What Are Odds In Sports Betting And How Do You Read Them?
The team expected to lose, or underdog, will have positive or plus odds. This means for every dollar you wager, you will gain more than a dollar if your bet wins. If you decide to bet Duke, who is listed as the favorite, which has a higher implied probability of winning the game according to the bookmaker, one would need to bet $760 to win $100. If Duke is victorious, one wins $100 with a total payout of $860 (initial stake $760 + profit won $100). Another way in which sports betting odds are offered is called over-under. Again, this type of bet can only be offered when scores are kept in the game being played.
You win a smaller amount than you bet if you pick the favorite, and you generally win more than you bet if you pick the underdog. The stronger the favorite the less you will win, and vice versa. An over/under bet is when you bet on how many points or units of scoring will be scored in a game. The sportsbook will set a line at how many total points it thinks there will be, and you bet on whether you think the total will go over or under. Most of the time, lines are set at a 0.5 (for example 220.5 in an NBA game) because the sportsbook doesn’t want you to push. As a reminder, a push is when the final score is exactly the same as the one it set the line at, which means you neither win nor lose, you just get your money back.
The higher the total payout (i.e., the higher the decimal odd), the less probable it is for the listed candidate to win. A fractional listing of 6/1 (six-to-one) odds would mean that you win $6 against every $1 you wager, in addition to receiving your dollar back (i.e., the amount you wagered). In other words, this is the ratio of the amount won to the initial bet, which means that you will receive your stake ($1) in addition to the profit ($6), resulting in a total payout of $7.
In this matchup, there is a big difference between the two odds, indicating a much higher probability of Duke winning the game and advancing to the next round of the NCAA Tournament. The odds for favorites are accompanied by a minus (-) sign, indicating the amount you need to stake to win $100. Using the odds above the Clippers implied probability is 54.5% and the Heat’s implied probability is 47.6%.
This definitely seems like a way better deal than betting $340 to win $100, but remember that Orlando has a small chance of beating the best team in the league. Some bettors may see value in this, but you should never blindly bet an underdog – or any side for that matter . For example, the Golden State money line above is listed at -340 odds.
So odds of 7-2 mean that for every $2 invested, the punter gets $7 profit in return. This means when you bet $2, the total return if the bet is successful is $9. In this example, the Los Angeles Lakers are the favorite, while the Warriors are the underdog. Now, if we want to calculate our winnings, let’s use the assumption that our bet is 100 dollars. If you bet $100 on the Warriors, you profit $210 over and above the initial stake of $100. If you bet $100 on the Lakers, you profit $40 over and above the initial stake of $100.