Sports Betting Terms And How To Bet On Sports
Some of the most common ones revolve around how to make heads or tails of sports betting odds. In this guide, we’ll be covering all of the ins and outs to get you up to speed in no time. That number in the parentheses is the vig that both sides have to pay — if you want to bet on either team, you need to stake $110 in order to win $100. If you lose the bet, you lose that $110 stake; if you win the wager, you get your original $110 stake back plus $100 in winnings, at a $210 total payout.
The odds are what suggest a particular outcome in any match, and the implied probability refers to the prospect of that outcome. We’ll start with the American way, and give you some betting odds examples so you know exactly what you’re looking at the next time you want to make a wager. If a sport allows a game to end in a tie, that’s an outcome you can bet on. The implied probabilities of both outcomes added together is going to be greater than 100% regardless of the odds format. Let’s finally move onto fractional odds, which are commonly used in the UK and when betting on horse racing.
In the above example, the money line would probably be Chicago -250 and Detroit +200. To bet Chicago simply to win, you must wager $250 to win $100, while a $100 bet on Detroit would pay $200 if the Lions come through. For each game and event available for wagering, sportsbooks will attach odds to the available choices.
The projection is 49.5 points here, so over bettors are looking for 50 or more total points in the game. Under bettors will have winning tickets if the total points wind up at 49 points or fewer. There will be odds on both sides, such as the -110 in our example. Each bookmaker sets their own vig, which can vary depending on the event and the attractiveness of one outcome over another.
You can see the vig clearly outlined next to a point spread or a totals/over-under bet, usually in parentheses. Meanwhile, in a win/moneyline bet, the vig is already factored into the line. So you understand how to read the different types of odds, but how do those odds even get determined in the first place? There are two major steps that bookmakers take when it comes to setting their odds. Sure, plenty of betting websites offer odds conversions for you. But now you understand how they actually work and can see that they all end up expressing the same outcomes in different ways.
However, you need to check if it is available because not all sports betting sites have this feature. Sports Betting Odds is the probability of success where you can determine the amount you can possibly win. With the thousands of online sportsbooks in different countries, there is no one way of understanding the odds. There’s another reason to bet the underdogs on the moneyline as well.