It is no secret that betting on sports is very popular, but whether youare a beginner, a recreational bettor or looking to make a living outof betting, it is always important to know about the odds, where theycome from and how they work. Keep reading to find out a little moreabout how odds work in sports.
Letme start by saying that if you don?t have basicknowledge of betting odds, line movements and other day-to-day?operations? of the sports betting industry, it is highlyunlikely that you will have regular success when wagering on sportingevents. Having said that, it is also important to remember it reallyis not that difficult once you get the basics down.
BestBettor - What is Easier to Bet & Win, NFL or NCAA?
There are three different ways betting odds are posted, usually dependingon your location. There are American Odds (+150), Fractional or UKOdds (3/2) and Decimal or European Odds (2.50). In this article weare going to focus solely on American Odds.
In general, sportsbooks use odds to provide a potential payout for any bet that ismade, and are the most important part of any wager. By calculatingthe odds against your wager amount will determine the payout or howmuch you will owe the book if you lose. Besides calculating thepayout of a winning wager, paying you more the higher the odds, thesecond purpose of odds are to give you the probability of theoutcome, or in other words, a sportsbook?s opinion on the outcomeof an event.
This makes total sense, because the sportsbookies are trying to make money, and if one side of a sportingevent is known to be much better, it is common sense that you wouldhave to pay more to win the same amount if you were betting for amuch inferior team to win. Imagine if a season opened with theleague?s champion playing the team that finished in last place, itonly makes sense that it would be thought that last year?s champwill win the game or is the favorite, therefore having very low odds,and vice versa for last year?s worst team, or the underdog.
You will notice that odds vary between differentsportsbooks and casinos. This is because odds are a matter ofopinion, and oddsmakers for each shop may have a difference inopinion in the outcome. These differences in opinion are the reasonfor such odds variations. Also very important to remember is thatonce odds are released, they will move according to the amount ofmoney that is being bet on each side.
Theodds sportsbooks put on events are done so to entice bettors to wageron both sides of an event, in turn, getting an equal amount of moneywagered on each side. By doing this, no matter the outcome, they willnot have won much, but more importantly, they won?t lose much.Sportsbooks are happy to collect the 10% juice and earn their profitthat way.
How to Read Sports Odds, basic understanding of how to read sportsbetting odds
Onelast thing that is also very important is what the odds actually meanas far as payouts. In the above example I used +150 as the Americanodds, so let?s use it in a practical sense. The odds in a NationalFootball League game will look something like this:
NewEngland Patriots -180
DetroitLions +150
Americanodds are based around the figure of $100. Odds with a - sign in front of them is the amount you will have to wager to win $100, while odds with a + in front means you will win that amount on a $100 bet. Inthis example, a $180 bet on the Patriots will win you $100, and a$100 bet on the Lions will win you $150.
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By knowing these basics about odds will help you understand quite a bit more about the sports betting industry. Sure, there is a lot more to learn, but by getting more familiar with how odds are determined, whythey move and how payouts work, you will already be more informed than a lot of bettors out there.
Letme start by saying that if you don?t have basicknowledge of betting odds, line movements and other day-to-day?operations? of the sports betting industry, it is highlyunlikely that you will have regular success when wagering on sportingevents. Having said that, it is also important to remember it reallyis not that difficult once you get the basics down.
BestBettor - What is Easier to Bet & Win, NFL or NCAA?
There are three different ways betting odds are posted, usually dependingon your location. There are American Odds (+150), Fractional or UKOdds (3/2) and Decimal or European Odds (2.50). In this article weare going to focus solely on American Odds.
In general, sportsbooks use odds to provide a potential payout for any bet that ismade, and are the most important part of any wager. By calculatingthe odds against your wager amount will determine the payout or howmuch you will owe the book if you lose. Besides calculating thepayout of a winning wager, paying you more the higher the odds, thesecond purpose of odds are to give you the probability of theoutcome, or in other words, a sportsbook?s opinion on the outcomeof an event.
This makes total sense, because the sportsbookies are trying to make money, and if one side of a sportingevent is known to be much better, it is common sense that you wouldhave to pay more to win the same amount if you were betting for amuch inferior team to win. Imagine if a season opened with theleague?s champion playing the team that finished in last place, itonly makes sense that it would be thought that last year?s champwill win the game or is the favorite, therefore having very low odds,and vice versa for last year?s worst team, or the underdog.
You will notice that odds vary between differentsportsbooks and casinos. This is because odds are a matter ofopinion, and oddsmakers for each shop may have a difference inopinion in the outcome. These differences in opinion are the reasonfor such odds variations. Also very important to remember is thatonce odds are released, they will move according to the amount ofmoney that is being bet on each side.
Theodds sportsbooks put on events are done so to entice bettors to wageron both sides of an event, in turn, getting an equal amount of moneywagered on each side. By doing this, no matter the outcome, they willnot have won much, but more importantly, they won?t lose much.Sportsbooks are happy to collect the 10% juice and earn their profitthat way.
How to Read Sports Odds, basic understanding of how to read sportsbetting odds
Onelast thing that is also very important is what the odds actually meanas far as payouts. In the above example I used +150 as the Americanodds, so let?s use it in a practical sense. The odds in a NationalFootball League game will look something like this:
NewEngland Patriots -180
DetroitLions +150
Americanodds are based around the figure of $100. Odds with a - sign in front of them is the amount you will have to wager to win $100, while odds with a + in front means you will win that amount on a $100 bet. Inthis example, a $180 bet on the Patriots will win you $100, and a$100 bet on the Lions will win you $150.
MadJacks Sports Forums - A Fantastic Place to Find NCAA Football Picks
By knowing these basics about odds will help you understand quite a bit more about the sports betting industry. Sure, there is a lot more to learn, but by getting more familiar with how odds are determined, whythey move and how payouts work, you will already be more informed than a lot of bettors out there.
