Understanding Gambling Odds

The Two Types of Odds Formats

There are all kinds of explanations on the Internet about various odds types, and the majority of them distinguish between fractional, decimal, and moneyline odds.

Understanding Betting Odds – A Must For Beginner Bettors Not everyone has the talent for mathematics to appreciate in broad terms what betting odds truly mean. That’s why at least a basic understanding of betting odds should be one of the first lessons a bettor just starting out or one who is eager to push gambling success to more. Understanding Odds 1 Know that odds tell you the likelihood of an outcome. Odds represent which team, horse, or athlete has the highest probability of winning.

Decimal Style Sports Betting Odds. Decimal style odds are used mostly in Europe, and are pretty easy to understand. To calculate the decimal style odds all you will need to do is simply multiply the amount you wish to wager by the decimal odds shown and you will get your payout. This is when odds are displayed as a fraction. For example, when you see 4/1 you can calculate the odds by completing the following equation: 1 / (4+1) = 0.20, which translates into a 20% chance of the proposed outcome. Decimals: Alternatively, betting odds can also be viewed in terms of decimals instead of fractions.

Unfortunately, this is misleading and mathematically speaking, incorrect. There are only two types of odds, which are unrelated to their displays as fractions, decimals or, as in America, whole numbers.

Just remember those long ago school days (for some of us!)… A fraction, such as 6/5, converts into a decimal 1.2, or vice versa. Both numbers are the same, only written using different formats.

Here are the two main types of odds, including their formulas…

(1) Single-tier – (Net) Return Odds:

Fractional and Hong Kong odds are actually exchangeable. The only difference is that the UK odds are presented as a fractional notation (e.g. 6/5) whilst the Hong Kong odds are decimal (e.g. 1.2). Both exhibit the net return.

The European odds also represent the potential winnings (net returns), but in addition they factor in the stake (e.g. 6/5 or 1.2 plus 1 = 2.2).

(2) Two-tiered – Moneyline Odds: highlighting the amount of money risked, or the amount of money won:

Odds commonly referred to as ‘moneyline’ are mainly US bookmakers odds and also known as American odds. Moneyline means the money wagered either to win 100 units (e.g. -400), or money which will be won from a 100 units wager (e.g. +120).

However, both Indonesian and Malaysian odds, although displayed as decimals are, strictly speaking, ‘moneyline’ odds but their basis is 1 unit and not 100. Whilst the Indonesian odds closely resemble the American moneyline odds, Malaysian odds are a kind of “inverted” Indonesian style, combined with Hong Kong odds.

Although this may all sound pretty confusing, and the odds certainly look very different at first glance (see table below), just have a closer look at the above formulas – all odds are calculated using their net returns (formula for net return: 1/probability – 1) and change their formula at 50% probability (this is what is actually understood under by term ‘money-line’).

European, British, American, Malaysian, Indonesian, and Hong Kong Odds
BETTING ODDS CONVERSION TABLE

Fractional Odds (also known as Traditional or British/UK)

Fractional odds are favoured by bookmakers in the United Kingdom and Ireland.

Fractional odds quote the net return that will be paid out to the bettor, should he win, relative to his stake. Odds of 6/5 (“six-to-five”) imply that the bettor will cash £120 from a £100 stake. Should the punter win, he always receives his original stake back, plus the winnings.

So, if the odds are 6/5 and the stake is £100, then the total return is £220 (£120 winnings plus the original £100 stake).

Odds of 1/1 are known as ‘evens’ or ‘even money’. Not all fractional odds traditionally show the lowest common denominator. Perhaps most unusually, odds of 10/3 are read as “one-hundred-to-thirty”.

One of the most common types of sports betting lines when wagering on a game is the moneyline. You will see moneyline odds for every game and every sport played for the most part. While some games that have a very large spread but stray away from offering a moneyline, it is still one of the most popular styles of betting. A moneyline is a type of straight wager where the bettor wagers simply on who will win the contest, straight up – without any spread involved.

The easiest way to think of moneyline betting odds is that you are only betting on who wins the game. It does not matter how many points or goals they win by, all that matters is who wins. If you see a - (negative) symbol then that team is the favorite and the team with the + (plus) sign is the underdog. Keep reading below to understand how moneyline odds work or visit the homepage of ExplainBettingOdds.com to read about odds in general.

Explaining The Moneyline For Super Bowl 55

Kansas City Chiefs -160
Tampa Bay Buccaneers +140

It isn’t that hard explaining the Super Bowl moneyline. Take Super Bowl 55 between the Kansas City Chiefs and the Tampa Bay Buccaneers. The Chiefs are seen as the favorites with their line set at -160. This means that in order to make a $100 profit, $160 would have to be risked. Looking at the Buccaneers’ moneyline, it is at +140 which is an underdog. This means that a $100 bet would profit $140. Something to keep in mind when reading the moneyline is that when there is a minus symbol in front of the team, they are favored while if there is a plus sign, they are the underdogs.

Understanding How Moneyline Betting Odds Work

The moneyline is used exactly the same no matter what sport you are betting on. All you must do is select who you believe will with the matchup without any other thought behind you. By taking the favorite, a bettor would have to risk more money than what their expected return would be. Because there is no point spread involved to handicap the game, the oddsmakers and books handicap the payouts to ensure their book stays balanced. Betting on the underdog will result in a much better payout, as the oddsmakers have deemed this team less likely to lose. As you take action on either the favorite or the underdog and select the moneyline, a ratio of $100 is used to represent the payouts.

See Full List On Wikihow.com

Seems pretty easy right?

