Online Betting Odds Explained
As the online sports betting world continues to thrive, it is best to get an understanding of what the odds you are betting on actually mean. There are different ways that odds are posted at online sportsbooks. The three most common styles of betting odds are fractional, decimal, and the most commonly used, American. There is more that goes into them though like the symbols that you would see in front of the odds, different betting types, and the profit that you would make when betting with different odds. If you are looking to find more information on the different odds types and bets that you can make on online sportsbooks, you have found the right page as all of that will be uncovered right here.
Different Types Of Odds For Wagering On Sports
When looking to bet on sports, there are three main odds types that you need to understand. The three are made up of American betting odds, fractional betting odds, and decimal betting odds. All of which payout the same, the only difference is the way in which they are laid out to you. The most commonly used across the best USA sports betting sites are the American odds.
Understanding American Betting Odds
American betting odds can be easily found on any online sportsbook and are arguably the easiest to understand. If you see a (+) sign in front of the odds, you would need to bet $100 to make that number in profit. With a (-) sign you would need to bet the number in front of the symbol to make $100. An example would be +200 and -200. With +200, you can bet $100 to make $200, with -200, you are betting $200 to make $100.
Understanding Fractional Betting Odds
Fractional betting odds are exactly how they sound as you would be reading a fraction to determine how much profit you’d make. In simplest terms, you would need to bet the denominator (bottom number) in order to make the numerator (top number) in profit. If you see a fraction of 3/1, for every $100 you wager, you would profit $300. If you see 1/3 though, for every $300 you bet, you’d make $100 in profit.
Understanding Decimal Betting Odds
Decimal betting odds might come off as intimidating, but are also simple to understand. To read them, anything to the left of the decimal is the return you would make in hundreds including the $100 that you started with and anything to the right of the decimal is the “tens” of the profit you would make. Looking at the number 3.25 for example, a $100 wager on these odds would give you back $225 in profit in addition to the original $100 that you wagered for a total of $325.
What Does The (+) Symbol Mean When Betting?
Whenever you see a plus sign (+) in front of a set of odds, it usually implies that the team you are looking to bet on is an underdog in the game. The payouts for a plus sign are also extremely simple to understand as whatever number is in front of the (+) is the amount you would win on a $100 bet. For example, +150 odds would profit you $150 on a $100 wager.
What Does The (-) Symbol Mean When Betting?
The minus symbol means that the team you are looking to bet on in a game is the favorite. The larger the number is in front of the (-), the heavier the favorite it is and the less profit you would make on a $100 bet. As for how to gauge the payouts, you would need to bet whatever number is in front of the minus symbol in order to win $100. If a team has -220 odds to win, you’d need to risk $220 to win $100.
What Are Moneyline Odds?
Moneyline odds are another way of saying the odds to win a game or event. You will also be able to find moneyline odds on any sport that is offered; however, this saying is most commonly related to NFL betting or football gambling in general.
What Is A Point Spread?
Betting on a point spread is where you are betting on the winning or losing margin between two teams in a game. While the (+) and (-) symbols are used to differentiate the favorite and underdog in the spread, they do have different meanings than the moneyline. If a team in a game has a -9.5-point spread, that team would need to win the game by more than 9.5 points. If they win the game by less than 9.5, the bet loses. On the underdog side, if a team has a +9.5-point spread, they need to either lose the game by less than 9.5 points or they can win outright.
- The odds on a point spread are typically set at -110 for both the favorite and underdo. However, depending on the action, one side can show "shading" as online sportsbooks adjust the line to -115 and -105 or -120 and +100.
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Best Online Sportsbooks That Help With Betting Odds
When switching the ways that you read your odds, Bovada is the top option as they allow you to read their odds in America, Decimal, and Fractional forms all from the click of a button. When on the odds page for any sport that they offer, in the right-hand corner of that page, all you have to do is click on the drop-down bar and select what form of odds you would like to read throughout the page.
The great thing about the odds layout on BetOnline are the features that come along with their interactive betting slip. You can find out what your payout would be on different bets depending on both the odds for your selected bet and the amount of money that you are planning on wagering. This is also the case when you are betting on a parlay. They will calculate what the combined odds are and what your payout would be for betting on multiple things.
The great thing about betting with MyBookie is that not only can you bet on any sport that comes to mind, but you can switch the way you read the odds for that sport as well. You can set it up to where you’ll read American odds for American sports, decimal odds for sports in Canada, and fractional odds for European sports. It is also worth noting that aside from being able to use different odds to bet on different sports in many countries, you can also use MyBookie across all of those countries as well.
Parlay Betting Odds Explained
As each bet within the parlay has its own betting odds, we look to convert them from American or fractional odds to decimal. Then, you'd multiply the decimal odds of all individual bets together. Use this example:
- San Francisco 49ers -6.5 (-110)
- Dallas Mavericks +3.5 (-105)
- Oklahoma City Thunder Moneyline (+180)
In this situation, the three bets would be converted to decimal odds first: 1.91, 1.95, 2.8. Then, we multiply them and find the product, 10.44, which stands as your bet multiplier on the parlay ($5 risked would payout $52.2).
- This is the best way to see which sportsbooks have the best parlay odds and compare the value to what you should be paid out. Next time, you enter an off-the-board five-leg parlay (-110 odds for every bet), make sure your sportsbook pays you about 25x your money.
Do You Lose Money On A Winning Bet?
Any winning bet comes with profit but it's a common misconception that you lose money betting on favorites. For example, if you bet $100 on the Atlanta Braves at -240 moneyline odds, the payout would be $41. This means, on top of the $100 you are handed back, you also receive $41 in profit. Some sportsbooks switch this by saying a $100 bet at -240 odds pays out $141, which combines the risk and the reward. Make sure you understand which way your sportsbook payouts are displayed.
What Does Implied Probability Mean In Sports Betting?
The easiest way to understand implied probability in online sports betting is that the closer to even odds (+/- 100) the odds are, the closer to a 50% chance the bet has of cashing. The most common odds that are bet on are -110 odds as they are most commonly found when betting on a teaser, the spread or total points which have a 52.38% implied probability
| Odds: | Implied Probability: |
|---|---|
| -500 | 83.33% |
| -250 | 71.43% |
| -150 | 60% |
| -110 | 52.38% |
| -100 | 50% |
| +110 | 47.62% |
| +200 | 33.33% |
| +300 | 25% |
| +500 | 16.67% |
How Do Live Betting Odds Work?
Sportsbooks use a lot of technology in connection with human data analysis to ensure their live betting lines move instantly. A few key components allow sportsbooks with live betting odds to adjust in real time. The top sportsbooks subscribe to real-time data feeds (such as Sportradar, Betgenius, or Stats Perform), which offer instant updates on scores and player statistics. As these feeds are integrated with the app or sportsbook website, they enter into advanced algorithms which take into account various factors such as current score, time remaining, and statistical probabilities. Some even go as far as machine learning which pull from previous events and analyze past betting patterns. This happens in a matter of seconds, and the platforms can transmit this data all at once, adjusting the odds accordingly.
- These systems are designed to handle large volumes of data and make rapid calculations to keep the odds current. Besides that, they empoy a risk management team who is always looking to balance the books and hedge any liability. These traders make manual adjustments outside of the algorithms and trigger situations where the sportsbooks pull all lines (technical fouls, play reviews, timeouts).
