- How To Read Sports Gambling Odds
- Gambling Odds Explained
- How To Read Over Under Odds
- How To Read Casino Odds
The big board at any Vegas sports book is a sight to behold. A slick cross between the New York Stock Exchange and a McDonald's walk-up menu, the boards are updated moment to moment and bet to bet, giving a sports gambler all the data he needs to make a smart bet.
These boards are copied and pasted into the newspapers or shrunk to fit computer screens and smartphone apps but nothing measures up to the real thing. Hundreds of games, thousands of bets. All listed above you.
But read this betting odds explained guide to help to understand. In betting, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 3 to 1 mean the first party (the bookmaker) stakes three times the amount staked by the second party (the bettor). Fractional Odds Fractional odds represent a bettor's win to risk ratio. The first number in the odds is how much you can win, while the second number indicates how much you will need to risk. Take a look at the fractional odds example below. When a point spread is attached to a set of odds it means that for the bet to be successful the team must ‘cover the spread'. This means that the team you are betting on must win or not lose by a predetermined margin of points. For example, the Chargers could have odds of (+4) -110 to win.
The big boards in Vegas tell us many things. The favorites. The underdogs. The payout. Where the money is. Knowing how to read Vegas Odds is important to every gambler not just to place a bet, obviously, but to place a smart bet. And that's all good gamblers want to do. They want to make smart bets, win 60-70 percent of the time, and move on to the next bet.
But how do the big boards in Vegas work? What are they telling us? And what can we derive from them? It is just as important to know the odds you're gambling with as it is to know the sport you're gambling on. Making a smart bet is the goal. And smart gamblers use all the information available in order to do so.
For a brilliant summary for reading Vegas Odds 101, listen to our Sports and Vegas Odds Podcast episode where Ryan breaks it all down for you:
American Odds
Vegas odds are often referred to as 'American Odds' because Americans always have to be different. We ignore the metric system. We call football, soccer. We drive on the wrong side of the road. Why would sports gambling be any different?
American odds are presented in the form of a $100 bet. They'll indicate the amount you need to wager to win $100 or the amount you'll win if you bet $100. So, for a favorite, the odds will begin with a minus (-) sign. This is the amount you need to bet in order to win $100.
On the other hand, the underdog's odds will begin with a plus (+) sign. This is the amount you will receive if you were to bet $100. This does not mean you have to bet $100. Or mean that you can only bet as much as $100. See, Americans have to be different. Hang in there because we have some examples forthcoming.
These odds will come into play a few ways depending on the type of bet you place. The moneyline, the point spread, and the totals (over/under) are all bets available on the board. Let's look at how to read them in Vegas with the odds.
The Moneyline
Simply put, a bet on the moneyline is an odds bet. It's where 'American odds' can easily be seen. With a moneyline bet you're simply picking the winner and the payout is determined by the odds.
Obviously, a bet on the favorite is going to pay out less than a bet on the underdog. Let's look at an example of a moneyline bet with an NBA game and how it would appear in Vegas. The Pacers/Cavs line.
- Indiana Pacers +350
- Cleveland Cavaliers -440
The Pacers are the underdog on the moneyline at +350. The Cavs are the favorites on the moneyline with -440. This means a $100 bet on the Pacers to win pays $350. And that you would have to wager $440 on the Cavs to win $100. This ratio holds true for a wager of any amount. A $10 bet on the Pacers pays $35 while a $10 bet on the Cavs pays $2.27. So on and so forth.
The Point Spread
The most common and popular of sports bets is the point spread. As simply as we can put it, the point spread is the number the oddsmakers use to handicap the favorites to even-up the final score of the game. This in turn sparks more interest, which leads to more bets, which brings in more money. Again, the Pacers/Cavs line.
- Indiana Pacers +8 -110
- Cleveland Cavaliers -8 -110
First the -8. As noted, the Cavs are the favorites so they are giving points (8) to even up the final score. In order for the Cavs to win the bet and cover the point spread, they'd have to win by nine or more. If the Pacers stay within seven points, the Cavs fail to cover the eight points and lose the bet. If the Cavs win by eight points, it's a 'push' or a tie and all bets are returned.
