🏈 How To Read Sports Betting Odds
There are mainly three types of sports betting odds. American odds used in America, Fractional odds used in UK, and Decimal odds used mostly in Europe. All of these odd types mean the same thing in the end, but if you see betting lines with one type of odds, it might be hard to understand what they mean in the odds most familiar to you. Therefore, BonusFinder US has created the odds calculator to help the gambling world overcome this problem.
American odds work by showing bettors how much they can gain by betting $100 or how much they need to bet to win $100. A positive sign in front of the betting line means that you will win as much as the odds indicate. So if you would bet $100 on a +110 line and won, you would receive your original $100 back and an additional $110 from winning the bet.
Minus sign or negative numbers show you the amount you need to bet to win $100. So if you saw -110 line, you would need to bet $110 to win $100. If your bet wins, you would then receive your original $110 and the $100 you are awarded for winning the bet.
What If I don’t Want to Bet $100?
The American odds work with any amount. You can bet $1,000 $10, $5 or even just $1 and the odds will be adjusted accordingly. Most sportsbooks will show how much you gain to win on the bet slip. However, if you want to check how much you would stand to gain, the betting odds calculator is a very useful tool.
How Do I Calculate My Winnigs if I Want to Wager $100 on Negative Number Odds?
This is the part where American odds become slightly tricky. With positive numbers, calculating winnings is easy. However, if you wager $100 on a negative line, the calculation is not as easy. The best way is to know that -200 odds will win you $50. The lower the number, the less you stand to gain, the higher the number the more you’ll win. For example, a -110 bet with a $100 stake would net you a bit less than $91. However, using the betting line calculator is by far the easier solution.
Fractional Odds are used mostly used in the UK and Ireland. They are commonly used for horse racing betting, and sometimes experts like to give out futures betting lines in fractions. However, they’re very rarely used in America, as they are difficult to understand.
To find out your winnings on, multiply your stake by the number on the left (the numerator), and then divide the result by the number on the right (denominator). So a $100 bet on 5/2 odds would yield $100 x 5 divided by 2, which equals $250. If we switch the numbers around, a $100 bet at 2/5 odds would yield $100 x 2 divided by 5, which equals $40.
Decimal odds start from 1 and describe how much your stake + win will return you in total. In decimal odds, the odds of 2.00 will mean that you’ll double your money (so your stake + the winnings). This equals +100 in American odds, meaning that a $100 bet would win you $200.
🏈 How Do Sports Betting Odds Work?
For most common bet types, the sportsbook sets a line, which they then might move according to the action they get. For example, if a team starts at +115 odds, but receives far more bets than the other team, the sportsbook might lower the line to +110 or +105 to ensure that they don’t take a loss.
Money Line Odds
Moneyline bets are the easiest bet type. You just bet on which team wins. For example, you have two teams, the Pittsburgh Steelers and the Dallas Cowboys. The Cowboys are favored on the moneyline at -115 and the Steelers are underdogs at +105. If you bet $100 for the Steelers to win the game (moneyline) and the outcome is a Steelers’ victory, you’ll walk away with $205 payout.
Spread bets are one of the most common bets for sports like NFL betting and NBA betting. The sportsbook will handicap one side by giving them a points deficit. With this form of wagering the spread bets line for the Steelers – Cowboys game we used as an example above could be Steelers +2.5 and Cowboys -2.5. This would mean that for your Cowboys bet to cash, the Cowboys should win the game by 3 points or more. On the other hand, if you bet on the Steelers, they could lose the game by 1 or 2 points and your bet would still cash.
Point spread lines usually have odds of -110 on both sides. Sometimes, when sports betting sites offer promotions that have reduced juice, you can get more money on the spread by wagering on a -105 betting line.
Total Bets (Over/Under Bets)
In total bets, you bet on the total number of points scored in sporting events. For example, you could bet that the two teams in the Super Bowl game score more than 37,5 points combined. The sportsbook will set the line for the over and the bettor will then choose whether to play the over or the under. Just like spread bets, totals line are usually -110 on both sides.
🏈 How to Use the BonusFinder Odds Calculator
Even if you are a hardcore sports fan, you might still find betting calculators confusing and bothersome. However, using the BonusFinder betting odds calculator can be done in three simple steps.
Using The Odds Calculator
Using the betting odds calculator is easy. There are only three possible selections, and by inserting two of them you'll see all the information you'll need.
Choose bet amount
Insert the amount you want to bet on the 'Bet Amount' field. The default amount is always $100
Choose American Odds or Decimal Odds
Insert either the American or the decimal odds you want to convert to the correct field. Remember to´use the + and - signs for the American odds.
Read the Results
You'll now see the odds shown in both formats, as well as the implied probability, payout amount, and how much you stand to win
🏈 Reading Odds – Implied Probability
Implied odds are the rates that sportsbooks offer for the win probability of a given team or player, or the likelihood of an event occurring. Because the sportsbooks take their cut on almost every bet, the implied odds are almost always different from the true odds. In most cases, both sides of the spread have -110 to win 100 odds. This means that both events have a 52+% chance of happening. This can’t obviously be true.
A player’s job is to figure out the true odds of the result occurring. You can use the BonusFinder US sports betting converter to see the implied odds for any game if you know the betting lines. If you think that the chance of something happening is greater than the implied odds, then it’s a good line.
🏈 What is an Underdog?
The term underdog is often thrown around in the sports betting world. In short, an underdog is the team or the player that the sportsbooks don’t expect to win. Underdogs have higher odds than the favorites, and professional sports bettors can use this by taking advantage of weak lines by the sportsbooks when the underdog is more likely to win than expected. This can lead to a very good payout.
🏈 Advanced Bet Types & Betting Lines
Sportsbooks offer numerous wagering options in addition to the three standard bet types (money line odds, point spreads, and totals) Few of the numerous sports betting options are listed below.
Very common for big sports like the NFL and NBA, player props are wagers on the players’ performance on the field. In the NFL, you can bet on the number of receiving yards, touchdowns, rushing yards, etc. In the NBA, you can bet on player points, rebounds, assists, steals etc. The wagers work like totals bets, with the sports betting site setting the line at a certain amount, and the sport bettor trying to figure out whether the player will go over or under that line.
Most gambling sites offer futures bets as well. These sports betting options measure a team or players performance during the entire season. You can wager on a teams win total during a season (like Philadephia Eagles odds to win more than 6.5 games), their position in the league table or on sporting events like the World Series winner or the World Cup runner up. The payout for futures is usually larger, as the number of teams or players tend to be much wider than just two teams playing each other.
Halves, Quarters, Innings
You can usually place money line and point spread bets on halves, quarters, and the first five innings of a given sports game as well. However, the payout might not be standardized to -110 odds and you might end up laying considerable juice when you make wagers with the minus sign when betting the favorites.
What does +100 mean in sports betting?
With a +100 betting line, you will win your original stake doubled. For a $100 bet, this means a $200 payout.
What do the plus and minus signs mean in betting?
The signs are the odds for your wager. A plus sign means that the event is less likely to happen, and the minus sign means that the event is more likely to happen.
How can I know how much my bet will win?
You can either do the calculations yourself, or use the odds calculator at the top of this page.