How to understand sports betting odds
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As more and more states legalize sports betting in the United States, it is inevitable that more people will get involved in sports betting. If you're a sports betting beginner, a sportsbook's board or homepage on a mobile app may look like complete gibberish.
In this article, we will tell you about the basic terminology you need to know. We will also use this terminology to explain how to read what you see on the odds board and how to apply this knowledge to your bets. Understanding betting odds is fundamental for making informed wagers. Different types of odds, like fractional, decimal, and moneyline, indicate the likelihood of an event. Proper knowledge helps in better decision-making. For physical well-being, especially if you're into cycling, learn how to avoid cycling injuries.
Example of a game on the odds board
This is an example of an NFL game between the Dallas Cowboys and the Kansas City Chiefs that once appeared on a sportsbook odds board. You'll notice the following categories of terms: number of spins, point spread, over/under, and moneyline. Let's take a look at each term separately.
Rotation numbers
Rotation numbers are commonly used in in-person betting shops. These numbers are provided to players to easily navigate their bets when approaching the cashier.
Suppose a bettor wants to place a bet on the Cowboys spread. They would approach the cashier and say: “I'll take number 403, Cowboys -8 [regardless of the bet amount].” The cashier would then display the proposed bet on the screen for the bettor, along with the possible payout. If the player was satisfied with the bet, the bet is considered final when the player hands the cashier their money.
It is not absolutely necessary to tell the cashier the number of the bet's turn. You can simply say “I'll take Cowboys -8” and the cashier will most likely know that the customer is referring to the NFL point spread. However, you can't assume that the cashier knows every sport, so telling the cashier the number of the rotation will make their job easier.
Point spreads
Point spread betting is the most common type of sports betting. The point spread is essentially an obstacle to equalizing the odds between two teams. The number of the favorite will always be marked with a minus sign, and the underdog can be marked with a plus sign. In this example, there is no plus sign for the point spread. However, it can be concluded that since the Cowboys have eight points, the Chiefs are underdogs and therefore “get 8”.
Players who bet on the Cowboys -8 believe that the Cowboys will win by more than eight points. Those who bet on the Chiefs 8 believe that the Chiefs will either lose by less than eight points or win the game completely. If the game ends with the Cowboys winning by eight, it is considered a “push” and the bettors get their money back.
Over/Under
Over/under is also called “totals” in the sports betting world. With the over or under, you are not betting on how much one team will win or lose. Instead, the over/under is a bet on how many points will be scored.
Those who bet on the over/under believe that the Cowboys and Chiefs will score more than 42.5 points combined. Those who bet “under 42.5” believe that the two teams will combine to score less than 42.5. Please note that there can be no 'push' with this particular line, as no half-point can be scored.
Money lines
Similar to point spreads, a moneyline favorite can be identified by a minus sign next to a number, while the underdog will have a plus sign. With a moneyline bet, you are simply betting on who will win the game, regardless of the advantage.
The Cowboys have a moneyline of -400. This fact introduces another important sports term called “vig”. Those who bet on the Cowboys moneyline will have to wager $400 to make a profit of $100. The same ratio applies to all betting amounts, so a $100 bet on the Cowboys moneyline will yield a profit of $25.
If you bet on the Chiefs money line with odds of 300, a $100 bet will bring a profit of $300. The reason why the payout is so big is that they were originally considered eight-point underdogs. Therefore, the probability of their victory is small. Moneyline odds and point spreads usually go hand in hand. The more points a team gets, the more expensive its moneyline will be.
Cash-out in sports betting allows bettors to settle their bets before the event has finished, securing a profit or minimizing a loss. This feature offers greater control and flexibility over bets. To understand how it works and when to use it, read what is cash out in sports betting and how does it work.
Vigs are everywhere
Every bet has a “vig,” whether it's moneyline, point spread, or over/under. In this particular example, the odds board didn't show the vig relative to the point spread or over/under. The standard vig on these bets is -110. This means that a player who bets on Cowboys -8 or Chiefs 8 would have to wager $110 to make a profit of $100. The same vig applies to either side of the over/under.
If the math to understand how the vig -110 works is too complicated, the rule of thumb is that bookmakers get 10% of the winnings from each bet. However, you don't have to be a math expert to become a successful gambler. Remember that the bookmaker's cashier will always show you what you can win before you finalize your bet.