Now the (-110). This number is the odds a bet on the point spread will pay out. Just like on the moneyline, since the Cavs are the favorites, you'll have to bet $110 to win $100. You'll notice a favorite covering the spread pays out much better than a favorite on the moneyline. You'll also notice the favorite and the underdog have the same payouts with the point spread. This is what makes playing the point spread so popular.
Some teams are evenly matched and there isn't a point spread at all. This would be a 'pick'em' or 'pk' on the big board. And the odds on the moneyline would match as well. These are 'EVEN' odds. When playing the point spread the payout number will vary. -110 is about industry standard but you'll notice -105's, -115's, and even as high as -125's on point spread bets at times. More on this later but it is important to note these variations.
Totals
The totals is a bet on the total number of points (or runs or goals) scored in the game. The oddsmakers will set the number and bets are placed on whether or not the total score is OVER or UNDER that number. The number appears on the big board next to the underdog like so:
- Indiana Pacers vs. Cleveland Cavaliers 212.5 -110
The number set for this game is 212.5. Since the .5 has eliminated the chance of a push, an OVER bet will win if the total score is 213 or higher. An UNDER bet pays if the total score is 212 or lower. And, again, the payout for a win is -110.
Totals bets are seen as something of a sucker's bet. Despite your opinion on the matter, we have to admit they are a little strange. You are wagering on what the total score will be. Not picking a winner. Picking a score.
So, it's different than a normal who's-going-to-win-the-game-and-by
-how-much kind of bet. However, this number is providing the gambler more information about how the oddsmakers feel about the game and that is important when making a smart bet.
Placing a Wager
The other set of numbers you will see on the big board are the rotation numbers. These are numbers assigned to teams so the sports book can easily distinguish one for the other. They appear to the left of the teams in a game on the big board as such:
- 101 Indiana Pacers +350 212.5
- 102 Cleveland Cavaliers -440 -8(-110)
These numbers simply help the sports book as well as the gambler keep track of the bet. Listed on the big board are dozens of sports, hundreds of teams and thousands of bets that can be played. It's a good idea to keep them as organized as possible. There are at least six professional teams in New York by itself after all. Like the horses' numbers at the track, rotation numbers just cut down on the confusion when placing a bet.
'Give me New York -220 on the moneyline for $50.'
'Which New York, dumb-dumb…'
'Sorry, 303. I'm an idiot'
'Yes, you are.'
Don't be that guy. This is the proper way to lay a bet in Vegas. Rotation Number, Type of Bet, Amount of Wager. Everyone appreciates a well placed bet and no one likes that guy…
Reading the Big Board
Now that we know how to read Vegas Odds, we need to learn what the Vegas odds mean… That is, what are these numbers telling us in the context of the game we want to wager on. We have studied the teams, we know the rosters. What can the lines tell us to make our bet a smart bet?
Once a game is scheduled and it's odds are posted, the bets are going to start coming in. Now, it's in the sports book's best interest to keep the bets as even as possible. This is why oddsmakers give you a pay out at -110.
Understanding the Vig or Juice
That's a $110 dollar bet to win $100. Take the favorite and give the points. You're paid out at -110. Take the underdog and get the points. You're paid out at -110. OVER or UNDER the same. -110. This is the industry standard and goes back to the mob-only days of oddsmaking.
Where does that $10 bucks go you ask? Well, that $10 bucks on a $100 bet is the 'vig' or 'juice.' It's the price for laying a bet. A little bit extra the oddsmaker gets to keep for fronting the wager.
Keeping the bets as even as they can on either side insures their money. Collect from the losers and short change the winners. It's a brilliant business model only the mob could come up with and only Vegas would still employ.
Now, most betting lines will just give it to you straight. The favorite pays this much, you get this many points, the total is this. What we are looking for are the variations. We can ascertain plenty of valuable intel from these variations.
Why is the payout on this game -115? And why is the payout on this game EVEN? Why is the moneyline different from yesterday? And why is the point spread moving up? The devil is in the details.
Watch As The Point Spreads Move
The most obvious variation is the movement of the point spread. As the bets start coming in, the oddsmakers track which team is receiving most of the betting action. The point spread will move because the oddsmakers will change the line to try to even up the sides. Remember, they want just as many people on one side of a bet as on the other.
