What exactly Do All these Playing Probability Signify?  

How Do You Read Sports Betting Odds?

Therefore, if you stake $10 at 6/1, you get a total payout of $70 ($60 profit + $10 stake). Sportsbooks make a ton of money on parlay bets because the odds offered are typically less than fair. Let’s say you make a two-team parlay where both teams are listed at -110 odds. Sportsbooks will typically list the odds of this parlay at +265.

Having knowledge about the raw math behind betting odds explained is useful, but of course you want to know about your potential payout too. Each different format for betting odds will have a different formula for calculating your winnings. Odds may be displayed differently depending on what the standard is for a particular sport. Refer to our guide’s section on American, fractional, and decimal odds to see different types of betting odds explained.

Line shopping, or checking the price at numerous different sportsbooks, gives bettors the opportunity to search for the most profitable wager possible in the market. You know you’re going to bet the 49ers, but instead of just accepting the -380 that DraftKings sells you, check every other outlet to see if they will deal you a better price. Often, when a line moves, it means action from sharp players has come in. The sportsbook respects these opinions and shifts the line accordingly. For example, if the book received some high-limit action from respected accounts on Lions +290, you might log in the next day and see Lions +250. When betting against the spread, you will be doing so on a money line of -110, meaning you must wager $110 for every $100 you want to win.

The total of these three percentages is 100%, thus representing a fair ‘book’. The true odds against winning for each of the three horses are 1-1, 3-2 and 9-1 respectively. 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 probability of an event is different, but related, and can be calculated from the odds, and vice versa. The probability of rolling a 5 or 6 is the fraction of the number of events over total events or 2/(2+4), which is 1/3, 0.33 or 33%. Look up odds in Wiktionary, the free dictionary.Odds provide a measure of the likelihood of a particular outcome.

Having these fundamental principles of betting odds explained is the first step to making successful wagers. Though the format they’re shown in and the calculations that determine your winnings change, betting odds are always a measure of how likely a sportsbook finds an outcome. So far, the different types of betting odds have all been wagers on single events within the upcoming week or two. Futures are wagers placed on, you guessed it– future events.

The truth is each individual provider sets their own odds, with the advice of expert statisticians and their data. Betting on the over under requires that wagers be made on whether or not the final point total will be above or below the line. Bets placed on Miami’s point spread of +7.5 requires the Hurricanes to lose by 7 or less. If you bet €10 on Ukraine as winner of Eurovision 2016, you would win €140. Historical statistics have a great influence on how the oddsmakers price each participant’s song. If a country has been statistically successful at Eurovision, oddsmakers will take this into account in their odds pricing.

As a general rule, one should expect fairly low vig in moneyline markets compared to many other types of bets like props and futures. That is, moneylines are usually a bit more bettor-friendly. In the San Francisco/Detroit example above, the market has 4.58% vig. That’s just a hair more than a typical spread betting market with -110 on both sides, which has 4.54% vig. To figure out how much vig is in a market, one must perform some simple math based on the moneylines offered.

Fractional odds, as you might expect, display with one number over another number. UK and Irish bookmakers favor this format, making it a common sight on soccer betting odds. As stated, a negative number means the bookie sees the outcome as more likely.

The types of prop bets offered can range from how many stats a player or team will acquire, to what color socks a competitor will wear. Props can even include activities by the coaching staff, fans, broadcasters, and referees. Here is a generic betting line for college football that we will use as an example for the next three sections to reference. Then each IP’s are divided by the total IP to get each outcome’s percentage chance of success. As an example, with odds of 14/1, for every €1 you bet, you will win €14. Fractional Odds are popular in United Kingdom and Ireland, and can be a bit tricky to understand and compare.