How Do Odds Work?
The bookmakers look a lot at the other competing bookmakers’ odds. Therefore, it is better to “play safe” and follow the neighbour than risking a loss on a song. This mechanism is often referred to the “Lemming effect”. Also, depending on how the betting is affected by jurisdiction, taxes may be involved for the bookmaker and/or the winning player. This may be taken into account when offering the odds and/or may reduce the amount won by a player. That value may be regarded as the relative probability the event will happen, expressed as a fraction , or a multiple of the likelihood that the event will not happen.
In this case, we can divide our fraction by 25, leaving us with fractional odds of 11/4 – previously 3.75 when presented as a decimal. Converting decimal betting odds to fractions takes a bit of basic maths knowledge. If something is statistically less likely to happen, it is given long odds. This means you have the potential to win more than you would on even odds, but the risk of losing is higher.
You will only come across this term if you bet on the American sports markets. These are known to be among the most straightforward of odds formats. A plus and minus sign are used to denote the relationship between a bettor’s initial wager and their possible gain. For example, Team Y may be +1.35, and Team Z may be -1.35, the draw being +0.25.
This is the most common odds format, which used to be common in Australia, Canada and Europe in the past. However, lately more and more bookmakers have adopted this format, as a result of which it has become the norm. For instance, let’s say you want to place a bet on a sports event and the odds are +200 . It means that you would get £200 back with a bet of £100. If that number is -200 (1.5 in decimal odds), it means that you need to stake £200 to get £100 in return if your bet is correct. When it comes to American odds, an even bet is displayed as +100 .
Similarly, if you bet the Packers +7, as long as they lose by less than seven points or win outright, you win your bet. Now that you’re an expert in reading sports odds, get out there and start winning some money on your favorite sports betting sites! Sharp bettors are informed bettors, and not all sports are created equal. Consider checking out our comprehensive guide covering how to bet on sports before you lay down your first wager. Understand that negative odds indicate how much money your must spend to make $100. When betting on the favorite, you take less risk, and thus earn less.
If you think that one or both teams has a particularly strong offense and it will be a high-scoring affair, you would bet over. If you think it will be a defensive struggle, ending in very low scores on both or either side, then you would bet under. If the final score is something like 44-40, then the combined score would be 84, meaning the game is an over. If the final score is something like 33-32, making the combined score 65, then it is an under. A moneyline is one of the simplest kinds of betting odds explained in this guide.