More people are taking the Cavs giving the eight points? Raise the point spread to nine. All of a sudden, more bets will come in for the Pacers getting the nine points. Oddsmakers can do the same with the moneyline as well as the total line. And for the same reasons.
But what does this information tell us? The line has moved up even more and now the Cavs are -10 point favorites. This means, despite the oddsmakers best efforts, more wagers have been placed on the Cavs than on the Pacers.
Smart Bettors Know Where The Action Is
Knowing where the money is can help you make a smart bet. One theory is the The-House-Always-Wins-Rule. Basically, this theory suggests you bet against everyone else and with the house because the house always wins. If more people take the favorite, the points they are giving went up and you should take the underdog.
If more people are picking the underdog, the points they are receiving have gone down and you take the favorite. It makes sense in theory but maybe not in practice. Remember, the oddsmakers want the sides to be even.
They aren't in the business of placing their own opposing bets. What is important is knowing how everyone else is betting and the knowledge that a large segment of the gambling population shares your opinion.
Or if you think the gambling population is foolish, well, you know what to do. However you feel, keep an eye on how the line moves. It may help you make a bet you wouldn't have or avoid a bet you were going to make.
A Close Look at the Payouts
The payouts on the point spread can vary as well. That standard -110 will turn into -105's or EVEN's. Or go the other way to -115's, -120's, or -125's. What is the reason for these variations? It's a lot like moving the point spread.
The oddsmakers want to even up the bet. There's only so many points a bookie is going to give. Offering a little more here or a little less there on the payout may be enough to influence the betting action. However, you can tell where the oddsmakers are hedging with these numbers.
If the payout gets better than -110, the oddsmakers have the sides even up, love the point spread and want you to bet it and lose. If the payout gets worse than -110, the oddsmakers know they have a bad number and want to cut their losses.
Vegas Wants You To Gamble – Be Smart
Making smart bets is the name of the game. The only way to make smart bets is to gather as much information as possible and master how to read Vegas Odds. Get to know every bet as well as you know every team. Get to know all the odds as well as you know every player.
Otherwise, you're just playing the lotto. Remember, Vegas wants you to gamble. It's going to give you all the information it can in order to gamble. It's up to you to use it.
Test your knowledge on some small starter bets. We'd recommend any of the following for players outside Las Vegas but there are plenty of good options for US players (just make sure it's not illegal in your state):
With more states legalizing sports betting, understanding how to read odds is becoming ever more important.
Understanding betting odds is vital when considering which bets are worth taking and determining if you will be successful or not. If you have no idea about how betting odds work or implied probability, you will likely struggle to make money wagering on sports long term.
Odds are displayed in numerous different formats, but they are easy to understand. Essentially, you use the odds to calculate the implied probability of a particular outcome of a sporting event. There is no need to be a genius with numbers to grasp how sportsbook odds work. However, if you have no knowledge of what betting odds reflect, your chances of winning diminish significantly.
Understanding odds is possibly the most crucial factor in becoming a successful sports bettor. It will determine how much money you want to bet and figuring out which wagers provide the most value. So, if you have read your sports gambling for dummies book and are still wondering ‘how do odds work'? Let's delve into this odds explained article.
American Odds
There are three classic formats in which odds are displayed; Fractional odds, decimal odds, and American odds. In this section, we are going to focus on American odds. Most online sportsbooks will display their odds as ‘American odds.' There are different versions of sports betting odds, but American odds are the most typically used.
American odds are displayed as either positive or negative odds. The below is an example of an NFL game between the New England Patriots and Seattle Seahawks.
New England Patriots +120
Seattle Seahawks -140
The number in the bracket is the odds for the match. In American betting, there are two components to the odds, a positive and a negative sign and the number that follows the sign. Positive odds reflect your profit, while negative odds reflect the amount of money you would need to bet in order to win $100.
When placing a bet, if the odds are negative, it means the outcome is more likely to happen, so wagering on that outcome would mean the payout would be less than the amount you bet. On the other hand, a positive sign indicates that the outcome is less likely to occur, and the payout would be more than the amount you wagered. Essentially it is showing you who is the favorite and who is the underdog.
