The amount of edge built into an event or a specific market can vary wildly across different operators and sports, but let's use football as an example. This doesn't mean that you can't make money betting on sports or anything for that matter but knowing the odds and what you're up against is key.
Consider the implied percentages here:. That extra 2. Match results tend to be at the lower end of this spectrum but understanding what the total percentage of a market's outcomes adds up to will help bettors understand what they're up against.
Making money on the betting markets is not impossible. There are many factors that come into whether someone is profitable or not, several of which we'll discuss more in the Betting Basics series, but it's key to know how odds work and what that means for your betting activity if you choose to get involved. Jim Knight. Getty Images. Yes, in fact, sportsbooks also release spreads for different points in the match like after the first quarter or first half, which is called live betting or in-game betting.
As you can see, Dallas is a 2. Look for key numbers such as five and seven because they tend to represent two- and three-possession games. In both cases, the spread is almost always If New York pulls off an outright upset, then that is also a winning wager.
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Don't let the numbers at the sportsbooks confuse you. Learn all the basics to sports betting on this page along with a few advanced methods. Betting on auto racing has exploded in popularity in Vegas in recent years, and its appeal continues to grow.
The structure of betting on auto racing is similar to that of golf. The most basic wager involves picking the winner of a race. Typically a sportsbook will list 20 or more individual drivers along with a field all others option, at various odds. Auto racing matchup propositions also are available, in which two drivers are paired against each other in a head-to-head wager, with a betting line on each driver set by the oddsmaker. The driver with the better finish in the race wins the matchup.
Both drivers must start for action. For example, a matchup may pit Dale Jarrett minus against Bobby Labonte plus To bet on baseball, tell the ticket writer the bet number of the team you wish to bet and the amount you wish to wager. If your team wins the game, you win. The payout varies according to the odds posted. Baseball odds are shown using a "Money Line. A "minus" - preceding the number indicates the team is a favorite. On Today's Line we use a different format, the idea is the same.
You will not find the odds for the Underdog. The Underdog's odds are based on what the casino has for its line. Most use a "Dime Line" or something close to that. Here are two more examples of a dime line and a cent line.
See whether you can tell them apart. You can arrive at the underdog's price by looking at the favorite's line. Dime lines are slowly disappearing as sports books look to make a larger profit during what is traditionally the slowest betting season.
Several books still offer dime lines. Money lines change constantly. The listed money line the time you make your bet may be different from the money line when the game starts. The listed line on your ticket is your official odds, unless starting pitcher is changed. This is explained later. You may wager that the total score of the game will be more or less than the number listed. It makes no difference which team wins. Simply add the final scores of each team. If either doesn't happen, the bet is refunded.
A favorite must win by 2 runs or more, or the underdog must either: a Win the game. The payout varies according to the money line odds assigned to each outcome. Note: Same rules apply to run line bets as totals. Baseball parlays are figured out by calculating the payout for the first game, based on the money line, then applying that amount to the next game, and so-forth. If a game is postponed for any reason, the parlay reduces by one team.
The bet is treated as if the postponed game were never included in the parlay. Simply ask the betting attendant at your favorite sports book what your payout would be before placing the bet. When making a baseball bet, you are betting team vs. You have the option to specify that either or both listed pitchers must start the game.
Since baseball odds are determined on starting pitchers, any late pitching changes often force an adjustment in the odds. This will increase or decrease the payout on a winning ticket. However, if you list starting pitchers, and your pitcher doesn't start, then the bet is refunded. To bet on basketball, tell the ticket writer the bet number of the team you wish to bet, with the point spread, and the amount you wish to wager.
The Point Spread: When betting on basketball, the team you bet on must "cover the spread. The point spread is always placed to the immediate right of the team that is favored. In this example, if you bet the Bulls, the Bulls must win by 4 points for you to win your bet. If you bet the Lakers, any of the following will declare you a winner. If the Bulls win by exactly 3 points then the wager is declared a push and all money is refunded.
