How To Read Odds In Sports Betting
By this I mean you need to determine the probability of a bet winning. The odds are presented in either a negative or positive format depending on the probability. The first thing that any punter needs to do is understand how the odds work and what they mean. However, they are presented, being able to convert your odds into a break-even percentage is a crucial part of understanding what is actually a good bet. If the odds are +200 that means the book is giving you the odds that the bet will come in one-third of the time. If you think the likelihood is higher than that, it is a good bet.
Let’s take you briefly through some common betting features of US sportsbooks. There are three odds types found at online sportsbooks. The standard odds display is US odds, but it’s good to grasp decimal odds and fractional odds too. The probability represented by betting odds is often referred to as the ‘implied probability’.
But read this betting odds explained guide to help to understand. The bookmaker has offered odds of +585 for Syracuse, which indicates that the bookmaker has placed a much lower probability (about 15%) on Syracuse winning the game. One needs to risk $100 on Syracuse to make a potential win of $585. If Syracuse can pull off the upset, one gets back their initial stake of $100, in addition to the $585 won, giving a total payout of $685. Have you ever wondered just exactly how betting odds work? If you’ve never bet on a sport before, looking up at an LED board full of lines and numbers next to your favorite teams will be intimidating.
The transition from fractional odds to decimals largely kicked off with the growing popularity of the betting exchanges such Betfair. Betting odds allow you to calculate how much money you will win if you make a bet. Let’s use the same examples as before, with the same replacement of numbers for letters, i.e. 4/1 becomes A/B.
For the underdogs, the odds are accompanied by a ‘+’ sign. This shows how much a better would win if they staked $100. As the name suggests, American odds are most popular in the United States. Working differently for favorites and underdogs, they’re also known as ‘moneyline’ odds. Most legal sportsbooks around the country won’t allow you to make bets with Venmo. If the score is exactly what the bookies set, then the bet is a push and everyone gets their money back.
If the Los Angeles Lakers are a +500 to win the NBA championship, a successful $100 bet would net $500. Even means that both teams are equal and that neither are favored in the point spread. This is also referred to as a pick ’em as it is a straight up, winner-take-all, wager.