Understand Betting Odds
- How To Understand Betting Odds In Football
- How To Understand Betting Odds On Football
- Understanding Betting Odds Calculator
- Understanding Betting Odds
- Understanding Betting Odds In Sports
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If you are planning to enter the betting or the gambling world, it is important to understand and interpret all types of odds well. Be it casinogambling, sportsbetting, or any other type, it’s important to understand the odds. Betting odds represent the probability of an outcome occurring and the winnings you will receive if your bet is a winner.
There are three fundamental types of betting odds: American (Moneyline) odds, Fractional (British) odds and, Decimal (European) odds. These are distinct ways of presenting the same thing and hold no difference in terms of payouts.
American odds
If you are planning to enter the betting or the gambling world, it is important to understand and interpret all types of odds well. Be it casino gambling, sports betting, or any other type, it’s important to understand the odds. As touched on in our Brief History of Betting blog, the concept of calculating the likely chance of a winner in a horse race, and converting that into bookmaker odds, was devised by one Harry. Once you understand the odds, then you'll be more prepared to make a bet and more importantly, win your bet! Odds are easy to understand but there are different formats and once you become familiar with all of them, you can choose your preference. What are American, Fractional and Decimal Odds? Welcome to the Sports Betting Odds section of The Sports Geek. If you are new to sports betting and don’t understand how to read betting odds (+150, -110, +2200, etc) we will lay it all out for you and help you learn how the betting odds work. Luckily, they’re very straightforward and easy to calculate. All you have to do is multiply your wager by the odds to find out your potential winnings. Bet x Odds = Payout (original bet + profit) For example, if you bet $100 on a team winning, with odds at 1.82, then your potential total amount received is $182.
The odds for favorites are accompanied by aminus (-) sign, showing the amount you need to stake to win $100. Meanwhile, the odds for underdogs are accompanied by a positive (+) sign, indicating the amount won for every $100 staked. In both cases, you get your initial wager back, in addition to the amount won. The difference between the odds for the favorite and the underdog widens as the probability of winning for the favorite increases.
Fractional odds
Fractional odds are the ratio of the amount (profit) won to the stake; Decimal odds represent the amount one wins for every $1 wagered; and American odds, depending on the negative or positive sign, either indicate the amount one needs to wager to win $100 or the amount one would win for every $100 staked.
For example, with odds of 4/1, for every $1 you bet, you will win $4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20.
Total Return = [Stake x (Numerator/Denominator)] + Stake
where numerator/denominator is the fractional odd, e.g. 28/6.
Decimal odds
The favorites and underdogs can be spotted instantaneously by looking at the numbers. The decimal odds number represents the amount one wins for every $1 wagered. For decimal odds, the number represents the total return, rather than the profit.
The total (potential) return on a stake can be calculated as:
Total Return = Stake x Decimal Odd Number
More articles Related to these Topics how to, how to bet
“Wait, why does this NFL team have a -235 next to its name? What’s with New England Patriots (-15) vs. Miami Dolphins (+15)? Help! HEEEELPPPP!”
If that sounds like you, we’re here to assist you. If you’ve stared at a board at a sportsbook or just seen spreads and moneylines on the Internet and been utterly confused, don’t worry. It’s not just you. Those numbers can be confounding.
But hopefully, once you’re done reading this, you’ll completely understand how they work. As you prepare to dive into the world of sports betting, here’s a breakdown of how the lines work, starting with …
How To Understand Betting Odds In Football
Spreads
It would be really easy to bet on a game if you could put money on a heavy favorite to win.
That’s where point spreads come in. Let’s look at an example:
How To Understand Betting Odds On Football
Philadelphia Eagles (-4.5)
New York Giants (+4.5)
In this case, you can bet on either two outcomes: you can put money on the Eagles to win the game by 4.5 points OR MORE, which makes them the favorites. Or you can bet that the Giants will either win or lose by LESS THAN 4.5 points. They’re the underdogs.
Now, sometimes the spread “moves” during the days leading up to the game. Perhaps the Eagles’ spread ends up being -3.5 (in which they must win by 3.5 points or more to give you a victory in your bet). Your bet all depends on whichever spread you bet on, whether it was when the Eagles were favored by 4.5 or 3.5 points.
If you ever see “PK” or “pick” next to a team, it means there’s no spread and you can bet on who will win, no matter what the score is.
Moneylines
Let’s take that same example above but use moneylines:
Understanding Betting Odds Calculator
Philadelphia Eagles (-200)
New York Giants (+150)
The team with a minus symbol is the favorite, and the number is how much money you would need to bet to win $100. In this case, you would have to bet $200 on the Eagles in order to win an additional $100.
The Giants are the underdogs. If they’re +150, that means you could bet $100 to win $150.
Understanding Betting Odds
Note that you can bet any amount you want, but those numbers are always calculated and posted the same way, either in how much money you would need to wager to win $100 or how much money you could win by wagering $100.
Odds
If you’re betting on something like the team who will win the Super Bowl in the future, you might see it look like this:
Understanding Betting Odds In Sports
New England Patriots — 3/1
Baltimore Ravens — 5/1
Kansas City Chiefs — 8/1
If you were betting on the Patriots and their 3/1 odds, you would win $3 for every $1 you spend. So if you bet $50 on the Pats and they ended up winning the Super Bowl, you’d win $150 (plus your original wager) back.
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Good luck!