Getting action on a game can add a thrill factor that is hard to find in any other aspect of life. Making some money while doing it, well, it doesn’t get much better than that. But what happens when you jump onto your favorite sportsbook and they bombard you with a series of numbers (odds) which are meant to represent the chances of your team winning, when all it really looks like is math on steroids!

However, each single bet within a multiple must win in order for the bet as a whole to win. This Bet Calculator allows bettors to calculate the potential Payout for any single bet and has a simple ‘Add Odds’ function to calculate the Payout for a multiple bet. It might be one of the most basic calculations in betting but using the Bet.

If this is how you feel when your trying to place a wager, read on. The following is a simple guide on how to read sports odds and give yourself the best chance of taking home some cash.

1. Converting odds to probability fixes 0, sends infinity to 1, and sends 1 to.5 (even odds are 50% likely), and conversely; this is a parabolic transform. Applications edit In probability theory and statistics, odds and similar ratios may be more natural or more convenient than probabilities.
2. So, fractional odds of 9/1 is the same as decimal odds of 10.00. Here are some other examples 5/1 – 5 divided by 1 equals 5, plus 1 equals 6.00 6/4 – 6 divided by 4 equals 1.5, plus 1 equals 2.50 1/2 – 1 divided by 2 equals 0.5, plus 1 equals 1.50. Calculating implied probability.

What does +200 mean? +200 is a specific set of odds attached to a given sports event. These are in the form of ‘American’ odds’. The +200 represents the amount a bettor would win if they had wagered $100. A profit of $200 and a total payout of $300. Other types of odds are Decimal and Fractional.

What Types of Odds Do Sportsbooks Use?

Globally sportsbooks use one of three types of odds:

1. American
2. Fractional
3. Decimal

There are positives and negatives in the use of all of them. One thing is for sure, if you are going to bet on sport, you will run into one of these odds formats and you NEED to know how to read, understand and eventually capitalise on them.

This article will focus heavily on American odds.

How to Read American Odds

The basis of American odds is that they reflect two different aspects to the bet:

• in the case of the underdog: how much money a gambler will win if they bet $100,
• in the case of the favorite: how much a gambler needs to bet to win $100.

Quite a big difference between the two, and definitely a little tricky to navigate at first.

The following is an example of the moneyline market using American Odds, which was offered by a sportsbook during the NBA playoffs

Note:As the Portland Trail Blazers are the home team they are listed second in this market. Interestingly in many international or offshore sports the home team is listed first. Perhaps in this case the home court advantage is what has led the sports books to install the Trail Blazers as the favoured team.

We can tell Portland has favoritism as the odds have a minus sign at the front. Any time a team has minus sign out front, the bettor knows they will be receiving less than a 2 – 1 payout figure. In fact in this case, to win $100 wagering on the Trail Blazers you would need to stake $128.

In this particular example, the Oklahoma City Thunder are the outsider or underdog as they have odds with a plus sign at the front (plus money). This means if you bet $100 on OKC then you would collect $105 profit, a total return of $205.

Clearly the bookmakers considered the game to be potentially close and therefore odds were reasonably tight. As it turned out the Trailblazers dominated the second half and ran out convincing winners 114 – 92. Moneyline bettors who took Portland, go to bed with a tidy profit. In actual fact the margin of victory is irrelevant as the Moneyline requires just one condition be met, a win.

How to Do the American Odds Math?

Despite the American odds looking confusing at first sight, the underlying math is not too difficult. Having said that it could be much more user friendly.

Another key point to remember is that American odds do not include the original stake in the calculation. They only reflect the profit from the wager. The original stake needs to be added to reflect the total payout or total return figure.

Referring back to the previous example the following math applies:

The issue with this way of reporting odds is that the bettor has to do more than one level of calculation themselves. While it’s all fairly straightforward it does affect the user experience negatively.

How are American Odds Different to Decimal Odds?

The decimal odds system, which is being increasingly used by sports bookmakers across the globe, removes the extra step of calculation required by the bettor when American Odds are in use. It is a much simpler method to offer odds on the identical market and immediately gives a total return or payout figure by using one simple multiplication.

The NBA example used earlier in the article using decimal odds would read as follows:

The payout calculation is where the ease of decimal odds is highlighted:

Underdog:

Favorite:

It is clear that the decimal method is a much simpler way for sport bettors to calculate their potential winnings than than the American odds system.

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. In order to multiply the individual odds to create the parlay payout figure, the moneyline is first converted to decimal odds. Highlighting the extra step of math sportsbooks require bettors to do when they solely offer odds in the American format.

It is hoped that one day soon most sports books will offer decimal odds instead of American odds. As legalized sports betting explodes in popularity across the US and more mobile sports betting platforms come online, it is hoped that at the very least, functionality to switch between types of odds is added to all betting apps. After all, sports betting is about entertainment, and user experience should be the number one focus from all corporate bookmakers.

How to Identify Sportsbook’s Margin When Using American Odds

Sportsbooks clearly need to make money to continue to operate and therefore it is understandable that they will take a cut along the way. Understanding when that cut is too large is critical in giving yourself the best chance of turning a profit.

