Sports Betting 101
Sports betting is legal in Virginia and residents began betting via FanDuel in January 2021. Most legal sportsbooks around the country won’t allow you to make bets with Venmo. If we believe the Lakers are a better chance to win than 43.48%, we should bet on them. If we believe the Bulls are a better chance to win than 58.33%, then likewise, we should bet on them. Betting through bookmakers is illegal in the United States except in the state of Nevada.
If the Los Angeles Lakers are a +500 to win the NBA championship, a successful $100 bet would net $500. Fractional odds are most commonly used in the UK and can typically be seen when placing bets on horse races. With the above example, let’s calculate the odds of betting the underdog with only $10, instead of $100. The plus or minus indicates whether you’re betting on the favored team or the underdog.
Similarly, a bettor could make a total payout of $130 ($100 x 1.3) if they successfully bet $100 on Joe Biden. Deducting $100 from this return gives the bettor the net profit earned. It can quickly be determined that the Golden State Warriors are the favorites while the odds on Houston and Cleveland winning are longer. That is, one wins only $10 against every $11 wagered on Golden State to be the champions.
In-game betting has taken the sports gambling industry by storm and is surely the future of the industry. Fractional odds are most popular in the United Kingdom and Ireland, and are often the choice for horse racing. Also, a lot of sportsbooks in the United States will use fractional odds for futures odds. Illinois passed sports betting legislature June 2019 and launched at physical sportsbooks March 2020, becoming the 15th state to offer wagering.
A negative point-spread always indicates the favored challenger, and reveals how many points they are expected to win by. The over under is represented in the third column of the above betting line, and reveals that legal online sports betting sites believe that both teams will combine to score 44.5 points. In the realm of sports, very rarely are two opponents evenly matched. Because of this, legal sports betting sites handicap each team via the point spread. Using the above Notre Dame vs. Miami betting line, the point spread favors ND to win by 7.5 points (-7.5). Last week, we went over how to read sports betting oddsand covered the most common items you’ll see on a betting board inside a sportsbook .
The bottom number shows how many times they expect it to succeed. By learning how to read odds, you can read between the lines and figure out how likely a particular sportsbook has determined an outcome to be. Once you understand the odds, then you’ll be more prepared to make a bet and more importantly, win your bet! Odds are easy to understand but there are different formats and once you become familiar with all of them, you can choose your preference. The over/under line is what oddsmakers have predicted that both team will combine to score for. If the under hits, that means that the total points scored by both teams fell “under” the line.