Well, it's definitely easier than betting the point spread, in which a team has to cover a spread installed for a match up however you should know that moneyline wagers do not payout the same as a wager against the spread. Keep reading to learn more about payouts when betting on the moneyline.

Understanding Payouts When Betting On The Moneyline

The biggest differences on the moneyline though, aside from no point spread, is the payout. The idea behind a point spread is to bring the two teams in a match up to a more even playing field. If a team is better than the other, the points given by the favorite brings the underdog to a more even field. That is not the case on the moneyline.

Simply put, you will have to risk a whole lot more money on a favorite to profit. On the flip side though, if you bet on the underdog, the potential profit is a lot bigger on the moneyline than betting on the point spread. That is because the likelihood of the underdog winning is slim on the moneyline.

Explanation Of How Moneylines Work In MLB

Best Odds In A Casino

• Atlanta Braves -300
• Philadelphia Phillies +200

This is an example of a moneyline you could see in Major League Baseball. The Braves are matching up with the Phillies, with Atlanta set as the favorite. You can tell Atlanta is the favorite because of the minus symbol. It is indicative of the amount that must be risked to return a profit. At -300, a $1 profit is made for every $3 risked on the Braves to win the game. On the other side, at +200, that is the same as saying 2/1. That means, for every $1 risked on Philadelphia to win the game, a $2 profit is returned. Moneylines are simply straight-up betting lines with no spread involved, which is why they can range quite significantly.

Article: How To Read MLB Betting Odds

Understanding The Moneyline In Football

Betting Odds Explained - A Beginner's Guide To Gambling

• Denver Broncos -300
• Jacksonville Jaguars +300

Here in this example, the Broncos have been set in the role of the favorite, going off at -300 on the betting line. That means, for every $3 risked on Denver to win, a $1 profit is returned. So if you wager $30 on Denver to win, you stand to win $10. On the flip side, the Jaguars are set as a +300 underdog. That means for every $1 risked on Jacksonville, a $3 profit is returned. So if you were to wager $10 on Jacksonville to win, you would profit $30. So you can certainly see the disparity on the payout and why someone might want to take the Jaguars over the Broncos. Also, taking underdog moneylines in parlay bets can be huge for your payouts!

Article: How To Read College Football Betting Odds - How To Read NFL Betting Odds

Understanding The Moneyline Odds In The NBA

• Los Angeles Lakers +200
• Miami Heat -200

Here in this moneyline example for the NBA, the Lakers are matching up with the Heat. Miami has been set in the role of the betting favorite, going off at -200 on the betting line. As such, a $2 wager is needed to profit $1. So if you were to wager $200 on Miami, as $100 profit is returned if the bet is won. On the other side of the equation, the Lakers are in the underdog role. at +200, that is the same as 2/1. So, for every $1 risked on L.A to win, a $2 profit is returned. You can see a wide range of profits for a moneyline, because the underdog and favorite can be far apart straight up with no point spread.

Understanding Sports Gambling Odds

Article: How To Read NBA Betting Odds

Bovada Sportsbook - Best Sports Betting Site For Betting On The Moneyline

How To Read Gambling Odds

Moneylines are one of the most popular bets that players get involved in. There are always teams that are expected to beat other teams. The margin of victory may be pretty wide. The big thing that sticks out here is how big of a favorite some teams are.

There plenty of moneylines that might show a team being a heavy favorite and if players bet against them, that is a very huge profitable opportunity. Upsets are always going to happen so this is where a lot of bread can be won. There are also toss-up games as well that many players take a stab at as well and end up cashing big on Bovada. This is the place to get when it comes to Moneyline bets regardless if its blowouts or close games.

BetOnline Sportsbook - Best Sportsbook With Great Moneylines

It's clear that BetOnline is one of the best sportsbooks for players and the moneylines that are offered are one of the main reasons why. There is news coming out all the time about teams prior to games and as soon as news drop that effects a team, it also affects the Moneyline on BetOnline.

This is what gives BetOnline a bonus over other sportsbooks because of the consistent update of Moneyline and always moving. Place your bet early could also be a great idea because of the news that could swing later on that week or day before matchup. BetOnline has it set up to where if any changes need to have done that is possible.

SportsBetting's Sportsbook - Lots Of Betting Odds When Betting On Moneylines

There are a number of things that SportsBetting sportsbook offers that makes it one of the better online sportsbooks for players. When it comes to picking some of these games with favorable matchups, the Moneyline does really determine how much players want to put down on these games. Most of the time, these games have the favorite that doesn’t really see players win a lot unless they put a lot of money down. When it comes to upsets, however, this is where players can have their lives change by just one pick.

Players with SportsBetting account have seen the Moneyline and have taken advantage of that the line because of the possible big payout. When you see a team like the Lions be underdogs against the Arizona Cardinals pull out the victory, only one thing is happening and that is big money is being handed out to all the players who took the chance on SportsBettting.

Understanding Bet Odds

MyBookie Sportsbook - Money Line On MyBookie One of The Best

It is hard to find any sportsbook that has better moneylines that MyBookie. The way Moneyline works is very simple and most of the time it changes depending on what players are playing and are not. This often changes and sometimes in the favor of a player's bet. MyBookie is known for having a lot of people cash big when picking the Moneyline and the reason why is simple, their lines are better.

See the underdog betting like at (+115) is not bad but MyBookie will have that same under down with a Moneyline of (+130) which would win players more money if they were to bet on that underdog team. This is why shopping for lines is so important for all players. You can like a team to win a game and have decided you want to place a wager on them but once shopping around for lines, there is a big chance that you will find that MyBookie has the best moneylines.