Understanding Sports Betting Odds And How To Read Them
You may see these odds on global events like the PGA tour, tennis tournaments, or the Olympics. For example, if the Patriots are given 1/2 odds, the bookie predicts they will win the game two times out of three. By learning how to read odds, you can read between the lines and figure out how likely a particular sportsbook has determined an outcome to be. Betting odds are a measure of how likely or unlikely a sportsbook finds an event to be. The more likely an outcome is, the less you can make wagering on that outcome.
Customers will have the opportunity to bet on anything, but ultimately the bookmaker is going to have an edge. Michigan passed legislation to allow sports betting in December 2019 and the first physical sportsbooks opened in March 2020. Michigan passed legislation to allow sports betting in December 2019 and the first physical sportsbooks opened March 2020. Indiana passed a bill to allow sports betting in 2019 and wagering started in October with online betting opening a couple months later.
With the money line you just have to hope your team wins rather than cover a point spread. Of course, the one downside is having to risk more money to return the same amount that a point spread bet would net you. Say the Bears are a six-point favorite over the Lions and the total is 42. To bet the Bears, you must “lay the points,” meaning they must win by seven or more to cover and give you the win. Betting the underdog Lions, you are “taking” six points, and they can lose by five or fewer, or win the game outright, and you have a winning bet.
When displayed as positive, with a + symbol, it refers to the amount of money you can will if you stake a certain amount. When displayed as a negative, with a – symbol, it refers to the amount of money you will have to stake in order to win a certain monetary amount. But the totals I set have to reflect our customers’ preferences for betting the over or under on certain teams in certain situations. Also, because LVSC lines are published early, I have to keep on top of injuries and potential changes in coaching strategy leading up to the game in question before I release any totals. This is doubly important in basketball, where pace determines how many shots will be taken in 48 minutes.
A +500 bet means you can win $500 with a $100 wager; this is also known as 5-to-1 odds. A heavy favorite means you must bet a small fortune just to win a few dollars, while a successful bet on a long shot could net you an enormous return on a small bet. FILE – In this Dec. 13, 2018, file photo, gamblers place bets in the temporary sports betting area at the SugarHouse Casino in Philadelphia. Sports betting became legal in Louisiana this summer, and casinos expect to begin taking bets in the state in September. A $10 bet at the equivalent odds of 4 in decimal format would return $40. Subtracting your $10 bet from the return would give you your profit of $30.
American odds are represented in moneyline form, with potential winnings and risk measured against example bets of $100 each. American odds on underdog teams, players, or outcomes are displayed with a “+” symbol, as in the positive odds of (+350), with $350 in winnings available on a $100 bet amount. American odds relating to a favored team or likely outcome are displayed with a “-” symbol, with negative odds such as (-600) representing the bet amount necessary to earn $100 on a winner. One way in which bookmakers represent the sports betting odds is by placing a plus or minus sign before a number.