How To Read Betting Odds
Once you have that implied probability, you can place your wagers accordingly. Though the format they’re shown in and the calculations that determine your winnings change, betting odds are always a measure of how likely a sportsbook finds an outcome. Read on to see an explanation of how to read odds in any of these formats. The variations can take some getting used to, but we’ll give you a breakdown on each format of betting odds explained. For every $1 wagered on a team with +200 odds, $2 will be paid out. Odds of +200 or greater are offered on teams that are not expected to win a game.
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’. Most of the time, football and basketball spreads will be -110 — just a 10% tax on your bet — since the spread makes things equal. The odds dictate how much you have to risk, but not what needs to happen for you to win the bet. So if you’re betting the Red Sox at +110, you’ll risk $100 and will win $110 if Boston wins the game (plus your original $100 back).
These odds, and the implied probability of success, can change before or after the bet has been placed. In all states with legal online sports betting, you can find Super Bowl odds in the futures section of most sportsbooks a full year in advance. You can also bet on the NFL Draft, although not all online sportsbooks offer the option. But apps like FanDuel, DraftKings, and BetRivers will always list the draft in their football odds. Sports betting sites create betting odds by performing risk assessment and calculating the probability of each outcome.
However, be sure that you’ve filled out your slip correctly. This is a proposed number of total points scored in the game by both teams combined. Over-under bettors decide whether they think the total points scored in the game will be “over” or “under” this figure.
A forecast wager is a bet on two or more selections to finish in a particular order. For example, a Forecast wager on the US Open Golf tournament would be if you select Rory McIlroy to win, Tiger Woods to come second and Dustin Johnson to finish third. A Free Bet is a ‘token’ that is able to be used in place of real money for wagering on the DraftKings Sportsbook platform. The Cash Out feature gives you the opportunity to cash out a bet before the outcome is decided, allowing you to secure part of your winnings or to cut your losses. Free Bet – A Free Bet is a token with a number value, which a customer can attach to a selection to a selection to place a bet. The difference between a bet placed with a Free Bet Token and a regular bet, is with a free bet the “stake” is not included in the winnings.
Online sportsbooks these days will offer their customers odds in several formats, but it’s important to understand each odds format. 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. 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. To calculate Alvarez’s probability of winning the match, we do the same thing.