When dealing with American odds on 50/50 markets like total points or point spread the margin is quite simple to recognise.

For example the market on an NBA game may be offering an over/under points total of +/-214.5 points.

In this market, without any bookmaker edge, the odds would read +100 for each option. That is a doubling of the bettors money based on the market essentially being a coin flip. $100 invested would return a profit of $100. Clearly this is not the case in reality. If you spot a market like this through a sportsbook promotion (a rare occasion), then load up!

The sportsbook is only offering -110 meaning a bettor would need to invest $110 to return a profit of $100. This equates to approximately a 4.5% margin (vig) for the book. To be profitable long term the bettor would have to correctly pick this market 53% of the time. A tall order.

Some books will offer a smaller vig, for example -108 but others will be less generous and wind their margin out to numbers like -112. These numbers are often seen in live betting markets due to the greater perceived risk the sportsbook take on with live markets.

It is best, as a rule, to avoid markets where the market is skewed too far in the favor of the book.

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Before you hit the confirm bet button on your mobile sportsbook make sure you are fully aware of what price you are actually buying. While American Odds can at times be confusing there is still an art to spotting and cashing in on value. Best of luck!

Good Luck and as always, gamble responsibly!

If you’re going to bet on sports, you need to understand the odds before you put any cash down. There’s no way for you to know the risk involved in your particular wager or the potential payoff unless you know how betting odds work. If you’re looking for the best odds at an online sportsbook, be sure you check out Bovada.

It’s essential to understand that odds are a determination of how a specific event may play out. They are not saying that the event will end in the manner predicted. They predict the likelihood of an outcome.

Those wagering on the favored team usually do so at a disadvantage, while those wagering on the underdog are given an edge. Sportsbooks do this in an attempt to even out the bets so that there’s an equal amount of cash placed on each team.

When wagering, you’ll find that there are three basic ways that odds are listed:

Enter the odds in any format and click Convert

Odds Conversion Guide

To convert decimal odds to fractional, subtract 1.00 and then find the nearest whole integers (so 3.75 - 1.00 becomes 2.75/1, or 11/4).

To convert moneyline odds to decimal, if the moneyline is positive, divide by 100 and add 1. If it is negative, divide 100 by the moneyline amount (without the minus sign) and add 1.

To convert fractional odds to decimal, divide the first figure by the second figure add 1.00 (so 11/4 = 2.75, then add 1.00 = 3.75).

Fractional Odds

• Used mainly in the UK and in international horse racing. Becoming less popular online.
• Tell you the amount of profit relative to your stake if you win your bets.
• For example, if you bet £10 at odds of 3/1, you receive £30 profit if you win.

Decimal Odds

• Common around the world but especially in Europe. Standard on betting exchanges such as Betfair.
• Convey the total amount you will receive if you win, including the return of your stake.
• For example, if you bet £10 at odds of 3.75, you will receive £37.50 in total if you win.

Moneyline Odds

• Used by most US bookmakers.
• Based on a straight single bet (on a single outcome, without a points spread)
• If the moneyline is positive, the amount quoted is the amount you would win on a $100 bet.
• If it is negative, the amount quoted is what you would need to bet to win $100.

American

U.S. odds are reflected in the moneyline or line. They’re expressed in whole numbers with the number for the favored team showing a minus and the number for the team that is not favored having a plus in front of it.

Here is a moneyline for football:

This betting line favors the Colts. Indy is listed at 2:1. That means for every $2.00 bet the payout would be $3.00. That includes the $2.00 you wagered plus a profit of $1.00. If you take the Bears, the odds would be 1:4. On a $1.00 bet Chicago, which is the underdog, would pay a total of $5.00. That includes the $1.00 bet and the $4.00 payout.

The bettor always gets a bigger payout when they assume a greater risk. The more the risk, which would reflect the unlikely chance of something happening, the more you profit if the bet is won. Consider that a team that’s listed at -200 has a 66.66% chance of winning, while a team at +400 has a 20% chance of victory.

Fractional

Fractional odds, which are also known as English odds, are a bit easier to understand. If the same NFL game were listed using the fractional system it would look like this:

With this type of listing, the first number in the fraction, the numerator, is the amount you would wager and the second number, the denominator, is the payout amount. The payouts and risk in this example are exactly the same as that in the American example, with the Colts paying a $1.00 profit for every $2.00 bet and the Bears offering a $4.00 profit for every $1.00 wagered.

Decimal

You’ll find decimal odds used most often in Europe and for this reason they are known as European odds. These may be the most confusing to American bettors because the math is hidden.

Once again using the same example from the NFL, the decimal odds would be displayed in this manner:

In this system, the smaller the number the less risk involved and the better the chances are that a team will be victorious. To understand how much you will win, you would multiply the amount wagered by the betting line.

In this example, on a $1.00 bet on Chicago you would get back a total of $5.00 and on a $2.00 bet on the colts, you’d realize $3.00. As you can see, regardless of the format of the betting lines, the payout is the same.

Is 9 1 Odds Good

Odds are Skewed

Betting odds can be given in various ways. The important thing to understand is they’re not “real.” They are skewed to ensure that the sportsbooks make a profit.

