How Sports Betting Odds Work
In addition, fractional odds can be confusing when the probability is very high. For example, when decimal odds fall below 2, the fractional equivalent suddenly takes a different appearance as the second number becomes larger than the first number. Therefore, it is possible to have fractional odds of 2/1 and 1/2 and this can be a little confusing for novice punters. When a point spread is set at an even number, 7 for example, teams must win by 8 or lose by less than 6 to cover, depending whether they are favored or the underdog.
For example, if you bet $10 on the New York Knicks to win at odds of 2.25, your return (or “total payout”) would be $22.50 if they won. They are used by most people outside of America, most notably Europe. The Decimal format are also the easiest odds type to convert to an implied win percentage. In the United States, it is standard to use the American odds format (shocking!).
In the above ND vs. MIA betting line, the second column contains the money line odds. Similar to the point spread, the team with the lowest odds is favored to win, although at times, teams can draw the same chances of victory. However, when the potential winnings are fewer than the amount of money you need to stake, this is called “odds on”.
The number expresses how much money you will receive for guessing the correct outcome and includes the original stake. For instance, if you make a stake at odds of 1.5, every £1 staked will return £1.50. If you make a stake at odds of 2.25, for every £1 you will receive £2.25. As far as decimal odds are concerned, an even money stake is displayed as 2.00. American odds, also known as moneyline odds, are primarily used by sites that cater to US sports bettors.
Futures are wagers placed on, you guessed it– future events. For instance, you might place a future bet on the Red Sox winning the World Series or The Lakers bringing home an NBA championship ring. Now that you know how to read odds a little better, let’s take a look at the different types of wagers. So how do odds work when it comes to these different types of bets?
Fractional odds allow you to calculate how much money you willwin on your bet in comparison to you stake. The number on the left(e.g. 10) is how much you will win. There’s another reason to bet the underdogs on the moneyline as well. The moneyline, then, is a powerful situational tool for people who closely follow the NBA.