The next step is calculating exactly how much the bet pays out, where understanding US betting odds come into play. A listed odd with a – shown in front of it, like in our example above, tells us how much money we need to bet to win $100. So if as above the odds are -140, you would need to bet $140 to make a profit of $100. Alternatively, you could replace the $100 bet with a $10 bet by moving the decimal point across one spot, showing you must wager $14 in order to win $10 in profits.
Any listed odds with a + sign in front informs us how much money you would win with a $100 bet. If we use the +120 odds, a $100 bet on that outcome will pay out $120 in profits. Once again, this can be converted to a smaller or larger bet depending on how lucky you feel. Betting $10 on +120 odds would pay out $12 in profits.
- Super fast payouts
- Live streaming
- Multiple bet types
- Huge range of sports & markets
One of the perks of odds in sports and betting with online sportsbooks is that they calculate everything for you before you place your wager. Players can click on the outcome or team they want to bet on, then enter the amount they wish to wager, and it will display how much you could potentially win before you click confirm and submit your bet.
How To Read Sports Gambling Odds
How To Calculate Implied Probability
Implied probability reflects the likelihood of a particular outcome, as shown by the odds. Calculating this involves converting odds into a percentage, which then indicates how likely that event will occur against the alternative. It is beneficial to have a grasp of implied probability as if your estimate of the likelihood of an event happening is different from a sportsbook's; you will need to adjust your bet accordingly.
For example, if you believed one team had a 60% chance of winning, and the implied probability was 52.4%, you should take that bet. In our example of the NFL game above, the Patriots have odds of +120 to win the game, so what is the implied probability of these odds?
Implied probability=100 divided by (120 + 100)
Implied probability = 100 divided by 230
Implied probability = 0.4545
Using this example, the Pats' implied probability of winning the game is 0.4545 (or 45.45%). So the chances of the Pats winning the game, according to the bookmaker, are rated at 43.45%.
It can be challenging to calculate implied probability, so using the below formula may be helpful:
Risk/Return = Implied Probability
Decimal Odds
Decimal odds are the most straightforward to understand. They are mostly used across Europe, so you are less likely to encounter them in the United States. To calculate decimal odds, you will need to multiply the amount you wish to bet by the decimal odds shown to get your payout. Below is an example of how decimal odds are displayed:
Gambling Odds Explained
LA Lakers 2.40
Chicago Bulls 1.55
If you chose to place a wager on the LA Lakers at 2.40, you need to multiply your $10 bet by the 2.40 odds given (10 x 2.40) to determine that the payout is $24. It is crucial to understand when you read betting odds that decimal style already includes the amount you wagered. Consequently, to find out your potential profits, you need to subtract your wager ($24 – $10), and you will realize your payout is $14 in profits.
If you decided to bet $10 on the Chicago Bulls, again, you would multiply $10 x 1.55, and you will find out you could win $15.50 total or $5.50 in profits. Betting using Decimal style odds is straightforward, but they are not commonly offered in American sportsbooks. However, most online betting sites you come across will give players the option of choosing the style of betting odds they want to be displayed, with American odds typically the default option.
Fractional Odds
Similar to decimal odds, fractional odds are more commonly used in Europe, particularly on horse racing in the UK. These may look unusual to an American bettor, as the odds are displayed like 10/5 or 1/2 that you would encounter if you were to watch the Kentucky Derby.
The number of the left (10) reflects how many times the operator expects the relevant outcome to fail. The number on the right (5) shows us how many times the outcome is expected to succeed. For example, let's look at a soccer match in the English Premier League between Chelsea and Liverpool. The odds for Chelsea are 8/13. This means that if the game took place 21 times (8+13), Chelsea would lose eight times but win 13.
Therefore, the potential winnings are more significant when betting on Liverpool in this particular scenario. When you wager on the underdog in any sporting event, you risk less for a potentially greater total payout.
Additionally, in sports such as the NFL, you can choose different types of bets, such as a point spread, which gives players the chance to bet on which team will win by a specific number of points. The best sportsbooks will offer numerous sports betting options.
How To Read Vegas Odds
Las Vegas is known as the gambling mecca of the world. People flock from all corners of the globe to experience the Vegas strip's bright lights and thriving atmosphere. Before you make the trip, it would be extremely beneficial if you have an understanding Vegas odds.
