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There’s absolutely no reason to spend money on a bet calculator because loads of different sites offer them a free bet calculator. You might just need to scratch around to find tools which can return a result for specialist bet types such as risk averse arbitrage wagers or lay odds. However, even the simplest free betting calculator provide you with pretty much everything you need to determine your predicted winnings from single or multiple bets. I’m yet to find a decent bet calculator which doesn’t allow you to enter your odds in both fractional and decimal formats either, so you won’t need to do any clever maths to work out your chances of winning or losing – the calculator will do it for you.

Indeed, although there are plenty of websites which offer a bet calculator as a specialist tool, most sportsbook bettting sites provide players with some form of calculator anyway. If you’ve ever ploughed money into a sports accumulator (or acca), then you will have experienced this. As you construct your betting slip, the gambling website will typically display the revised odds and your potential returns. However, you have to put the bet together first, and it’s difficult to cross compare odds offered by different online bookmakers by using these tools you need to be registered and logged in to each sportsbook for a start. Free bet calculators remove all that complication.


Although I already explained how bet calculators could be applied to each way bets, but allow me to provide a bit more detail. Each way betting remains a popular choice across a multitude of sports. It’s traditionally associated with horse racing but can be applied to any event with multiple participants. But they are also more complicated than standard bets, so it can be tricky to work out your prospective returns across a range of scenarios. Bet calculators can do just that. But first, let me outline how each way bets work.


Each way bet is effectively split into two halves – a win bet and a place bet – and I’ll use horse racing as an example to demonstrate how it works. Let’s say you take out each way bet on horse A. The win bet half of your bet will only pay out if your horse finishes first in the race – just like a standard wager. However, your place bet will return winnings if your horse either wins or finishes in one of the pre-determined ‘place’ positions for that race. The place positions often stretch as far as the runner-up spot only, but in larger events, a place bet can encompass 3rd or 4th place.

Now, because the chances of your place bet coming in are much great, you only benefit from a fraction of the odds – so 1/2, 1/3, 1/4 – and the fraction depends on the individual event. As you are effectively placing two bets, you also need to double your stake. So you can bet £10 on your horse to win outright and £10 on the horse to either win or ‘place,’ with the place odds designated as 1/2 of the win odds. If your horse wins at 5/1, you will receive £60 back from your win bet (£50 winnings plus a £10 stake) and £35 back for your place bet (£25 winnings(50 x 1/2) plus your £10 stake). If your horse comes second, you will lose your win bet but still generate £35 from your place bet. In this scenario, your place bet would even generate an overall profit against your original stake. That’s why each way betting is popular. But the odds can be a pain to work out – and that’s where a bet calculator can help.


A good, user-friendly each way betting calculator UK site will remove all the complication and help you assess your level of risk. It will let you input your stake amount, the odds on your horse winning and the fraction of the win odds you’ll receive if your horse places. It will take the total everything up and tell you how much money you stand to pocket if you horse either wins or places. I can’t overstate how useful this can be. You don’t need to be Einstein to work out possible returns from an individual bet, but once you throw in some each way odds, it can all get much trickier. There’s no point giving yourself a headache when you can just use a bet calculator to do the maths for you.


Although each way bets are often associated with horse racing, you can use them for other sports like football and use a football bet calculator. It’s a bit harder to use them when you bet outright on the outcome of a one-off game given that only three results are possible (home win, away win, draw) gamblers often to use each way on other outcomes. For example, you can bet on your favourite team to win the Premier League ‘each way’ and still receive a payout if they finish second or third. Or you could bet on a player to score the first goal in a match, but again, earn some money if he scores last or at all.

Football bet calculators will, of course, cater for this sort of online betting activity in addition to standard single bets encompassing an outright result only. I should also say that most bet calculators will also let you specify whether your bet is a single, double, treble or special as well. However, one type of bet seems to reign above all others these days, especially for the casual punters. Accumulators allow you to bet on the outcome of several different games or events but only pay out when all parts of the bet are successful. The more events you bet on, the longer the odds you will benefit from. Although the chances of winning are reduced, players can return a great return on investment from very little outlay should they win. Just ask the guy who turned 250 bet into 2.5million. That’s why accumulators appeal to casual bettors.


I have a mate who never bets more than 50p but always has a flutter on an accumulator every Saturday during the football season. He swears he is in profit, but I remain unconvinced given those stake amounts. Either way, accumulative betting is more common than ever. But if you think each way odds can be challenging to calculate, then try accumulators for size. Yes, sites will display the odds as you construct the bet, but again, you need to be logged in and can’t easily compare. Bet calculators just let you stick all the outcomes you’re betting on into one little list alongside the current odds. The calculator will then do the hard work for you.

To appreciate how much a bet payout calculator can help your cause here, you need to understand how accumulator odds are put together. Here, the odds are all the results you’re betting on are converted into decimals and then added together. To use a simple example, let’s say you place three bets – one at odds of 2/1, one at odds of 3/1 and one at odds of 5/2. Converted into decimals (by adding both numbers together and dividing them by the second number), you end up with 3.0, 4.0 and 3.5. Multiplied together that’s odds of 42.0, which means you would return £42 from a £1 bet. Simple? Not really. Not if you want to work out the odds quickly and several times over for multiple bets. A bet calculator doesn’t just do this quickly, and it does it instantly.


Matched betting is a technique used by gamblers to take advantage of incentive schemes offered by bookmakers in a way which guarantees winnings. The matched betting calculator helps with finding the arbitrage. It’s not illegal, nor is it easy to stop. Players who use this method are effectively exploiting a quirk of the profession. A matched bet involved a player placing two opposing bets on the same outcome. The player will place one of the wagers using a free bet provided as an incentive by a bookie. These incentives are often used to persuade a player to sign up. The free bet is called the ‘back bet.’ On the flip side, the player will then place another chance on the opposite outcome in the same event, but this time at a betting exchange. This second bet is known as the lay bet.

If the player does this correctly, then he or she can’t fail to profit from that event and as such, this practice is considered ‘risk-free’ – a true rarity in gambling parlance. However, to maximize profits, players need to be savvy. There are now software packages which will help you placed matched bets, but you don’t need them to benefit from matched betting. Instead, you can use a specialist matched betting calculator. These useful websites allow you to input the value of your back stake and lay bet along with the odds on each, before returning your predicted commission from the overall deal. Again, given the complexities of matched betting, they are a crucial tool if you want to try this sort of gambling.


I hope this article has given you a useful insight into what a bet odds calculator does and how you can use them to help inform your gambling patterns. I’ve only chosen standard, each way, accumulator and matched betting here, but there are other useful betting calculators out there for just about every type of sports betting you can dream up. Next time you want to calculate your potential winnings, try one out. It might just make the difference between being lucky and sucky.