Sports betting calculator allows you to calculate your bet returns for parlays and single bets. Once you input your odds (American, decimal, or fractional) and your amount, the calculator will calculate the total payout and the profit. Advanced payout calculator will also calculate betting margins and fair returns.
More useful resources for sports betting models and spreadsheets:
Bet Calculator Spreadsheet Explained
This bet calculator is created in google spreadsheets and is easy to use. Below we will explain how to use it and what formulas we used in Google Spreadsheets.
Select between three tabs below:
- Betting odds calculator
- Parlay calculators
- Advanced parlay calculators
TAB 1: Betting odds calculator
Here you can calculate returns once you add your prefered odds and bet amount. You can select between three odds types.
Percentage to odds calculator
We used decimal odds as a base for calculating other odds. Here are google spreadsheets formulas we used:
To win = =DECIMAL ODDS*BET AMOUNT-BET AMOUNT
Payout = DECIMAL ODDS*BET AMOUNT
Decimal odds = 1/PROBABILITY
American odds converted from decimal odds =ifs(DECIMAL ODDS>2, ((DECIMAL ODDS-1)*100), DECIMAL ODDS<2, (-100)/(DECIMAL ODDS-1), DECIMAL ODDS=2,"+100" )
Percentages to fractional odds:=1/PROBABILITY-1
Fractional odds to decimal odds formula=LEFT(FRACTIONAL ODDS,FIND(“/”,FRACTIONAL ODDS)-1)/MID(FRACTIONAL ODDS,FIND(“/”,FRACTIONAL ODDS)+1,10)+1
TAB 2: Parlay Calculators
A parlay calculator allows you to calculate betting returns based on your bet amount, your betting odds and the number of bets in a parlay. It shows you the results for American, decimal and fractional odds.
TAB 3: Advanced Parlay Calculators
Advanced parlay calculator shows you what are the fair odds, what is bookmakers advantage and how much you lose compared if you would get fair odds when betting on sports. To do this we calculated first fair odds and then compared payouts.
Fair odds probability=iferror(1/iferror(1/IMPLIED PROBABILITY*ODDS MARGIN),””)
Terms we used in a sports betting calculator:
- American odds – very popular odds type in USA. The odds comes in two formats. Minus odds represent favourites and will tell you how much money you need to risk to win $100. Plus odds represent underdog odds and will tell you how much you’ll win if you bet $100.
- Decimal odds – are probably most friendly and widely used odds type. The number tell us how much a sports bettor wins for every $1 wagered. Calclating probabilities from decimal odds is very simple, because you simply divide probability by 1.
- Fractional odds – are another odds type, mostly used by UK bettors and are represented as fractions. (Learn more about fractional odds and how betting odds works here)
- To win – this is the profit from a bet
- Payout – is your bet amount plus your winnings
- Implied probability – is a conversion of the odds into probabilities or percentages
- Parlay – is a combination of two or more single bets, where all bets must win in order to win this parlay bet.
- Your odds – represent the american, decimal or fractional odds of your selected side.
- Opposite odds – represent the american, decimal or fractional odds of opponents side or the outcome against yours.
- Fair odds – are the odds minus juice, vig.
Do you want to learn how to use google spreadsheets for sports betting? Start with the free betting course.