Reading and calculating sports odds: An in-depth overview
Understanding the various sports odds is highly crucial as they solely determine which bets are worth considering and taking. Sports odds are presented in a variety of formats in online casinos but all of them are easy to interpret. You can use these odds to calculate the implied probability of a certain outcome in a sporting event.
Learning to read the sports odds will certainly take you a long way in becoming a successful sports bettor without a doubt! From knowing how much money you want to wager with to knowing which bets offer the most value, it all comes down to a thorough understanding of the odds. This article aims at highlighting the reading and calculating of the sports odds effortlessly. So continue to read on!
Understanding American, decimal and fractional odds
Sports odds are typically presented in American, decimal and fractional formats. These contribute to two main purposes.
- They signify the implied probability of the outcome
- They indicate the sum you could win betting on that outcome
Note: Please be extremely cautious when you evaluate the probability of an event. Do bear in mind that generally sports odds are highly influenced by a number of factors which are directly connected to the outcome of an event.
Also, sports odds reveal how much the book will charge to take your bet. Bettors usually refer to this amount as “the juice” or “cut” or “vig(orish).”
American odds
When you observe -150, +230, or any other three-digit number with a +/- in front of it, it means you are dealing with the American betting odds.
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What does ‘+’ and ‘-’ mean in American odds? The ‘–’ and ‘+’ in sports betting line signifies your prospective payout and whether you are betting on the favorite or the underdog. Negative numbers signify the favorite on the betting line. Positive numbers refers to the amount of money you will win after betting. |
Decimal odds
Decimal odds are the easiest odds and are pretty straightforward. In order to determine your payout, all you need to do is multiply your wager by the odds associated with the team you are betting on. To calculate winnings, you need to subtract the original wager from the payout.
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Decimal odds winnings = Wager x Decimal odds – Wager |
Fractional odds
Fractional odds are popular and common in the UK especially, in horserace betting. Fractional odds are slightly funny-looking such as 9/5 or 1/2. Do bear in mind that if you want to say fractional odds aloud, like 9/5 or 1/2, you say “nine to five” or “one to two.”
The number on the left (9) dictates how many times the book expects the relevant outcome to fail; whereas the number on the right (5) tells us how many times the outcome is expected to succeed.
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Fractional odds winnings = Wager x Numerator/ Denominator |
What is ‘push’?
Although, ‘push’ does not directly concern odds, they do affect your payout. Therefore, it is important for every bettor to be aware of the possibility of a push before they lay their first wager on sports.
A ‘push’ simply refers to ‘tie’. You will not see pushes when betting on the money line. If a sport allows a game to end in a tie, that is an outcome you can bet on. You only need to consider the possibility of a push when betting against the spread or placing a totals bet.
If a push does occur, you will get your money refunded. It will not count as a win or a loss.
Things to keep in mind when it comes to sports betting odds
When it comes to betting, there are various significant aspects to be considered. Therefore, understanding the sports odds, rules stands very crucial along with many other important aspects as discussed below. Take a close look!
Understand the bet types first
There are numerous sports bets. Learn and read all of them in detail and then, decide which one suits you the best and bet accordingly. Betting without understanding about the bet can get you into trouble. So do read about the bet types thoroughly.
The in-game parlay
In-game parlays are difficult irrespective of the time you place your bet. In-game parlays function just like any other type of bets but with live odds. In this type of bet, the payouts can be even greater. The benefit of this bet is that the bettors will be able to observe trends in action. Apart from this, the bettors are also offered with the cash in option.
Knowing the right time for the betting action
One of the important aspects of sports betting is the competition. This is the reason as to why timing plays a very vital role when it comes to sports betting. It is quite common that bettors are completely engrossed in the action of the game that they fail to research about the game and its rules. Do bear in mind that extensive research is definitely the key!
Know your audience
If you are a well-learned and professional bettor, you know how important public money is. Public money is what controls the lines and spreads. The odds in live sports betting are heavily pushed from minute to minute and so there is no time left to perform the calculations. Remember that it is always the public money that is the major determinant of the odds in live sports betting.
Note: Impulsive betting is quite commonly seen in live sports betting. Hence, it is extremely important for the bettors to not jump the line beyond a certain limit.
Remember, it is all about timing!
In live sports betting, the time of bet stands very crucial. It is highly important for the bettors to understand when is the right time to bet and get to know the different philosophies concerning live betting. Keep in mind that every sports betting game is different, however, the various aspects to be kept in mind should remain consistent.
Over and under bet
The over and under bet is the most common type of bet placed in any live sports betting game. Once the game commences, the bettors know how much the final total after watching only a couple of minutes. Again, timing is crucial in making the live bet over/under play. Wait until the score has raised the original over/under total to a much higher number. Then, put money down on the under at a better price than you would have found before the game.
Keep your bankroll under control
Sports betting is no doubt exciting as you can bet on a wide variety of games anywhere, anytime from your mobile. Mobile sports betting can get immensely engrossing and it can be a great way to get uncommon value for your bets. That being said, if you don’t keep a close watch on your bankroll, you can be in trouble. So watch out!
With respect to any bets you place, do keep in mind to keep track of what is coming in and what is going out. It would be wise to also keep a record of what bets you are making. This will in turn help you in analysing which are the bets you are winning money and which are emptying your bankroll.
Closing thoughts
Whether you are a newbie or an experienced bettor, remember to understand the nuances of sports betting, especially sports odds as they vary from one game to another. Furthermore, take control of your bankroll. We, at Winissimo, offer enthralling sports betting games along with gripping bonuses to grab! Sign up today and get started right away without any hassles. Also, stay aware and keep a track of your bets placed during the gameplay. Play safe, play wise! Happy betting there!