Get Sporting Odds With A Betting Calculator
With so many matches, games and races to choose from, calculating your sporting bets can get tricky. That's where a betting calculator comes in handy - simply type in your odds and bet type and get your return and profit figures in an instant. We explain everything you need to know about betting calculators and profit calculation in this handy guide.
What Are Betting Odds?
The word 'odds' is used in the gambling field to refer to statistical probability. Odds are expressed differently in different markets. For example, in the UK odds are written as fractions (e.g. 6/1). In the US, they use moneyline odds (e.g. -200). In continental Europe, Australia and Canada, decimal odds are used (e.g. 1.50). It is important to understand and use the right odds for your betting market, and therefore pick a betting calculator suited to your needs.
Where Can I Find A Betting Calculator?
There are hundreds of betting calculators to choose from. Each of the UK's major bookmakers has their own calculator, alongside a number of independent calculators on specialist websites such as this one. Are all betting calculators the same? Actually, no, each calculator is slightly different due to the algorithms used and while no single bet calculator will be 100% accurate, they can give you a good idea about where/when to take punts.
Types Of Bet Explained.
There are many different types of bet; before using a betting calculator you will need to know which bet type to select. Here's a run-down of each of the major bet types:
What Is A Single Bet?
A single bet, sometimes known as a straight bet, is a bet on a single selection. Single bets are very easy to calculate and are most commonly called win bets. Taking football as an example, let's imagine that Manchester United have odds of 5/1 to beat Tottenham Hotspurs in an upcoming match. Placing a single bet (or win bet) on Manchester United to win will result in a 5/1 payout. By betting £1, you will receive £6 if Manchester United win, and nothing if they lose or draw. Due to their simplicity, single bets are the most common in the UK. Single bets require high odds in order to give larger returns, so betting on favourites is unlikely to be lucrative when it comes to this bet type.
What Is A Double Bet?
As the name suggests, a double bet is bet on two outcomes. Double bets are simplified forms of multiple bets (bets on more than one outcome). Double bets have better odds (in terms of potential wins) than single bets because they depend on the outcome of two events. Using football as an example again, let's assume that Arsenal is playing a match against West Ham, and Aston Villa is playing Chelsea. An example double bet will wager that both Arsenal and Chelsea will win. If Arsenal wins, but Chelsea does not, then nothing is paid out (and vice versa). Only if both outcomes are as predicted does the punter get paid. Double bets are, in essence, two single bets which must both be won in order to receive a payout. Double bets are popular during the Premiership football season because matches are often held concurrently.
What Is A Treble Bet?
Treble bets are just like single or double bets, but they rely on 3 outcomes, making them another type of multiple bet.
What Is An Accumulator Bet?
When bets typically depend on four or more outcomes, they become known as accumulator bets. The exact name of this bet changes with respect to the number of selections in play, for example a fourfold accumulator bet has four parts, and a sevenfold accumulator bet has seven parts. In the North American market, an accumulator bet is known as a parlay. Technically, double or treble bets are also types of accumulators, as they depend on more than one outcome, but the term is more commonly used when dealing with more than three events. All outcomes must be correctly predicted to get any payout with an accumulator bet. For this reason, the odds are very lucrative and a low bet of £10 can easily turn into a four-figure return if successful. Subsequently, accumulator bets are popular with sports punters because of the lure of very high returns.
What Is A Trixie Bet?
A trixie bet is a type of full cover bet that is spread over multiple outcomes but requires less wins than single, double, triple and accumulator bets (win bets). With the win bets, an all-or-nothing approach is taken, meaning that unless all outcomes are won, there is no payout. Full cover bets cover a wider range of outcomes, and are therefore a less risky options in some cases. When making a trixie bet, you must select three outcomes (just like with the triple bet), but only two of those outcomes needs to be realised in order to receive payment. For example, let's say we bet on the outcome of 3 tennis matches at Wimbledon. We predict that Roger Federer, Rafael Nadal and Novak Djokovic with all win their matches, so we place a trixie bet and a separate triple bet on those outcomes. If Federer and Nadal win, but Djokovic loses, the triple bet is voided so we win nothing on that. However, the trixie bet stills wins and we would receive a payout. As you would expect, the odds are less lucrative for trixie bets when compared to triple bets.
What Is A Yankee Bet?
Another type of full cover bet, a yankee bet is placed on a total of eleven outcomes: six doubles, four trebles and a fourfold accumulator. The name "yankee bet" is alleged to derive from an American punter who visited the UK and placed a small bet on multiple outcomes and made a huge return. A yankee bet is paid out when two or more of the individual bets (the doubles, trebles and fourfold accumulator) come true. Due to the odds of this being very unlikely, the payout percentage is very low, but if lucky a small £10 bet can roll into a very large figure.
What Is A Super Yankee Bet?
