This is for people who aren't familiar with odds and betting.
here is a link to a calculator that will show you how many
you will win for a certain bet that you makehttp://www.nflfreepicks.com/free-parlay-calculator.htmlInstructions:
In the top left text field (row #1, column: LINES), enter the odds (i.e. -120, or +120).
In the bottom text field where it says BET, enter the number of
's you are betting (i.e. 10, 50, 100).
Ignore all the other text fields (rows 2 through 6, and all the FACTOR ones).
The number of
's you would win if you bet correctly is shown in the WINNINGS text field.Note - We are ignoring the rows 2 through 6 because this is actually a "Parlay" calculator. Parlay's allow you to bet on multiple games at once, but to win you have to win ALL of the games (a single loss and you lose the whole bet), but the payout is much higher. We aren't doing parlays here. At least not yet.
A lot of you are betting on favorites, with -120 odds. So, enter -120 in the top left text field. If you want to bet all 100 of your
's on it, enter 100 in the BET text field. Click "calculate" you will see that you are betting 100
's in an attempt to win an additional 83.33
's. If you lose your bet, you will have 0
's. If you win your bet, you will have 183.33
You may ask: Wait a second! I only win 83.33 's when I have to risk all 100 of my own?!? what the heck, jdel!
and I will say: This is because you are betting on a FAVORITE. Based on win/loss records, I (the bookie) am saying that they have a better chance to win than the UNDERDOG, so i'm only willing to give you 83.33
's when you risk 100
's.You may then say: Oh, alright... I guess... Does it work for me the other way around? What if I bet on the underdog? Do I win more?
And I will say: Absolutely. Lets take a look at another example.Example2
Betting on an underdog at +120. Enter +120 in the top left field, enter 100 in the BET field, click calculate. Whoa! You would win 120
's! So if you lose the bet, you would have 0, but if you win the bet, you would have 220!One more complicated example
You start with 100.
Say you bet 50 on an underdog at +120, and 50 on a favorite in a different game at -120.
Try using the calculator to figure out your winnings on your own, but here are the answers so you can double check:
If you win both games: 201.66
If you win the underdog bet but lose the favorite bet: 110
If you win the favorite bet but lose the underdog bet: 91.66
If you lose both: 0
Hope this helps!