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Betting Calculator

If you bet £10 on a horse and it wins at 2/1 it’s easy to work out your profit and return. However, if you have a £1 each way Lucky 15 with two winners and two placed horses the calculation becomes far more complex. Bet Victor are one of the online bookmakers who provide a ready reckoner which allows you to calculate the returns from an extensive range of bets. Other bookmakers offer something similar too, providing a solution for punters who are looking to work out slightly more complicated bets. 

Using a Betting Calculator

The first stage of the process is specifying the bet from a drop down menu. This menu lists 28 types of bet which equate to the bet options you can use while placing a bet. The types of bet include win and each way singles and multiples, system bets, conditional bets and forecasts. The bets are listed by popularity and range from a single to a very complicated Union Jack round robin. Most new gamblers who are used to the ease of betting online and seeing the returns for their bet when it is placed will probably not know some of the more exotic bets available, but the list on the calculator is comprehensive and includes every bet that is on offer in a cash betting office, which is more than what is available online.   

Bets can be displayed in decimal or fractional format which is good for those who prefer one type of odds over the other, you will see and use something you are comfortable with. The user must answer three questions to integrate the place terms for each way bets and Rule 4 adjustments. There is also an option to display notes. Rule 4 deductions apply on a sliding scale depending on the odds when a horse is withdrawn. Early price bets can also be subject to Rule 4 deductions if you take a price before another horse in the race is withdrawn. Dead heat rules are also applied to make the calculation accurate if this is required.     

Bets are settled based on the outcome and the odds so these details must be entered into the Bet Calculator. Staking can be entered as a stake unit or total stake. A Lucky 15 is made up of four horses combined in singles, doubles, trebles and an accumulator so there are 15 bets in total for a win Lucky 15 and 30 bets for an each way Lucky 15. Once all the bet details have been entered the returns can be calculated. There is an option to use bonus funds and any bet can be saved if you wish to view it at a later date. You will see a breakdown of the bet in the results, which can be interestint to look at and see where you made your money on multiple bets if you are thinking of changing your bet type in the future. 

Here are the main features of the Bet Calculators on three betting sites with a ranking based on features and ease of use.

BetVictor

  • Full range of betting options including Forecasts and conditional bets.
  • Stake, return and profit displayed.
  • Seamless link to bet placement.
  • A breakdown of bets placed.
  • Display of odds in fractional and decimal format.
  • Option to add a note to selections.
  • Rank: ONE.

Paddy Power

  • Bet calculator and football accumulator calculator with unlimited rows.
  • Display of recent calculations.
  • Number of selections is entered and then the bet options are displayed.
  • Accumulator and multiple bet options but no forecasts and conditional bets.
  • Each way, Rule 4 and dead heats covered.
  • Unlimited number of rows.
  • Rank: TWO.

Boylesports 

  • Limited number of betting options including 11 popular bets but no forecasts or conditional bets.
  • Bets listed with a link to the calculation page.
  • Accumulator up to 10 selections.
  • Odds entered for each selection and stake specified for calculation.
  • No facility for dead heats on Rule 4 deductions.
  • No link to bet placement.
  • Rank: THREE. 

Taking into the account the features offered and ease of use the BetVictor calculator is the best of the three. The Boylesports bet calculator is limited in terms of the bet options and features that cover different scenarios. It is no more than a basic ready reckoner while the other two allow the calculation of a comprehensive range of bets and in this respect BetVictor offers most bet options.  

Product 

In terms of being paid out correctly, if you bet with an online bookmaker then this is all done automatically, so the chances of a wrong pay out are almost non-existent. Automated systems in betting shops have vastly decreased the number of errors there too, so things are much better for punters than they were when a ready reckoner was a must have for all punters. 

Away from checking your bets and ensuring they are settled correctly, there is one other big use for a bet calculator. That is to see what you could have won. Gamblers love nothing more than to frustrate themselves by seeing what the returns would have been on their bet had just one more horse won or placed in their multiple. While three winners out of four on a lucky 15 will make for a nice pay out, the first thing many punters do is check how much they would have won had the fourth selection won. Some will even do this before the horse runs, to see how big their winnings could be. 

Finding out how close you were to a big pay out can be frustrating, but it is also something to be proud of. You have shown excellent skill to get so close to a big win, and the pay out you receive for three winners will still be a nice one. As punters we can't help ourselves, and are desperate to know the figures and think 'what if....'

Historical Background

In betting offices the calculation of returns on a bet is now automated. Staff enter the bet details such as the type of bet, staking and odds. Technology works out the return and this eliminates errors. Traditionally a betting office manager settled bets manually. There were formulas that aided the process but returns from bets were arrived at using a sheet, pen and calculator. Details were transferred on to a sheet after being relayed by radio. The first live pictures of racing in betting offices appeared in 1987. Odds and results information was displayed on a board which the board man updated using marker pens.     

The settler had to monitor running up money and ensure multiple and system bets were settled as quickly as possible after the result of the last race on the slip was known. Errors were inevitable and damaged customer relations. Underpaying was obviously not appreciated by customers but overpaying was also bad for business. If a customer was paid too much they would be reluctant to go back to the shop because they might be asked to return the extra winnings. Making settling errors was the bane of the betting office manager because the shop lost business.

Similar Products 

When entering details in a Bet Slip the total potential returns are displayed which is one way of calculating what can be won from a bet. The other main UK online bookmakers offer something akin to the BetVictor Bet Calculator but not in all cases a ready reckoner. Bets are settled according to clear and specific rules and here is a list of those features or the name of the bet calculation tool: 

Bookmaker

Name of Feature

Bet Calculator

Stan James

Rule Book

NO

Coral

Online Rules

NO

888Sport

Betting Rules/Betting Types

NO

Ladbrokes

Horse Racing Rules

NO

Boylesports

Bet Calculator

YES

BetVictor

Bet Calculator

YES

Paddy Power

Calculator

YES

William Hill

UK and Irish Horse Racing Rules

NO

Betfair

Sports Rules

NO

 

 

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