What Are Sports Betting Odds?
Since the advent of sporting competition spectators, fans and even competitors have been betting on outcomes. Today sports betting is multi-billion dollar industry enjoyed by fans from all swathes of life. Once a bettor grasps an understanding of the system, it can be an exciting and profitable hobby. Understanding the odds can at times seem a confusing prospect, but it's a crucial first step to being successful in betting.
In its most basic form, odds are a guess on how likely a team or individual is to win or lose. In a sports book odds are usually displayed in three different ways depending on the sport and the location. American odds are shown as a number with a + or - in front. This represents how large a bet needs to be to make $100 or how much the potential payout is on a $100 bet. For example, if the odds on a matchup are -120, that means in order to win $100 the bet would need to be $120. On the other side if the odds on a game are +150 that means if a better put up $100 they could win $150.
Another type of odds often seen, especially in horse or dog racing and in the United Kingdom is fractional betting. This is the 3/5, 10/1 type odds many people are familiar with. The explanation for this can be a bit confusing at first. The fractional odds system of sports betting shows the total payout amount for a bettor if they win in relation to the size of their bet. So if the odds are ten-to-one (10/1) and better places a bet of $5, they could win $50 for a total payout of $55 (the winnings plus the original bet). For every dollar wagered there is the potential to win $10 back. Conversely, if the odds are one-to-ten (1/10) a successful $100 bet would pay $10 for a total payout of $110. For every bet of $10 there is the potential to win $1 back.
There is another system known as decimal odds that is less common in the UK and America. Despite its unpopularity it's an extremely simple system to understand. Odds are shown as a decimal number, like 3.50. This means on a bet of $50 the winnings would be $175. All the bettor has to do is multiply the odds and their wager to see the potential winnings. Most sports books will have an option to see odds this way since it's often times much easier for some bettors.
Once a bettor understands how the odds systems work, they're free to start adding more elements to their bets. Taking into account things like point spread, totals, parlays and teasers. Even with a basic understanding ofsports betting odds though, fans of all sports can have an exciting and potentially lucrative experience wagering on their favorite teams.
In its most basic form, odds are a guess on how likely a team or individual is to win or lose. In a sports book odds are usually displayed in three different ways depending on the sport and the location. American odds are shown as a number with a + or - in front. This represents how large a bet needs to be to make $100 or how much the potential payout is on a $100 bet. For example, if the odds on a matchup are -120, that means in order to win $100 the bet would need to be $120. On the other side if the odds on a game are +150 that means if a better put up $100 they could win $150.
Another type of odds often seen, especially in horse or dog racing and in the United Kingdom is fractional betting. This is the 3/5, 10/1 type odds many people are familiar with. The explanation for this can be a bit confusing at first. The fractional odds system of sports betting shows the total payout amount for a bettor if they win in relation to the size of their bet. So if the odds are ten-to-one (10/1) and better places a bet of $5, they could win $50 for a total payout of $55 (the winnings plus the original bet). For every dollar wagered there is the potential to win $10 back. Conversely, if the odds are one-to-ten (1/10) a successful $100 bet would pay $10 for a total payout of $110. For every bet of $10 there is the potential to win $1 back.
There is another system known as decimal odds that is less common in the UK and America. Despite its unpopularity it's an extremely simple system to understand. Odds are shown as a decimal number, like 3.50. This means on a bet of $50 the winnings would be $175. All the bettor has to do is multiply the odds and their wager to see the potential winnings. Most sports books will have an option to see odds this way since it's often times much easier for some bettors.
Once a bettor understands how the odds systems work, they're free to start adding more elements to their bets. Taking into account things like point spread, totals, parlays and teasers. Even with a basic understanding ofsports betting odds though, fans of all sports can have an exciting and potentially lucrative experience wagering on their favorite teams.