Since the immense shift the betting world saw towards the online space, there have been various betting options opened up to bettors, with more events being able to have stakes placed on them than ever before. However, due to the locations these are typically set in, these can often come with various odds, each of which may be displayed in different formats. Although this may be slightly confusing initially, this is where the odds converter tool can majorly come into play!
What is an Odds Converter?
An odds converter is a simplistic tool that allows users to convert one odds format into another. When it comes to the most commonly used metrics, the formats are displayed in both fractional and decimal forms, as well as American.
Beginning with fractional odds, these are typically used in the UK, and as their name denotes, they are displayed in fractions such as 3/1 or 5/3. Decimal odds are Europe and Australia’s preferred metric, with these odds being displayed in decimals such as 3.00 or 2.50. Finally is American odds, with these coincidentally being primarily used in North America. When it comes to this metric, these are typically expressed as either a negative or positive number, such as -250 or +300.
In order to convert one form of odds to another, users simply have to input one form of odds into the tool, working in a very similar way to the various other betting calculators we have at OddsMonkey. By clicking the convert button, the odds converter will provide the other variation of odds, which is as simple as that. For example, should a user input fractional odds off 6/4, the odds converter will take this and provide both the decimal odds of 2.50 and the American variation of +150.
Why use an Odds Converter
There are numerous benefits that an odds converter could present should you choose to use one, especially if you are someone who is frequently involved in gambling and general sports betting. One main benefit that this tool offers is the ease of use. If you are someone who bets on various different events around the world, this can efficiently translate odds into a more familiar form. You will likely encounter different odds if you bet on UK horse racing and American football. However, with the odds converter coming into play, this will allow you to quickly and accurately shift between the different formats.
The odds converter tool we have at OddsMonkey also allows users to compare the various different odds a bookmaker may present. Within the competitive world of sports betting, all of the different bookmakers are likely going to offer different odds on the same events. Therefore, it is vital to compare these different odds to distinguish which odds are the best and for you to potentially lock in the best possible returns. Utilising the odds converter, this can put the odds into one common format, allowing comparisons to be easier.
Who can use the Odds Converter?
Considering who can use an odds converter can be a valuable tool for anyone involved in sports betting. Casual bettors can use this tool in order to convert the odds of different sporting events and subsequently understand them, whereas more established bettors can use this to hunt for the best value bets out there. This is especially useful if you are someone who utilises matched betting as you can find great value back bets for you to lock in profit.
However, the odds converter at OddsMonkey is not just limited to sports betting, as the tool can also be used in order better to understand other forms of gambling such as casino games. For example, a majority of table games have set odds depending on certain outcomes, such as numbered segments on a roulette table paying 35/1. However, if you use an odds converter, this can easily put these payouts in an easier form, whether that is 36.00 or +3500.
Betting Calculators at OddsMonkey
Although the odds converter can be an extremely useful tool when comparing odds, it can’t do more elaborate calculations. However, not to worry, as we here at OddsMonkey have a whole host of different betting calculators, each of which corresponds to one of the various betting options out there.
One of the most popular forms of betting is accumulator betting, with this option typically comprising a multi-legged bet with various outcomes with different odds. These bets typically have higher odds than most other bets as the odds combine. However, to understand the potential returns these can offer, this could be a time-consuming process should you choose to do the calculations manually. However, this is where the accumulator calculator can come into play. This negates the need for elaborate calculations, as all that must be input is the stake, the odds of each selection, and the result of each leg.
If horse racing is more your forte, we also have a number of calculators that could aid in your betting, including the each-way calculator. Each way, bets not only place stakes on a horse winning but also cover if a horse places. Should your horse be pipped to the post, you could still see some profit or at least a portion of your original stake returned.