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 is 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 and other bookmakers offer something similar. The Bet Calculator bases it’s process on methods for settling cash 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 in betting offices. The bets 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 Union Jack round robin. Most new bettors who did not grow up with betting offices would not have a clue about some of the more exotic bets but the list is comprehensive and includes every bet that is on offer in a cash betting office.   

Bets can be displayed in decimal or fractional format but the calculation and result is the same because the odds and staking are not affected by the format of the odds. The user must answer three questions to integrate the place terms for each way bets and Rule 4 adjustments. There is an option to display notes. Rule 4 deductions apply on a sliding scale depending on the odds when a horse is withdrawn and there is not enough time to recreate a market. Early price bets are also subject to Rule 4 deductions. Dead heat rules are also applied to make the calculation accurate.     

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. There is a prompt to place the bet and display a breakdown of the bet.  

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 for the calculation of a comprehensive range of bets but in this respect BetVictor offers most bet options.  

Product 

Underpaying a customer on balance is worse and the process is now automated with online bookmakers. However, if it is a complex bet the return will only be confirmed when the bet has been settled and the account has been updated with betting funds. Its human nature to want to know the return from a bet and Bet Victor has made this possible with their Bet Calculator. It is the modern day version of the ready reckoner. 

The feature can be used to work out winnings. The Bet Calculator will work out potential returns and errors are eliminated. The facility calculates returns for the full range of bets from win singles at one end of the spectrum to each way system bets at the other. BetVictor’s Bet Calculator is free and is a great aid to monitoring bets and calculating the potential returns. It’s a good feature that enhances the BetVictor site. 

The mathematics of some bets are complex, especially place bets that are subject to specific each-way terms. Depending on the type of race place bets are settled at anything from one quarter to one sixth the odds. The Bet Calculator works out the returns from place bets when a horse makes the payout places. Each way bets are settled for a specified number of places depending on the number runners and type of race.    

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

This information is correct at November 2017 but other firms may add a bet calculation tool at any time. When there is an innovation in bookmaking competitors develop their own version of basically the same feature. It’s a fair assumption that other UK internet betting companies will offer their customers a tool for bet calculations which will fundamentally be the same as the BetVictor Bet Calculator.

 

Daily Betting Offers
Open Account Offer

Up to £100 in Bet Credits for New Customers at bet365 Min deposit £5 and 1x settled bet requirement to release Bet Credits. Min odds, bet and payment method exclusions apply. Returns exclude Bet Credits stake. 18+, Time limits and T&Cs apply.

Bet £10 Get £30 Free Bets and £10 on any Football

New Customers only - £10 min dep using promo code "FOOTBALL" - First bet must be placed on any market - Min stake £10 at odds of 1/2 (1.5) - Free bets credited upon settlement, expire after 7 days, stake not returned. Full T&Cs apply

Search Our Website
Topical Feature Lists

If you fancy a break from the serious side of betting, take a look at our Topical Feature List for a bit of a giggle.

Click Here To View The List »
Download Our App
Free Bets IPhone App
Get the Freebets App on iTunes

Download the free bets finder.

CLICK HERE TO GET THE APP »
Recently Viewed
Betting Blog

View our latest sports articles in our betting blog

Read Our Blog »
Back to Top