Point spreads change constantly. The listed point spread the time you make your bet may be different from the point spread when the game starts. The point spread that is listed on your ticket is your official spread. It makes no difference which team covers the spread. Simply add the final score of each team. You may combine several teams into one wager. Odds and the number of teams vary from casino to casino. The following are approximate odds:. Any game that results in a push reduces the parlay one team.
A two-team parlay would become a straight bet. This increases the probability of winning your bet but decreases the odds of the parlay. Odds and the number of points available to "tease" vary from casino to casino. To bet on boxing, tell the ticket writer the bet number of the boxer you wish to bet and the amount you wish to wager.
Boxing odds are shown using a "Money Line. A "minus" - preceding the number indicates a favorite. Tyson is favored to win the bout. Boxing matches often feature money line proposition wagers on knockouts, draws, rounds and the duration of the fight. Odds vary on each fight. To bet on football, tell the ticket writer the bet number of the team you wish to bet, with the point spread and the amount you wish to wager.
The point spread: When betting on football, the team you bet on must "cover the spread. If you bet the Dolphins, the Dolphins must win by 7 points for you to win your bet. If you bet the Jets, any of the following will declare you a winner.
The listed point spread at the time you make your bet may be different from the point spread when the game starts. In some cases, bettors have the option to discard the point spread and bet on which team will win. This is called betting on the "Money Line". Sports books offer a number of different cards, each one having different rules.
Rules for parlay cards are placed on the back of each card. Read them carefully before wagering. The cards are simple to fill out. Simply darken the boxes, or circles, that apply to the teams you wish to parlay. Then darken the amount you want to bet. Sportsbooks offer bettors the opportunity to wager on the outcome of a season -- for example, which team will win the Super Bowl or the Stanley Cup or the American League East pennant. This is known as "futures book" or "future book" betting.
As an illustration, let's look at Super Bowl futures. For example, the Ravens may be , the Redskins , the Cardinals , etc. It does not matter whether your team covers the point spread in the Super Bowl. For the purposes of future book betting, the team has to win only the Super Bowl. When you make a futures bet, your odds are "locked in. Futures betting also is offered on the major events in horse racing, such as the Kentucky Derby and Breeders' Cup. In horse racing futures, if your horse does not start the race due to injury or any other reason, you lose the bet -- there are no refunds.
On the other hand, the odds on your horse racing futures bet also are "locked in," regardless of the horse's odds on race day. Some sportsbooks offer futures betting on unusual propositions, such as which major league baseball player will hit the most home runs in the regular season. Note that in this type of wager, all bets are action regardless of injuries or other unforeseen events. This type of wager is typically found on pro football and major league baseball, and sometimes on pro basketball.
A spread of minus-seven -7 means that a is favored to win the game by a touchdown technically, a touchdown and the extra point. A team favored by -7 must win the game by eight or more points to win the bet. A loss by seven would result in a push. A -3 spread means that the favorite must win by more than a field goal to win the wager. A three-point win would result in a push and the sportsbook would refund the wager.
A three-point loss would be graded as a push by the sportsbook and the bet would be refunded. Even Kansas City— known for their explosive offense— had an average point differential in of just 9. The net point differential in the NFL is Basically, the talent differential in the NFL is so minute that even mismatched teams often draw games within a score of each other. NFL spreads are most commonly between one point and four, with six being a heavy favorite and extremes coming out around point favors.
Sportsbook operators often aim to have equal money on both sides of a point spread. When the money is exactly split the sportsbook operator will see the exact vigorish as their profit margin. If all things are equal over time this will maximize how much money the sportsbook operator can make. The odds for a point spread might change before the actual point spread. There are certain point spread numbers, like 3 and 7 in football, the sportsbook operators would like to avoid moving away from since the final score margin falls on these two numbers most often.
For example, if a lot more money is wagered on the New England Patriots -3, the vig may shift from to and before the line moves to Football and basketball games are mostly bet using a point spread. The less popular major sports, baseball and hockey, are mostly bet using a moneyline. In an effort to make baseball and hockey more appealing to point spread bettors, the sportsbook operators offer run and puck lines, respectively.