Odds in Vegas are typically displayed on massive boards, similar to something from the New York Stock Exchange. The boards are updated continuously, giving the bettor all of the up to date information needed to make a sensible bet. There are literally thousands of bets all listed above you as you.
These boards tell us the favorites, the underdogs, total payout, and where the decent money is. It is vital players know how to read Vegas odds in order to make a smart bet. You may think you know the sport you are betting on very well, and understanding how the odds work is equally as important.
How To Read Over Under Odds
The types of wagers you can expect to see in Vegas include:
- Moneyline
- American Odds
- Point Spread
- Totals
- Placing A Vegas Bet
So, you understand reading Vegas odds NFL and the time has come to lay your money down. You will notice another set of numbers on the big boards, and these are known as the rotation numbers. These numbers are assigned to a team so the bookmaker can distinguish one from the other.
They appear to the left of the sports and teams on the board, such as in the example below:
101 New York Yankees +350 212.5
That's a $110 dollar bet to win $100. Take the favorite and give the points. You're paid out at -110. Take the underdog and get the points. You're paid out at -110. OVER or UNDER the same. -110. This is the industry standard and goes back to the mob-only days of oddsmaking.
Where does that $10 bucks go you ask? Well, that $10 bucks on a $100 bet is the 'vig' or 'juice.' It's the price for laying a bet. A little bit extra the oddsmaker gets to keep for fronting the wager.
Keeping the bets as even as they can on either side insures their money. Collect from the losers and short change the winners. It's a brilliant business model only the mob could come up with and only Vegas would still employ.
Now, most betting lines will just give it to you straight. The favorite pays this much, you get this many points, the total is this. What we are looking for are the variations. We can ascertain plenty of valuable intel from these variations.
Why is the payout on this game -115? And why is the payout on this game EVEN? Why is the moneyline different from yesterday? And why is the point spread moving up? The devil is in the details.
Watch As The Point Spreads Move
The most obvious variation is the movement of the point spread. As the bets start coming in, the oddsmakers track which team is receiving most of the betting action. The point spread will move because the oddsmakers will change the line to try to even up the sides. Remember, they want just as many people on one side of a bet as on the other.
More people are taking the Cavs giving the eight points? Raise the point spread to nine. All of a sudden, more bets will come in for the Pacers getting the nine points. Oddsmakers can do the same with the moneyline as well as the total line. And for the same reasons.
But what does this information tell us? The line has moved up even more and now the Cavs are -10 point favorites. This means, despite the oddsmakers best efforts, more wagers have been placed on the Cavs than on the Pacers.
Smart Bettors Know Where The Action Is
Knowing where the money is can help you make a smart bet. One theory is the The-House-Always-Wins-Rule. Basically, this theory suggests you bet against everyone else and with the house because the house always wins. If more people take the favorite, the points they are giving went up and you should take the underdog.
If more people are picking the underdog, the points they are receiving have gone down and you take the favorite. It makes sense in theory but maybe not in practice. Remember, the oddsmakers want the sides to be even.
They aren't in the business of placing their own opposing bets. What is important is knowing how everyone else is betting and the knowledge that a large segment of the gambling population shares your opinion.
Or if you think the gambling population is foolish, well, you know what to do. However you feel, keep an eye on how the line moves. It may help you make a bet you wouldn't have or avoid a bet you were going to make.
A Close Look at the Payouts
The payouts on the point spread can vary as well. That standard -110 will turn into -105's or EVEN's. Or go the other way to -115's, -120's, or -125's. What is the reason for these variations? It's a lot like moving the point spread.
The oddsmakers want to even up the bet. There's only so many points a bookie is going to give. Offering a little more here or a little less there on the payout may be enough to influence the betting action. However, you can tell where the oddsmakers are hedging with these numbers.
If the payout gets better than -110, the oddsmakers have the sides even up, love the point spread and want you to bet it and lose. If the payout gets worse than -110, the oddsmakers know they have a bad number and want to cut their losses.
Vegas Wants You To Gamble – Be Smart
Making smart bets is the name of the game. The only way to make smart bets is to gather as much information as possible and master how to read Vegas Odds. Get to know every bet as well as you know every team. Get to know all the odds as well as you know every player.
Otherwise, you're just playing the lotto. Remember, Vegas wants you to gamble. It's going to give you all the information it can in order to gamble. It's up to you to use it.
