Payoff Odds – the ratio between the bet and the amount received after a win. They are equal to net profit divided by the amount bet.
Decimal Odds are the easiest to calculate. Let’s say you place a bet of $100 on a football match and the payoff odds are 1.37. To calculate how much you will be paid if your team wins, all you have to do is to multiply the amount you have wagered by the payout odds.
In this case, the calculation is quite simple: $100 x 1.37 = $137.
In most real-life cases, however, the math won’t be as simple, because different venues will use different formats to represent their odds. This is why we recommend using our payoff odds calculator below.
What is a Payoff Odds Calculator?
A payoff odds calculator is an easy-to-use online tool developed by Bob Casino that helps you determine the potential winnings you will get from your bet. Having weighed the potential rewards of the bet with its risks, you will be able to make better (and more profitable) betting decisions.
The Moneyline format is the most popular formula. Employed by both offline establishments and online venues to calculate odds, it is straightforward and only requires the selection of one winner.
How to Calculate Payoff Odds Using The Calculator
The bet calculator is used to get information about all types of bets that can be placed by you when gambling. It is simple to use and it will help you immensely in your betting journey.
To start, fill in the calculator’s “Odds” field by entering the data from the wager you are interested in pursuing.
There are different odds formats used to represent the expected profit outcome for every event on a particular bet, and different betting companies will give you your odds in different formats. Currently, four odds formats are used more often, and the payoff odds calculator works with all of them. Here’s how they look:
- Decimal: 1.20
- Implied: 83.3%
- American: -500
- Fractional: ⅕
After entering your odds, you will now have to enter the amount you want to stake into the odds payoff calculator.
The calculator will then determine your potential winnings and the total payout amount you will receive if you win.
Payoff Odds and Profit
In the world of sports betting and gambling, betting odds are significant for both the players and the betting venues. They show the rate of payout for a bet, together with the probability of the expected outcome.
While there are no guarantees in betting and gambling, professional gamblers and sports bettors are able to increase their chances of regular winnings.
How do they do that? By investing time and care into their bets.
Thanks to years of experience, professional bettors understand the relationship between odds and probabilities on an intuitive level. They also never skimp on their research, knowing that having the right information and making an informed choice always increases the amount of profit they will make.
How Much Will the Odds Payoff?
The potential payout from a placed bet depends on the odds that you pick and the size of your bet.
The American format is the most widely used one, but it may require a bit of practice for you to read and understand it better, especially if you’re not from North America.
In Europe, Decimal Odds, are widely used. For most people, these are much more intuitive and easier to grasp. All you have to do is multiply the wagered amounts by the decimal odds to estimate your total payout. This is the exact same calculation we performed at the start of this article.
Fractional odds are most often used by sports betting bookmakers.
Thanks to the rise of online betting, many professional gamblers now choose to use one or more types of odds and even consult different websites dedicated to comparing odds to determine which platform best meets their needs.
The payoff odds of a placed bet determine how big of a profit you will turn in the case of a successful bet. The payoff odds calculator is a valuable tool that can help you know exactly what you’re getting yourself into, giving you the ability to weigh the risks against the rewards. Use it wisely, and it will prove to be your trusty and reliable companion for many years to come.