#Moneyline bet calculator how to

To calculate the implied odds for an underdog, you simply divide the amount wagered by the total potential payout. In some markets, like NFL MVP odds, there might be many different probabilities to add up, but we’ll keep it simple here by looking back to our moneyline example. To calculate the hold, we first need to add up all the implied probabilities.

#Moneyline bet calculator how to

If you want to bet like a professional, you have to know how to calculate the hold How to calculate the sportsbook hold One strategy employed by sports bettors is to look for lines and markets with lower holds as this increases their chances of making money in the long-run. If a sportsbook makes more money on lines with higher holds, then bettors, on average, lose more money on lines with higher holds. The hold is important because it tells bettors how much profit margin the sportsbook will make from a particular line or market.

The sportsbook will make a profit by taking more money from losing wagers than they payout to winning wagers. To break down exactly what that means, you can think of this way - if the average break-even rate for all bettors adds up to a number over 100%, it’s impossible for all bettors to break-even across their bets. The extra percent above 100% is called the hold, and it represents the percent of dollars wagered that the sportsbook keeps for itself as profit. If we calculate the implied probability of both these bets, we’d see that the total probability is about 104% (38.46% + 65.51%). You might think that the odds of the underdog winning or the favorite winning must add up to 100%, right? Well, not quite. For instance, our moneyline of +160 on the underdog might be associated with a moneyline of -190 for the favorite. We can think of this 38.46% as the approximate likelihood the sportsbook is assigning to the moneyline hitting.Įvery line has at least two sides. To break-even, this bettor will have to win at least 38.46% of their bets.

For instance, a bettor wagering $100 on a moneyline of +160 will generate $160 in profit on winning bets and -$100 in losses on losing bets.

When a sportsbook sets a line or gives odds, they’re assigning a probability of some event happening.