Bet calculators are a hot commodity in the sports betting world. The simple reason for this is because they make sports betting a little easier to understand. After all, with countless different sites and odds flying around, it can make even the most experienced of bettors feel overwhelmed. So, people have now started using different betting tools to simplify the process, with betting calculators, like the free bet calculator on BettingTools.com, being at the top of the list. And if you’ve yet to use one yourself, now is definitely the time to give one a try.
What Is a Betting Calculator?
A betting calculator is an online tool that checks to see how much money you would win from a bet. Specifically, the calculator looks at the odds, type of bet, and stake to provide you with the information you need. Then, once you know the profit figure, you can decide whether you want to place the bet or not. Yes — it’s that easy.
Betting calculators have actually been around for a long time. Back in the old days, you could find them in traditional betting shops all around the world. Since then, they’ve transitioned to the internet, where there are countless different bet calculators to choose from, with some having more features than others. For instance, some bet calculators allow you to also “calculate the vig”, which is the commission that all online sportsbooks take from bets. By calculating the vig, you can know the exact amount of profit you’ll make before the commission has been deducted by the sportsbook, with this being something that lots of professional sports bettors do.
When it comes to the legal side of things, betting calculators are 100% legal. All you’re doing is calculating how much potential profit you’re going to make from a bet, so no bookmakers have a problem with this. With zero rules or regulations being broken, you’re free to use bet calculators as much (or as little) as you like. Just remember to always double-check that you’ve entered the right odds and ‘bet type’, as this will prevent any confusion or potential mistakes.
Benefits of Bet Calculators
Generally, it’s recommended that beginners also use bet calculators — not just professionals. Whether you bet on basketball, football, soccer, or an entirely different set of sports, a bet calculator can take your overall betting experience to a new level. Here’s how.
✅ Calculate the profit and overall value of a bet before placing it
✅ Place smarter and more thought-out bets
✅ Manage risks more effectively
Remember, most bet calculators can calculate profit for almost any type of bet, so if there’s a specific type of bet you find confusing, you can use a calculator to alleviate that confusion and give yourself greater peace of mind. Right now, for example, parlay bets are extremely popular. This is a type of bet where multiple wagers are rolled into one, so you can use a bet calculator to enter the odds for each wager and quickly determine what the profit outcome would be.
How Bet Calculators Work: Example
If you’ve never used a bet calculator before and are just getting started out for the first time, don’t worry. Whether you’ve signed up with BetMGM or DraftKings, think about the next bet you want to place. Let’s say that the Kansas City Chiefs play in another Super Bowl final, your chosen betting site has them listed at +110 odds, and you win they’re going to win. Simply visit your bet calculator site, enter the odds, the amount of money you wish to bet, and the commission percentage. With a matter of seconds, the bet calculator will then tell you how much profit you’d make. With this particular example, if you bet $100 on the Chiefs and the commission was 1%, you’d make a healthy profit of $108.90.
Once you’ve found a bet calculator to use, it’s a good idea to practice for a little while by entering the odds for different events. This way, you’ll quickly get the hang of things and will be able to save time in the future when you want to calculate the potential profit for any bets you’re planning to place.
Final Thoughts
Moving forward, betting calculators are going to keep growing in importance. They’ve now become so popular that some sportsbooks even have them in-built on their sites, making it easy for members to calculate the bets they want to know. Remember, even if you don’t need help calculating the odds, you can benefit from betting calculators in other ways, such as using them to figure out how much commission sports betting sites take from each bet. Good luck.
