Sports Betting Odds Explained
Jonn Seo | October 12, 2020 | Updated on: October 12th, 2020
You’ll come across the best sports betting odds today from competitive sportsbooks. The reason for this is that players in the states like betting on sports leagues, college football, and want the best odds. Betting lines come in three formats which include American, decimal, and fractional.
Therefore, you’ll need to do your sports betting odds comparison. So, you have to visit top online sports betting sites to do this. If you are too lazy to calculate the odds, you’ll find gambling websites that do it for you. NFL odds are calculated the same way as any other popular sports. In this guide, you’ll learn how sports betting odds work.
Best Sports Betting Odds Sites
Sports Betting Odds Comparison
Betting odds are numbers next to the team or player that indicates the possible results in a game. Your winnings will be affected by how big or small the betting lines are. The odds will also tell you how much you can win after placing a bet.
Sportsbooks set odds that you’ll have to compare with different sites. Chances are the lines are not the same and you will have to choose the best. Different factors can influence the odds. These may include the team/players’ performance, statistics, or where the game is played.
How to Calculate American Betting Odds
Online sportsbook odds are not complicated once you understand the different formats. The American betting odds also referred to as Moneyline use the negative and positive symbol next to the number. First of all, the negative sign shows an event that is likely to happen whereas the negative means an unlikely outcome.
How do sports betting odds work?
For example:
- Los Angeles Lakers +130
- Miami Heat -120
You can use these two formulas to calculate sports betting odds in this NBA game:
- 100/Odds x Stakes (Negative Sign)
- Odds x Stake/100 (Positive Sign)
Let’s say you make a $100 bet on the Los Angeles Lakers your profit will be $130. Placing the same bet amount on the Miami Heat gives you $83.
Other gambling markets use a decimal system where you multiply your stakes by the decimal (1.4). With this wager, you must still calculate the total payout of the bet and say stake + profit Fractional odds on the other hand are mostly used in the UK (1/3) with the formula Stake x fraction. It may seem to be complicated but it isn’t.
Online Sportsbook Odds FAQs
Why are betting odds important?
Sports betting odds are important because they give you information about the possible results in an event. Also, you get to know how much you can win when placing a bet.
How do you read sports betting odds?
You read sports betting odds by using the appropriate formula in a specific country. This could be America, fractional or decimal formats.
Are sports betting odds difficult to understand?
No, betting odds become easy to grasp once you know how to calculate the lines.
Who sets the odds for sports betting?
Sportsbook odds are set by bookmakers who take into account different factors that make a game.
Why should I compare odds?
The main reason you should compare odds is to select the best being lines.
What is the best betting line format?
Depending on the country you are from, you’ll choose a suitable betting system.