Every bettor aims to find the most competitive sportsbook odds. But, you might find it challenging to determine the true value of a bet unless you use a fair odds calculator.
This useful tool allows you to establish the true odds for a bet without the vigorish added by all sportsbooks. By comparing the fair odds to those provided by the betting site, you gain an informed perspective on the value of any potential bet. In this article, I'll tell you more about fair odds calculators and the benefits you’ll gain.
Make use of our free Fair Odds calculator to assist with your betting
How to use a Fair Odds Calculator
You can decide where your bets will be most effective with a fair odds calculator. This tool eliminates the vig, revealing the true odds and win probability for each possible outcome.
For instance, let’s take a moneyline bet with odds of +130 and -140 respectively for both teams in a basketball game. Assuming the vig is -15 and you run these odds through the calculator, it returns odds of +115 for team A and -155 for team B.
To break down how a fair odds calculator works further, I’ll briefly unravel its input values and the outputs you should expect. This betting tool requires the following values - your stake amount, implied win probabilities, and the odds displayed by the sportsbook. Your inputs are then analyzed to generate results that indicate if the bet is worth placing. You can derive three main outputs with this betting calculator, which are:
The true probability of each outcome (fair odds)
The combined probability of the possible outcomes (total implied probability)
The odds without the bookie’s vigorish (No vig odds)
This information makes it easier for you to place bets with a low overround. From my experience, fair odds calculators work best for betting markets with two outcomes, like moneylines and spread bets, but are also applicable to 3-way outcomes. However, if you intend to place multiple bets, you’ll need a parlay fair odds calculator instead.
This betting tool is pretty simple to use, just follow these steps:
Choose the format you want the odds to be displayed in, whether American, Decimal, or Fractional.
Input the odds for both sides of a two-outcome event.
Click the “Calculate” button to process your data.
The calculator displays the results, indicating the true probability and no vig odds for each outcome.
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Fair odds example
Sportsbooks offer odds with an overround to ensure they make profit irrespective of the outcome. This is why it is important to determine the fair odds. If you are still unsure about how the fair
odds calculator
works, here's a detailed illustration.
I'll use the 2023/24 La Liga match between Real Madrid and Osasuna as an example.
The odds for Real Madrid and Osasuna to win are 1.5 and 6.35 respectively, similar to the pre-match odds for the Osasuna home game. The fair odds are calculated as follows:
The implied probabilities for each team are derived using this formula:
Implied Probability = 1/odds
For Real Madrid with 1.5 odds = 1/1.5 = 66.67%
For Osasuna with 6.35 odds = 1/6.35 = 15.75%
To get the sum of the implied probabilities, we add the probabilities for each event.
Sum of Implied Probabilities = 66.67% + 15.75% = 82.42%
For the bookmaker’s margin, the sum of the implied probabilities is subtracted from 100.
Bookmaker’s margin = 100 - (82.42%) = 17.58%
The next step is to normalize the implied probabilities by making their sum equal to 100%.
Fair Probability for Real Madrid = 0.8242/0.6667 = 0.8092 or 80.92%
Fair Probability for Osasuna = 0.1575/0.8242 = 0.1911 or 19.11%
Afterward, the fair probabilities are converted to fair odds by getting the reciprocal value (fair odds = 1/fair probability)
Fair odds for Real Madrid = 1/0.8092 = 1.24
Fair odds for Osasuna = 1/0.1911 = 5.23
So, the Fair Odds Calculator will reveal the true winning probability for Real Madrid and Osasuna as 1.24 and 5.23 respectively. Comparing these values to the original sportsbook odds shows that it will benefit bettors to wager on the Real Madrid vs Osasuna match, regardless of the result.
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Fair Odds Betting Explained
Before using this betting calculator, you should endeavor to understand the concept behind it. Fair odds betting is a strategy that helps you to find and wager outcomes with sportsbook odds that are close to the true probability of the event occurring.