A super yankee bet is an upscaled version of the yankee: twenty-six different bets comprising of ten doubles, ten trebles, five fourfold accumulators and one fivefold accumulator. When making complicated bets like a super yankee, a betting calculator really becomes essential as working out the odds of every outcome would take hours to do manually. By using the calculator, it is easy to see the difference between each betting type. A super yankee bet is also sometimes known as a Canadian bet.
What Is A Heinz Bet?
Multiple betting gets even more complicated with heinz bets, a type of full cover bet made up of 57 bets (15 doubles, 20 trebles, 15 fourfold accumulators, 6 fivefold accumulators and a sixfold accumulator. The name "Heinz" was taken from the famous US baked Bean Company, known for its 57 varieties of food product.
What Is A Super Heinz?
Super Heinz bets consist of 120 bets: 21 doubles, 35 trebles, 35 fourfold accumulators, 21 fivefold accumulators, 7 sixfold accumulators and a sevenfold accumulator. Super heinz bets are very rare and uncommon in the UK. As another full cover bet type, at least 2 outcomes must win in order to receive a payout. The cost of placing a super heinz bet is high because you must bet on many different outcomes. A good bet calculator is essential when it comes to working out the odds for any super heinz bet.
What Is A Goliath Bet?
Even bigger than the super heinz, a goliath bet is a full cover bet made up of 247 different bets (28 doubles, 56 trebles, 70 fourfold accumulators, 56 fivefold accumulators, 28 sixfold accumulators, 8 sevenfold accumulators and an eightfold accumulator. Goliath bets (taking their name from the mythical giant) are even more uncommon than super heinz bets and require a very accurate betting calculator when working out payouts.
What Is A Patent Bet?
A slight variation of the trixie bet, a patent bet is made up of 7 bets (3 singles, 3 doubles and 1 treble). Unlike with the trixie, a patent bet can get a payout if just one of the 7 bets wins.
What Is A Lucky 15 Bet?
A Lucky 15 bet is, as you would expect, a wager made up of 15 bets (4 singles, 6 doubles, 4 trebles and a fourfold accumulator). The word "lucky" refers to a bonus that bookies often offer on this bet type, paying out an additional odds bonus in the event of certain outcomes. The exact terms will differ so get the statistics straight from your bookmaker before using a betting calculator.
What Is A Lucky 31 Bet?
Yes, you guessed it, a Lucky 31 bet is just like the Lucky 15 explained above, except that it consists of 31 separate bets (5 singles, 10 doubles, 10 trebles, 5 fourfold accumulators and 1 fivefold accumulator). Again, payout calculation for Lucky 31 bets is particularly tricky, so the use of a betting calculator is strongly advised before parting with your stake.
What Is A Lucky 63 Bet?
The final bet in the lucky series, the Lucky 63 is a 63-part bet (6 singles, 15 doubles, 20 trebles, 15 fourfold accumulator, 6 fivefold accumulators and 1 sixfold accumulator). Another type of full cover bet, selecting just one winner will generate a return on a lucky 63 bet. However, due to the number of bets placed, a single win may not result in a high return. This is where a betting calculator comes in handy.
What Is An Alphabet Bet?
Named after the number of letters in the English alphabet, the alphabet bet is full cover bet with 26 parts - 2 patents (two lots of the following: 3 singles, 3 doubles and 1 treble), 1 yankee (6 doubles, 4 trebles and a fourfold accumulator) and 1 sixfold accumulator. The alphabet option in most betting calculators is necessary in order to accurately work out returns and lucrative wagers. As a full cover bet, only a single selection needs to be accurate in order to win a return.
Sports Betting Calculators
Why You Need Them And How To Use Them
Unless you solely deal with single win bets, you'd need to be a mathematical genius to accurately calculate your returns and profit for most sports bet types. Sports betting calculators are very simple to understand and use. The first step is to get some odds. UK odds are usually presented as fractions (e.g. 2/1, 4/5, 9/2) - visit the website of your favourite bookie to get the latest odds. Next, you need to select your bet type. Single, double, treble and trixie bets are the most common in the sports betting world, but if you're experienced or feeling like a challenge, you can delve into some complex yankee, heinz or lucky bets too. Some calculators will require you to also select your odds format (i.e. fractions) before inputting the details. Simply add in the odds and calculate your return. It will take a little time to learn how to play more complex bet types, but spend a few minutes practicing with the calculator to get the hang of it.
Now you've learned everything there is to know about betting calculators, it's time to give it a go and start calculating your payouts online. Bear in mind that odds change frequently, so it's best to use the calculator just before placing a bet, using the latest odds. Trying to calculate odds manually is not only time-consuming, it's also potentially inaccurate; avoid making mistakes and wasting your time by using a trusted betting calculator, programmed by an expert. Using a bet calculator is also a great may to learn more about bet types and how to work out odds - ideal for anyone new to the gambling scene or looking to step up their game. When it comes to sports betting, be it football, tennis, golf or rugby, a reliable betting calculator is an essential piece of kit that no self-respecting punter should go without.