Test your knowledge on some small starter bets. We'd recommend any of the following for players outside Las Vegas but there are plenty of good options for US players (just make sure it's not illegal in your state):
With more states legalizing sports betting, understanding how to read odds is becoming ever more important.
Understanding betting odds is vital when considering which bets are worth taking and determining if you will be successful or not. If you have no idea about how betting odds work or implied probability, you will likely struggle to make money wagering on sports long term.
Odds are displayed in numerous different formats, but they are easy to understand. Essentially, you use the odds to calculate the implied probability of a particular outcome of a sporting event. There is no need to be a genius with numbers to grasp how sportsbook odds work. However, if you have no knowledge of what betting odds reflect, your chances of winning diminish significantly.
Understanding odds is possibly the most crucial factor in becoming a successful sports bettor. It will determine how much money you want to bet and figuring out which wagers provide the most value. So, if you have read your sports gambling for dummies book and are still wondering ‘how do odds work'? Let's delve into this odds explained article.
American Odds
There are three classic formats in which odds are displayed; Fractional odds, decimal odds, and American odds. In this section, we are going to focus on American odds. Most online sportsbooks will display their odds as ‘American odds.' There are different versions of sports betting odds, but American odds are the most typically used.
American odds are displayed as either positive or negative odds. The below is an example of an NFL game between the New England Patriots and Seattle Seahawks.
New England Patriots +120
Seattle Seahawks -140
The number in the bracket is the odds for the match. In American betting, there are two components to the odds, a positive and a negative sign and the number that follows the sign. Positive odds reflect your profit, while negative odds reflect the amount of money you would need to bet in order to win $100.
When placing a bet, if the odds are negative, it means the outcome is more likely to happen, so wagering on that outcome would mean the payout would be less than the amount you bet. On the other hand, a positive sign indicates that the outcome is less likely to occur, and the payout would be more than the amount you wagered. Essentially it is showing you who is the favorite and who is the underdog.
The next step is calculating exactly how much the bet pays out, where understanding US betting odds come into play. A listed odd with a – shown in front of it, like in our example above, tells us how much money we need to bet to win $100. So if as above the odds are -140, you would need to bet $140 to make a profit of $100. Alternatively, you could replace the $100 bet with a $10 bet by moving the decimal point across one spot, showing you must wager $14 in order to win $10 in profits.
Any listed odds with a + sign in front informs us how much money you would win with a $100 bet. If we use the +120 odds, a $100 bet on that outcome will pay out $120 in profits. Once again, this can be converted to a smaller or larger bet depending on how lucky you feel. Betting $10 on +120 odds would pay out $12 in profits.
- Super fast payouts
- Live streaming
- Multiple bet types
- Huge range of sports & markets
One of the perks of odds in sports and betting with online sportsbooks is that they calculate everything for you before you place your wager. Players can click on the outcome or team they want to bet on, then enter the amount they wish to wager, and it will display how much you could potentially win before you click confirm and submit your bet.
How To Read Sports Gambling Odds
How To Calculate Implied Probability
Implied probability reflects the likelihood of a particular outcome, as shown by the odds. Calculating this involves converting odds into a percentage, which then indicates how likely that event will occur against the alternative. It is beneficial to have a grasp of implied probability as if your estimate of the likelihood of an event happening is different from a sportsbook's; you will need to adjust your bet accordingly.
For example, if you believed one team had a 60% chance of winning, and the implied probability was 52.4%, you should take that bet. In our example of the NFL game above, the Patriots have odds of +120 to win the game, so what is the implied probability of these odds?
Implied probability=100 divided by (120 + 100)
Implied probability = 100 divided by 230
Implied probability = 0.4545
Using this example, the Pats' implied probability of winning the game is 0.4545 (or 45.45%). So the chances of the Pats winning the game, according to the bookmaker, are rated at 43.45%.
