Free Sports Betting Tools to Make Calculated Bets

Sports bettors and handicappers are always looking for an edge to beat the book, and using stats and betting tools is one way of doing that.

Another way is to look out for sports betting tools and betting odds calculators on multiple sportsbooks like FanDuel, BetMGM, and DraftKings Sportsbook. These can give you an edge and make your wagering more enjoyable and profitable.

The Gamble-USA website has built some great free calculators and sports betting tools to help you with various aspects of your online sports betting journey.

Parlay Calculator

Using our parlay bet calculator, you can quickly work out the return on your winning parlay bets. All you need to do is add in the odds of your winning parlay and our helpful calculator will instantly show how much you have won.

As you can see above, we simply enter the odds (110, 140 and 160) for our three-game parlay bet in our parlay calculator. Our bet amount is ten bucks for potential winnings of $121.04 and a total return of $131.04.

You can use this parlay odds calculator tool to calculate the payout from two to more than a dozen selections on a parlay.

Hedge Betting Calculator

Hedge betting is an advanced strategy used by pro punters and handicappers to either take small guaranteed profits or manage risk.

For fun bettors, it might not be the right strategy, but let’s explain how the hedge betting calculator works.

So in the example, above we have our original odds of + 500 at an original stake of $100.

We may have bet on the Kansas City Chiefs to win the Superbowl early in the season at 5/1 (+500), but now, the Chiefs have reached the Superbowl final against the Philadelphia Eagles who are the favorites at -120.

So our original bet of $100 @ +500 would give us a total payout of $600.

We can now place a bet of $327.27 @ -120 on the Eagles which would give us the same payout of $600.

So now we have hedged our original bet. We have now laid out $427.27 but are guaranteed a return of $600 whichever of the two teams wins. This gives us a guaranteed return of $172.73 whatever the outcome. And a no-lose bet.

Gambling Winnings Tax Calculator

It is important to note that the IRS places a tax on gambling winnings on sports betting wagers, and you should be aware of how this works. The tax you pay on bets that produce winnings will depend on a few things, including which state you are resident in, your annual income, whether you are married or single, and how much your winnings were.

You can use the sports betting tools to determine the net amount you’ll be getting after you win a bet.

So the example above uses somebody based in Illinois who is single, has an annual income of $50,000, and has been lucky enough to win $3,000 while sports betting.

As you see, the amount of tax payable is $556, or a tax in percentage terms of 18.55%

Matched Betting Calculator

Matched betting represents the strategy in which you place two single bets on the same betting market, but with different odds and stakes. The proper use of this strategy can lead to consistent profits, but the calculations needed to make these bets profitable can be headache-inducing. Thankfully, this is where our matched betting calculator comes in, doing all the heavy lifting for you while you focus on finding the appropriate markets.

Betting Tools Summary

You should find each of these betting tools easy enough to use, and they can help you in supporting and managing your sports betting and save you some time.

• The bonus bet calculator helps you make potential income from bonus bets.
• The parlay calculator helps you quickly calculate betting options and potential winnings on various sports events.
• The hedge betting and arbitrage calculator helps you manage risk or lock in a guaranteed win.
• The gambling winnings tax calculator helps you to understand any income tax payable to the IRS.

You should also stay on top of our betting guides and news to inform your strategy based on market changes.