A bet calculator takes the hassle out of calculating your returns on wagers. Try it for yourself right here.
How does a bet calculator work?
As the name suggests, a bet calculator simply calculates a bet. At the most basic level, you insert the betting odds for the selection (or selections) you want. Next, you enter a stake amount, and the calculator displays your winnings/returns.
Of course, bettors rarely need to use a bet calculator for single-line wagers, such as singles and multiples, because the calculation is automatically done for you within the betting slip of your online bookmaker.
However, there are many bet types where a calculator is useful. These can include system bets like a Lucky 15 or a Trixie bet calculator. Also, an arbitrage calculator is a timesaver for punters on the lookout for sure bets, among several others.
Types of Bet Calculator
There are dozens of bet calculators now available. We’ll introduce some of the most popular types and explain a bit about them.
Single Line/Wager Calculators
These are the most basic types of bet calculators. As mentioned above, bettors don’t need to use these too often because you can use the bet slip at your betting site. Among the single line bet calculator types are:
- Accumulator / parlay
To clarify, a single line bet means only one stake. Therefore, with a parlay, if one selection loses, the entire bet is lost. It’s also possible to include each-way bet calculators, which are commonly used for horse racing, in this bracket.
System Bet Calculators
There are many types of system bets, including Trixie, Yankee, Lucky 15, Heinz, and so on. These are multi-selection, multi-stake bets. For example, a Yankee consists of 4 selections covering 11 separate bets (6 doubles, 4 trebles, and 1 four-fold accumulator).
Of course, the payout depends on how many selections win and the odds of those winners. This is where a bet calculator is most useful because the user can adjust the parameters and see all the possible payouts. Effectively, you are combining multiple single line calculators into one, so it’s like a bet converter in a sense.
Furthermore, as these calculators are a favourite for horse racing bettors, there are additional settings for rule 4 deductions and a dead heat.
Arbitrage betting is where a punter looks for price differences between betting companies to find arbitrage opportunities that guarantee a profit by backing all possible outcomes. The arbitrage calculator works out the required stake amount for each selection.
For instance, let’s say you see Nadal vs Djokovic, and with one bookmaker Nadal is priced at 1.60, and with a second bookmaker, Djokovic is priced at 3.00.
Instantly, this is an arbitrage opportunity because the true odds are below 100%. After putting the odds into the arbitrage calculator, you get:
- Nadal [1.60] – stake ₦652 for a payout of ₦1,043
- Djokovic [3.00] – stake ₦348 for a payout of ₦1,043
You’ve bet ₦1,000 but have a guaranteed return of ₦1,043 regardless of the result.
Dutching is a form of betting where the bettor backs multiple selections in the same event or race. The theory is to cover more of the field, which could improve your chances of winning. A Dutching calculator is used to calculate the exact stake for each selection, so the bettor’s return is the same regardless of which selection wins.
Bettors are using Freeplay calculators for sports betting free bets. If your betting company awards you a free bet, the freeplay calculator works out how much you have to hedge on the other possible outcomes to secure a profit.
A simplified example of how these calculators work. You use an ₦100 free bet on a selection at 3.00; the returns (stake not included) are ₦200 if it wins. On another betting site, you back the other outcome (₦150 @ 1.60), which returns ₦240. A guaranteed profit from the free bet.
- Free bet – ₦100 @ 3.00 – returns ₦200
- Real money – ₦150 @ 1.60 – returns ₦240
There are many types of betting odds, such as fractional, decimal (European), decimal (Hong Kong), and American. An odds converter simply displays the odds in these different formats so the bettor can instantly see specific prices.
What is a Lucky 15 Bet?
A Lucky 15 bet involves four selections and fifteen separate bets, which are:
- 4 singles
- 6 doubles
- 4 trebles
- 1 four-fold accumulator
It is a full cover bet with singles included bet because all possible multiple selections are covered (plus the singles). Although rules vary, some bookmakers pay an extra 10% bonus if all four selections win. Also, you often get double odds if only one selection wins; however, this may not cover the total stake of the 15 bets.
What is a Double Bet?
A double bet is a single line wager with two selections. Both selections must win for the bet to pay out.
You can use a double bet calculator to work out your returns, but there’s really no need, as the calculation is straightforward:
- Decimal odds [selection 1] x decimal odds [selection 2] x stake = total returns
Where a double bet calculator is useful is if you want to win a specific amount from a certain stake because you can view the odds that you need to achieve your goal. Then, you can search the betting site for wagers at these prices.
What is a Treble Bet?
A treble bet is the same as a double but with one more selection. It’s also a single line bet, so all three selections must win for the bet to pay.
- Decimal odds [selection 1] x decimal odds [selection 2] x decimal odds [selection 3] x stake = total returns
This is different to a Trixie bet, which also has three selections. A Trixie is 4 separate bets – 3 doubles and 1 treble. It’s helpful to use a Trixie bet calculator to see the various permutations, plus check dead heat payouts and rule 4 (for racing).
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Frequently Asked Questions about Bet Calculator
In the most basic form, a bet is calculated by multiplying the decimal odds with the stake amount. Even complex system bets can be broken down into this basic format, although it’s more time-consuming, which is why a bet converter and calculator are beneficial.
A double bet calculator works out a bettor’s returns on a double bet. You need to enter the odds for the two selections – these are then multiplied together. Next, you enter the stake – this is multiplied by the total odds to give you the return amount.
A Trixie bet involves three selections covering 4 separate wagers – 3 doubles and 1 treble. You need two selections to win (a double) to guarantee a payout. The calculator instantly displays the returns for all possible combinations within the Trixie.