September 8, 2021 0

The best way For you to Understand Betting Probability

How To Read Odds

Get exclusive betting news and the latest odds from top-rated sportsbooks, straight to your inbox and social feeds. If you want to bet on Golovkin to win the fight (8/13 odds), calculate your winnings by multiplying your wager by the quotient of 8 ÷ 13 (0.615). In this case, you’ll receive $16.15 back ($10 bet + $6.15 in winnings). Therefore, the probability of Alvarez winning the fight is calculated by dividing 8 by 19 . Let’s say boxer Gennady Golovkin receives 8/13 odds in an upcoming fight with Canelo Alvarez.

Another example of decimal odds in action would be betting on NHL game with odds of 9.0. A $10 stake on odds of 9.0 would earn a total payout of $90 with $80 being won from the sportsbook and your initial $10 stake being returned. As you can see, understanding the -110 in sports betting is pretty basic once you realize what it represents.

But while betting on sports is legal in almost half the states in the country, not all of them allow online wagering. As of 2020, there are 21 states (and Washington D.C.) that have legalized sports betting. When you see a -110 line, you can consider it similar to an even money outcome, like a coin flip.

Each of the lines below comes from DraftKings Sportsbook, the first couple from Week 1 and the last one from Week 17. Sports betting is legal in North Carolina, but it’s only available at two casinos, which weren’t open as of early 2021. Sports betting is not legal in South Dakota, but residents passed a bill initiative in the 2020 election. Sports betting is not legal in South Dakota, but residents passed a ballot initiative in the November 2020 election, which means it’s on its way.

To bet Chicago simply to win, you must wager $250 to win $100, while a $100 bet on Detroit would pay $200 if the Lions come through. Understand that negative odds indicate how much money your must spend to make $100. When betting on the favorite, you take less risk, and thus earn less.

Straight bet – Amid all the fancy and lucrative-looking bets that are available, never lose sight of the value in a standard straight bet. The money line is a simple wager in which the point spread is not determined. The odds posted on the money line is based on a $100 parameter. When the spread is small, moneyline bets are often better since the spread does not indicate a clear underdog.

In this case, it’s favored that the final score of the match will be less than (“under”) 45 points.

There are a few different variations of Vegas odds boards, but as long as you understand spread, moneyline, and total bets, you’ll be able to find what you’re looking for. You’ll notice in the example above that odds are not given for the spread and over/under bets. While you can assume the odds are likely between -130 and +110 for each side, you’ll have to ask the cashier or look at your betting ticket after placing the bet.

Usually one of the markets the books offer is a live point spread market. These lines move rather quickly in response to happenings on the field. 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.

Hence, the vig exists, forcing you to pay a fee in exchange for your bet. When you’re looking at a line for point spread betting, the handicap won’t be the only number associated with the bet. Combine that with home field, and the betting market sees a closely matched contest. Hence, Green Bay entering as favorites, but favorites expected to prevail by just 3 points. Thus, even on the road, the 49ers rate as -7.5 favorites at DK Sportsbook. In other words, they’re expected to win by more than a touchdown.

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