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п»їHow to Read Betting Odds.
If you’re new to the world of sports betting, one of the first things you’ll need to do is figure out how betting odds work. At a quick glance, betting odds can be quite intimidating to first-time bettors, and you may find yourself asking “how do betting odds work?” That’s where Compare.bet can help; we’ve taken it back to the basics to explain betting odds and how they work.
Odds Converter.
What are betting odds?
The first step to understanding betting odds is appreciating what they do. Betting odds simply indicate the likelihood of an event and the return you’d get if you did make a wager on the result. Betting odds may be displayed in three different formats at US sportsbooks and online and mobile sports betting platforms: American odds, fractional odds and decimal odds. Different formats don’t mean different odds; it’s simply a different way of presenting them. This isn’t as complicated as it might sound and, by the time you’ve read our guide to betting odds, you’ll be an expert.
American odds.
Let’s consider a real-world example to understand how American odds work in action:
When it comes to calculating the return from a bet made using American odds there are two different formulas that can be used:
Calculating negative odds: (100/Odds) x Stake = Profit Using the example above: (100/190) x $100 = $52.65 Calculating positive odds: Odds x (Stake/100) = Profit Using the example above: 170 x ($100/100) = $170.
When looking at American odds, it’s important to remember that the results of some matches have a points spread attached to them. This applies to a variety of sports including NBA, NHL, NFL and MLB games.
When a point spread is attached to a set of odds it means that for the bet to be successful the team must вЂcover the spread’. This means that the team you are betting on must win or not lose by a predetermined margin of points.
Fractional odds.
Displaying odds in a fractional format is more common in overseas markets, such as the UK, than at US online sportsbooks, but it’s useful to understand them nonetheless. Fractional odds are some of the most simple to understand, as they present your potential winnings as a fraction of the money you stake: while the denominator represents the amount bet, the numerator is the amount your stake will yield in a winning bet.
For example, odds of 1/1 mean you’d get a return of $20 for a winning $10 bet. Want a real-life example? Making a $10 winning bet on an NBA game priced at 5/1, would net you $60 in total.
You can use the following formula to calculate potential returns with fractional odds:
Decimal odds.
The decimal odds format, also known as European odds, represents the multiple of your stake that you will get back for winning a bet. While these are more common at overseas betting exchanges, you may see these at US betting sites. For example, betting on a market priced at 2.5 means you would win two and a half times your stake if your bet were to win. This means you’d win $2.50 for every $1 you wager.
Another example of decimal odds in action would be betting on NHL game with odds of 9.0. A $10 stake on odds of 9.0 would earn a total payout of $90 with $80 being won from the sportsbook and your initial $10 stake being returned.
You can use the following formula to calculate potential returns with decimal odds:
Calculating total payout: Odds x Stake = total payout e.g. 9.0 x $10 = $90 To calculate profit: (Odds x Stake) – Stake = profit e.g. (9.0 x $10) – $10 =$80.
Comparing different types of odds.
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. Not only will this help you understand your potential return, but it also makes it easier to compare betting odds across sportsbooks.
Fractional odds to:
Decimal odds to:
Fractional American (decimal odds-1) and round to nearest integer = fractional odds (decimal – 1) x 100 = American odds (3.75-1=2.75) = 2.75/1 or 11/4 (3.75 – 1) x 100 = 275.
Positive American odds to:
Negative American odds to:
US sports betting markets.
We’ve explained betting odds, but what markets are these set on? As the US sports betting industry continues to grow, so does the selection betting options, or betting markets, at each site. Odds will vary between these markets, and even between the same markets at different sports betting sites. Not quite sure what every US sports betting market means? These are the most popular:
Straight bet.
A straight bet is a single bet on the outcome of a game or sporting event that is determined by a money line or point spread.
A futures wager is a bet placed on the outcome of an event in the future. For instance, you can place a wager on the winners of the NFL season which doesn’t even begin until next year.
A parlay wager is a single bet that is linked with two or more wagers. In order to win a parlay bet, a bettor must win every wager in the parlay. If a bettor loses one wager in the parlay then they will lose the entire parlay bet. Parlay bets tend to have much higher odds than other bet types.
Teaser bets are usually available for basketball and football events. A teaser allows bettors to combine their bets on two different games and adjust the point spreads for the two games. However, the better will see a lower return in the event that their teams win.
Round robin.
