The industry of Sports betting has flourished by leaps and bounds due to the digital revolution of the 21st century. Estimates say that its market capitalization is capped around $250 billion, worldwide. Football is undoubtedly one of the most wagered sports for betting and any suggestions, tips and help for correctly guessing the outcome of this exciting and unpredictable game is welcomed by punters. This is where betting calculators come to play.
Bettors must make use of some specialised betting and odds calculators which are now readily available online to take their betting experience to the next level.
What are bet calculators and how do they work?
Bet calculators, also commonly known as odds calculators or return calculators, are specially programmed web-based tools which help bettors figure out the winnings from the different bets, giving them a fair idea as to how much to bet on a certain outcome.
There are many bet calculators to choose from online. Most of them have been created to work with different types of bets and are capable of providing useful insights on any sporting event or other such outcomes.
What are the kinds of bet calculators?
Broadly, it can be said that there are two kinds of bet calculators. Simple bet calculators and comprehensive bet calculators.
Bettors who are new to the betting arena and are still figuring out their way in this world, should always opt for simple bet calculators. The options offered on this kind of calculators are limited, they have a simple layout and is suitable for almost any user.
For experienced punters, simple betting calculators are not enough. The calculations and results that simple calculators provide are actually pretty rudimentary and expert bettors are able to find them out by themselves, in their head or scribbling at the back of a small piece of paper!
They would require a calculator only to utilise some advanced features like parlays, cover bets, each-way bets etc., and in that case, they would require a comprehensive betting calculator which are offered by some of the betting websites.
The basic foundation and software programming of the calculators are the same.
How to use bet calculators?
The bet calculators found online have a specific way in which they work. Here are the steps one needs to follow to use bet calculators.
- Choose the type of bet you are willing to place.
At first, players will need to choose the type of bet they are aiming for. They need to be aware of the betting terminology.
For example choosing a “win bet” will imply that the player is simply betting on the winner of a game and a “multiple bet” implies that the player is betting across a number of different events.
Players also have the option to place parlays, where successive wins of two or more bets will give a higher payout if all the predictions turn out to be true. An example of double bet would be if you bet on Manchester United to beat Liverpool, and Arsenal to beat Chelsea, at the same time.
There are also “accumulator bets” where punters bet on a large number of events, most commonly seen in football tournaments and stand a chance to win huge amounts for relatively small stakes.
- Choose the format of the odds between fraction and decimal.
After choosing betting type players should choose the form in which they have their odds at hand. They may input the odds as fractions or decimal form or the American money line form. There are also simple conversion tools found online in case players need to modify the form.
- Enter the odds they are offering with respect to the outcome.
Correctly entering the odds is key here.
- Enter the figure given by bookmaking sites about the worth of the bet. Bookmaking sites and sports betting analysing platforms provide a tentative worth of any outcome of an event. Players need to know about them before placing a bet.
Once these figures are entered in the calculator, you will be able to see the following results.
- The amount pertaining to the stakes with respect to your bet,
- the amount needed in your wallet or account to place the bet and,
- the total cash profit that you may earn in both cases of your win or loss.
These results from the calculator will make everything clear and players will be able to correctly figure out when to let go of a bet and when and how to jump at the opportunity of maximising their profits.
This is how betting calculators can help new and old punters alike to help them ace at their betting game.