Bet Calculator - Calculate your betting odds
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Whether you are new
to the world of betting or somewhat of an old hand when it comes to having a flutter
every now and again, you will undoubtedly be aware of the sheer range of options at
bookmakers like Betfair and Paddy Power when it comes to having a bet.
While putting
money on a horse winning a race may sound like a relatively straightforward matter,
there is a wide range of bets available. For example, are you planning to keep it
simple with a single bet on one race? Or, alternatively, are you looking to take a
chance on a larger gamble with an accumulator?
Thankfully, that is where online odds
calculators come into their own. These handy tools can make a huge difference to your
betting activity, providing you with a full overview of the options available and
ultimately helping you to place the bet – or combination of bets – that works best for
you.
In this article, we are going to take a closer look at the concept of odds
calculators, how they tend to work, and the key benefits that they can offer in terms
of boosting your betting balance.
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What is an odds
calculator?
On the most basic level, odds calculators are designed to help you
understand the implications of your bets and ultimately determine what returns you will
receive if you are successful.
Such tools tend to operate in a standard format, with
them first asking you to input the type of bet that you have made or are planning to
make. This could be anything from a single to a Yankee to Super Heinz or an
accumulator. Once you’ve provided this information, you will then be asked to enter the
odds on your bet and also the stake that you’ve placed on it. The calculator may also
ask you to either enter the odds in the decimal or fraction format, but we will touch
upon the key issues related to that further on in this article.
You will then repeat
that process however many times is necessary – for example, if you have placed multiple
bets – and then may also be able to add information related to Dead Heats or any
situation when Rule 4 may have come into play. The latter offers compensation in the
event that a horse withdraws from a race after a bet is placed.
Clear benefits
After
providing full information regarding your range of bets, the odds calculator will then
take care of the hard work by doing the maths and generating an overview of the bets
you have made or are planning to make, as well as the potential returns which will be
available if you are successful.
Choose your each-way terms with the odds calculator –
these vary based on the number of runners and the type of race
As you may have already
realised, such tools offer clear benefits to horse racing fans whether they are
planning for future races or even checking what their final winnings will be after
placing several bets. The ability to input information on a combination of bets is a
particular benefit, as it ensures you do not get a headache while attempting to
consider the potential outcomes of the bets you have made.
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Fractions vs decimals
For a great number of horse racing fans, the use of
fractions is the traditional way of viewing the odds for the runners and riders, but
the use of decimals is something which has grown significantly across recent years,
too. The concept operates on the straightforward notion that you simply multiply a
stake by the decimal shown and the outcome will be your total winnings. For example, if
you place a £1 bet on a horse with odds of 4.00, you will get a return of £4.
While the
use of decimals may seem very simple in that respect, it is worth bearing in mind that
the concept offers up one fundamental difference in comparison to the use of fractional
odds. When it comes to decimal odds, your stake is always factored into the return that
you calculate but this is not the case when following the fraction method. In terms of
the latter, if you put £1 on odds of 4/1 you will receive £4 in profit but also get
your £1 stake back too – so £5 in total. As such, the fraction allows you to work out
your winnings, but you will also need to factor in that your stake will also be
returned to you as well.
A better understanding
It goes without saying that a huge
number of people across the globe love betting on horse racing with bookmakers like
Betfair and Paddy Power, whether they are attending race meetings in person, following
the action on TV, or online via streaming services. You can get free Timeform tips for
every British and Irish horse race and free Infogol tips on Europe's biggest football
leagues. However, it is also true that some can find it a complicated world to navigate
around and they often want a bit of a helping hand to get started.
Whatever your level
of experience, taking some time to gain a better understanding of how the different
formats for odds work can be an important step towards making informed decisions on
your betting. Furthermore, the use of odds calculators can help you fully understand
how specific combinations of bets could put you on the path towards winning big and
also ensure you are fully aware of the winnings that you are due.
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