How To Understand Betting Odds
Obviously there has to be a catch, though, or the bet would be way too simple. The sportsbooks balance their risk by setting different prices on each team. You win a smaller amount than you bet if you pick the favorite, and you generally win more than you bet if you pick the underdog. The stronger the favorite the less you will win, and vice versa. A negative money line represents the amount that you would have to bet to win $100 if you were correct.
Similarly, if the point spread is -9, it means that the favorite is expected to win by at least 9 points. A spread is the number of points that a team or competitor is expected to win or lose a game by. A negative point spread implies the favored team while a positive point spread indicates the team that is expected to lose. If both teams are equal, the spread will be listed as “EVEN.” Winning bets will cover if the winner wins by more, or the loser loses by less, than the spread.
Whichever format odds are written in, they all have an equivalent in another format. While some sites, such as William Hill’s Jersey sportsbook, allow bettors to change odds formats, it is useful to understand how to calculate odds between formats. Not only will this help you understand your potential return, but it also makes it easier to compare betting odds across sportsbooks. 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.
Thus, common sense will tell you that Cleveland is more likely to win this particular matchup given those two financial scenarios where one has a negative number and the other a positive one. A negative number tells you how much you will need to stake in order to win $100; a positive number indicates how much you will win if you stake $100. Colorado legalized in-person and mobile sports betting November 2019 after a bill was signed by the governor and then approved by voters. Sports betting is not legal in Maryland, but residents voted Yes to legalize sports gambling in the November 2020 election.
Similarly, if you bet the Packers +7, as long as they lose by less than seven points or win outright, you win your bet. At many sportsbooks, you’re free to see the odds no matter what state you happen to be in. However, you can only place real money bets at online sportsbooks odds if you’re located in states that have legal sports betting. With these betting odds, you are wagering on whether the favored team in a matchup will not only win, but win by more than the number of points that the provider is estimating.
You can calculate the potential winnings and implied probability on the push in the exact same way you would on any other selection. It’s common knowledge among bettors that the online gambling industry pays close attention to Las Vegas Sports Consultants, a private company that handles the odds for casinos and newspapers. But the totals I set have to reflect our customers’ preferences for betting the over or under on certain teams in certain situations.
The optimal situation for bookmakers is to set odds that will attract an equal amount of money on both sides, thus limiting their exposure to any one particular result. To further explain, consider two people make a bet on each side of a game without a bookmaker. However, if he had made that $110 bet through a bookmaker he would have only won $100 because of the vig. In a perfect world if all bookmaker action was balanced, they would be guaranteed a nice profit because of the vig. The house vigorish – and your chances of winning – get worse with the more teams you add. So while some sportsbooks will let you place a 15-teamer with astronomical odds, you probably have a better chance of being struck by lighting – twice – before winning one.
In the next few sections, we’ll slowly work through each aspect of a common sports betting line. Betting odds are a way to quantify how likely a certain event is to happen. Odds themselves are a way to predict the probability of an event, and betting odds are a way to put a dollar amount on each probability. Odds show how much money you will win, if you bet on an event to happen.