The Texans are the favorites, which you can tell by their negative odds. Point spreads are the most popular way to bet on sports, as they provide people with bigger payouts when betting on favorites, and reduce the risk that comes with betting on underdogs.
As is the case with the money line bets, point spreads are also expressed with negative and positive numbers. Also similar to money lines, a positive spread is used for the underdogs and a negative spread is used for the favorite. In order for them to cover the spread, they need to win straight up, or lose by fewer than 11 points.
So what happens if Philadelphia wins by exactly 11 points? For some sports, bookies usually include a half-point in their point spread in order to ensure a winning or losing result with no ties possible. For that, you need to check the money line odds in the brackets beside the spread. A flexible spread means the oddsmaker can make it any number that makes sense. Sports with lower point production have standard point spreads which are the same number no matter what the matchup is.
For example, in MLB, the standard spread used is 1. NHL is another sport that uses standard spreads. For this San Francisco Giants-Boston Red Sox game, oddsmakers are estimating that both teams will score a combined total of 8 runs.
The public gets two options to bet: over 8 runs and under 8 runs. Totals payouts are based on the money line odds shown in the brackets beside the total, just like we covered in the money line example above. The positioning of the teams tells you which one is the home team and which is the visiting team, as the home team is always positioned underneath the away team.
The spread and the total will look the same regardless of which sportsbook you use, but the moneyline odds could be displayed in American, decimal, or fractional styles. Although these lines are expressed in American odds, most sportsbooks let you choose the type of odds you want the line expressed in.
Changing the lines to decimal odds would look like this:. Find the best sports betting bonuses in your state, here. You can make the same wagers in land-based casinos and sportsbook as you can online. In both cases you usually have the option to bet on the point spread, money line, and total. Some sports also prop bets like futures. The big difference between betting in Vegas, for example, and betting online is how the bets are displayed. Always double check your bet slip to make sure the bookie entered it right before leaving the counter.
As mentioned, there are three ways sportsbooks display odds: American odds, decimal odds, and fractional odds. These odds tell you:. Pro : The underdog and favorite are clearly indicated. The underdog is the team with the negative number and the favorite is the team with the positive number.
Con : There are two payout calculations, one for the favorite and one for the underdog. Remember, positive odds indicate the underdog, and negative odds indicate the favorite. The favorite, meanwhile, has a lower payout because their odds of winning are higher. Odds for the favorite are based on the following formula:. In order to figure out the implied probability of each side winning, two calculations need to be done, one for the underdog and one for the favorite.
If you think that seems low, scoop up the odds and lock in the bet. Across the pond in the UK, the sports betting market deals mainly in decimal odds, which are essentially payout multipliers. If you see, for example, one team listed as 3. Con : Payout includes the return of your stake, not just the profit like American odds. In this example, the Boston Red Sox are 1. You can tell that the Red Sox are the favorites because their decimal odds are smaller, meaning their bet offers a smaller payout multiplier than the 2.
Like we mentioned before, the favorite always has a lower payout to balance the higher odds of winning. To determine how much money either bet will yield if it wins, simply multiply your stake by the decimal odds. Determining the implied probability of each bet is easier with decimal odds than it is with American odds. One calculation is used for both teams. If you think that they actually have a higher probability than that, take the bet.
Con : If the fractions for both teams have different denominators it can be hard to tell which option is the favorite. For the Dodgers, every 4 units you bet will pay 5 units as profit. If you want to know the total return, including the amount staked, simply add the denominator to the numerator.
Calculating the implied probability of each betting option using fractional odds involves a three-step equation. Just like American and decimal odds, we can use fractional odds to figure out how likely the sportsbook things the bet is to win. So there you have it. Legal betting is becoming available in more and more states thanks to a big decision made by the US Supreme Court in Since the only state that had full legal sports betting was Nevada but now, thanks to the SCOTUS decision, each state has the authority to create their own laws around sports gambling.
A number of states have already begun offering legal betting and tons more are getting their legislative wheels turning in order to introduce it soon. For the latest developments for your state, check out our comprehensive state by state guide to legal US sports betting. What Are Betting Odds and Lines? As a rule of thumb: The shorter the odds, the higher the win probability, and the lower the payout. Bad teams are known as the underdog. They have lower win probability but bigger payouts.
What Are Game Lines? If both teams combine for more than 8 runs, the over wins. In the case of a push, all bets are returned to the bettor. In many cases, point spreads will not be an even number. Rather, point spreads will display a half of a number,.
More information regarding the hook can be found below, in the section about key numbers. Point spreads are most commonly used and referred to in football betting. This means that New England is favored by 8 points and that Buffalo is the underdog by 8 points. This final score would result in a push, as it fell on the exact 3-point spread that was being applied.
If the final score results as in favor of New England, bettors holding a Patriots -8 ticket would win the bet because the Patriots won by There is where the juice comes into play. Sometimes, you may see a point spread bet listed with odds of , , or even Because oddsmakers will adjust point spreads as they see fit, another way to alter the handicap is by changing the odds slightly. Sportsbooks and oddsmakers may very well change a point spread to keep the handicap even.
