BETTING CALCULATORS

Similarly as in most countries around the world, in Canada bet odds are calculated by sportsbooks using the formula: Odds = 1 / Probability *sportsbook margin. This formula ensures that the sportsbook makes a profit. Higher odds indicate a lower chance of the event occurring, and vice versa. To calculate potential payouts, multiply your bet by the odds.

To calculate the edge in sports betting, subtract the implied probability from your assessed probability for a bet. Edge = Your Probability - Implied Probability. A positive edge suggests a potentially profitable wager, while a negative edge indicates an unfavorable bet. It's a crucial concept for making informed betting decisions.

Or just use our Implied Probability Calculator and that will do the hard work for you. 

1. Select multiple teams or events you want to bet on.
2. Determine the bet type (e.g., parlay or teaser) and the number of teams in each grouping.
3. Calculate the number of bets within the round robin using combinations.
4. Place individual bets on each combination.

Or just use our free Roun Robin Calculator and this will do all of the hard work for you. 

To calculate a horse racing bet, follow these steps:

1. Choose the type of bet (e.g., Win, Place, Show, Exacta, Trifecta).
2. Decide on the amount you want to wager.
3. Find the odds for your selected horse(s).
4. Multiply your bet amount by the odds to calculate the potential payout.

Decimal betting odds are calculated by converting the implied probability of an event into a multiplier.

The formula is:

Decimal Odds = 1 / Probability

For example, if an event has a 50% chance of occurring (0.5 probability), the decimal odds would be:

1 / 0.5 = 2.00

To calculate your potential payout using decimal odds:

Payout = Stake × Decimal Odds

So, if you bet $100 at odds of 2.00, your total return would be $200, including your original stake.

Decimal odds are widely used because they are simple, transparent, and make it easy to calculate potential returns at a glance.

To calculate American betting odds, first you must recognize the sign (+ or -). Positive odds reflect profit on a $100 bet (+150 means $150 profit). Negative odds show the amount needed to win $100 (-200 means $200 wager). To calculate potential winnings on a different bet size, use this formula: Profit = (Bet Amount / 100) x Odds. 

Fractional betting odds represent the profit you will make relative to your stake.

For example, odds of 5/1 (read as “five to one”) mean you will win $5 for every $1 staked.

To calculate your profit:

Profit = Stake × (Numerator / Denominator)

So, if you bet $100 at 5/1 odds:

Profit = $100 × (5 / 1) = $500

Your total return would then be:

Return = Stake + Profit = $600

To convert fractional odds into decimal odds, use the formula:

Decimal Odds = (Numerator / Denominator) + 1

Fractional odds are commonly used in markets like horse racing and are popular for clearly showing potential profit.

Arbitrage betting is commonly used by bettors in Canada to take advantage of discrepancies in odds across sportsbooks.

To calculate arbitrage betting opportunities, follow these steps:

1. Identify two or more sportsbooks offering different odds on the same event.

2. Calculate the implied probabilities for each set of odds using the formula: Probability = 1 / Odds.

3. Check if the total implied probabilities for all outcomes are less than 1 (100%).

4. If so, place bets on all outcomes proportionally to lock in a profit.

Or, just simply use our free Arbitrage Calculator and it will do all of the above for you.

EV betting is commonly used by bettors in Canada to take advantage of bets that are mathematically likely to profit over time (A.K.A +EV bets or value bets). 

You can calculate expected value using the following formula:

(winning probability) x (profit if win) - (losing probability) x (stake)

In this formula, 'winning probability' and ‘losing probability’ mean the true probabilities of either outcome of the event, which can be calculated using a no-vig 'fair odds' calculator.

Alternatively, simply use our EV Calculator, which does all this for you.

To calculate juice in sports betting, subtract the implied probability from 100%. Implied probability is the odds converted to a percentage. For example, if the odds are -110, the implied probability is 52.38%. So, 100% - 52.38% = 47.62%, which is the juice or vigorish.

Or just use our simple Vig Calculator and it will do all of the hard work for you.

To calculate ROI in sports betting, use this formula: (Net Profit / Total Investment) x 100. Net profit is your winnings minus total wagers. ROI is expressed as a percentage. For example, if you profit $500 from $1,000 wagers, your ROI is 50%. This simple formula helps assess your betting success.