Sports Betting Odds Explained

Typically you won’t know the exact odds because sporting events aren’t that predictable, but this is a key principle to keep in mind when evaluating a bet, especially on a moneyline. In the event there is a pitching change prior to the game, money odds, totals and run line odds may be adjusted. If one scheduled pitcher starts against an unscheduled pitcher, “Action” wagers will be computed by the opening price with the new pitcher. Now that you can convert odds into the perceived value, it means that you can work out whether you think the bookmakers’ implied probability of an event occurring differs from your own. You may also see odds expressed with the lowest number first e.g. 1/2 or 2/7. These are known as ‘odds-on selections’ and are normally used when the likelihood of something happening is higher than not.

Most often, a sportsbook simply copies lines from the market-setters, the books that accept high-limit wagers from sharp, winning players. Wholesale odds are the “real odds” or 100% probability of an event occurring. This 100% book is displayed without any bookmaker’s profit margin, often referred to as a bookmaker’s “overround” built in. In the modern era, most fixed odds betting takes place between a betting organisation, such as a bookmaker, and an individual, rather than between individuals. The sixteenth-century polymath Cardano demonstrated the efficacy of defining odds as the ratio of favourable to unfavourable outcomes.

For example, decimal odds of 3.75 will result in larger winnings than decimal odds of 1.75. When something is just as likely to happen as not, it is given even odds. These are presented as 1/1 in fractional odds or 2.0 in decimal odds. In this instance, your winnings would be the same as your stake. Baseball parlays are calculated at true odds by taking the player’s original wager plus winnings and applying it to each successive game, using the money lines at the time of the wager.

In other words, for every $5 you bet you can win $3 in profit.To determine profit, multiply the amount you bet by the fraction. If I spend $15, then my profit for winning is $9 (15 x 3/5). Sometimes a line will move far enough to create a “middle” opportunity. Say the Texas Longhorns end up facing the Wisconsin Badgers in the first round of March Madness.

Most internet sportsbooks in 2021 will let you change between Fractional, American or Decimal odds on their markets. It’s a little trickier to convert between moneyline/American odds and decimal odds because moneyline takes the form of both positive and negative numbers. With decimal odds, the figure quoted is the exact amount that will be paid out if the bet is a winner.

Betting against the spread – In the sports betting industry the acronym ATS is used to label a team’s record when betting against the spread. And, conversely, a team could be losing a lot of games but playing in a lot of close games as underdogs and have a good ATS record going. The simplest way to think about a moneyline is to consider a base bet of $100. A moneyline is a number larger than 100, and it is either positive or negative. A line with a positive number means that the team is the underdog. If the line, for example, was +160 then you would make a profit of $160 if you were to bet $100.