Money Line Betting
You’re most likely to come across American odds when you’re betting at American sports betting sites. This odds expression indicates a bettor’s return relative to a base figure of 100 units. American odds start with either a positive or negative sign (e.g. -200 or +200). A minus sign indicates a bookie’s favorite to win while a plus symbol indicates an underdog. A -250 favorite has a better chance of winning an event than a -150 favorite, while a +200 underdog has a better chance of winning than a +500 underdog.
The sixteenth-century polymath Cardano demonstrated the efficacy of defining odds as the ratio of favourable to unfavourable outcomes. Implied by this definition is the fact that the probability of an event is given by the ratio of favourable outcomes to the total number of possible outcomes. Then, to calculate the profit of your wager, simply multiply your stake by the odds and subtract your stake. Basically, 1.75 means that for every $1 you bet, you will earn a total return of $1.75, with your stake returned along with a profit of $0.75. Overall, -150 means that you must bet $150 in order to win $100.
However, you normally bet $200 a game and you won’t have that sort of disposable income until you get paid on Friday. After a busy work week, you’re sipping a beer at home, shuffling your fantasy lineup around. You remember that line you wanted to bet, so you open your account and scroll down to find the Lions. Along with the “+7” or some such number, another number will sit alongside it.
However, in most cases, the favorite will have a ” – ” in front of its moneyline odds while the underdog will always have a “+ .” When moneyline odds are negative, the figure indicates how much money must be wagered to win $100 . However, not all fractional odds are traditionally read using the lowest common denominator. For example, given that there is a pattern of odds of 5/4, 7/4, 9/4 and so on, odds which are mathematically 3/2 are more easily compared if expressed in the equivalent form 6/4.
Data from more than 1,700 bets was used to generate each sportsbook’s comparative odds ranking for our 2021 annual review. Many people don’t know how to read or calculate sports betting odds, so below we have done our best on explaining how betting odds work. The most common type of sports betting odds used in North America are the American style odds which we explain below. This means bettors must win more than 50% of the time to break even. In fact, on point spread betting at -110, the breakeven point comes out to 52.38%.
You can easily substitute the $100 bet for a $10 bet by moving the decimal place over one spot, showing us that you would need to wager $14 in order to win $10 in profits. Finally, spread betting keeps many otherwise uninteresting games worth watching. Sure, maybe the Chiefs are up 20 points on the Jets in the fourth quarter, but outcome of the game with the handicap included may remain up in the air. Furthermore, high-limit bettors can usually get a lot of money down on point spreads. If you’re someone with deep pockets who likes to bet big, spread betting is for you since the limits will usually be large relative to other markets. For one, the vig on spread betting will generally be among the lowest of any markets offered.
Parlays involve wagering on two or more games on the same bet following the casino’s pre-determined payout scale. Read sporting odds as the likelihood that one team, athlete, or horse, will win. The most common use of odds is found when placing a bet on a sporting event. If you bet on sporting events, you must be able to read odds and understand what they mean. Furthermore, you need to quickly calculate the potential winnings for different bets, especially if the odds are changing while the event unfolds.
Say you thought one team had a 60% chance of winning, and it was available at 52.4% implied probability. Understanding how to read odds is a crucial step to becoming a successful sports bettor. From determining how much money you want to wager to figuring out which bets offer the most value, it all starts with a solid understanding of the odds. I this case, the Chicago Bulls would have to win the game by at least two points to be declared a winner of the bet. The Miami Heat can actually lose the game but must keep the final score within 1.5 total points.
In sports betting lingo, this is known as losing against the spread . It’s up to you to compare betting odds and pick your betting market. If you’re new to sports betting, we’d recommend sticking to ‘safer’ bets with lower odds until you get to grips with how it works exactly. Whichever format odds are written in, they all have an equivalent in another format. While some sites, such as William Hill’s Jersey sportsbook, allow bettors to change odds formats, it is useful to understand how to calculate odds between formats.
Most sports betting sites will give you the option in how you display your sports odds, so it is important to understand how to read them. A parlay bet is a group of spread, moneyline, or total bets combined into one bet to increase the payout odds. In order for the parlay to win, each separate bet has to win. Parlay odds offer bigger payouts than normal odds because they are riskier, since each individual bet has to win. If you go to Las Vegas or other casinos with sportsbooks, you might see odds laid out in a slightly different format. While the odds displayed will still be American odds, they are featured in a different order.