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?»?How to Understand Sports Betting Odds.
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As more and more states legalize sports betting in the U.S., inevitably more people will be drawn to sports betting. If you are a novice sports bettor, a sportsbook??™s odds board or homepage on a mobile app may look like complete gibberish.
In this article, we will get you caught up on all the basic terminology you need to know. In addition, we will use this terminology to explain how to read what you see on an odds board and how to apply this knowledge towards your wagers.
Example of a Game on an Odds Board.
This is an example of an NFL game between the Dallas Cowboys and Kansas City Chiefs that once appeared on a sportsbook??™s odds board. You will notice the following categories of terms: rotation numbers, point spread, over/under, and moneylines. Let??™s take a look at each term individually.
Rotation Numbers.
Rotation numbers are commonly used at in-person sportsbooks. These numbers are provided for bettors to easily reference their bets when approaching the cashier.
Suppose a bettor wanted to wager on the Cowboys spread. They would approach the cashier and say ???I will take number 403, Cowboys -8 for [whatever the bet amount].??? The cashier would then have the proposed bet on a screen for the bettor to look at, along with the possible payout. If the bettor was satisfied with the bet, the bet is finalized once the bettor hands the cashier their money.
Telling a cashier the rotation number of a bet is not absolutely mandatory. One could simply say ???I??™ll take the Cowboys -8??? and the cashier will likely know that the customer is referring to an NFL point spread. However, one cannot assume the cashier is knowledgeable about every sport, so telling the cashier the rotation number makes their job easier.
Point Spreads.
Over/Under.
Over/unders are also referred to as ???totals??? in the sports betting world. With over/unders, one is not betting on how much one team will win or lose by. Instead, an over/under is a wager on how many points will be scored.
Those who bet on the ???over 42.5??? think the Cowboys and Chiefs will combine to score more than 42.5 points. Those who bet the ???under 42.5??? think the two teams will combine to score less than 42.5. Notice how with this particular line, there can be no ???push??? since there cannot be a half-point scored.
Moneylines.
Similar to point spreads, a moneyline favorite can be identified with a minus sign next to the number while the underdog will have a plus. With a moneyline bet, one is simply betting who will win the game regardless of the margin of victory.
The Cowboys have a moneyline of -400. This fact introduces another important sports term called the ???vig.??? Those who bet the ???Cowboys moneyline??? would need to wager $400 to return a profit of $100. That same ratio is applied to all betting amounts, so a $100 bet on the Cowboys moneyline would net a $25 profit.
Vigs are Everywhere.
If the math to figure out how a vig of -110 works is too difficult, the rule of thumb is that sportsbooks take 10% of the winnings of every bet. However, one does not have to be a mathematical expert to be a successful sports gambler. Remember, a cashier at a sportsbook will always show you what you stand to win before you finalize your bet.
Mike Spector is a featured writer at BettingPros. For more from Mike, check out his archive and follow him @MikeSpector01 .
Main Types Of Sports Betting Odds Explained.
Image source: Nick Youngson CC BY-SA 3.0 Alpha Stock Images.
Understanding all types of odds at betting sites is crucial if you want to earn some profit at sportsbooks. Depending on a betting site, you can meet three types of odds ??“ American, Decimal, and Fractional. To learn about the peculiarities of each type, here you have all sports betting odds explained.
Sports betting is extremely popular across the globe. As it has invaded all the countries, numerous international and local-oriented sportsbook sites emerged. Depending on the sportsbook and their own location, punters can meet three types of odds: American, Fractional, Decimal . Understanding the difference between them is important as you have to know whether you are wagering on a likely-to-happen event or not. Thanks to online betting guides for beginners , now you have everything about sports betting odds explained.
You can set up all types of sports betting odds at Vbet.
All sports betting odds explained.
So, there are three popular types of betting odds ??“ American, Fractional, and Decimal. Predictably, American odds are mostly used at US-based online sportsbooks. Fractional odds are frequently met at British and Irish betting sites. Decimal odds are popular in European countries, Canada, Australia, and New Zealand.
Regardless of the area covered by your favorite sportsbook, it is important to know the difference between all types of odds. The ability to read odds is helpful when you want to wager on events that are covered by international sportsbooks. So, here you have all sports betting odds explained one by one.
American odds.
American odds represent perfectly the possibilities in American sports.
If you have -175 odds on Detroit Lions to win, the situation is the opposite. To win $100? You need to wager $175. If the team wins, you will get back $175 and earn an extra $100 ??“ $275 in total.
Fractional odds.
Now you have Fractional sports betting odds explained. You can recognize this type of odds thanks to a slash sign (/) or a hyphen sign (-). According to the online betting industry news , Fractional odds are the most popular across the globe.
So, if you see 5/1 or 5-1 at a sportsbook site, be sure that you have found Fractional odds. How to read them? In betting, 5/1 or 5-1 means that you win $5 on each $1. The bigger the number on the right, the more winning chances a team has.
For example, let??™s suppose that Man City has 10/1 odds to win their next match. As they are underdogs, you will get $100 for each $10 you bet on the club. Additionally, you will get back your $10 stake making your total winning sum $110.
