Betting Calculators

A bet calculator is an online application that helps determine the potential winnings on a bet you place. There are several types of sports bets, and the betting calculator for each type varies slightly. This article explains some of the essential things you need to know to make it easier to pick suitable calculators and get winners.

Table of Contents

Table of Contents

    Author: Steven D. Thompson

    Updated: 16/05/2022 2:29 PM

    What Are The Popular Betting Odds Formats?

    Various sports betting platforms have different ways of displaying the odds for a game, race, or fight. There are three popular formats you will find on most platforms, and these include: 

    • European or Decimal odds: Decimal odds is a straightforward odds format. The decimal value represents the payout per £, $, or €. For example, a 4.25 odd on a £10 stake will give a payout of £42.5
    • American or Moneyline odds: This type of odds uses a "+" sign to represent the odds for the underdogs and a "-" sign to represent the odds for the favourites. The odds value implies how much you must stake for a £100 payout. For example, a -400 indicates that you need to bet £100 to win £500, while +300 indicates you need to stake £100 for a £400 payout.
    • British or Fractional odds: British and Irish players will be familiar with this type of odds. The odds usually include a hyphen or a forward slash. For example, you may have a 4/1 odds, which implies that you receive £4 for every £1 you stake. If you win the bet, you get £4 plus your £1 initial stake (i.e., £5). If you stake £20, then your payout will be £80 plus £20 or £100. 

    Insight In The Most Popular Bet Types

    Depending on the type of sport you choose to place your bets on, you should know some popular bet types. These are the different bet types you can put in horse racing and other sports: 

    1. Match Bet: This type of bet gives you a chance to profit from the betting offers or free bet promotions you get on a bookie. 
    2. Accumulator: This type of bet requires all selections to win for you to get a payout. A single bet must have four or more selections to make the accumulator. 
    3. Lay Betting: This bet gives you the option to place a bet on a selection not winning. Here, you play the role of the bookmaker. 
    4. Hedge Betting: Here, you place a bet on the opposite outcome of your initial bet. This way, you minimize your initial exposure if your prediction is wrong. 
    5. Dutching: This type of bet allows you to spread your stake across different selections for the same profit regardless of the winning selection. 
    6. Kelly Criterion: This betting strategy involves getting the highest potential winnings and minimizing losses. It involves using a mathematical formula to deduce the amount of money you should stake. 
    7. Single: This is a bet you place on a single event, and you pick a straight win in this case. 
    8. Double: This type of bet involves picking two outcomes in different events with one bet. You need both outcomes to be correct for you to win. 
    9. Treble: This involves three selections where you pick three outcomes in different events with one bet. Getting all outcomes in each event earns your returns. 
    10. Trixie: A treble and three doubles form a Trixie bet. This includes three selections and four bets. 
    11. Patent: Three singles, three doubles, and one treble, which add up to seven bets and three selections from the patent bet. Just add three singles to your Trixie bet, and you get the patent. 
    12. Yankee: This stake type has 11 bets: fourfold, six doubles, and four trebles. Four selections make up this bet, and at least two selections are necessary for a payout. 
    13. Lucky 15: The name of this bet is a reference to the fact that it does include 15 bets. There are four selections in this type of bet, and you only need one winning selection to get a return. 
    14. Lucky 31: One fivefold, five fourfolds, ten trebles, ten doubles, and five singles make up the 31 bets here. These are five selections of which a single winning selection earns you a return. 
    15. Heinz: There are 57 bets and six selections in this bet type. The selections include 15 doubles, 20 trebles, 15 fourfolds, six fivefolds, and a sixfold accumulator. 
    16. Canadian or Super Yankee: The Canadian features 26 bets consisting of a fivefold accumulator, five fourfolds, ten trebles, and ten doubles. 

    Finding Specific Bet Type Calculators

    Several sites offer excellent calculators, and one of these is Betpack. The site provides access to the various calculators you need depending on the bet you select. You can find a match bet calculator, Asian handicap calculator, accumulator calculator, odds calculator, and more. 

    How To Use The Bet Calculator

    Since each bet type has certain unique features, there will be differences in the information you provide when using a bet type calculator. However, thanks to the Betpack Bet Calculator, now you have all the bet types altogether.

    • Estimated Time Needed: 00:03
    • Tools Needed: Account
    • Supplies Needed: Time
    ... Step 1

    Adjust your bet and select the odds

    Using the Settings option, choose your bet and select the odd type you prefer.

    ... Step 2

    Select the type of bet

    Next, pick the type of bet you want to use from the drop-down menu. Here, you will see an extensive range of bet types.

    ... Step 3

    Select the possible outcomes and winning odds

    In the next step, select your unit stake, ways of winning, and the number of selections.

    ... Step 4

    Calculate your profit

    Hit the calculate button to work out how much the profit, return, and a total outlay of the winning bets will be.

    What Is A One Winner Consolation?

    This is a bonus most bookmakers offer to players. It is a payout calculation that bookmakers use if only one of your selections wins. Depending on the bookmaker, this may be a payout at double or triple the odds. 

    Benefits Of Using The Betpack Bets Calculator Site

    There are various reasons why you should try out the calculators on Betpack. One thing that stands out is how the site provides a detailed step-by-step description of the steps you need to take to use each calculator. You can also find comparisons with the pros and cons of different calculators on the site. For bets you don't know much about, read through the detailed explanation and FAQs to enhance your knowledge.

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