How Do Odds Work?
American odds, fractional odds and decimal odds may look different, but they all say the same thing. Understanding each can help avoid confusion and ensure you make the bets you want to make. Knowing the implied probability of lines can assist in determining your top value picks, whether they be prop bets, a parlay or just spread betting.
With a little knowhow, you can not only understand them but take advantage and convert them for your own gain. -110 is also the most common odds you’ll see on most point spread lines and Over/Under lines. Finally, “futures” odds on teams, individual competitors, and Thoroughbreds are handicapped with the chances of each winning a championship. That trusty betting odds calculator has a lot more free “casino chips” to spread around in futures odds. But the chances of each bet winning tend to be far slimmer.
It is also equivalent to fractional odds of 1/2 and decimal odds of 1.5. When a money line is a positive number then the odds are the amount you would win if you were to bet $100 and were correct. For example, a money line of +200 would mean that you would make a profit of $200 if you bet $100 and were correct.
This is how punters can use the betting odds to work out how likely bookmakers believe an outcome is to happen. Sports betting odds are derived by a combination of technical and fundamental means, and then are offered at a sportsbook for purchase by sports bettors. Sportsbooks offer odds in the form of betting lines or game lines.
While these are more common at overseas betting exchanges, you may see these at US betting sites. For example, betting on a market priced at 2.5 means you would win two and a half times your stake if your bet were to win. A spread is the number of points that a team or competitor is expected to win or lose a game by. A negative point spread implies the favored team while a positive point spread indicates the team that is expected to lose.
The higher the absolute value of the number, the better the chance the bet will win. So for example a -200 favorite has a better chance to win than a -120 favorite. 200 is greater than 120 so this is what we mean by absolute value, you ignore the – sign and take just the number when considering this. For example, in an exacta wheel in a six-horse field, a punter can select one horse to finish first, and cover any of the other runners finishing second. This bet with a $1 wagering unit will cost $5, meaning the punter gets a return provided the horse he selected to finish first is the winner of the race.