Now, let??™s suppose that Man City is predicted to win their next match with 10/11 odds. It makes them favorites, so you will receive only $10 for each $11 you bet (plus your stake is back).
Horse races traditionally use fractional odds.
Decimal odds.
Finally, Decimal sports betting odds. After learning them, you can go and check the best online sportsbook deals this month, but first, let??™s see how to read the Europeans??™ favorite type of odds.
Decimal odds are probably the easiest to understand. After looking at them, you will immediately reveal underdogs and favorites. Usually, Decimal odds are written with a dot (.) ??“ 1.25, 5.00, 10.70, etc. The bigger is the number, the fewer winning chances there are.
How to count your possible profit? Simply multiply your stake by the odds. For example, you have 1.50 odds on Taylor Swift to win Grammys for the Best Album this year. Low-numbered odds make her favorite, so you will get $150 ($100 x 1.5) for each $100 stake with $50 as a net profit.
At the same time, you can bet on Ms. Swift aka underdog to win the award for Best Collaboration. With her 7.00 odds, you will get a $700 profit if your $100 stake is successful. Any questions?
How To Read Odds.
Understanding betting odds is key to successful betting. If you do not understand betting odds and the probabilities that they imply, you will struggle to succeed in betting on sports long term.
You don??™t need to be a math genius to succeed in betting on sports, but if you do not understand what betting odds reflect, you are setting yourself up for failure.
How to read American odds.
There are three popular odds formats:
Fractional Odds Decimal Odds American Odds.
For the purposes of this article, we will focus on American odds. Know your potential profits when you make a wager with this betting odds calculator.
American odds are presented as either positive or negative odds. The following is an example of American odds for an NBA game between the Los Angeles Lakers and Chicago Bulls.
Put Your Odds Knowledge to the Test.
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How to calculate implied probability.
As previously stated, understanding and calculating the implied probability in betting odds is key to long-term betting success at, for instance, Pointsbet Sportsbook.
So how do we calculate the implied probability in American odds?
Calculating the implied probability in positive American odds is quite simple:
So the implied probability of the Lakers winning the game is 0.4348 (or 43.48%). In this instance, the bookmakers believe the Lakers are a 43.48% chance of winning the game.
Calculating the implied probability in negative American odds is fairly straightforward:
So in our example, the Bulls are at odds of -140 to win the game. What is the implied probability of these odds?
So the implied probability of the Bulls winning the game is 0.5833, or 58.33%. In this case, the bookmakers see the Bulls as a 58.33% chance of winning the game.
Value bets.
As stated earlier, the key to successful betting is to bet only when there is value. In our example, we should only bet on either the Bulls or the Lakers if we determine that they are a better chance to win the game than what the odds represent.
If we believe the Lakers are a better chance to win than 43.48%, we should bet on them. If we believe the Bulls are a better chance to win than 58.33%, then likewise, we should bet on them.
Understanding betting odds is crucial to long-term betting success. Possessing an intimate grasp of betting odds and their implied probabilities is fundamental to profitable betting.
See real odds at online sportsbooks.
At many sportsbooks, you??™re free to see the odds no matter what state you happen to be in. However, you can only place real money bets at online sportsbooks odds if you??™re located in states that have legal sports betting.
However, if you want to bet on horses, you??™re more in luck there! Many states allow for online horse racing betting and you can see odds at most of the big horse racing tracks around the world.
Betting Against The Odds.
In Summary: Betting Odds Explained.
Betting odds represent the probability of an outcome occurring and the return (profit) you will receive if your bet is a winner. It could be the likelihood of all of your final four betting picks being correct.
The probability represented by betting odds is often referred to as the ???implied probability??™. Understanding the implied probability is crucial. Why? Because you should only bet when you believe the probability of an outcome occurring is higher than the implied probability. But if you would like to learn more about betting odds and alternative odds formats, try this odds converter.
Let??™s consider an example. Let??™s say the New York Giants are facing the Washington Redskins in a regular season NFL game. The Giants are at odds of -110 to cover the betting line of -3.5 points. The probability implied in the odds -110 is 52.4%. You??™ve done your research and have determined the Giants are a 60% chance to cover the -3.5 betting line. As 60% is greater than 52.4%, you have found what is commonly referred to as a ???value bet??™.
However, if following your research you determined that the Giants are only a 45% chance to cover the -3.5 points betting line, the implied probability of the odds is greater than your determined probability. You have not found a value bet and should not place a bet on the Giants.
A Simple Explanation: How to Read Sports Betting Odds.
Understanding the world of online betting can be a daunting task for the sports betting novice. You??™re met with a wall of numbers, dots and dashes before you even get started.
The key to enjoyable betting is in knowing how to read the odds. We??™ll break it all down into manageable chunks, covering the different bets and odds, and how to read them.
What Are Odds?
Before we get started, let??™s take a look at what odds actually are. Odds are a set of numbers which indicate the likelihood of an event taking place. In gambling terms, the odds aren??™t a true representation of probability, but show the ratio between the amount bet and the payout based on the probability calculated by the bookmakers.
