Imagine you’ve just placed a bet on your favorite team to win their next game. You’re feeling pretty good about your choice, but you begin to second-guess yourself.
What if they lose? What if you lose your money?
Sports betting can be risky, but it doesn’t have to be. Understanding how odds in sports betting work can help you make smarter choices on your bets.
So, what are the odds, and how do they work? Read on so you can make more informed decisions about your bets.
What Are the Odds in Sports Betting?
Odds in sports betting can seem confusing at first, but they’re pretty simple. The odds are just a way of indicating how likely something is to happen. The higher the odds, the less likely the event is to happen.
Odds can be displayed in different ways, depending on the bookmaker. Decimal odds are the most common.
They represent the amount of money won for every $1 bet. For example, if the odds are 3.00, a pledge of $1 will return $3 in winnings.
Fractional odds are more commonly used in the UK and show the potential return if you bet $1 (including your stake). For example, the odds of a team winning are 2/1, means that for every $1 bet, the bettor will win $2.
A number with a plus or minus sign, such as +150 or -200, represents Moneyline odds. They represent the amount of money bet to win $100.
For example, if the odds are -200, a stake of $200 will return $100 in winnings. You can place your soccer best bets using Moneyline.
How Sports Betting Odds Work
Odds work in sports betting similarly to how they function in other forms of gambling. They are calculated based on the probability of that event happening.
To calculate the odds, the bookmakers will look at several factors, including the teams’ form, the venue, the weather, and previous meetings between the two lineups.
For instance, if the likelihood of an event occurring is 3 to 1, it has a 25% implied probability. It is because you expect to win more than $300 for every $100 you bet if the event had a chance of less than 25%.
How to Read Odds
To read odds, first, identify the plus or minus sign. A plus sign means the event is more likely to occur than a minus sign.
For example, +150 odds means that the event is 150% more likely to occur than if the odds were 100%. -200 odds means that the event is 200% less likely to occur than if the odds were 100%.
Then, identify the number following the sign. This figure denotes the amount placed to win the specified sum.
For example, if the odds are +150, it means that for every $100 bet, the bettor would win $150. If the odds are -200, it means that for every $200 stake, the bettor would win $100.
Putting the Odds in Your Favor
Odds in sports betting can be confusing but understanding how they work is crucial for success. The key is to know what the odds represent and how to read them. With practice, you’ll be able to understand and use odds to your advantage.
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