Bonnie Evans | December 5, 2019 | Updated on: February 22nd, 2024
Sports betting odds appear on almost all US sportsbooks, and all the numbers may get complicated and confuse new bettors. What do all numbers mean? The numbers that you see next to betting lines are called sports betting odds. Sportsbooks usually display the numbers in two formats. The odds of the sports bets indicate how much money bettors will win if they bet on a specific event.
Watching your favorite sports is so much fun when you can bet on the outcome of the game. For that very reason, bettors should work hard to understand the basics of sports betting odds. Placing sports bets is an exciting stray from casino betting.
There are several gambling markets, and if there is a sport taking place somewhere in the world, sportsbooks allow you to bet on it. If you have been working on how to understand sports betting odds, there is no reason to procrastinate any further.
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Sports Betting Odds Explained
Moneyline
Moneylines are the simplest type of bet gamblers can make. The bet is made on who will win. With a moneyline bet, one team is favored while the other is an underdog. Betting on the favored team means to stand to risk more than you can win, and with the underdog, you can earn more than you risk.
Point Spreads
Point spreads are standard basketball and football bets. Point spreads predict who will win and a margin to their success. The bet indicates that the sportsbooks favor one team by giving preference to the weaker team.
Totals
In terms of total bets, bettors place bets on the total points scored by both teams. The gambler will bet if the combined score will be over or under a set number.
Futures
Future bets are long term betting odds with a high house edge. The bets are made on what will happen to a line in the future such as betting on who will win the championship.
Prop Bets
Also known as propositions bets, these wagers can be made on anything relating to the game apart from the final score. Bets can be made on a player’s performance, how the first goal will be scored, or how many times a coach will do something.
Teasers
Teaser bets are placed on the number of points players in a team will get. In football, players get 6 points per touchdown. If a football team is a part for a 6-point teaser, the team would have to win by four points or over.
Parlays
If you are looking to win big with small wagers, parlays are the way to go. The bettor has to bet on two events, and both games have to win or work towards a win. If one or more of the events lose, the parlay bet will lose.
Types of Online Sports Betting Odds
There are a number of sports player can place bets on in the US. Various sportsbooks will give players odds on the sports however, not all odds will be the same. The sports betting odds for every sport will vary slightly and we have explained all the odds in our guides below:
Understanding Sports Betting Odds
Now that you know the different types of bets, it is essential to understand how they work. Chances that you come across sports betting odds calculator is high. However, if you don’t know what is happening, you won’t be able to convert between the different odds in your head should you be in a situation where you can’t find your betting odds calculator.
American Odds Explained
American odds are popular with US sportsbooks. The odds work by showing players how much they would have to risk to win when betting on a team. American odds appear in as a number that has a + or – signs in front.
Format:
A number with a – is a favorite.
A number with a + is an underdog.
Example: You have to risk $110 to win $100 players if the New England Patriots are -110 to win their next game. You will receive your $110 back making your total payout $210.
When betting on an underdog, bettors have to risk less to win more.
Example:
If the New York Jets have odds of +200 in their next game, you have to risk $100 to win $200. Because you also receive your initial bet back, your total payout will be $300.
Decimal Odds Explained
Decimal odds are popular in that they are believed to be the most straightforward betting format to understand. The odds are displayed in a decimal format, and all players have to do is multiply the odds by your initial bet.
Example: if you bet on Manchester United with decimal odds of 3.00 with a $100 bet, it will result in a $300 win. Your total payout will be $300 (3.00 x $100 = $300)
Fractional Odds Explained
Often used in horse racing, fraction odds indicate the total net bettors will receive regardless of their wager.
Format: 5/1
Example: The City of Light is to take on six other horses this coming Saturday. City of Light’s odds is 5/1. Your stake would have to be multiplied by five if you back City of Light. A $20 bet would result in a $100 win ($20 x 5 = 100). Your payout would be $120 as you would get your $20 bet back.
Calculating Your Payout
Most internet sportsbooks let gamblers bet on one more than one sport at the same time. To work out how much you intend on making an all your bets a betting odds calculator or converter is essential.
In most cases, the betting slip of gamblers wagering on more than one sport will include all the games and bets. An odds calculator will be able to tell bettors if they are getting the correct price as well as calculate their predicted payout.
Bettors should ensure that before they make their bets, they have run the odds through the calculator and are using the best sportsbook.