Built into the odds is the sportsbook’s commission, which is silently collected on every bet. In real life, the Colts probably have less of a chance of winning and should pay more while the Bears are even more likely to lose than the odds reflect and should also pay more.

Those are the basics to understanding odds. If you’re an American bettor, then chances are you’ll be using the U.S. version. Europe or other parts of the world, you’re going to encounter the two other types of listings.

Understanding Payouts

There are a few important aspects of sports betting payouts that you must understand in order to ensure that you’re able to take full advantage of wagering opportunities and to successfully manage your bankroll.

First we’ll take a look at some basic odds and related payouts and then we’ll consider some of the finer aspects of the payout.

You must be able to read the odds listed in order to understand how much you will make on a bet. The amount of cash that you make, your profit, is your payout. Some sports bets, such as those involving a point spread, usually pay approximate odds of 1:1. That means for every dollar wagered, you’re going to get that dollar plus another buck if you win your wager.

Here’s a look at the three ways of expressing odds that you’ll usually find listed for a favorite.

Each of these expressions of odds represents the same wager and payout. For every $2.00 bet, you win a dollar, making the total amount of cash you get back $3.00 ($2.00 bet + $1.00 payout = $3.00 return).

These are an example of the type of odds given for a team that’s not favored.

These odds tell you that for every $1.00 you bet, you’re going to get $2.00 back. The payout on this sports bet is $2.00 ($1.00 bet + $2.00 payout = $3.00 return)

Notice that you get the same amount of cash back on both bets but that you actually make double on the second wager. Never confuse “return,” which is the total amount of cash you get back when you win, with “payout,” which is actually how much you make. When it comes to sports betting you’re biggest concern is how big the payout is in relationship to how much you wagered.

The Commission

One element that many new bettors are not aware of is the commission that is paid by gamblers to bookies or sportsbooks. The commission is often referred to as vig, vigorish or juice.

This part of sports betting is important because it alters your payout, lessening it. Here’s the way it works. Vig can be readily seen in point spread betting and when you bet on the favorite using the moneyline.

Although the spread odds expressed in sports betting are 1/1, they are really approximately 1/1.10.

Here’s why:

When you place a $1.00 point spread wager, you place the dollar bet plus 10%. Thus, you would place $1.10 on a team to win $1.00. You get back your original bet, $1.10, and the one-dollar payout. But if this were a true 1/1 wager, your payout would be $1.10. What happens to the 10 cents? That’s the sportsbook’s commission.

The same can be seen with the -110 moneyline. In order to win $100 on that moneyline, you must put up $110. The way bookies make their commission on the moneyline is they charge more than they should to bet on the favorite and undercut the payout on the underdog. Thus, the vig is often hidden, but it is there.

5 1 Odds Meaning

Managing Your Bankroll

It’s important that you learn how to manage your sports betting bankroll and that means keeping track of all wagers, loses and payout. When looking at a potential payout always consider the risk involved in the bet and what percentage of your bankroll you’re willing to commit to that bet. Never risk more than 5% of your bankroll on a bet.

Understanding the payout in relationship to the amount of money risked and the total return is important to be able to manage your bankroll and sports betting business.

When Is It Too Late to Make a Bet?

When is it too late to make a bet? When the game is over. But the more complex answer has to do with how much you have to wager, what your objective is and how much you’ve lost or won.

Here are some guidelines that will help you decide when you should wager on props when the odds are becoming more favorable, diminishing odds, and when you should bet on propositions whose odds are going up or expanding:

Diminishing

There are various times when you should play props whose odds are going from being long shots to sure shots. With a diminishing odds bet, the chance of the prop being a winner is becoming more certain. Bets in this category range from 2-1 to 1-4.

Play these in the following situations:

• You’re way ahead and wagering numerous units.
• You’re behind and wagering one unit at a time.
• The game is near the end and you’re ahead. Bet one to three units.
• You’re ahead and want to preserve winnings. Bet one unit.

3 To 1 Odds Meaning

The above situations are all designed to make sure that you limit your loses. Along with wagering on bets that offer you low odds, make sure you bet on props about which you feel confident. The point is to give yourself the best chance of winning.

Expanding

As odds expand and go higher so do the payouts. Although commonsense tells you that these wagers are getting progressively more difficult to win, there are times that you should utilize them.

• You are way ahead and want to try to make a big score. Use only one or two units.
• It’s near the end of the game and you’re even. Go for a big play, big payout bet using one unit to try to put yourself over the top.
• The team with expanding odds is actually on a role. (It can happen).
• Bet on the defense if there are expanding odds on its side and it needs to make a big play. Use one unit.

Betting on these scenarios isn’t as foolhardy as you might think since you are limiting how much you’re going to wager, lessening your loses. Stay away from tossing a lot of cash on a bet that has expanding betting lines. If you don’t, you may see your cash diminish quickly.

50 1 Odds Explained Odds

The thing to remember about live sports betting is that as the game goes on and things change, the odds will also change. As they do, you can take advantage of them in various ways. Also, be careful not to bet too much.

2 To 1 Odds Mean

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