How to Read the Odds in Sports Betting?
How Do You Read Sports Betting Odds
Understanding sports odds is a cause for concern for many aspiring gamblers but that really doesn’t need to be the case because once you have a solid understanding of the subject we’re absolutely sure that you’ll never forget it – it really is just like learning to ride a bike!
Next time you head to your favored online sportsbook you’ll be absolutely confident in the knowledge that you know everything you need to know to become the next big thing.
What are sports odds?
Knowing how to read odds when it comes to sports and gambling is a skill that you absolutely need to know, no matter how confusing and alien it might seem at first glance. Even if you don’t plan on becoming the next Dan Bilzerian, you should brush up on your sports odds because the slightest mistake or misread can see your winnings disappear quicker than they arrived. In this section, we’ll be explaining what these odds could mean.
Placing good bets is dependent on you having a good understanding of how odds are read and what they mean, but they can be read differently depending on where you are from and where you are betting. There are three main types of odds that are used; the fractional system, most common in the UK, the decimal system, most common in Europe, and the money line system, which is most common in the United States. Don’t forget this!
Fractional odds are most commonly used in the UK and show the odds with a slash or hyphen. Knowing how to use this system when betting is vital because many of the world’s biggest bookies are based in the UK and so their default way of presenting the odds is in the fractional format. It’s pretty simple to understand too with 5/1 odds meaning that you will win $5 additional for every $1 that you wager. It might take some getting used to.
Decimal odds are most commonly used in Europe and are seen by many as the easiest to use and understand – it is also common with gamblers in Australia, New Zealand, and Canada. They are favored by many because the odds are displayed in a way that makes it easy for gamblers to figure out who the favorite or underdog is, and can bet accordingly. A bet with 1.5 odds displayed means that a $1 bet would give you $1.50 back. Easy peasy!
Money line odds are most commonly used in the United States and are favored by most bookmakers stateside. It isn’t the easiest to understand and come to terms with but can be mastered if you take some time to get used to it. The favorites in the bet are displayed with a minus sign next to them and this indicates how much you’ll need to bet if you want to make a $100 profit, likewise, the plus sign indicates how much will be won with a $100 stake.
What are some common sports odds FAQs?
Are you still a little bit confused? This section will be answering some of the more commonly asked questions that are out there online so that you can master all of the different types of sports bets and can bet like a professional with peace of mind.
What does five to one mean in betting?
Five to one odds is a term used to mean that every $1 you bet will give you back $5. This is a highly popular bet because it can represent a huge return on investment if you bet enough on it. That being said, the potentially lucrative nature of this bet is a result of the outcome not being massively likely. Despite this, many gamblers see this as a challenge of sorts and would rather go big on a long shot like this than play it safe on numerous low return bets.
Is a positive or negative money line bet better?
This is confusing because you might think the plus sign signifies that a team is more likely to win but this isn’t actually the case. The plus signifies how much could be won if you choose to bet on it, meaning that this bet is less likely to come through. The safer, less favored bet, is the number with the minus sign next to it. That number will represent how much money will have to be wagered on that outcome in order to secure a set amount of profit.
What is an underdog and should I bet on one?
This is a tricky one because we aren’t here to give you any tips, just advice so that you can make that decision for yourself. An underdog can be a great bet if you are looking to make a good return, but it represents a bigger risk than most other bets. If you’re betting on your own team and have heard rumors that your star player might be back from injury and suspension then it might be worth a punt because the bookmakers might not have factored that in.
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