Injuries, starting lineups, weather, and volume of bets on one side or the other are a handful of the reasons for a point spread to change. Of course, they can also work to your disadvantage. This shift signifies that New England moved to become less of a favorite than at the opening line. If you placed a wager on the Patriots -8, you now need to overcome an additional point to win. Many sharp bettors make a practice of watching and predicting line movements. This is done in an attempt to get the best number possible.
This is especially true for bettors wagering on football, because football point spreads are where the key numbers tend to have the most significance. Due to how the scoring is structured in football, with field goals being worth 3 points and touchdowns being worth 7 points when you include the 1-point extra point, the most common margins of victory are 3 and 7 points. Knowing and understanding the importance of these key numbers can allow a bettor to make better wagers.
The same can be said for 3. This also works for the other side of a point spread, the underdog.
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And, how do I use them to place my bets? Well, this betting odds guide will help you learn the exact definitions you need. Betting odds are numeric representations of the likelihood of a certain outcome. Plus, they represent the return, or profit, that the bettor will receive with a winning bet. This outcome probability can also be called implied probability. Being able to understand the implied probability is very important when sports betting. It allows you to place your wagers only in situations where you have determined the likelihood of an outcome happening is greater than the determined implied probability.
So, now you might be even more confused. If you have looked at retail sportsbooks and online sportsbooks, you may have seen a whole slew of odds. And, not all of the odds may have looked the same. In order to fully understand how to read odds, you will need to understand all three types of odds.
You may not know the types of odds that will be chosen for different sports and different sports events. So, understanding the three main types is crucial. American Odds are also known as Moneyline Odds. They are shown as either positive odds or negative odds. Plus, the Los Angeles Lakers have odds. Plus, most sportsbooks will have American Odds listed.
But, you will want to understand the other odds that you may find on sportsbooks both retail and online. So, now that you understand the different types of odds, you will need to learn more before placing your bets. Understanding how to calculate implied probability is especially important. This way, you will know the likelihood of certain outcomes in sports betting. When you want to calculate the implied probability using positive American Odds, it should be pretty easy.
So, with the odds from the American Odds example above, here is an illustration of how that would work. This means that the implied probability that the Boston Celtics will win the game is 0. Accordingly, bookmakers believe the Boston Celtics have a Now, the steps are different to calculate the implied probability for negative American odds.
But, they are still fairly simple. So this means that the implied probability is 0. This means that the Los Angeles Lakers have a If you want, you can place your wager on the underdog, or the team most likely to lose. This is known as betting against the odds.
This is the original amount that you wagered, plus profit. And, it is quite a profit. As you can see, betting against the odds can earn you quite a profit. However, the odds of this type of bet paying off are much lower than if you bet on the team favored to win. So, you should only bet against the odds when you are fairly certain you will win.
Fractional Odds tend to be found more often in Europe than in the United States. Typically, they are popularly used in United Kingdom horse race betting. Fractional odds show that you will receive your profits in proportion to your stake. Here, we will use the same sports game example from above to illustrate Fractional Odds. This means that for every three dollars you wager, you will get a profit of four dollars.
So, it is lucky that they are not used as often as the other odds in the United States. However, it is still important to understand them. Finally, we have reached our third type of odds that we will be exploring. Decimal Odds are a type of odds that are very popular.
You can find Decimal Odds used in countries around the globe. Many sportsbooks that you will find online will use Decimal Odds. Now, this sounds more complicated than it actually is. So, we will use the same sporting event example from above to illustrate decimal odds.
So, say the Boston Celtics have 3. So, as illustrated above, decimal odds are pretty easy to understand. And, they are easy to calculate. That makes decimal odds a pretty easy yet important odds type to understand. In order to place bets that will be profitable, you should only put down your money when there is value.
So, we can illustrate this using our example from above. That means we should only place a wager if we can tell a team has better odds to win than are shown by the odds. So, if you think the Lakers have a better chance to win than Calculating the implied probability in negative American odds is fairly straightforward:.
So in our example, the Bulls are at odds of to win the game. So the implied probability of the Bulls winning the game is 0. In this case, the bookmakers see the Bulls as a As stated earlier, the key to successful betting is to bet only when there is value.
In our example, we should only bet on either the Bulls or the Lakers if we determine that they are a better chance to win the game than what the odds represent. If we believe the Lakers are a better chance to win than If we believe the Bulls are a better chance to win than Understanding betting odds is crucial to long-term betting success. Possessing an intimate grasp of betting odds and their implied probabilities is fundamental to profitable betting.
Many states allow for online horse racing betting and you can see odds at most of the big horse racing tracks around the world. Betting odds represent the probability of an outcome occurring and the return profit you will receive if your bet is a winner. It could be the likelihood of all of your final four betting picks being correct. Understanding the implied probability is crucial. Because you should only bet when you believe the probability of an outcome occurring is higher than the implied probability.
But if you would like to learn more about betting odds and alternative odds formats, try this odds converter. The Giants are at odds of to cover the betting line of The probability implied in the odds is You have not found a value bet and should not place a bet on the Giants. Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins.
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