How Betting Odds Work
It is legal in Great Britain and other countries, where it is regulated. In some countries, bookmaking is only performed by the government. Bookmakers may also take bets on non-sporting events, such as political elections. If the score is exactly what the bookies set, then the bet is a push and everyone gets their money back.
Of course, everything will rely on how sharp your numbers are. This is why handicappers spend countless hours crunching numbers and trying to build profitable systems. If your implied win probabilities are poor you’re going to be making poor betting decisions.
The same can be said for Over/Under bets because the bookmakers set a line that they hope will get equal amounts of punters above and below their predicted number. If the number is +150, a $100 bet will win you $150 in profit. The team with a negative number (like -110) is the favorite. Reading odds lines and understanding the concept of -110 is nowhere near as complicated as it seems.
The plus (+) and minus (-) in sports betting can refer to either the point spread or betting odds. In terms of the spread, the ” – ” always refers to the favorite and the ” + ” always refers to the underdog. For example, you can bet the Dallas Cowboys as a -7 point favorite to beat the Green Bay Packers or the Packers as a +7 point underdog. If you bet the Cowboys -7 and they win by more than seven points, you win your bet.
As it happened, the Ravens upset the 49ers and the underdog bettors won. Each of the 5 guys made $100 for a total of $500 and the big bettor lost $550. When the game involves scores, the gambler can bet not only on who or which team will win but also by how many points. Book makers state the odds for point spreads as plus or minus a number.
The decimal odds number represents the amount one wins for every $1 wagered. For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number , which makes its total payout calculation easier. A fractional listing of 6/1 (six-to-one) odds would mean that you win $6 against every $1 you wager, in addition to receiving your dollar back (i.e., the amount you wagered).