Sports Betting Explained
Many sportsbooks offer their customers the chance to ‘cash-out’ before the event has finished and their sports wager has been settled. The cash-out feature is a way for a bettor to lock-in profit from their sports wager, or minimize their losses. The size of the payout is determined at the time of cashing out your bet and depends on the likelihood of the bet winning. After bookies have calculated the odds and how much money they would stand to make from the matched, they need to post the odds. But unfortunately, odds don’t leave the printing press without an adjustment first.
In the next section, we will have betting odds explained for you. Odds are one of the important factors in sports betting, and you need to make sure you understand their purpose and function. As you will see below, there are different odds formats, but they all play the same role – they help you determine if a bet is worth placing or not.
And these changes can have sweeping impact on your betting experience. While the above examples (the -110 in American odds and 1.91 in decimal odds) represent industry standard vig, be aware that sometimes books will adjust the vig slightly. In these cases, your breakeven point may move up or down depending on which direction the adjustment happens. Most frequently, this happens when an NFL line edges toward a key number. Along with the “+7” or some such number, another number will sit alongside it.
The “-13” means that a football team is favored to win by 13 points. For you to win the bet, the team must win by more than 13 points. Understand that fractions greater than one mean a team is an underdog.
If a bettor wants to know exactly how much money will be returned to them from a successful bet, multiply the mutuel payout by the amount invested, and then divide by two. So if a bettor invested $10 to win on a horse that won at a mutuel payout of $5.50, multiply $5.50 by 10 ($55), and then divide by 2 (final payout $27.50). Similarly, if a horse is at even money (ie 1-1), it’s $2 profit for every $2 invested, or a total return of $4.
All sports also have a variation of an “over/under” bet, in which you can wager on whether the final score will be higher or lower than the combined score projected by online sportsbooks. The over and the under will each have their own moneyline, based on the probability of either event. Another downside to using American odds is that they are almost unusable when working with parlay betting. A parlay or multiplier is where a bettor takes classic bet types and parlays several of these into one wager.