It can be challenging to calculate implied probability, so using the below formula may be helpful:
Risk/Return = Implied Probability
Decimal Odds
Decimal odds are the most straightforward to understand. They are mostly used across Europe, so you are less likely to encounter them in the United States. To calculate decimal odds, you will need to multiply the amount you wish to bet by the decimal odds shown to get your payout. Below is an example of how decimal odds are displayed:
Gambling Odds Explained
LA Lakers 2.40
Chicago Bulls 1.55
If you chose to place a wager on the LA Lakers at 2.40, you need to multiply your $10 bet by the 2.40 odds given (10 x 2.40) to determine that the payout is $24. It is crucial to understand when you read betting odds that decimal style already includes the amount you wagered. Consequently, to find out your potential profits, you need to subtract your wager ($24 – $10), and you will realize your payout is $14 in profits.
If you decided to bet $10 on the Chicago Bulls, again, you would multiply $10 x 1.55, and you will find out you could win $15.50 total or $5.50 in profits. Betting using Decimal style odds is straightforward, but they are not commonly offered in American sportsbooks. However, most online betting sites you come across will give players the option of choosing the style of betting odds they want to be displayed, with American odds typically the default option.
Fractional Odds
Similar to decimal odds, fractional odds are more commonly used in Europe, particularly on horse racing in the UK. These may look unusual to an American bettor, as the odds are displayed like 10/5 or 1/2 that you would encounter if you were to watch the Kentucky Derby.
The number of the left (10) reflects how many times the operator expects the relevant outcome to fail. The number on the right (5) shows us how many times the outcome is expected to succeed. For example, let's look at a soccer match in the English Premier League between Chelsea and Liverpool. The odds for Chelsea are 8/13. This means that if the game took place 21 times (8+13), Chelsea would lose eight times but win 13.
Therefore, the potential winnings are more significant when betting on Liverpool in this particular scenario. When you wager on the underdog in any sporting event, you risk less for a potentially greater total payout.
Additionally, in sports such as the NFL, you can choose different types of bets, such as a point spread, which gives players the chance to bet on which team will win by a specific number of points. The best sportsbooks will offer numerous sports betting options.
How To Read Vegas Odds
Las Vegas is known as the gambling mecca of the world. People flock from all corners of the globe to experience the Vegas strip's bright lights and thriving atmosphere. Before you make the trip, it would be extremely beneficial if you have an understanding Vegas odds.
Odds in Vegas are typically displayed on massive boards, similar to something from the New York Stock Exchange. The boards are updated continuously, giving the bettor all of the up to date information needed to make a sensible bet. There are literally thousands of bets all listed above you as you.
These boards tell us the favorites, the underdogs, total payout, and where the decent money is. It is vital players know how to read Vegas odds in order to make a smart bet. You may think you know the sport you are betting on very well, and understanding how the odds work is equally as important.
How To Read Over Under Odds
The types of wagers you can expect to see in Vegas include:
- Moneyline
- American Odds
- Point Spread
- Totals
- Placing A Vegas Bet
So, you understand reading Vegas odds NFL and the time has come to lay your money down. You will notice another set of numbers on the big boards, and these are known as the rotation numbers. These numbers are assigned to a team so the bookmaker can distinguish one from the other.
They appear to the left of the sports and teams on the board, such as in the example below:
101 New York Yankees +350 212.5
102 LA Dodgers -440 -8(-110)
The numbers are there to help the sportsbook, and the player keeps track of the bet. This is required as there are so many sports, teams, and bets that are occurring at the same time. Ultimately, the action in Las Vegas doesn't stop. We have mentioned above in this article how to read odds. You must take this knowledge with you if you are planning a trip to Las Vegas. The biggest difference here is the odds are displayed on huge boards rather than on TV screens in a sportsbook.
What US Sportsbooks offer the best odds?
This is always a tricky question as there are so many sports and so many operators now available. Some are better at offering the best odds on football, while another sportsbook may be best at offering the best odds on soccer. However, the two most used sportsbooks we recommend and use for the best odds are
- Multiple bet types
- Huge range of sports & markets
- Huge choice of sports
- Massive free bet offer
Now that you have the knowledge of how to read betting odds, you can go put them in to practice! Go check out our sportsbooks for New Jersey, Pennsylvania, Indiana, and Colorado and see what you can do!
FAQs
How are sports odds calculated?
How To Read Casino Odds
The operator will calculate the probability of each outcome happening and will subtract the margin. If the actual probability is 2/1 (3.0 in decimal, 200 in American), the sportsbook will subtract their 5% margin, and the odds offered will be 19/10 (2.90, 190).
