Betting Odds Explained: How to Read Odds, Spreads & Payouts With Examples

Bettors should closely monitor the odds and consider the factors influencing their fluctuations to make well-informed betting decisions. Two alternative odds formats you should know about since they do pop up in American sportsbooks occasionally are fractional odds and decimal odds. The vig (short for vigorish), or juice, is another variable that can have an important bearing on your success as a sports bettor.

Moneyline odds, also known as American betting odds, are prevalent in North American sportsbooks in the United States and Canada. These odds are presented with either a positive or negative number, indicating the potential profit or loss for a $100 wager. Positive odds, such as +200, signify the potential profit for a $100 bet. For instance, a +200 bet would return $200 in profit, plus the initial stake of $100, totaling $300. On the other hand, negative odds, such as -150, indicate the amount you need to bet to win $100. For instance, a -150 bet would require a $150 wager to potentially win $100.

By recognizing favorites and underdogs, you can make strategic bets that align with your betting strategy and risk appetite. Welcome to our comprehensive guide on understanding sports betting odds. You’re fairly unlikely to need to do much converting most of the time, as most betting sites allow you to choose your preferred format of odds in your account settings. Different sportsbooks and regions use different odds formats, but they all represent the same thing—the likelihood of an outcome and potential payouts.

How to Read Odds (US) – NBA Betting Example

A common misconception among sports betting newcomers is that it is a quick and easy way to make a ton of money. Yet only a small minority of sports bettors manage to show a long-term profit. The moneyline is the most basic form of sports betting—just pick who will win.

Decimal odds are perhaps the easiest to convert to probability – the formula is simply 100/odds. Decimal odds are the most straightforward when calculating probability, with just a single and supremely simple bit of math. At TheGambleTimes, we cut through the noise with honest reviews and real testing. No https://gullybetofficial.com/ hype, no tricks—just smart, transparent gambling insights that put players first.ABOUT US.HOW WE RATE.CONTACT US.

The less likely it is to happen, the higher the potential reward—hence the term “higher odds.” Odds also tell you how much profit you’ll make on a winning bet compared to your stake. If you’re after a modern gambling platform that puts crypto front and center while still offering a mountain of casino games and sports bets, Willbet Casino deserves a closer look. Licensed in Curacao, Willbet welcomes players from over 100 countries — including the US, UK, Canada, and Australia — making it a truly global online casino and sportsbook.

How To Calculate Implied Probability (Break-Even Percentage)

• Whether you’re planning to bet on sports, horse racing, or any other event, mastering odds is your first step toward smart betting.
• These are displayed as three or four numbers with a preceding plus or minus symbol.
• And hey — once you’ve got this down, you’re halfway to being the sharpest bettor in your group chat.

Fractional odds might be 9/10, meaning you could win $9 for every $10 wagered. Basketball betting odds are also available in the common types of odds formats. Decimal odds, for example, could be 1.75, meaning you could win $1.75 for every $1 wagered.

Think of the vig as the extra charge or convenience fee sportsbooks add for taking your bet. Point spread bets (as opposed to moneyline bets) typically have a 10% vig. Then, if you win, the sportsbook will pay you $210 (the $110 you spent on the wager plus an additional $100 in winnings). With fractional odds, it’s all about how much you need to bet to earn back a return.

American odds are easier to interpret when dealing with favorites (more likely to win) and underdogs (less likely to win). Simply put, the greater the odds against a team, the larger the payout will be for anyone who bets on that team and wins. For example, 7 to 2 odds mean that for every $2 you wager, you could win $7 if your bet is successful, while 5 to 1 odds mean you could win $5 for every $1 you bet. Here we can see that the bookmaker correctly priced Biden as the favorite to win the election.

Why do odds change before a game?

People often assume that betting odds are a direct representation of the likelihood of something happening, but that isn’t necessarily the case. When considering betting odds, keep in mind that they don’t directly represent the true chances of something happening. Because of the way betting works, betting odds also become a representation of probability. Keep in mind that moneyline bets simply entail picking the team you think will win outright, unlike a point spread bet where the margin of victory matters. American odds are convenient and fast once you get accustomed to them.

Decimal odds (aka «European odds,» «digital odds,» or «continental odds») are popular in continental Europe, Australia, New Zealand, and Canada. The favorites and underdogs can be spotted instantaneously by looking at the numbers. In this matchup, there is a big difference between the two odds, indicating a much higher probability of the Chiefs winning the game. Implied probability is perhaps the most important concept in betting.

You can also easily change between decimal and fractional odds, depending on your preference. Although there’s no ‘correct’ betting odds format, some are certainly more confusing than others to the layperson. Betting odds represent the amount somebody can expect to win in the event of their bet being successful. The higher the odds, the more a bettor will get if they win their bet, while lower odds will result in a much more modest return.