Sports Betting Odds Explained
It’s critically important because it allows you to understand how likely an event is to happen, and what your potential winnings will be. 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.
When you have a positive number, that’s the amount of money you can win on a $100 bet. So if I put $100 on the Rams to pull the upset, and they do, I win my $100 back + $165. All betting odds are correct at time of publishing and are subject to change. Even if you’re an experienced punter this Masterclass on understanding odds offers you the chance to refresh your thinking on identifying value based on the implied probability of odds. UNDERSTANDING how odds work is fundamental to being successful at betting on football, horse racing or any sport. The percentage win to break even represents the number of times a bet at those odds would need to win so that you didn’t lose overall.
In instances where the spread settles on a whole number and you’d like to avoid a push, you have the option of purchasing a half-point. (By “purchasing,” we mean you will get a lower potential payout, for example, going from -105 to -120.) You can then use that half-point to “move the spread” in your favor. So, if you liked a +3 underdog, you could adjust the spread to +3.5; and if you liked the favorite, you could move it from -3 to -2.5. In the above example, we have to bet $110 to win $100 on the Dallas Cowboys and the Green Bay Packers.
In the next few sections, we’ll slowly work through each aspect of a common sports betting line. To find an undervalued favorite, you also need to look at less higher-profile games. High-profile games in the NFL attract a lot of betting interest and often the odds and subsequent payouts reflect that. Say the Detroit Lions are scheduled to play the Indianapolis Colts.
So for every $1.30 risked on the Yankees in this game, you’d win $1. American odds can scale up or down based on your bet size. Sports betting is legal in North Carolina, but it’s only available at two casinos, which weren’t open as of early 2021. Sports betting is not legal in South Dakota, but residents passed a bill initiative in the 2020 election. Sports betting is not legal in South Dakota, but residents passed a ballot initiative in the November 2020 election, which means it’s on its way. Sports betting is legal in Virginia and residents began betting via FanDuel in January 2021.
UK bookmakers traditionally used the fractional odds format but decimal usage is becoming more common. This may be because they are easier to work out potential winnings. Or because they are more commonly used throughout Europe. The three main types of betting odds are fractional odds, decimal odds, and American odds. These are simply different ways of presenting the same thing and hold no difference in terms of payouts. This means that a chance of an event occurring can be converted and presented in any of the aforementioned types of odds.