How Do Sports Gambling Odds Work

11.03.2021by
  1. How To Win A Bet Using Odds
  2. How Do Gambling Odds Work
  3. How Do Sports Betting Lines Work
  4. Gambling Odds Sites
  5. How Do Sports Odds Work

Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins. As an example, with odds of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20. How Does Betting Work. S why when bookmakers hire people to create the odds they always look for people who specialize in only one or two sports and have extensive knowledge of how statistics and odds work. Odds compilers must look at factors such as the form of the teams and players, their previous results leading up to the game, match.

Welcome to the Sports Betting Odds section of The Sports Geek. If you are new to sports betting and don’t understand how to read betting odds (+150, -110, +2200, etc) we will lay it all out for you and help you learn how the betting odds work.

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Sports Betting Odds Explained

Many people don’t know how to read or calculate sports betting odds, so below we have done our best on explaining how betting odds work. The most common type of sports betting odds used in North America are the American style odds which we explain below.

American Style Sports Betting Odds

Most online sportsbooks will list their odds in what is called “American Odds”. There are a couple different versions of sports betting odds, but these American Odds are the most common odds used. Reading and understanding sports betting odds can bet a little confusing to beginners, so we have provided an example below using two NFL football teams:

American Odds

  • Matchup Odds
  • New England Patriots +120
  • Pittsburgh Steelers -140

The number shown in the bracket represents the odds. The American Odds have two components to them, the first being the positive or negative sign, and the second being the number that follows the sign.

The sign in front of the number indicates whether placing a wager on that outcome will pay out more money then you have wagered or less money then you have wagered. If the odd is negative (-) it means that outcome is more likely to happen and placing a bet on that outcome would payout less than the amount you wagered, while a positive (+) odd shows that the outcome is less likely to happen and it would pay out more than the amount you wagered.

The next step is figuring out exactly how much the bet pays out, which is where the numbers in the odds come into play.

A listed odd with a – sign in front of it, such as the -140 in our example above, shows us how much money you would need to wager in order to win $100. So using the -140, this would show us that you would need to bet $140 in order to win $100 in profits. You can easily substitute the $100 bet for a $10 bet by moving the decimal place over one spot, showing us that you would need to wager $14 in order to win $10 in profits.

Examples:

A listed odd with a + sign in front of it, such as the +120 in our example above, shows us how much money you would win on a $100 bet. Using the +120 odds, it shows us that a $100 bet on that outcome would pay out $120 in profits. Again this can easily be converted into smaller or larger size bets. A $10 bet on +120 odds would pay out $12 in profits.

How To Win A Bet Using Odds

Examples:

Below is an example of NFL betting odds taken from an online betting site.


In this example you can see Los Angeles is listed at +130 ($100 bet pays $130 plus of course your original wager back) and New England is listed at -150 ($150 bet pays $100).

The great thing about betting online is that the online sportsbooks will do the calculations for you before you place your bet. You can click on the outcome or team you would like to bet on, and then input the amount you wish to wager and it will show you your potential pay out before you confirm your bet.

Ready To Start Betting?MyBookie and BetUS are my two favorite sportsbooks and make betting very easy. You will also get a Free Money Bonus at each sportsbook if you follow either link above.

Decimal Style Sports Betting Odds

Decimal style odds are used mostly in Europe, and are pretty easy to understand. To calculate the decimal style odds all you will need to do is simply multiply the amount you wish to wager by the decimal odds shown and you will get your payout. Best australian rtg casinos slot machines. For example it may look something like this:

If you wanted to place a $10 wager on the USA at 2.40 you would simply need to multiply your $10 wager by the 2.40 odds (10 x 2.40) to find out that the payout is $24. It is important to realize that with decimal style odds it includes the amount you wagered, so to find out profits you would need to subtract your wager ($24 – $10) to find out your potential payout is $14 in profits.

If you wanted to place a $10 wager on Brazil you would again just multiply $10 x 1.55 to find out that you would win $15.50 total or $5.50 in profits.

Decimal style betting odds are very simple to understand, but you won’t see them displayed in many North American sportsbooks. With that said, most online betting sites will allow you to chose the style of betting odds you want displayed, with American odds set as the default.

Football betting lovers always strive to try and apply winning betting strategies in order to maximize their profit. All strategies vary by type, budget and betting markets but there is one thing that is common for all of them – the odds. Generally speaking, you will find odds not only for football betting markets but for all sports betting including NBA, NHL, Golf, UFC/MMA and even Formula 1.

Each sports betting event will have a certain outcome – in the end, there will be a winner and a second-placed team (may vary depending on the sport). However, since all sports are a game of skill, participants have a different chance of winnings. In a simple way, the betting odds represent the chance of a certain outcome to happen. In the next few paragraphs, together we will learn what betting odds mean and how they work, how to read and how to understand football odds.

Bet365 Football Betting Odds

Bet365 is one of the best betting sites not only in the UK but all around the world. The bookie gives you the opportunity to bet on more than hundreds of thousands sports events each year while providing generous odds. At Bet365 you will find hundreds of betting markets to choose from, including Bet Builder that allows you to form your personal bet at extremely high and competitive betting odds.

Since bet365 is a leader in the gaming industry, you can not only place bets on today’s events but also long-term outright betting odds. Have a look at our dedicated odds comparison tool below, featuring outright bets from the biggest football competitions around the world. We update our odds daily and show you only the latest football betting odds. Tap on the event you are interested in and you will be redirected to a dedicated page on our website featuring Title Winner Odds, Top 4 Finish Odds, Promotion Odds, Goalscorer Odds and more.

