What it is, how to use it, and the different types of bets available.
Bet calculators are a useful online tool used to help you calculate your total winnings of a bet. There are a wide variety of betting calculators available, whether these be on mobile, online, or sometimes even in person.
By entering your odds, type of bet, stake, and your selections into the bet calculator you are able to see your estimated winnings. If your bet is to come through, of course.
First, let’s discuss what types of bets are capable of being used with a betting calculator. Depending on the type of bet you would like to place, for example a Lucky 15 bet, you usually have the option of using a Lucky 15 specific calculator. These will allow you to enter Lucky 15 bets with accurate total estimated winnings.
On a normal betting calculator, and the Lucky 15 example, you have an option to select an each way bet, a rule four, and the number of selections. As well as this, you can also change the odds format do best suit your needs. These include fractions, decimals, and American style.
To use the bet calculator simply enter your bet type e.g. single, double, or treble, your stake (how much you would like to bet), whether or not your bet is an each way bet (popular amongst horse racing), and how many selections you would like to make.
Once you have entered your bet specifications, your bet will then be calculated. This will provide an accurate number of total winnings if your bet were to come through. If calculating an each way bet, this will also calculate the top finishing positions if the bet is not to finish first, like in horse racing. What are some of the more popular betting calculators available? We have various articles on the different betting calculators which are available, all of which are used for different bets. For example, as discussed previously if you are using a Lucky 15 bet, you will want to use our Lucky 15 bet calculator. Likewise, if you are a using a Lucky 63 bet, you will want to use the Lucky 63 bet calculator provided.
Before diving into using the calculator, if you’re not fully clued up then you’ll need to know what betting odds are. Betting odds is the probability of your bet coming through. For example, let’s say your odds are 2/1. This means that for every £1 you place on a bet, you will win £2. Let’s say you place a £10 bet on on 2/1 odds, if the bet is to come through and win then you will receive £20 winnings.
Even if you do not completely understand betting odds, that’s completely fine. This is why there are betting calculators out there. Simply enter the odds and your desired stake and you’ll see your potential winnings.
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