How To Calculate Money Line Payouts
Posted : admin On 4/13/2022When it comes to sports betting, the main goal for anyone who wagers a single dollar on any sporting event is to turn that dollar into two or three or four or hundreds of dollars. It's much easier said than done, and that is why the betting industry is one of the hardest industries to break into in a big way.
Those that do, however, generally stick to single-game wagers over the course of the NFL/MLB/NHL/NBA seasons, and they enjoy the process of grinding out nightly wins and boosting their bankroll that way. It also helps to understand the risk vs. reward a little better when betting on single games because NFL and NBA offer spread betting , which in turn is almost exclusively listed at -110. The bettor understands this and because of that they can bet according to their bankroll management plan .
For those who don't have the patience to bet one game per night and slowly build up the bankroll, the parlay route is always the go-to way, and more often than not it leads the bettor to bust his bankroll. Don't get me wrong, I too have dreamt about winning a 15-leg parlay on a Sunday afternoon and cashing in five digits, but I am also realistic and know it's unlikely to happen.
Moneyline Odds Calculator. Convert the amount wagered and the odds into possible winnings. Works in reverse too. Enter the amount you want to win and the odds to see the amount you need to wager. Use American odds -110, +110, etc.
- If you are new to the sports betting industry, you are going to want to check out our in-depth article on money line odds and how they work.
- Your payout is calculated by subtracting the amount of winning dollars from the total pool, then dividing the remaining pool by the amount of cash bet on the winner, and finally adding back in.
- Calculating Payouts From Positive Moneyline Odds The following simple equation is used to calculate the potential profit of a wager with positive moneyline odds. Potential Profit = Stake x (Odds/100) Since you also get your stake back with a winning wager, this.
If you still want to bet parlays, you must understand what they are and how they work.
What is a Parlay
A parlay is a single bet that links together two or more individual wagers for a high payout. A two-team parlay might pay 13/5, a three-team parlay might pay 6/1, a four-team parlay might pay 10/1, and so forth with the payouts getting higher with more teams or totals selected.
In order for the parlay bet to win, every one of the wagers must win. If any of the selections lose, your wager loses, regardless of the outcome or cancellation of the other games. If one or more selections is a tie, postponed, incomplete, cancelled or rescheduled for another day, then the wager reverts to the next lowest number. For example, if you place a five-team parlay and have four winners and a tie, your wager pays out as a four-team parlay.
If you place a two-team parlay and one team wins and one ties, the wager becomes a straight bet. The resulting wager will have the same risk amount with the win being calculated to reflect the odds of the remaining team (Example: on a two-team $100 parlay with team A +110 and team B -110 ,if A ties and B wins the resulting wager will be a straight play on B risking $100 to win $90).
How to Calculate Payouts Quickly?
For the record, let it be stated that sportsbooks are in the business of making money and as such will do anything in their power to turn as much of a profit as they can. With that said, many sportsbooks offer up fixed parlay odds that aren't anywhere close to what the true odds of a parlay should be.
For example, I came across the payout chart from 5Dimes that show what odds are offered to bettors who play parlays on football and basketball. Keep in mind, these payoff odds are based on all lines being -110.
As you can see, the fixed odds of a three-team parlay seem lower than the true odds of a three-team parlay, which should be 6.96 (1.91 x 1.91 x 1.91). In order to determine how much your parlay would pay out, you would then take that 6.96 odds and multiply it by the amount you wish to wager. In order to see just profit, you would then subtract the wager amount form that total. Example: 6.96 x $300 = $2090.10 - $300 = $1790.10.
As you can see from the chart above, 5Dimes will pay you $1800 for this bet, which is better than true odds. Some sites will pay you at true odds value, a little below, or a little above. It all depends on which sportsbook you use.
If you were to put together a parlay with teams that offer up different odds than -110, you would then do the exact same process. You would first convert the American lines into decimals and multiply them all together.
For example, a parlay that consists of teams with odds of -110, -140, -110 and +210 would turn into a parlay that has odds of 1.91 x 1.71 x 3.10 x 1.91.
The result of multiplying those odds together would give you odds of 19.338, and then you would multiply that by your wager amount, which in this case would be $300 again.
So, 19.338 x $300 = $5801.55 - $300 (your wager) = $5501.55 of pure profit.
We cannot compare this number to the chart above as the chart is only if all bets are -110. Since the bets are varying here, the odds must be calculated or done using one of the calculators or the betting sites.
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The moment when your mortgage is paid off and you truly own your beloved piece of Seattle, WA, real estate is any homeowners’ equivalent of reaching nirvana. If you can swing it, paying down your mortgage faster will save you money over time and help you get closer to the peace of mind that comes with being debt-free.
Before considering paying down your mortgage quicker, you must confirm that your financial ducks are in a row: pay off all high-interest debt first (like credit cards), build a solid emergency fund, and make sure you’re saving at least 10% of your gross income for retirement. Once those areas are taken care of, you can turn your attention to paying down your mortgage. Here are four reasons why you should consider paying down your mortgage faster.
1. Save money on interest
You can save tens of thousands of dollars in interest when you pay off your mortgage ahead of schedule. The less interest you have to pay, the more money you’ll save — and the bigger your loan, the more you’ll save in interest. This is especially true if you pay off the loan aggressively from the start, when banks charge the most interest. Banks have structured mortgages so they get a large portion of their money early in the life of the loan — by mortgage years 20 through 30 you’ll be paying less interest than you paid early on. These are guaranteed savings because you’re building up the value of your home, whereas a return on other investments (such as a kitchen remodel) cannot be guaranteed. Just make sure your lender doesn’t charge a fee for an early payoff!
2. Build equity in your home
The faster you repay your mortgage, the more equity you’ll have in your home. “Equity” refers to the amount of your home that you actually own. When you sell, you’ll get more cash from the sale, since you’ll need to repay less to the bank. You can also leverage the equity in your home should you need it by taking out a loan or line of credit against the portion of the home that you own.
3. Give yourself peace of mind
Personal finance may start with numbers and math, but those aren’t the only components. It’s personal for a reason, and there’s an emotional and behavioral side to consider too. While some people may see their mortgage as a way to leverage their monthly cash flow (they can make a monthly payment over a long time and have other cash available to use elsewhere), other people view debt as a burden. If your debt causes you to lose sleep, this alone is an excellent reason to pay down your mortgage ahead of schedule. The peace of mind it can provide is well worth the effort to put extra money toward your payments.
4. You may not be getting any tax breaks
If you don’t itemize your taxes (and most people don’t, according to the IRS), you’re not taking advantage of writing off the interest that you’re paying on your home. And if that’s the case, then you can’t use tax breaks as an excuse for not paying off your mortgage faster.
Here are four strategies to pay off your mortgage faster.
• Base it on your retirement age. Simply count backward: If you want to retire by age 65, calculate how much extra you will have to add monthly or yearly to pay off your mortgage by that date.
• Consider refinancing. Homeowners who want to pay off their mortgage faster can refinance from a 30-year mortgage to a 15-year mortgage. This will increase your monthly payment, but you’ll cut your repayment time in half.
• Pay extra on each payment. You can generate a similar impact to the bottom line of your loan if you pay more each month on your mortgage. For example, if your payment is $800 per month, increase that payment to $1,600 per month. Just make sure the company that services your loan applies the extra to the principal on the loan, not the interest.
• Switch to biweekly payments. If sending in one giant payment every month sounds intimidating, consider breaking it down into two payments per month. Because there are 52 weeks in a year, you’ll end up making the equivalent of 13 months’ worth of payments in 12 months.