A bet calculator is an online tool to work out your returns from a comprehensive range of bets to save time and ensure accuracy. As long as the user enters the betting odds and stake correctly and uses an odds converter, the tool will be of help.
How does a bet calculator work?
A bet calculator works by taking the type of bet, odds and stake to provide an accurate return from a bet. It is mainly associated with horse racing, but it is also useful for other sports, such as football and cricket. However, the calculation is the same for each sport.
It can handle singles, doubles, trebles, accumulators and system bets. Also, the horse racing bet calculator can handle a dead heat, each way bets and deductions when there is a late withdrawal from a race and bookmakers do not have time to issue current odds.
NOTE: In UK racing, these deductions are known as Rule 4 but may have a different name in Nigeria. It is a fair process to recalculate existing bets on a percentage scale of the odds of the horse when it was taken out of a race. However, if bookmakers form a new market, excluding the non-runner, there are no Rule 4 deductions.
So, a bet calculator can only deal with the information you enter, which has to be accurate to ensure a correct calculation. Also, the calculator instantly works out returns from complex system bets, and a Parlay with several legs. Therefore, it is a great time-saving tool.
Bet Calculator Required Information
When you use a bet calculator for horse racing, you must enter the following bet details:
- Type of bets such as single, double, treble, accumulator (multiple) or system bet.
- Each-way ‘Yes’ or ‘No’ and place terms when applicable which depend on the type of race and number of runners.
- Number of selections in the bet.
- Rule 4 ‘Yes’ or ‘No’ and the percentage deductions when the rule applies.
- The outcome for the backed horse: Win, Place, Dead Heat, Lose, Non-Runner.
- The odds can be expressed in decimal or fractional formats with the use of an odds converter.
- Stake unit, especially for system bets, and win or each way bets.
- Total stake based on the stake unit and the number of permutations.
The tool makes the calculation and displays the Outlay, Return and Profit. So, if the outlay is more than the return, the profit is a negative figure which indicates a losing bet. In some rare cases, the return could be the same as the total stake, so the profit shows zero.
Types of bet calculator
You can find a calculator on betting systems and bookmaker sites, as well as in the form of mobile apps. Also, one of the features is often a bet converter which you use to select the odds format. However, the fundamentals are the same for each type of bet calculator, but there are several variations or types, which we describe below:
You use the single-line calculator when the win or each way bet has one unit and no permutations. Single line bets include singles, doubles, trebles and accumulators, such as four-folds, five-folds and so on. This type of calculator is particularly useful when there is a dead heat or Rule 4 deduction.
System bets combine selections in permutations. The most popular system bets include the Yankee, Canadian, Heinz, Lucky 15, Lucky 31 and Lucky 63. So, the system bet calculator saves time when you want to work out the return from complex combination bets that can be win or each way.
The arbitrage calculator works out the stake you require to take advantage of arbitrage, also known as a sure bet. These are no-risk bets because of the odds with different bookmakers but there is only a small window. The market soon readjusts, so you must make a quick calculation.
When bookmakers offer free bets you can use the free play value calculator to work out the stake with each operator to ensure a win, regardless of the outcome. You can match the free bet with another operator so this is a useful tool for taking odds with each bookmaker to calculate the bet.
What is a Lucky 15 Bet?
A Lucky 15 is a system bet with four selections that comprise of the following combinations:
- 4 Singles
- 6 Doubles
- 4 Trebles
- 1 Accumulator
So, there are 15 combinations in a win Lucky 15. However, you can place an each-way bet, though that means 30 combinations and twice the win total stake. In horse racing, the place terms are based on the number of runners from 4 to 16 or more and the bet type: handicap or non-handicap. However, there are different place terms for the outright winner of competitions in other sports.
A popular Lucky 15 includes selections for the winners of the four main leagues in England: Premier League, Championship, League One, League Two. Also, in football, you could have a Lucky 15 on the 1×2 market in four matches in the Nigerian Premier League. However, a more speculative Lucky 15 is correct score predictions for four fixtures in any league.
The Lucky 15 is also known as a Yankee with singles as that bet requires four selections in 6 doubles, 4 trebles and the accumulator. It is worth looking out for some extra benefits as bookmakers may pay double or even treble the odds for one winner. However, the bookmaker will display this concession clearly on the Bet Slip or promotional material.
Also, you can combine horse racing and sports in this system bet. So, the bet could include your predictions for the winner of a race and the 1×2 in football betting. In fact, a Lucky 15 bet can solely include football match outcomes and other sports results. So, as long as you enter the information correctly, the bet calculator will work out an accurate return.
What is a Double Bet?
A double bet is a single-line wager that can be win or each-way bet. There are two selections and both must-win for a successful bet. The win from the first leg runs on to the second leg at the combined odds. Here is an example:
N1,000 double on Manchester United at 2.0 and Liverpool at 1.5:
- N1,000 on Manchester United at 2.0 equals a return of N2,000.
- N2,000 Liverpool at 1.5 equals a return of N3,000.
So, the final odds are 3.0 as the outlay is N1,000 and the return is N3,000 for a win of N2,000. You can work out the return using a double bet calculator.
What is a Treble Bet?
A treble bet is an extension of the double as it requires three selections but can also be win or each-way. The returns from each leg run on to the next selections, which all must-win for a successful bet. So, let’s add Manchester City to our double at 1.2 to create a treble.
- N1,000 on Manchester United at 2.0 equals a return of N2,000.
- N2,000 on Liverpool at 1.5 equals a return of N3,000.
- N3,000 on Manchester City at 1.2 equals a return of N3,600.
So, in this example, the bet pays odds of 3.6 on a stake of N1,000, return of N3,600 and win of N2,600. When you add more selections to a treble, the bet becomes an accumulator. Hence, a four leg bet is a four-fold accumulator and so on to a maximum of about 20 legs.
Where to place a bet online in Nigeria?
Online bookmakers for customers residing in Nigeria will accept bets. There are several established operators who offer a welcome bonus and ongoing promotions for existing customers. The table below shows information for a number of the best betting sites in Nigeria:
|Bet9ja||100% welcome bonus +50% casino bonus||MAX9JA|
|1xbet||300% bonus up to 145,600 Naira||Bet on 1xbet|
|Betway||Offers 100% bonus up to 100,000 Naira||Bet on Betway|
|Frapapa||300% welcome bonus up to 300,000 Naira||Bet on Frapapa|
|N1bet||300% bonus up to 500,000 Naira||Bet on N1bet|
|Ogabet||Predict 13 or 15 scores and win up to 125,750,000 Naira||Bet on Ogabet|
|Betwinner||100% bonus of up to 100,000 Naira||BEMYBETNG|
|Yangasport||500% first-time deposit||MAXPROMO|
|22bet||100% bonus up to 50,000 Naira||Bet on 22bet|
|Pari Match||120 bonus up to 120,000 Naira||Bet on Pari Match|
Frequently asked questions about Bet calculator
Bets are calculated using the odds and single line stake for singles, doubles, trebles and accumulators and unit stake for system bets. Bets can be win or each way, and each-way bets are calculated based on the place terms.
A double bet calculator works out the return for a multiple bet with two legs with any return from the first leg running onto the second leg. The calculator can accommodate each way doubles when you enter the place terms.
A Trixie bet calculator is used for the Trixie system bet that includes three selections combined in three doubles and one treble. The bet can be win or each way and is similar to the Patent that has three sections but seven bets, including three singles.