How do Odds Work in Football and Sports Betting?

In order to understand football betting odds, first, we will have to explain what is a chance. Traditionally, a chance is the possibility of one outcome in a certain event. Usually, we measure the chance in percentages, with the sum of all possible outcomes resulting in 100%. The best football bettors usually have outstanding odds to chance calculation and have no trouble reading betting odds. It is important to remember that in sports betting, the odds don’t add up to 100%. Let me explain that in detail below.

For example, if we flip a coin in the air, there are only two possible outcomes. The coin will land either on heads or on tails. There will be an equal 50% chance of both outcomes to happen. In football betting, the alternative for that type of an event is the Over 2.5 Goals market. Imagine a football game is played between evenly matched opponents. Again, the event has just two outcomes – either there will be three or more goals scored or the game will end with less than three scored goals.

In a perfect world, the probability of both outcomes (Over or Under 2.5 Goals) equals 50%. However, instead of exact odds at 1/1 (2.00), bookies will give you odds of around 9/10 (1.90) because in betting odds don’t equal chance. The margin is used by the bookie to ensure that bettors will not have the opportunity of match betting and also to try and reduce eventually its losses from an unexpected outcome. If you understand how to make odds work in your favour and recalculate the real chance of a certain event to odds, you will find value in your bets and in theory will increase your long-term profit from betting.

Betting Odds Types

There are three different betting odds types accepted by bookies worldwide – Fractional Odds (also known as UK Odds, since they are mostly used in Great Britain), Decimal Odds (popular around Europe) and Moneyline Odds (used in the USA and Canada).

Decimal Odds Explained

Let’s start with the most popular type of odds, the decimal, which we also prefer on our website because of its simplicity. The Decimal odds are prefered by many because they are easy to understand and calculate possible winnings. You will find the decimal odds option as default in most bookmaker around the world, however the most reputable and well-known betting sites like Bet365 allow you to choose your prefered odds type via an option in your profile settings.

Imagine that the bookie offers us odds at 1.25 for our prefered outcome (let’s use Liverpool to win against Brighton). That odds represent 80% chance of that particular outcome to happen, also known as implied probability. The math is not that difficult. All you have to do is divide the odds to 100% – (100% / 1.25 = 80%). If you think that the chance of Liverpool beating Brighton equals 80% or more than placing that bet will provide value at odds 1.25 or more. In order to calculate winnings, you simply have to multiply your stake to the odds. For example, if we place $10 bet at odds 1.25, we will win $12.50, or in other words, our net win will be $2.50.

Fractional Odds Explained

Fractional odds are primarily used by bettors in the United Kingdom and usually set as default betting odds settings in most UK-oriented bookies. If we use the same example as above (1.25 decimal odds), fractional odds will represent 1/4. It is important to remember that fractions quote the potential profit should our bet succeed, relative to the stake, as opposed to the decimal odds.

For example, if our £10 is bet at odds of 1/4 the potential profit is calculated £2.5 ((£10/4) x 1) and the total returned is £12.50 (£2.50 plus the £10 stake). For odds 11/2 the calculation is £55 ((£10/2) x 11) and the total returned is £65 (£55 plus the £10 stake).

How Do Sports Gambling Odds Work

Moneyline Odds Explained

How Do Gambling Odds Work

Moneyline odds are primarily used in the USA and therefore prefered by North America – oriented bookies. You will rarely see Moneyline odds (also known as American odds) as default in your favourite European bookies. At first glance, money line odds look difficult and tough to read, but in reality, they are not that really different from decimal and fractional odds. The only distinction between them is that American odds are represented by a positive sign (+) and a negative sign (-).

The odds for underdogs are accompanied by the positive sign, while the negative sign is for the favourite. In a simple way, Moneyline odds tell how much you have to stake in order to win 100% of your stake. Let’s use once again our initial example with Liverpool and Brighton. Since Liverpool is a favourite to win it will be represented by a negative sign. Decimal odds at 1.25, equaling to 1/4 in fractional odds, will be visible as -400 Moneyline odds. In order to win $100, we will have to stake $400. If you want to win $10, you will have to place a $40 bet. For each $1 won, you will have to stake $4. As I said, the math is very simple.

If you decide to bet on the underdog, you will have to reverse the calculation. Since the negative Moneyline odds represent how much to bet to win a 100% of our stake, the formula is a bit different (X+100)/X, with X representing the odds. In our example above, Brighton will have +550 Moneyline odds, which means for each $100 staked we will collect $550 if they actually do it. A $10 stake equals $55 profit, a $1 stake will win $5.5, and so on.

How Do Sports Betting Lines Work

Conclusion

Gambling Odds Sites

As you probably already realised, reading and understanding betting odds is not very complicated. The tricky part is to learn how to make the Implied Probability work in your favour. In order to be successful in football betting, you have to constantly find value bets with odds that are near to the expected possibility of each outcome.

This is not an easy task and requires a lot of hard work for research and years of experience. Our tipster aim to find value bets daily, which you can find at our page dedicated to Today’s Best Football Betting Tips. Placing bets in reputable UK Betting Sites that offer high odds is also necessary in order to maximize your profit.

How Do Sports Odds Work

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