Now that we have that out of the way, let??™s get down to business.
The Different Types of Odds.
The first thing you??™ll need to be aware of is the three most common types of odds in sports wagering:
Moneyline Point spreads Over/under betting.
What do these terms mean, exactly?
The Moneyline.
The moneyline wager is perhaps the simplest bet to understand. It??™s a straightforward bet on who you think is going to win the game, no matter the final points or score margins.
What Do the Numbers Mean?
Essentially, these odds show how much your profit will be based on the amount you wager. Moneyline wagers have odds attached to both the favorite and the underdog.
Note: the odds are given in the American format. We??™ll explain that in more detail later.
Point Spreads.
Usually in any game, one team is better than the other, giving us the terms favorite and underdogs in the first place.
If you were to just bet on the favorite each time, you could take your money and go, but this doesn??™t make for a very exciting betting experience, nor would it be very profitable for the online bookmakers. The point spread makes things more interesting for bettors, as well as making a profit for the bookies.
Essentially, the point spread is a handicap given by the bookmakers to bring teams to an equal footing, in that it generates interest in both teams from bettors. With the point spread odds, you??™ll bet on the score difference between the two teams.
WHAT DO These NUMBERS MEAN?
Betting on Team B would win you your bet if the team wins the game, OR if it loses by less than six points.
If you would like to learn more, be sure to read our article explaining point spread betting.
Over/ Under.
If you are having trouble deciding who is likely to win a game, then an over/under bet might be the way to go. Sometimes referred to as ???totals??™ betting, over/under odds are a bet on the total combined score in a game.
It doesn??™t matter who wins or loses. Instead, the bet depends on whether the combined amount is over or under a predetermined number set by the bookmaker.
If you see a bet written as 45.5 o/u , for example, this means that the bookmakers have calculated the possibility of the combined scores of the two teams as being around 45.5. The odds will often be with half points, in order to prevent what is called a ???push??™ or tie.
All you have to do is decide whether the combined scores will total over that mark, or under it. How much you are set to win from each of these bets will be decided by the bookmaker??™s odds, and how much money you want to wager (more on this later).
How to Read Odds.
Now that you know the basic betting forms, you will notice that the odds given aren??™t all written in the same way. Again, there are three main formats:
This is where your head may start to hurt, but let??™s try to keep it simple.
American Odds.
American odds are also used with the point spread bets, for example:
So while the point spread doesn??™t change the odds given for each result, it allows the bookmakers to protect their margin or ???juice??™.
In another article, we explain how you can find out more about how bookmakers operate and how they calculate their odds.
Decimal Odds.
Decimal odds are sometimes referred to as ???European odds??? and are used throughout Europe, Australia and Canada. If you??™re interested in betting on international sports, it??™s a good idea to know how they work.
Luckily, they??™re very straightforward and easy to calculate. All you have to do is multiply your wager by the odds to find out your potential winnings.
For example, if you bet $100 on a team winning, with odds at 1.82, then your potential total amount received is $182. Simple.
Fractional Odds.
Fractional odds are one of the oldest forms of odds in sports gambling and are more popular in the UK market. Basically fractional odds show you how much you are set to win relative to how much you put in. Again, we??™ll keep this simple with an easy example. Say you make a bet of $5 on Team A to win with the odds of 2/1.
This translates as:
So your bet of $5 at 2/1 odds gives you a return of $15 ($5 wagered x 2 plus the original stake of $5).
Need a Calculator Yet?
It??™s a good idea to have a basic understanding of how to recognize and read each of the odds formulas, but fortunately, there are also a number of online odds converters and calculators that will do the hard work for you quickly and easily.
This comes in very handy especially when you have to recalculate when the odds change.
Why Do Odds Change?
Between the time when the betting lines open and the game starts, you??™re likely to see some change in the betting odds, especially in the last few minutes. Why? There are a few reasons.
Protecting Profit.
Firstly, the bookmakers may change the odds to protect their profit. Since they??™ve calculated the odds carefully to give both teams equal interest, making sure they are set to gain a profit either way, if one team is getting a clear majority of the bets, then they will change the odds to make the less favored team??™s odds more favorable.
Insider Info.
Betting websites may change their odds as information comes to light. For example, when a team line-up is published before a game and the star players aren??™t making an appearance, or perhaps news of injuries or training issues come out. These will all have an effect on the betting odds offered.
Sharp Bettors.
Another reason for movement on the betting line will be the sharp bettors, those professional players who may hold off to the last minute and bet against the public opinion. They are usually big-money players and their wager can be enough to move the lines.
Knowing how to use line movement to your advantage takes time and experience, but you can get a head start with our handy guide to understanding line movement.
Ready to Play.
Now that you have the basic building blocks required to understand sports betting odds, you??™re ready to go. All that??™s left for you to do is find the right sportsbook for you.
This can be another learning curve, but don??™t worry, we??™re here to help you. Just follow the link to get some great tips on how to choose the best online bookmaker.
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