The fair odds calculator levels the playing field for bettors by removing the overround from the odds. In other words, fair odds are calculated using the implied probability of an outcome without accounting for the vig. Once you compare them with the bookie’s odds, it becomes easier to identify value betting opportunities.
What Fair Odds Types Are Available?
One major factor that influences the calculation process is the odds. Here are the various fair odds types you’ll find at sportsbooks.You can also make use of an odds calculator to switch between different formats
Decimal Odds: The fair odds calculator decimal odds represent the potential returns for each $1 wagered. Since the stake is already a part of the decimal number, calculations become much easier.
Fractional Odds: This type of odds is represented like these examples: 1/3, 4/1, and 8/1. This implies that the second digit is the amount to be wagered to win the first amount. So, betting on Everton (4/1), one must stake $1 to win $4. This format needs changing to decimal odds first in order to make the fair odds calculation.
Moneyline Odds: These odds are shown as negative (-) and positive (+) signs; the negative sign indicates the amount you must wager to win $100, whereas the positive sign reflects how much you can win from a $100 bet. Again, converting moneyline odds to decimal makes the fair odds output easier to understand.
Why Is This Calculator Useful?
Irrespective of your skill level, you can significantly improve your betting experience by adopting this tool. Here I’ll discuss the benefits of using a fair odds calculator.
It provides information about the vig
A vig is usually included by sportsbooks to tilt the odds in their favor. By deriving the fair odds of a bet, you gain more insight into its true value. Comparing the odds displayed by several sportsbooks will help you choose the odds with the most value.
It helps you understand basic betting concepts
Another unique advantage of using a no vig fair odds calculator is that you develop a deeper understanding of various betting concepts, such as odds calculation, true probabilities, and value betting. Therefore, you can make more informed decisions every time you place a bet.
It saves you time
Instead of trying to work out the true probability and no vig odds on paper, simply use a fair odds calculator. This tool performs multiple calculations and provides accurate results in a few seconds, saving you time and stress.
It improves your decision-making
The calculator provides you with relevant data on the true probability and fair odds. Therefore, you better understand the risk involved in placing a bet. This improves your decision-making, as you can easily see through the bookmaker's vig.
What Other Betting Calculators Are Available?
Though a fair odds calculator is a valuable tool in your arsenal, you can also use other types of
betting calculators
simultaneously. Below are just some of the many options that we have available to help you.
To calculate fair odds outcomes for multiple selections
Conclusion
If you have depended on your wits to place bets in the past, this is not a particularly beneficial approach. With the aid of a fair odds calculator, you can know the no-vig odds and true probability of a wager’s outcomes before deciding if it works in your favor. Without the vig, the probability for each event to occur is 50%, meaning you stand the same chance to win as the bookmaker. Opt for a fair odds calculator and reinvent your betting experience with just the click of a button.
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Gambling Problem? Call 1-800-GAMBLER or visit RG-help.com. Call 1-888-789-7777 or visit ccpg.org/chat (CT). Hope is here. Gambling HelpLineMA.org or call (800) 327-5050 for 24/7 support (MA). Visit www.mdgamblinghelp.org (MD). Call 1-877-8HOPE-NY or text HOPENY (467369) (NY). 21+ (18+ D.C.) To claim, new users need to register, make a first-time deposit of $5 or more, and then simply place their first real-money wager on any FanDuel Sportsbook market (no odds limits) that is live on platform. All users will receive their $200 in Bonus Bets If Your Bet Wins within 72 hours of the bet settlement. Restrictions apply. See terms at sportsbook.fanduel.com.
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Fair Odds Calculator FAQs
✅ What is a fair odds calculator?
A fair odds calculator works by removing the vig from sportsbook odds, you are then able to establish the true odds, the total implied probability, and potential returns for any two-way outcome.
🧮 What inputs does the fair odds calculator need?
You only need to input the sportsbook betting odds in decimal format for both sides of a two-way outcome.
❓ How do I differentiate between implied and true probability?
True probability shows the likelihood of an outcome without the sportsbook vig. Conversely, implied probability is the likelihood that an event will occur with the over round added.
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