Vegas Sports Betting Odds Explained

For the novice sports bettor, understanding how betting odds work can be one of the most confusing sets of numbers you've ever dealt with. For those who have just started betting on sports, to know how the odds work is of key importance for a profitable and enjoyable wagering experience. We are here to give you an overview of the basic styles of betting odds, how you can read the different formats, and how to use them to your favor.

While you may still be confused at the end, the only way you are going to learn how to play with odds is by adapting the appropriate information and utilizing it first hand. To this degree we have found various sports betting sites where you can utilize these options to the fullest extent. And, if you ever have any questions, please drop us a line at webmaster@explainbettingodds.com where we can answer all your questions through email.

Different Forms Of Online Betting Odds

Sports betting is a numbers game, so the mathematically challenged may have some trouble participating in these odd. Each set of odds are displayed in one of several formats. Fractional odds are the most common, followed by "American" odds, and then decimal odds. The way these odds are presented are generally given in their respective format based on where you live. Fractional odds have become the most common regardless of location. Fractional odds are the easiest to understand, as you simply have to multiply the fraction by the amount you bet to have your payout calculated. The one thing common among all formats of odds is the fact that the lower the number, the more likely that particular contestant or team is to win the event. This also means, however, that the payout will generally be lower. If the number is high, that particularly contestant or team is not expected to win, and they therefore come with a higher payout if they manage to be successful.

Points to Remember

• 1) All odds can be reverse engineered into other forms of odds
• 2) The lower the number, the lower the payout, but the higher chance of the bet being successful
• 3) Higher odds carry higher payouts, but they are expected to be failures
• 4) Odds can change as events draw closer

American Betting Odds Explained

American odds have become incredibly commonplace, despite the fact that they are not as easy to read as other formats. As an example, American Odds read like this:

Odds To Win Super Bowl:

• Team A: -150
• Team B: +200
• Team C: +600
• Team D: +1000

With American odds, the number represented is how much you have to bet to win $100. If the number is preceded with a "+" sign, then you would risk less than $100 to win a wager worth $100. And, the opposite is true when the number is preceded with a "-" where the bettor would have to risk more than $100 just to win $100 of the wager.

In the example above, you can see that Team A has the lowest number of the group and are considered to be the favorite to win this bet. If you wagered on Team A to win the Super Bowl and they end up winning, you are going to need to risk more than $100 to win $100 as indicated by the "-" symbol preceding the payouts. In this particular example, a bettor would need to wager $150 to win $100.

On the opposite side of that, the other 3 teams in contention all pay better than 1 to 1 odds (risk less than $100 to win $100). Team B is at +200: risk $50 to win $100. Team C is at +600: risk $16.67 to win $100. Team D is at +1000: risk $10 to win $100.

These can be a little bit confusing but if you just pay attention to the + or - symbol then you should not have any issues. And, with a little bit of manipulation, you can see how these odds will pay if the wager ends up being a winner and that is what we're all here for... to win.

Fraction Betting Odds Explained

Fractional betting odds are the easiest to understand. Just about every single sportsbook that caters to Americans has the option available for fractional odds. And, while they may seem daunting at first, you don't really need to understand complex fractions in order to utilize these odds. Lets look at an example:

Odds To Win Fight:

• Fighter A: 4/7
• Fighter B: 3/2

In order to best understand these lines, you first need to look at the ratio to 1. In the example above, 4/7 odds is less than 1 and the opposite can be said for the other side as 3/2 is more than 1. Once you have determined this, you can figure out the favorite.

To figure out which side is favored, you simply need to figure out which is the lower number. In this case, Fighter A is at 4/7 odds which is less than 1 and Fighter B is at 3/2 odds which is more than 1. Fighter A's wager is the clear favorite as it is the lower number.

So, how do you figure out what these pay? Again, we refer back to 4/7 being less than 1, and 3/2 being more than 1.

Anytime fractional odds are displayed at a value of less than 1, the bettor must risk more than they intend to win if the wager is a winner. And, the opposite can be said for if a fractional value is more than 1... that bet will pay more than what is risked.

As we said before, 4/7 odds are less than 1 so in this case, the bettor must risk $7 to win $4 from the wager. Then, 3/2 are more than 1 so when risking $2, the bettor will win $3 off the wager. As you can see, the payouts are in the fractional odds, you just need to know which way they go based on if they represent a value greater than or less than one.

Decimal Betting Odds Explained

Decimal odds are slightly more confusing than most other types of odds. In fact, we prefer not to use them when we bet but that is just our preference. Regardless, we are going to give you a little insight into these lines, as we want to give you insight about all of the common types of odds available.

If you look into these odds, you will definitely come out a little bit confused unless you are from Europe where these odds are commonly used than American or Fractional odds. The multiplication game is not as straight forward with decimal odds. Let's take a look at another example:

Odds To Be Next President:

• Candidate A: 1.50
• Candidate B: 2.45

When looking at decimal based odds, the same thing applies to them as all the other forms of odds when trying to determine the favorite... which ever is the lowest number is favored. In the example above, the favored candidate is Candidate A at 1.50 however Candidate B is only a little bit behind at 2.45

Figuring out the payouts is where decimal odds can get tricky but you'll soon learn a little trick that will make these very easy to understand.

The best way to start off look at these odds are to consider them to be monetary amounts based on what you will win if you wager $1 or one euro, one pound, etc... which includes the original wager. Be sure to keep that in mind when looking at the other odds types.

If Candidate A wins the election, every $1 wagered will win $.50 plus the original $1 wagered which equals $1.50 or 1.50 odds.

Candidate B: every $1 wagered earns $1.45 which equals $2.45 or 2.45 odds.

Straight Sports Betting Types

There are three forms of straight up wager.

First there is the moneyline wager, which is the bet on who will win the event out right with no variables.

Then we come to what could be the most common type of bet, which is the point spread. Betting the spread allows players to wager on the difference in score between the two teams.

There is also the total score or the over/under, and this line lets you bet on whether or not the total score between all competitors will go above or below a predetermined amount.

With the spread and the total you will occasionally see that the odds are distributed with "half points," which are in place to prevent a "push," or no one winning or losing the bets.

Exotic Sports Betting Types

Exotic bets are there to make for a more entertaining betting experience, but they work somewhat differently compared to the straight bets. The most common of the exotic wagers are parlays. Parlays are essentially a combination of two or more bets into one, such as three teams winning their respective matches. These parlays are usually a long shot since so many teams have to win, but in the end they are also some of the highest paying games.

There are also "If-Bets", which allow you combine two bets. The first bet has to win for the second bet to have action. If the first bet fails, the second bet doesn't come through. If you win the first bet, you can then use the winnings on the second bet, essentially building your bankroll.

Pleasers are some of the highest paying bets, as they take the spread and then subtract points, making it harder to succeed. Then you also have to combine them into another bet of the same type in order to win. The payouts are huge, but it is not likely that these will come in unless you have the utmost luck or some sort of inside knowledge.

Teaser bets are the exact opposite, int hat you can adjust the spread to be more favorable, thus lowering your payout but increasing your chances of winning. Either way, these are some of the more exciting ways for you to wager.

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