Sports betting is more than about knowing your favorite team or player. If you have no idea about odds, you hardly have a chance of making money through sports gambling. Understanding betting odds is vital to keep your A-game ready while wagering on any sports game.
So let’s understand the nitty-gritty of betting odds.
What are Betting Odds?
Bookies set betting odds to estimate the probability of an outcome in a sports event. These betting lines indicate a punter’s chance of winning the wager as per an oddsmaker’s prediction.
How do Betting Odds Work?
Usually, the odds are available in three formats, i.e., American, Decimal, and Fractional. As the name indicates, American odds are for the US sportsbook market. In other global markets, bookies generally provide odds in Decimal and Fractional formats.
Reading the American Betting Odds
Also known as the Money line, $100 is usually the standard wager value in American odds.
The odds with a plus sign (+) mean your winning amount will be the same as the given odds on the bet. These are underdog bets. On the other hand, the odd with a minus sign (-) denotes favorites. Under this betting line, you must wager the exact amount to earn a $100 payout.
Let’s understand how do sports betting odds work with an example.
You’ll win a $120 and $100 stake on placing a bet of $100 on Team A (underdogs) with +120 odds. But if a bookie offers -120 odds on Team B (favorites), you’ll have to place a $120 wager only to receive a $100 payout with your $100 bet. The remaining $20 is a commission on your stake for the bookmaker known as the juice or vig.
How to Calculate Implied Probability
Your role in evaluating the winning outcome doesn’t end with the betting odds explained by the oddsmaker. Calculating implied probability is the next crucial step to enhancing your chance of beating the odds. It shows the prospect of the outcome, which can differ from the odds provided by the bookie on the site.
To calculate the implied probability of a sports betting event, you must convert odds into a percentage. How do I read sports betting odds to gauge the winning percentage? Here is an example to understand the entire process.
Favorites/Team B -150
Underdogs/Team A +220
Formula to calculate implied probability on Favorites:
Negative odds / (Negative odds + 100) * 100 = Implied Probability of an outcome
150/(150+100) * 100= 60%
So there is a 60% chance of Team B losing the matchup.
Formula to calculate implied probability on the Underdogs:
100 / (Positive odds + 100) * 100 = Implied Probability of an outcome
100/(220+100) * 100 = 31.25%
So there is a 31.25% chance of Team A winning the event.
How do Online Sportsbooks Get Accurate Odds?
Oddsmakers must consider several parameters to create an accurate betting line for every sports game. It includes power rankings, win totals, futures, stats, and algorithms.
After thoroughly evaluating various sports events, an oddsmaker estimates the probability of an outcome. Further, the juice adds to the bet price to set the profit for the sportsbook.
Best Offshore Sportsbooks
Now, as you know how odds work in betting, check out the three best offshore sportsbooks that accept US punters.
A one-stop destination for every sports gambling fanatic. This e-sportsbook offers punting opportunities on various local and international sports events, such as Football, Basketball, Golf, Ice Hockey, Cricket, and others.
Moreover, Bovada releases lucrative bonuses year-round to keep the players hooked. Punters will love to claim promos like 125% Sign-up Bonus and 100% Crypto Sports Bonus.
You can go through a complete BetUS sportsbook review to understand the operator’s rules for bonuses.
Another excellent choice for US citizens to wager on their favorite sports teams is Bovada. The bookie provides competitive betting odds on its extensive portfolio of sports games, including NFL, UFC, MLB, Fifa, Volleyball, and College Football.
This sportsbook launches outstanding deals for betting through cryptocurrencies. You won’t like to miss the $750 Bitcoin Welcome Bonus, which has an easy 5x rollover requirement.
Sportsbetting is popular in the US gambling market for its great betting lines on sports events like basketball, football, hockey, soccer, and baseball.
To boost your winning chances, don’t forget to unlock a range of promos available on this sports betting site. The bonuses include a 50% Sports Welcome Bonus, 100% 1st Time Crypto Bonus, and 35% Crypto Boost.
Undoubtedly, odds play an integral role in the sports betting vertical. So always kickstart your gambling journey only after thoroughly understanding the concept, strategies, and method of calculating odds. Once you ace how to read betting odds, you’ll gain an edge over the oddsmaker.
Learn more about betting odds and the best offshore betting sites at SBS.