A round robin is essentially a series of parlay bets. For instance, a round robin made up of three teams will consist of three two-team parlay bets.
Propositions.
Propositions bets are sometimes referred to as “prop” bets. These bets focus more on the outcome of a certain event happening during a sports game such as “which team will score the first touchdown?” or “how many field goals will team x score?”
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 вЂsafer’ bets with lower odds until you get to grips with how it works exactly.
Sports Betting Odds Explained.
Sports Betting Odds Explained.
Sports betting odds may seem foreign at first for the beginning sports bettor. But rest assured, you’re never that far from gaining total comprehension. It’s really not that hard. Walk through a sportsbook one day. You may think “if these guys can understand sports betting odds, so can I.” You would be right.
The odds and how odds apply to betting may vary slightly from sport-to-sport. At the same time, there are some principles that apply to all aspects of sports betting. Let’s break it down by sport and give you the lowdown on how betting odds work for all the different major sports.
NFL and College Football: There are two things you need to understand in order to bet on football at the professional and college level. Those two things are the point spread and the money line. The point spread is applied to the standard form of football wagering, where you pick one of two teams to “cover the spread.”
A number is applied to a game, with one team favored by that many points, while the opponent is an underdog by that same number of points. It will look like this:
In other words, if it’s 21-17 Cincinnati, a bet on Pittsburgh would win by a half-point. If the score was 24-19 Cincinnati, a bet on the Bengals would win by a half-point.
NOT ALL ONLINE SPORTSBOOKS ARE CREATED EQUAL! MOST CHARGE -110 ODDS! YOU ONLY HAVE TO LAY -105 AT 5DIMES SPORTSBOOK!
All other football bets will take place on the money line, which is simply a way to express odds. You can make prop bets, futures wagers, over/under bets on totals, and a slew of other bets and they will almost always use the money line. Another popular bet using the money line is when you bet on a team to simply win the game. Let’s use that as an example:
Note: All the different bets in pro and college football are more or less self-explanatory. The key to understanding the bets is to be able to understand the odds.
NBA and College Basketball: Pro and college basketball mirrors football in terms of betting odds. The standard form of betting is on the point spread, with all other bets expressing odds on the money line. The only real distinction between NBA and college in terms of betting is that the NBA plays quarters, while college basketball games are played in two halves. Let’s take a quick look at how a basketball point spread would work:
Most other basketball bets are governed by the money line, which is just a way to communicate odds. Here is an example:
This form of odds expression is used for all facets of basketball wagering. The bets themselves are easy to comprehend, but to really understand a bet, you just need to understand the odds. Knowing the point spread and money line will allow you to do that.
Key Points About Football and Basketball Betting Odds.
With money lines, the $100 reference point doesn’t mean you have to either bet $100 or enough to win $100 You can wager whatever amount you want and the odds would just break down proportionately.
When betting against the spread, you will be doing so on a money line of -110, meaning you must wager $110 for every $100 you want to win. You can also find a -105 line, where you only have to wager $105 for every $100 you want to win.
Major League Baseball: Standard MLB betting occurs on the money line. The two teams in a game are simply given odds. You pick a winner. There are certainly other bets available when wagering on baseball, but they are easy to understand. The only part that might be tricky is the odds, but understanding the money line means you understand baseball betting odds.
Remember these 4 things about the money line and you will be equipped to at least understand how the wagering of baseball works:
1. Minus means favorite.
2. Plus means underdog.
3. The number you see next to the minus sign is the number you need to BET to win $100.
4. The number you see next to the plus sign is how much you WIN if you bet $100.
Let’s look at a quick example:
Note: Understanding the money line will not only have you ready to understand baseball betting, but it will also mean you understand boxing, MMA, tennis, auto racing, hockey, soccer, and elements of football and basketball wagering.
Sports Betting Odds.
Sports Betting Odds Explained.
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.
American Style Sports Betting Odds.
Most online sportsbooks will list their odds in what is called “American Odds”. There are a couple different versions of sports betting odds, but these American Odds are the most common odds used. Reading and understanding sports betting odds can bet a little confusing to beginners, so we have provided an example below using two NFL football teams:
American Odds.
The number shown in the bracket represents the odds. The American Odds have two components to them, the first being the positive or negative sign, and the second being the number that follows the sign.
The next step is figuring out exactly how much the bet pays out, which is where the numbers in the odds come into play.
