Winning in sports betting rarely comes from instinct or feel. It comes from data. The best strategies rely on identifying an edge through research, then building a plan with actionable insights

With PFF’s betting tools, you can turn raw odds into those actionable insights, calculate expected value like a pro and take control of your bankroll management. So, whether you’re hunting for value in the market or locking in profit with a hedge, these tools are designed to help you bet smarter, not harder.

Odds Converter

Calculating odds is essentially a math problem in itself, and with sportsbooks using different formats depending on the region or event, it can be tough to compare the odds you see to the bets you want to make.

American odds

American odds use a plus or minus system that shows the return on a $100 wager. This format is common on sportsbooks like FanDuel and DraftKings, especially for NFL betting.

• +150 means you win $150 for every $100 wagered — this is plus money. It’s considered favorable because you risk less to win more. It typically indicates an underdog or less likely outcome.

• –150 means you must wager $150 to win $100. This is minus money, and it usually means the outcome is more likely but offers a smaller return.

Why it matters: Plus money gives you more bang for your buck, but comes with more risk. Minus money wins more often, but the cost of entry is higher, and value is harder to find.

Fractional odds

Outside the U.S., decimal and fractional odds are more common, particularly in Europe and Canada. These formats are often more intuitive, as they show the return on each dollar wagered, but they’re rarely used by U.S. sportsbooks.

• 5/1 means you win $5 for every $1 wagered. The total return is $6 ($5 profit + $1 stake).

• 1/2 means you must wager $2 to win $1 in profit. Your total return would be $3 — $1 profit plus your $2 stake.

Why it matters: Fractional odds show profit only, not total return. They can be harder to compare at a glance, especially with varying formats between sportsbooks, but they still convey clear information about risk vs. reward.

Decimal odds

Decimal odds are popular in Europe, Canada and Australia. They display your total return, not just profit, per $1 wagered, making them the most intuitive for many bettors.

• 6.00 means you’ll get $6 back for every $1 wagered — $5 profit plus your $1 stake.

• 1.50 means you’ll get $1.50 back for every $1 wagered — $0.50 profit, $1 stake.

Why it matters: Decimal odds are easy to understand and compare across bets — just multiply your wager by the odds to see your full payout. They’re especially useful for evaluating parlay payouts or implied probability.

Enter your odds in any format below to see how it translates to other formats.

Implied Probability Calculator

Odds don’t just show potential payout — they also reflect how likely a sportsbook believes an outcome is to happen. That’s where implied probability comes in.

Implied probability converts listed odds into a percentage, showing how heavily the sportsbook is leaning toward one side. It’s easy to tell who the favorite is, but understanding how likely the book thinks a team is to win gives you deeper insight into the matchup and the vig (or house edge) baked into the line.

Comparing the implied probability to your own projection of a team’s win probability is how you determine expected value, but we’ll get to that later.

With PFF’s Implied Probability Calculator, just input the American odds and get an instant percentage. That way, you can evaluate the market more clearly and spot potential value plays.

Parlay Calculator

Stories of bettors turning $1 into thousands have made parlays wildly popular, especially among casual bettors. But behind the hype lies a truth sportsbooks count on: Parlays are one of the most profitable bet types for the house.

Why? Because every added leg lowers your chance of winning and increases the sportsbook’s edge. The PFF Parlay Calculator takes the guesswork out of it — just enter the odds for each leg, and it will calculate the true cumulative odds and total payout.

Payout/Return Calculator

PFF’s Payout/Return Calculator helps you visualize the risk and reward on any bet. Just enter the American odds, along with your stake, and the tool instantly shows your expected payout and total return.

Hedging Calculator

In sports betting, hedging is a strategy used to manage risk. It is when you place a bet against your original position to secure a profit or limit potential losses.

Hedging opportunities often arise from changing circumstances, such as injuries, live betting line movement or futures and parlays that are close to cashing. When the situation shifts, so might your strategy.

Example: Let’s say you bet $100 on Team A at +400 odds to win a tournament. If Team A wins, you’d earn $400 profit (plus your $100 back). Now they’ve reached the final, and you want to lock in a profit no matter what happens. The sportsbook is offering Team B at –150 odds. You’re ready to hedge.

To do that, you use the PFF Hedging Calculator:

1. Enter your original bet amount ($100)
2. Enter your original odds (+400)
3. Enter the current odds for the opposing side (–150)
4. Then, select your hedge % — the portion of your potential profit you want to guarantee

In this case, your potential profit is $400. If you choose a 40% hedge, you’re telling the calculator you want to lock in 40% of that amount — or $160 — regardless of which team wins. The calculator then shows you that you need to place a $240 bet on Team B to achieve that result.

Here’s how it plays out:

• If Team A wins:
  • You win $400 from your original bet
  • You lose $240 from your hedge
  • Net profit: $160

• If Team B wins:
  • You win $160 from your hedge
  • You lose your original $100 bet
  • Net profit: $60

Kelly Criterion Calculator

The Kelly Criterion is a popular method among sharp bettors and investors for optimizing bet size based on bankroll and edge. It offers a structured way to manage risk and maximize long-term growth, assuming your probability estimates are accurate.

Because full Kelly can be aggressive, many bettors use fractional Kelly (also available in the PFF tool) to reduce variance. For beginners still refining their strategy, flat betting — wagering the same amount regardless of edge — may offer a safer and more consistent approach to bankroll management.

With PFF’s data, tools and insights, you can more accurately estimate win probabilities, calculate expected value and apply sound strategies, giving you a smarter, more disciplined approach to game-day betting. 

Break-Even Win Rate Calculator

Understanding your break-even rate is key to making smarter long-term bets. It tells you how often you need to win at a given set of odds just to break even, covering losses and coming out flat over time.

With the PFF Break-Even Calculator, you can instantly see the break-even percentage for any odds you’re considering. Use it to assess whether your projected win rate provides enough of an edge, and to better gauge the sustainability of your betting strategy over the long haul.

Example: If you’re betting at –110 odds, your break-even rate is 52.4%. That means you’d need to win at least 52.4% of your bets just to stay even. Anything above that is profit.

Expected Value (EV) Calculator

As covered earlier with implied probability, expected value (EV) is the foundation of profitable sports betting. If your projected probability of an outcome is higher than the implied probability from the odds, the bet has positive EV, and those are the bets that lead to long-term profit.

Example: If a sportsbook lists a bet at –110 odds, the implied probability is 52.4%. If your own analysis suggests the true probability of that outcome is 60%, you’ve found a +EV opportunity — a bet that’s undervalued by the market.

The PFF EV Calculator makes this simple. Plug in your projected win percentage and the odds offered by the sportsbook, and the tool instantly calculates the expected value. The higher the EV, the more profitable the bet is over time.