Sports Betting Explained
Again, the -160 shows the Yankees are the favorite and the requirement of risking $160 for every $100 of profit. The +140 shows the RedSox are the dog and you will get $140 for every $100 risked. Here is a generic betting line for college football that we will use as an example for the next three sections to reference. Moneyline betting can be a great way for beginner bettors to introduce themselves to odds. However, it can also be great for seasoned bettors to find unique betting opportunities. Finding the best odds on the contests you want to bet upon is a matter of shopping around.
But while betting on sports is legal in almost half the states in the country, not all of them allow online wagering. Similarly, the +3.50 odds tell you that for each bet you place on the Suns, you stand to win $1 + $2.50 profit. The formulas must be used for positive and negative American odds, and they will allow you to see what the chance of a specific outcome happening is.
Few, if any, sportsbooks do not offer moneyline wagers to their customers. Data from more than 1,700 bets was used to generate each sportsbook’s comparative odds ranking. When collecting odds, we made sure to collect the same games at the same time for each sportsbook, ensuring data accuracy.
Of course, the one downside is having to risk more money to return the same amount that a point spread bet would net you. A moneyline is one of the simplest kinds of betting odds explained in this guide. Here you are simply betting on a result of a match, whether that is one team winning or the game ending in a draw. As long as you pick the correct outcome, this bet will payout for you. The first thing you’ll notice with moneyline odds is that there is either a positive or negative sign in front of the number.
Decimal odds tell you that for each $1 you bet on the Lakers, you stand to win a grand total of $1.33. Understanding the implied probability can help you to identify valuable betting opportunities where sportsbooks may have underestimated a team giving you a good opening. Just like with calculating your potential winnings, there are two formulas for calculating implied probability.
It’s a lot easier to understand with some practical examples. Rather, they are expressions of the proportions that the sportsbook is using for that particular game. While it’s simple enough to figure out, if you don’t feel like doing the math, use ESPN’s gamecast preview or Action Network’s odds calculator.