The odds calculator (or odds converter) is a tool that lets you check your potential winnings by providing the required information. It is among the most popular options in iGaming because it saves time and allows you to know exactly what to expect.
Usually, the best calculators also offer the option to convert the odds into a different format. This is a handy feature because some bookmakers offer their users different options. Naturally, punters use only one of them, so having an odds converter can come in handy.
Why use Odds Converter?
You should use an odds converter to get a better understanding of your potential winnings. Nowadays, the leading online bookmakers offer all kinds of odds formats so that their customers can use the most appropriate option. Even though most sites allow them to change the odds formats while betting, others don’t have this option.
The good news is that the different online converters allow users to change between Decimal, Fractional, US, Hong Kong, Malay, Indonesian, and more. Every odds format is different and has specifics, so only a few people know everything about it. Fortunately, there is no need to look for additional information because all you need is to use the converter.
Although most odds converters should work with all popular formats, there might be exceptions. Luckily, our tool will give you access to all of the common alternatives.
How do I use Odds Calculator?
To use the odds calculator, you have to do this:
- Go to Efirbet’s page and find the converter.
- Select the format you want to convert from and enter the odds.
- The tool will automatically show you the odds in all other formats. You can also see the probability of predicting your bet based on the odds.
As you can see, the entire process takes a couple of seconds because you have to select your preferred format and enter the odds yourself. We’ve purposely designed it this way so that even inexperienced punters can use it right away.
American odds explained
Also known as US odds, this format is trendy among online bookies that offer their services in the U.S., as well as other North and South American countries. Some people also call them Money Line odds, and they use the signs – and +, followed by a specific number.
The (‘-‘) sign is used to indicate how much you must stake to win $100. On the other hand, the odds with the + are for the underdogs, and they show how much you win for every $100 you wager.
For example, a +260 market means you will win 260 if you bet 100. On the other hand, a -150 market reveals that you have to stake $150 to win $100.
Decimal odds explained
Decimal odds are also popular as European odds because they are the go-to option for bettors from Europe. Before you decide to use the odds converter calculator, you have to know that these odds use numbers that show how much you will win if you bet $1.
For example, betting $10 on odds of 3.00 will result in $30, as long as you predict your bet. In other words, the number shows the total payout, not only the profit.
Fractional odds explained
The fractional odds are popular in the UK and several other places, so people often call them British odds. Depending on the bookie you’re using, you can find them with a hyphen (-) or a slash (/).
For example, betting on odds of 5/1 means you will win $5 if you wager $1. It is important to know that this only shows the profit, which means that you will in $6 in total because you also keep the amount you’ve waged (in this case – $1).
Implied probability explained
Some people who use the betting odds converter forget to check whether the bookie they’re using actually offers odds that are worth it. Fortunately, there is a way to do that, and it is possible thanks to the Implied Probability. This allows you to “convert” the odds into percentages and eliminate the house edge so you can see the actual odds of a given event.
Let’s say there is a soccer game between Arsenal and Manchester United where the odds are -3.5 (-110) for Arsenal to win and +3.5 (-110) for Manchester United to win. In this case, a $100 bet will result in a $210 win and $0 for a loss. Using the amount we risk and dividing it by the total payout, we will see that the two outcomes have a total of 104.8%., In other words, there is a 4.8% house edge.
FAQ
How do you calculate odds?
You calculate odds by using a specific formula for the given format. Alternatively, you can use an odds calculator.
How do you calculate odds of cash?
You calculate the odds of cash by using different tools because they save time.
How do you convert odds to decimal?
You convert odds to decimal using an odds converter. Alternatively, you can try to change the odds format while using an online bookmaker.
How do you convert American odds to fractional odds?
You convert American odds to fractional odds using the converter or by switching the odds formats. These two options will save you a lot of time.
