How to Calculate Sports Betting ROI Across Different Bet Sizes

Sports betting ROI = net profit ÷ total amount wagered × 100. Add every settled wager to the amount wagered, whether it won or lost. Add winnings and subtract losses to find net profit.

A winning payout is not all profit: it includes the returned stake. For example, a $40 moneyline bet at +150 pays $100 total—$40 back in stake and $60 in profit. If another $80 bet loses, the two wagers produce a $20 net loss on $120 wagered. ROI is −$20 ÷ $120 × 100, or −16.7%.

This calculation accounts for different bet sizes. The denominator is the total dollars staked, not the number of bets or the starting bankroll. Ten $10 bets and one $100 bet each add $100 to that total, even though they represent different numbers of picks.

Tracking ROI alongside bet size can help bettors evaluate their overall sports betting strategy without mistaking a large payout for a profitable stretch.

A wager log makes the calculation straightforward: record the amount risked and the net profit or loss, not the total payout. The same method works for a moneyline, point spread, over/under or prop bet.

In this example, the stakes add up to $100 and net profit adds up to −$30. ROI is −$30 ÷ $100 × 100, or −30%. The $50 point-spread wager contributes five times as much to total dollars risked as the $10 moneyline wager, so treating each bet as one equal entry would give a misleading picture.

For a win, subtract the stake from the sportsbook’s total payout before entering net profit. For a loss, enter the full stake as a negative number.

Odds determine the profit on a winning wager, but the payout also includes the returned stake. For ROI, record only the profit or loss from each settled bet.

The −110 win returns the original $20 plus roughly $18.18 in profit. The +200 win returns the original $10 plus $20 in profit. Neither returned stake gets counted again as a gain. On the losing wager, the entire $20 stake counts as a loss—not just the sportsbook’s vig or juice.

Together, these three bets put $50 at risk and produce about $18.18 in net profit: $18.18 + $20 − $20. Dividing $18.18 by $50 gives an ROI of about 36.4%. For exact cents, use the amounts in the sportsbook’s settlement records; displayed odds calculations can differ slightly because of rounding.

Suppose a bettor settles four wagers with different stakes. The net profit column shows winnings after the original stake is removed; a losing wager counts as a negative amount.

Divide the $24.54 net profit by the $120 staked, then multiply by 100: ($24.54 ÷ $120) × 100 = 20.45% ROI. The denominator includes every wager, including the losing prop. Its +120 odds do not affect the calculation once it loses; the full $40 stake is the loss.

Dividing $24.54 by four gives about $6.14 profit per bet, not ROI. Averaging each bet’s ROI also gives the wrong answer for the combined wagers: the individual figures are 90.9%, 90.9%, 50%, and −100%, for a simple average of 32.95%. That treats a $20 win and a $40 loss as equally weighted, even though the loss puts twice as many dollars at risk. Using total profit over total stakes gives each wager its proper weight.

The 20.45% figure describes only these four settled bets. It is not evidence of a lasting betting edge; a larger record is needed to assess whether an ROI is statistically meaningful.

A point spread push returns the stake without a win or loss. Log $0 profit for the wager, but exclude its refunded stake from the ROI denominator. Treat a fully voided wager the same way. For example, if $100 in other cash wagers produces $10 profit, a separate $25 push leaves ROI at 10% ($10 ÷ $100), not 8%.

For a full cash-out, subtract the original stake from the actual amount received, regardless of what the final score would have paid. A $40 wager cashed out for $28 records a $12 loss; that $40 remains in the staked total. If the cash-out pays $55, the same wager records $15 profit.

Keep free bets and bonus bets in a separate column rather than mixing them into cash-staked ROI. A $25 free bet may pay winnings without returning its $25 promotional stake, so its payout cannot be handled like an ordinary $25 cash wager. Sportsbook rules vary: check the current terms for stake return, qualifying wagers, minimum odds, expiration and other restrictions.

Use one row per settled wager. A simple sheet needs the settlement date, sport or market, cash stake, cash payout, and cash net profit. Keeping both stake and payout makes the calculation easy to check later. For a fuller log, see how to organize wager data in a spreadsheet.

With wagers in rows 2 through 1000, cash-bet ROI is =SUM(F2:F1000)/SUM(D2:D1000). Format the result as a percentage. For ordinary settled cash wagers—wins and losses—the check is SUM(E2:E1000)-SUM(D2:D1000)=SUM(F2:F1000). If it fails, look for a missing payout, a duplicated row, or a profit figure entered as a payout.

Add separate columns for promotional stakes and proceeds rather than mixing bonus bets into cash totals. The treatment of a free bet’s stake can differ from a cash wager, so its return deserves a separate calculation. Refunded pushes should not add to cash staked for ROI purposes.

Optional filters for sport, bet type, sportsbook, or month can show where results came from. Filter stakes and profits to the same set of rows before dividing; otherwise, the percentage will be misleading.