What Do Horse Racing Odds Mean?
It’s important to know how odds work and how to read sports betting lines, as online sportsbooks will display odds differently, based on the sport and location you’re betting on. If you are planning to start betting—be it casino gambling, sports betting, or any other type—it’s important to understand the odds. The formulas above will allow you to convert any odds into an implied probability. It tells you how often a bet is expected to win based on the odds from the bookmaker and is important when handicapping potential bets. So, the more sportsbooks there are, the more different odds you are likely to encounter for the same sporting event.
If a sportsbook doesn’t have a dedicated app, its website, itself, will likely be mobile-friendly. Everything you need to know about placing a bet, from layout to the user experience. Understanding online sportsbook basics isn’t as hard as you think.
See how to convert each format of odds to an implied probability in the following section, where you’ll see each type of the betting odds explained. The plus (+) and minus (-) in sports betting can refer to either the point spread or betting odds. In terms of the spread, the ” – ” always refers to the favorite and the ” + ” always refers to the underdog.
The first step to understanding the betting markets better is being able to read the odds and figure out the potential profits based on the amount that you bet. Make sure you understand the calculations above before moving on to the next section. Next to whoever the oddsmakers deems to be the favorite in the game will be a minus, then a 3 digit number, the amount by which they are favourite. We know this because they have the -130 next to their name. -130 means you must risk $130 to win $100 on Washington (see ‘odds’ and ‘convert odds’) below for greater clarification. In baseball there is usually a 5 cent line so if the favorite is -130, the dog is usually +120 meaning you get $120 for every $100 bet.
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. There are also ‘total’ wagers that refer to the total amount of points scored by both teams. In the above example, the total, or “over/under,” in the Bills-Jets game is 49. You can bet whether the final score will come in over or under that total by laying $110 to win $100.
Prop bets are also able to be included in the combination. Some sports betting sites may have differing policies regarding what they allow to be included in parlay bets, so do a little research before deciding which book best suits your needs. Prop betting lines can include yes or no outcomes, over unders, or can list multiple potential outcomes to wager on. Money line odds will be offered on each outcome that reveal their chances of occurring and also disclose how much can be won when risking some bankroll on it. Money line odds allow for bets to be placed on which competitor will win the game, and does not involve the use of point spreads.