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Odds Value Calculator 2024: Expected Value Calculator in Betting

How to Calculate Odds Value?

Last Updated on 06/16/2024

Welcome to our odds value calculator. This gives you a fast and easy way to see whenever a sportsbook’s odds are simply too good to pass up. Keep reading to see how to calculate odds value!

By using our odds value calculator online, you’ll see whether any odds are value bets. This is when a sportsbook gets the odds wrong. As such, you’ll be able to use our odds value calculator to take advantage of the value bets. Take a look below to see how our odds value calculator does this!

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Odds calculator

Understanding what an odds calculator does

We think that a good odds value calculator could easily be your best friend before getting stuck into a gambling site. This is because it simply helps you spot any value bets on your travels. As a result, you’d be able to fire up our odds value calculator online, point it at any odds, and quickly see whether you should put your bets down or not.

What is a value bet

Seeing as an odds value calculator’s job is to spot value bets, it’s a good idea to understand what a value bet is. This kind of bet is simply where a sportsbook has got the odds wrong. It means that it might have longer odds for a favorite, or shorter odds for a rank outsider. So if you see short odds for Cincinnati Bengals to win the next three Super Bowls, this is probably a value bet. Similarly, if you see long odds for Patrick Mahomes to go a full NFL season without throwing a single touchdown, this is also likely to be a value bet.

Identifying a value bet involves something called expected value. There is a formula for working out the expected value that we’ll discuss later on. To be honest, the formula doesn’t really do justice to value bets, and it makes it seem overly complicated. The key thing to remember is that a value bet is a bet that’s usually too good to pass up. Our intergalactic odds value calculator will help you spot these bets whenever they appear.

Why are value bets awesome

It might seem slightly too obvious to state why value bets are so important, but simply put, they are when a sportsbook is giving you way better odds than what reality suggests. This basically means that you’ll be getting much more from your bets if you hunt down value bets. Sometimes the advantage that a value bet serves up might not seem too much. But all experienced punters know that a slight edge can have big effects over the long run. So use our odds value calculator online to make sure that you’re always getting the maximum possible returns from your sports bet.

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Why an odds value calculator online is essential

We’re not saying you’ll need to use our odds value calculator on every session. But we think that this piece of kit is essential if you’re looking to constantly beat the sportsbooks. This is because it is designed to help you spot when a bookmaker has overvalued its bets. Of course, you might be able to spot this and figure it out quickly for yourself. But here are a couple of reasons why our odds value calculator could make things much simpler:

Don’t rely on mental arithmetic: Calculating the expected value of a bet requires a fair amount of arithmetical knowhow. This might be fine for someone with a degree in rocket science. However, most players will benefit from our odds value calculator that can do all of the hard work for you. This means that you will have much more time to enjoy making your predictions and enjoying the big game itself.

Calculate odds much faster: We should mention the fact that our odds value calculator is supremely fast. This means that you don’t have to go through the painstaking process of figuring out things like expected value. Just tap a few buttons on our bet calculator and quickly see whether a value bet emerges. This isn’t just great for figuring out which pre-match bets to wager on. It’s also perfectly designed for live betting where the odds are constantly changing in correspondence to the live action. After all, you won’t want to carry out arithmetic equations in the heat of the moment. Just fire up our odds value calculator online and you’ll instantly get to see whenever the odds are too good to pass up!

How to calculate odds values

While we’ve made our odds value calculator supremely easy to use, it can be helpful to know how this impressive piece of kit works. After all, there might come a time when you need to calculate odds value far away from a computer or smartphone. So we thought you should learn how simple it can be to calculate odds value. Here is quick look at what you need to do:

You would start by working out the amount you’d win on a particular sports bet on average. This figure would be multiplied by your probability of winning that bet. Conversely, you would figure out how much you’d expect to lose on that sports bet on average, and this would be multiplied by the probability of losing that bet. This means that you’d end up with two numbers, one representing the wins, and one representing the losses.

From here, you just have to subtract the losses number from the wins number. If you end up with a positive number, then it means that you’d make a profit for each bet that you’d put down. If you ended up with a negative number, it would mean that you’d be more likely to lose this bet.

An example of calculating expected value

Let’s imagine that you were betting on two fearsome NFL teams like the Green Bay Packers and the Kansas City Chiefs. Ordinarily, the odds for a money line bet on either team to win would be 2.00. This is because there would be something like a 50% chance of the Packers or the Chiefs winning.

However, if you found an online sportsbook with odds of 2.15 for the Chiefs to win, it would be a great example of a value bet. So if you bet $10 on the Chiefs to win with these odds, the calculation would look like 11.50 x 0.5, compared to the calculation for the Packers to win which would be 10 x 0.5. If you subtracted the Packers calculation from the Chiefs calculation, it would show that betting on the Chiefs would be a value bet that would give you a $0.75 profit for every $10 that you put down. If anything about this calculation looks confusing, then don’t worry as our odds value calculator can do all of the hard work for you!

Tips for using our odds value calculator

We’ve made our odds value calculator pretty user-friendly.

However, we’re aware of the fact that things like ‘value bets’ and ‘expected value’ might still be alien concepts to some people. So we have decided to unveil some simple tips you can use when you fire up our odds value calculator online. Take a look below at these tips and get ready to make some great wins.

