Sports Betting Odds 101
But before you place the bet, using an odds payout calculator is essential to make sure you get the right price. With so much difference between the odds-on markets at different gambling sites, using a sports betting calculator is even more important.
We all know that online gambling is a great way to make a little or maybe a lot! Or are the odds stacked against you…? Give it a try! We've put together this fun little quiz to test your American odds skills.
Well, it looks like you have some of the basics down but you could still do with brushing up on how odds work before you start placing any big bets. Or maybe you just got tripped up by that genius Julius American answer!
Aha, it looks like you were paying attention after all. This actually translates to 1. They also dictate how much profit a player can make when betting on an event at that particular sportsbook. They're often heavily influenced by Vegas odds, football in particular.
In theory, odds can be shown in any format no matter what the game. In practice, however, the location of the target audience will have some impact on this. For example, NFL odds will virtually always be shown initially, at least in the American format because the viewing audience is predominantly based in the USA. You may not actually need to do this, since most sports betting sites have functions to calculate your potential winnings in real time. Plus, it will help you to avoid making silly mistakes like placing big bets on events that actually have bad odds.
However, most will also have their own teams that calculate odds based on all sorts of criteria, including everything from the location of the match and weather to player absences or injury risks.
Odds can change very quickly, sometimes even updating while events are in-play. Our reviews and guides are used by more than , players worldwide every year. Differentiate between dependent and independent events. In certain scenarios, odds for a given event will change based on the results of past events. For example, if you have a jar full of twenty marbles, four of which are red and sixteen of which are green, you'll have 4: Let's say you draw a green marble.
If you don't put the marble back into the jar, on your next attempt, you'll have 4: Then, if you draw a red marble, you'll have 3: Drawing a red marble is a dependent event - the odds depend on which marbles have been drawn before. Independent events are events whose odds aren't effected by previous events.
Flipping a coin and getting a heads is an independent event - you're not more likely to get a heads based on whether you got a heads or a tails last time. Determine whether all outcomes are equally likely. If we roll one die, it's equally likely that we'll get any of the numbers 1 - 6. However, if we roll two dice and add their numbers together, though there's a chance we'll get anything from 2 to 12, not every outcome is equally likely.
There's only one way to make 2 - by rolling two 1's - and there's only one way to make 12 - by rolling two 6's. By contrast, there are many ways to make a seven.
For instance, you could roll a 1 and a 6, a 2 and a 5, a 3 and a 4, and so on. In this case, the odds for each sum should reflect the fact that some outcomes are more likely than others. Let's do an example problem. To calculate the odds of rolling two dice with a sum of four for instance, a 1 and a 3 , begin by calculating the total number of outcomes.
Each individual dice has six outcomes. Take the number of outcomes for each die to the power of the number of dice: Next, find the number of ways you can make four with two dice: So the odds of rolling a combined "four" with two dice are 3: Your odds of rolling a "yahtzee" five dice that are all the same number in one roll are very slim - 6: Take mutual exclusivity into account.
Sometimes, certain outcomes can overlap - the odds you calculate should reflect this. For instance, if you're playing poker and you have a nine, ten, jack, and queen of diamonds in your hand, you want your next card either to be a king or eight of any suit to make a straight , or, alternatively, any diamond to make a flush.
Let's say the dealer is dealing your next card from a standard fifty-two card deck. There are thirteen diamonds in the deck, four kings, and four eights. The thirteen diamonds already includes the king and eight of diamonds - we don't want to count them twice. Thus, the odds of being dealt a card that will give you a straight or flush are In real life, of course, if you already have cards in your hand, you're rarely being dealt cards from a complete fifty-two card deck.
Keep in mind that the number of cards in the deck decreases as cards are dealt. Also, if you're playing with other people, you'll have to guess what cards they have when you're estimating your odds. This is part of the fun of poker. Know common formats for expressing gambling odds. If you're venturing into the world of gambling, it's important to know that betting odds don't usually reflect the true mathematical "odds" of a certain event happening.
Instead, gambling odds, especially in games like horse racing and sports betting, reflect the payout that a bookmaker will give on a successful bet.
To add to the confusion, the format for expressing these odds sometimes varies regionally. Here are a few non-standard ways that gambling odds are expressed: Decimal or "European format" odds.
These are fairly easy to understand. Decimal odds are simply expressed as a decimal number, like 2. This number is the ratio of the payout to the original stake. For instance, with odds of 2.
Fractional or "UK format" odds. This represents the ratio of the profit not total payout from a successful bet to the stake. Moneyline or "US format" odds. These can be difficult to understand. Remember this subtle distinction! In moneyline odds, a simple "" no plus or minus represents an even bet - whatever money you stake, you'll earn as profit if you win. Understand how gambling odds are set. The odds that bookmakers and casinos set aren't usually calculated from the mathematical probability that certain events will occur.
Rather, they're carefully set so that, in the long run, the bookie or casino will make money, regardless of any short-term outcomes! Take this into account when making your bets - remember, eventually, the house always wins.
Let's look at an example. A standard roulette wheel has 38 numbers - 1 through 36, plus 0 and If you bet on one space let's say 11 , you have 1: Know that odds at the track tell you amount of profit you will make per dollar spent. To determine profit, multiply the amount you bet by the fraction. Understand that fractions greater than one mean a team is an underdog. This makes sense, because you would expect a bet on the underdog to have a higher payout.
If you have a hard time with fractions, then see if there is a larger number on top then on bottom. When you bet for the underdog, it is called betting "against the odds. Know that moneyline bets only concern what team will win the game.
Odds are presented as a positive or negative number next to the team's name. A negative number means the team is favored to win, while a positive number indicates that they are the underdog. This means the Cowboys are the favorites, but pay out less money if a bet on them wins. Try out an online to check your math when you first get started. Soon enough it will be second nature, but for now ask a friend or search for a calculator that fits your betting needs. You also get the money you bet back.
To calculate how much profit you make per dollar spent, divide the amount you are going to spend by Multiply this number by the moneyline to see your potential profit. When betting on the favorite, you take less risk, and thus earn less. Like positive odds, you earn back your bet when winning. To calculate profit, divide by the moneyline to find out the profit made per dollar spent. Notice that point spreads adjust the score for the favorite team.
This is easiest to see with an example: If the New York Knicks are playing the Boston Celtics, and Boston is favored to win by a 4-point spread, then a bet on Boston only pays out if Boston wins by more than 4 points.
A bet on New York pays out if New York wins or if they lose by less than 4 points. If the favorite wins by the spread exactly, it is called a "push" and all bets are refunded. In the example, if Boston wins , then it is a push and no one collects a profit. If you see "half-odds" a 4. Ask your bookie about the "vig," which determines your potential profit.
Also known as the "juice," the vigorish is the commission charged for placing a bet. Typically the vig is , and you read this number like a moneyline bet see above. Sometimes there are different vigs for each team. A line from before might look like this: If the score is exactly what the bookies set, then the bet is a push and everyone gets their money back. Make sure to check this with your bookie first, however.
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