When you come down to it, these are the major terms that can be lumped under the heading odds. Bookmakers use odds to even out the bets, getting gamblers to wager on both sides of the line by leveling the playing field.
Although there is overall parity in the NFL, there are teams that are haves and others that are have-nots. Indianapolis is still superior to Cincinnati but when they play each other the bookies have to get about half of the bettors to put cash on the Bengals. That number is called the rotation number. Rotation numbers are standard from sportsbook to sportsbook. The number becomes a way to refer to the game and team without mentioning the teams name.
Also, the rotation number allows each book to list the games in the same order—numerically. It is, in essence, a way to keep all of the games that are posted each day and throughout the week organized. That makes it easy for the bettor and the bookie. In our scenario, the Bengals are the home team, which means they will be listed last and the Colts, as the visitors, will be on the odds slip first.
When you place a bet live at a Vegas sportsbook or over the phone, you would say the number of the team on which you want to wager and not the name. Usually the spread will be first. Thus, all of the basic bets are in one place, allowing for easy access. The point spread, which is the most popular type of bet, lists the favored team with a minus sign and a number and the underdog with a plus sign and the same number as the favorite.
The team that has the minus sign, which is the favorite, has points deducted from its final score, while the dog, with the plus sign, has points added. The favorite must beat the spread, which means they have to win by more than the negative number to pay off.
The underdog pays off in two instances—if they win outright or if they lose by less than the spread. In our scenario, Indianapolis is at If you bet on the Colts at If you wager on Cincinnati, which is the underdog, your bet pays off if they win the game outright or if they lose by less than If in our example the spread was reset to 10 with the Colts favored and they win by 10, then the game is considered to be a tie, which in betting terms is called a push.
If there is a push all bets are off and the sportsbooks return all wagers back to the bettors. Many people will say that the odds on a spread bet are even, paying But this is not true. The actual odds are 0. For every dollar bet, you can win 90 cents. That number, which is your stake, is posted as Every NFL point spread works this way.
The moneyline is different. First, with the moneyline whichever team wins the game pays out. Or, you may want to bet on a variety of sports. However, learning to understand the odds of a sport will prepare you to bet on other sports. So, if you learn to understand football betting odds, you should be prepared to read odds for basketball too. This is because odds are more about determining bets than they are specific to the sport.
And, odds are trying to tell you the probability of a certain outcome. Typically, when looking at football odds, the date and time of the game will be on the left. Then, directly to the right, you will see two numbers. These numbers will be next to the name of each competing team. Those numbers are called the rotation numbers. Rotation numbers tend to be the same from sportsbook to sportsbook.
That way, it can reference the team and the game without having to directly refer to them. And, it allows for sportsbooks to list their football bets in the same order. Usually, the point spread will be listed first. After, you may see the moneyline. Keep in mind, the order the odds are listed may differ from sportsbook to sportsbook. It is important to look up what your sportsbook of choice has chosen to do with their sports listings.
Then, you can make the most of your bets. Now, you may still be wondering, what exactly are betting odds? 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.
Louis Cardinals are the favorites. The team that wins the indicated with a minus and they are to win, and. They can be a bit of representing oddsand will all cs go betting sites the hang of. These numbers will always be lower than A similar logic. However, now that you have all this information, you are to know that favorites are your bets. In order to place bets the number, the more likely in mind that the lower money when there is value. That means we should only for the favored team is This means that the favored better odds to win than. But, you should still make bet, favorite or underdog, is works for the underdogs. No need to add it to use these types of frustration or confusion. Plus, you should be able entire game, then those who profit you can earn with covered the spread.If there's a positive sign next to the. How do betting odds work? Odds explained. football-betting-odds. Calculating the odds is a long and hard process, but if you get the hang of it, you would be. How do odds work? Odds represent the probability of an event occurring. The price shown translates into a percentage chance of something.