Research probability:

Our odds value calculator works by factoring in the probability of you getting a winning result and a losing result. As such, it depends on you making an accurate prediction of how likely something is to happen. This means that you’ll need to make your predictions on much more than just gut instinct. So be sure to do your homework in evaluating things like past form so that our odds value calculator can deliver accurate results.

Remember to compare sportsbooks:

It’s easy to vanish down the rabbit hole with our odds value calculator online. After all, you’ll be doing plenty of calculations to see whether one particular sportsbook is putting on some value bets. But it’s important to shop around to see what other online sportsbooks are offering. There could be a sportsbook out there that has even better odds than the value bet that you found. So check out our odds comparison to see what else is on the market.

Consider your betting stake:

Don’t forget that our odds value calculator is there to spot whenever a sportsbook has overvalued its odds. This doesn’t necessarily mean that the bet in question is any more likely to win. As such, it’s another reminder of the fact that you should always gamble responsibly. Thankfully, it’s pretty easy to keep your stakes relatively modest when you’re betting on the long odds in value bets. Just another reason why our odds value calculator is so handy!

Try some of our other bet calculators

We’re aware of the fact that our odds value calculator explores just one small niche of the betting world. So we’ve got our team of researchers to create bet calculators and converters that deal with all aspects of sports betting. This means that you’ll never be left trawling through sites trying to make sense of some complex odds. Take a look below to see just a few examples of our bet calculators and converters.

Betting odds calculator: This is a great all-rounder that you can use for most bets that you’ll see. It offers you a simple way to input your betting stake, select your bet type, enter in the odds, and then see what your potential payout might be. Remember that this is flexible enough to cater to anything from that basic money line bet to the most extreme multi-team parlay. All of this means that you’ll know how to balance risk and reward in your sports bets. Essential for a successful betting session.

Parlay calculator: We love this piece of kit. Our scientists had a great time in creating a parlay bet calculator that can handle this most tricky of sports bets. It basically lets you build a massive parlay, and then see what giant-sized winnings could be waiting in line for you. Our parlay calculator also does a great job in keeping things realistic with these bets. You’ll find quick and easy ways to adjust the selections to try and keep the combined odds within the realms of possibility. So be sure to use our parlay bet calculator before you attempt this difficult sports bet.

Betting odds converter: You’ll probably see lots of different kinds of odds formats on your travels. Most of us will be familiar with American odds or decimal odds. But what happens when you visit a site that only uses fractional odds? This is where our betting odds converter excels. This gives you an ultra-fast way to convert pretty much any kind of odds into your preferred format. It’s a great way to see which sportsbooks have the best value bets regardless of what odds format they use. So use our betting odds converter to make sure you’re always playing with the best odds!

Conclusion – Playing with our odds value calculator online

By now you’ll probably realize what an essential piece of kit an odds value calculator is. This is because it gives you a quick and easy way to see whenever an online sportsbook has given you superior odds. There’s a lot of complex theory behind what goes into an odds value calculator. But you won’t need to understand how things like expected value work, as our odds value calculator does all of the hard work for you.

It’s important to remember that even the best odds value calculator online can only go so far. You’ll still need to do plenty of research to see which team is most likely to win and so on. But with our odds value calculator, you can at least relax in the knowledge that you’re only a mouse-click away from some unbeatable odds. So fire up our odds value calculator online and look forward to making some big wins!

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Odds value calculator FAQ

⭐How do I use an odds calculator?

Odds calculators give you an excellent way to try and spot whenever a sportsbook is serving up any value bets. Read our guide to using an odds value calculator that will walk you through all of the steps necessary for this task. This means that you’ll quickly be able to see whether the betting odds are too good to ignore, or whether you should check out another sports betting platform.

👀Where can I find a good odds converter?

There’s always a chance that the online sportsbook that you’re using won’t feature your preferred odds format. This means that you wouldn’t necessarily know whether a particular bet was worth taking or not. Check out our guide to using an odds value calculator that includes helpful information about where you can find an awesome odds converter to know how generous that sportsbook is really being.

❓Why would I need a parlay odds calculator?

Most sports bets can be figured out using a standard sports betting odds calculator. However, parlay betting will often require something extra. So check out our guide to using an odds value calculator that contains helpful information about what else a parlay bet calculator has to offer. Essential for understanding how to succeed with this notoriously tricky kind of sports bet.

💰How much will my bet win?

The answer to this question depends on a number of variables that can be factored into all good betting calculators. These include things like what kind of bet it is, along with what the odds are that you’re betting on. Plus the amount that you’re betting will also have a big impact on how much you win. Check out our odds value calculator to see how much your bet would win, and learn to see whenever any of the bets on offer could be considered to be a value bet. 

🎲Why would I need an odds to probability calculator?

Check out our guide to using an odds value calculator. This gives you a quick and easy way to see the true value of the odds that you get given from an online sportsbook. After all, there is a difference in the way that odds are displayed and how probability is displayed. All of this shows that you’ll need a sportsbetting odds calculator for more than just figuring out how much you’d win with your bets.

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