Understanding the Basics of Sports Betting Odds
Sports betting is a billion-dollar industry and growing at a rapid pace. You can find sportsbooks everywhere, from your local casino to your favorite online book. Why? Because people love sports. They find it exciting, and they love to bet on them. If you’re a sports fan looking to get involved, you might have questions about the world of sports betting. How much do you know about sports? Do you understand the basics of odds? Do you know what an over/under or point spread is? You would be in the right place if you answered yes to any of these questions. In this article, you’ll learn the basics of sports betting odds and explore how they work.
What are Sports Betting Odds?
Sports betting odds are the numbers used to make sports wagers. When you place a bet on a sports event and use the money you risk as your margin of victory, the odds are what you’re betting on. The most common sports betting odds are Moneyline odds, point spread odds, and total betting odds. Depending on the sportsbook site you use, you may also see odds for other types of sports, like American Football or horse racing. In general, though, sports betting odds help you determine the likelihood of winning a bet.
How Sports Betting Odds Work
Sports betting odds work by determining the likelihood of winning a bet on a particular team. The greater the odds, the less likely you are to succeed, and therefore, you’d expect to lose money betting on a team with high odds. The lower the odds, the more likely you are to win, and therefore, you’d expect to earn money betting on a team with low odds. If you bet on a team with quotes of +150 and the team wins, you would win $150. If you bet on a team with odds of +300 and they win, you would win $300. If you bet $100 on the +300 team, and they lose, you would lose $300. However, if you bet $100 on the +150 team and they win, you would win $100. This is how sports betting odds work.
For Moneyline betting, you pick the favorite or the total margin of winning, and the sportsbook will give you the odds accordingly. For example, let’s say the New England Patriots are listed as a +350 favorite to win the Super Bowl. If you bet the Patriots at +350, the sportsbook will give you the +100 odds. Now, let’s say you picked the Pittsburgh Steelers as your underdog. At +300, the odds would make you +100 to win and -300 to lose.
Point Spread Betting
Point spread betting is used in sports, including college football, NFL, NBA, and NHL. A typical point spread is part of the Moneyline, and both sides of the bet are betting on the same outcome: the favorite is the favorite to win, and the underdog is the underdog to win. For example, let’s say the New England Patriots are listed as a +350 favorite to win the Super Bowl. Now, let’s say you picked the Pittsburgh Steelers as your underdog. If the Steelers are listed at +300 and the Patriots are at +350, your point spread is +2.
Total Betting Odds
Total betting odds are exactly what they sound like: the total amount of points or goals that teams will score during an entire game. A game total is the sum of all the game scores, so if the game’s total is 51-0, then the game total is 51. Total betting odds are typically used for one-day, over/under, and futures bets. For example, if you wanted to make a baseball bet on the total runs scored during a game, you would bet on total betting odds.
The most important thing to understand about sports betting is that you have to have a plan going in. Before you place any sports bets, develop a plan on what you want to do if your team loses. If you don’t have a plan, you’ll probably lose money. Make sure you have a plan before you place any sports bets, and remember that the key to winning is to have discipline. With these methods in mind, you’ll be better prepared to make winning sports betting decisions. Now that you know the basics of sports betting odds, you’re ready to put your knowledge to the test and place some bets. But first, you need to find a sportsbook that offers excellent odds. That’s why we’re here.