A listed odd with a – sign in front of it, such as the -140 in our example above, shows us how much money you would need to wager in order to win $100. So using the -140, this would show us that you would need to bet $140 in order to win $100 in profits. 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.
Examples:
Examples:
Below is an example of NFL betting odds taken from an online betting site.
The great thing about betting online is that the online sportsbooks will do the calculations for you before you place your bet. You can click on the outcome or team you would like to bet on, and then input the amount you wish to wager and it will show you your potential pay out before you confirm your bet.
Ready To Start Betting? MyBookie and BetNow are my two favorite sportsbooks and make betting very easy. You will also get a Free Money Bonus at each sportsbook if you follow either link above.
Decimal Style Sports Betting Odds.
Decimal style odds are used mostly in Europe, and are pretty easy to understand. To calculate the decimal style odds all you will need to do is simply multiply the amount you wish to wager by the decimal odds shown and you will get your payout. For example it may look something like this:
Decimal Odds.
Matchup Odds USA 2.40 Brazil 1.55.
If you wanted to place a $10 wager on the USA at 2.40 you would simply need to multiply your $10 wager by the 2.40 odds (10 x 2.40) to find out that the payout is $24. It is important to realize that with decimal style odds it includes the amount you wagered, so to find out profits you would need to subtract your wager ($24 – $10) to find out your potential payout is $14 in profits.
If you wanted to place a $10 wager on Brazil you would again just multiply $10 x 1.55 to find out that you would win $15.50 total or $5.50 in profits.
Decimal style betting odds are very simple to understand, but you won’t see them displayed in many North American sportsbooks. With that said, most online betting sites will allow you to chose the style of betting odds you want displayed, with American odds set as the default.
Sports Betting 101: What does the point spread mean, and why do people bet it?
As a fan, you don’t care if your team wins by a point or 100. A win is a win, though that 100-point win would be a little easier on the nerves.
In sports betting, how much a team wins by is usually all that matters.
The most popular way to bet for the two most popular sports, basketball and football, is with the point spread, also known as the “side.” Most baseball, hockey and soccer bets are on the moneyline, which is betting on a team to win straight up with adjusted odds. Football and basketball have moneyline bets available too, but most people will take the point spread.
The concept can be a bit confusing if you’ve never dabbled in sports betting before.
Why bet with the point spread?
The point spread was created to attract more action on a game. When the San Francisco 49ers are expected to blow out the Arizona Cardinals, it’s not enticing to lay $300 to win $100 on a moneyline. But when the 49ers are 11-point favorites and each side is -110 odds? That’s much easier.
Nothing sharpens your math skills better than trying to figure out how big your lead as a bettor is if you have a 22.5-point basketball underdog that is losing 90-72.
The problem with the point spread can be when a team — which really doesn’t care that you bet the favorite at -11 — has a 14-point lead but gives up a meaningless score at the end to win by only seven points. They’re still happy with the win. You, as a bettor, are not.
В© Provided by Yahoo! Sports Sportsbooks have large boards that display point spreads for all games that day. (AP Photo/John Locher, File)
Point spreads lead to bad beats.
The most infamous example of a bad beat with the point spread probably came in the 2004 Final Four at the NCAA men’s basketball tournament.
Duke was a 2.5-point underdog against UConn. The Huskies rallied late and took a 79-75 lead on a free throw with 3.2 seconds left. The game itself was over; Duke couldn’t score twice in a few seconds. But Duke guard Chris Duhon pulled up for a running 3-pointer just over the half-court line and banked it in at the buzzer. Duke lost 79-78, but bettors who had Duke and 2.5 points won. March Madness is a huge event for bettors, and reports at the time estimated that Duhon’s “meaningless” shot resulted in a $30 or $40 million swing in Nevada. UConn players celebrated at the final buzzer. UConn bettors doubled over in pain. That’s the difference between betting the moneyline and the point spread.
Baseball and hockey have point spreads too, the “run line” in baseball and “puck line” in hockey. It’s generally 1.5 with odds adjusting accordingly. Taking a big baseball favorite at -1.5 runs can make the odds more palatable. Of course, betting the New York Yankees at -1.5 to bring down the odds from -190 to -110 isn’t too fun when they win 4-3 and you don’t cash a bet.
Betting on the point spread is the most common way to wager on sports. And the first time you take a favorite that wins the game but doesn’t cover the spread, you’ll understand every bettor’s heartbreak.
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