An article explaining the role of odds in sports betting, including details of the different odds formats, and how to calculate potential payouts. And all sportsbooks work out your odds for you with easy-to-use betting slips. These websites have a built-in sports bet calculator to help gamblers work out their. Our guide takes you step by step explaining how betting odds work so that you can calculate how much money your bet will win. Lets look at an example:. Multiplying your stake by decimal odds gives your total return, not your profit which is total return -stake. They start either with a positive or a negative sign, e. Not Helpful 4 Helpful 6. You simply pick the team you think will win and place the bet. This is considered to be ideal for parlay betting, because the odds to be paid out are simply the product of the odds for each outcome wagered on. Related articles Educational This week. Thanks to all authors for creating a page that has been read , times. Regardless, we are going to give you a little insight into these lines, as we want to give you insight about all of the common types of odds available. Example Say you wish to place a bet on an event which has decimal odds of 5. Please help improve it to make it understandable to non-experts , without removing the technical details. Ten years ago, if you were going to Cheltenham, all the odds would be displayed as fractional odds. Mirio Mella Betting Strategy. An even money bet is expressed as 2. And all sportsbooks work out your odds for you with easy-to-use betting slips. If you roll a 6 sided dice, there is a one in six chance of any one number coming up. Alternatively, you can use our odds converter calculator to convert sports betting odds to your favorite format.