How To Read Betting Odds
To calculate the implied probability you need to convert the odds into a percentage. The odds are what suggest a particular outcome in any match, and the implied probability refers to the prospect of that outcome. Using the +260 odds on the Packers, a $10 bet would payout $26 in profits, plus the return of your original $10 bet for a total of $36 back in your pocket. Decimal odds are widely used outside the US, particularly in Europe, Africa, South America and Australia. They are easy to understand, insofar as they indicate precisely what you will receive back, if your bet is successful, for a 1 unit stake.
You’ve done your research and have determined the Giants are a 60% chance to cover the -3.5 betting line. As 60% is greater than 52.4%, you have found what is commonly referred to as a ‘value bet’. Understanding betting odds is crucial to long-term betting success. Possessing an intimate grasp of betting odds and their implied probabilities is fundamental to profitable betting. The “-13” means that a football team is favored to win by 13 points.
The odds and how odds apply to betting may vary slightly from sport-to-sport. At the same time, there are some principles that apply to all aspects of sports betting. Let’s break it down by sport and give you the lowdown on how betting odds work for all the different major sports. The standard number is –110, meaning a successful bet of $110 would net $100 profit. This is the “juice” or “vigorish” (aka “vig”) for the house or sportsbook.
In order to make sure that the gambler can collect more than they bet when they place a winning bet, the odds are always greater than 1 in this system. Otherwise, the winning gambler would end up losing money after placing the bet. Unlike decimal odds, fractional odds do NOT include your stake. For something like soccer, Arsenal could be a +150 favorite against Everton as a +190 underdog, while the draw would be set at +220. In this case, the payout would be decent for every situation mainly because the teams are even and there are three possible results compared to just two for something like football . In this case where both teams have a ” + ” in front of their odds, the team with the lower number is the favorite.
If you wanted to place a $10 wager on the USA at 2.40 you would simply need to multiply your $10 wager by the 2.40 odds (10 x 2.40) to find out that the payout is $24. A listed odd with a – sign in front of it, such as the -140 in our example above, shows us how much money you would need to wager in order to win $100. So using the -140, this would show us that you would need to bet $140 in order to win $100 in profits. You can easily substitute the $100 bet for a $10 bet by moving the decimal place over one spot, showing us that you would need to wager $14 in order to win $10 in profits.
For example, you can bet the Dallas Cowboys as a -7 point favorite to beat the Green Bay Packers or the Packers as a +7 point underdog. If you bet the Cowboys -7 and they win by more than seven points, you win your bet. Similarly, if you bet the Packers +7 and they lose by less than seven points or win outright, you win your bet.
Sports information services are often used by professional and semi-professional sports bettors to help achieve this goal. When moneyline odds are negative, the figure indicates how much money must be wagered to win $100 . The -110 listed is the actual odds given for these bets, and the odds determine how much you win based on the amount of your wager.