How To Read Odds In Sports Betting
First appearing in horse racing, they are the oldest form of odds in sports betting. The moneyline odds attached to each side of the point spread are -110. To bet either side, NFL bettors will need to bet $110 to win $100. However, bookmakers often change the attached vig on point-spread markets. This is another way for them to move the line without coming off certain numbers. Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins.
There you have it, the basics of understanding betting odds. Understanding these basics will make it easier for you to properly assess risk when placing future bets. The house vigorish – and your chances of winning – get worse with the more teams you add.
If the decimal is below 2, you are betting on the favorite. For example, if you are given odds of 1.91, you’re risking 1 unit to win 0.91 units in profit, or rather you will be collecting 1.91 units. The favorite in the 2021 College Football National Championship, Alabama, had odds of 1.37. This means that you would have to risk 2.7 units to win 1 unit. Finding value is the name of the game when betting favorites. However, if a draw occurs, mostly on soccer, it will be called a “push,” and it will result in the sportsbook refunding your bet.
The favorites and underdogs can be spotted instantaneously by looking at the numbers. The types of odds are simply different ways of presenting the same thing, and hold no difference in terms of payouts. This means that to bet the over you will have to bet $105 to win $100. To bet the under, you will risk $100 for the opportunity to win $110. You see “4” most commonly because the extra $10 you have to bet to win $100 is called the “juice” that the books keep as a fee for making the line available to you.
In order to make sure that the gambler can collect more than they bet when they place a winning bet, the odds are always greater than 1 in this system. Otherwise, the winning gambler would end up losing money after placing the bet. In both cases, the winning gambler collects not only the prize amount but also the amount placed in bet. As such a gambler betting $115 in a -115 bet will collect $215 from the book maker if his favorite team wins. For those of you who are unfamiliar with the terms, the favorite which is accompanied with the minus (-) sign, is the odd which is favored to win. The underdog is a term used for the odd with the less probability of winning.
An example would be in Super Bowl 55 when the Tampa Bay Buccaneers had odds of +143 to win, meaning a bet of 1 unit would net you 1.43 units in profit. Armed with this new knowledge, you are ready to take on the world of sportsbooks. Following the tips in this helpful guide can take you from wondering, “how do odds work? Remember how to read odds and the formulas for determining the implied probability from each.