between these different formats at your convenience. Take some time to decide which odds format you prefer, and use that as your input in the calculator. And remember, if you ever need help converting odds into different formats, the odds payout calculator is capable of doing the math for you.

✅ Make sure the details are correct

My betting payout calculator is highly accurate and reliable, but the results will ultimately depend on the information you enter. You can't use it as a 2 team parlay payout calculator and expect it to produce the results of a 12 to 1 odds payout calculator, so always ensure that the information you enter is accurate and in the correct format. Incorrectly entered odds can lead to results that don’t make sense, potentially spoiling a good betting opportunity or leading you towards a poor betting decision. So, take a moment to double-check your entries to make sure everything is spot on. This will make sure you get the most out of the calculator’s capabilities.

⚖️ Weigh up the risk-to-reward

Understanding the risk-to-reward ratio is essential for making informed betting decisions, and the odds payout calculator can help you assess this. Start by entering the odds and then consider the implied probability to understand the likelihood of the bet winning. With this information, you can determine if the potential reward justifies the risk. For example, a high payout generated by a 3 team parlay payout calculator might be tempting, but if the implied probability is very low, it might not be worth the gamble. Conversely, a bet with lower odds but higher probability might offer a more reliable return.

🛠️ Use the betting payout calculator with other tools

The odds payout calculator is super handy by itself, but when you pair it with other betting tools, you're giving yourself an even greater edge. For example, when you use it alongside a hedge calculator, you can find ways to bet on every possible outcome of an event and secure a profit regardless of the final outcome. You can find a bunch of these tools for free on my site, which will help you perfect your sports betting strategy and place smarter, more successful wagers.

Conclusion - Use my betting payout calculator to your advantage

So there you have it, folks. Whether you're a newbie trying to make sense of those confusing numbers or a seasoned bettor looking for a quick and reliable tool, my odds payout calculator has got you covered. It simplifies the complex calculations, eliminates the guesswork, and helps you make informed betting decisions with ease.

No more struggling with trying to work out the potential payout for certain odds. Just enter some basic details, hit "Calculate," and let the magic happen. You'll get instant results, accurate implied probabilities, and a clear picture of your potential payout. Plus, with tips on how to maximize its use, like shopping around for the best odds and double-checking your entries, you're all set to take your betting game to the next level.

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Betting payout calculator FAQ

🎲 Is the betting payout calculator free to use?

Yes, the betting payout calculator is completely free to use. You don't need to sign up or create an account. Just visit the page, fill out the relevant fields, and get your results instantly. It's designed to be user-friendly and accessible to everyone, whether you're a novice or a seasoned bettor.

🔢 How do I use a odds payout calculator?

Using my odds payout calculator is super simple. Just enter some details, such as the odds in your preferred format (fractional, decimal, American, etc), and hit "Calculate." The tool will instantly provide you with the potential payout and the implied probability of your bet.

📊 How do I calculate implied probabilities?

Calculating implied probabilities on your own involves some complex math and formulas. For example, when working with fractional odds, it's the denominator divided by the sum of the numerator and denominator, and American odds require different formulas for positive and negative values. Instead of doing these calculations manually, you can simply use my odds payout calculator, which will instantly provide you with the implied probabilities without the hassle.

✔️ Is the odds payout calculator accurate?

Yes, my calculator is designed to provide accurate results based on the information you enter. However, it's always a good idea to double-check your entries, or you may get some results that don't make sense.

🔄 How do I calculate odds in different formats?

Calculating odds in different formats on your own can be quite a hassle. For example, converting positive American odds to the decimal format involves dividing by 100 and adding 1 (e.g., +500 becomes 6.00), while negative odds involve dividing 100 by the absolute value of the odds and adding 1 (e.g., -200 becomes 1.50). Instead of doing all these conversions manually, you can use my odds payout calculator, which can instantly convert and calculate odds in any format for you.

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