Betting odds are essential in determining how much money you can potentially win from a successful wager.
They reflect the likelihood of an event happening and influence the amount you can earn from your bet.
Whether you’re betting on sports or casino games, understanding how to read and interpret odds is critical to making informed decisions.
In this guide, we’ll break down the different types of betting odds, how to read them, and how they vary across sports. We’ll also explore some strategies to improve your betting approach.
How to Read Betting Odds
The two most common formats for odds are American odds and decimal odds. Let’s focus on the American odds format for now, as it’s the most widely used in U.S. sports betting.
Moneyline Odds
Moneyline odds indicate how much you can win based on a $100 bet. They use + and – signs to show the favorite and underdog, respectively.
Example:
- Eagles -135
If you bet $135 on the Eagles and they win, you would win $100 (plus your original stake of $135). - Steelers +165
If you bet $100 on the Steelers and they win, you would win $165 (plus your original stake of $100).
In short:
- -135 means you need to wager $135 to win $100.
- +165 means a $100 wager will win you $165.
Point Spread and Totals
In addition to moneyline odds, sportsbooks also offer point spread and totals markets (also known as over/under).
Example 1: Point Spread
- 76ers -3 at -110
The 76ers must win by more than 3 points for you to win your bet. If the odds are -110, you’ll need to wager $110 to win $100. - Steelers +1.5 at -110
The Steelers can either win outright or lose by 1 point for your bet to succeed.
Example 2: Totals (Over/Under)
- 76ers vs. Heat, Total: 212.5
The total number of points scored by both teams is set at 212.5. If you bet on the over, the combined score must be greater than 213 points for you to win. If you bet on the under, the total must be less than 212 points.
Types of Betting Odds by Sport
Different sports have unique betting markets, but the basic principle of reading the odds remains the same. Here’s how odds play out across various sports:
NBA Betting Odds
- Moneyline: A simple bet on which team will win the game.
- Point Spread: A bet on the margin of victory.
- Total Points (Over/Under): A bet on whether the combined points of both teams will be over or under the set total.
For example, if the 76ers are favored at -125, you need to wager $125 to win $100 on their victory.
NFL Betting Odds
- Moneyline: A bet on which team will win.
- Point Spread: A bet on the number of points a team will win or lose by.
- Total Points: A bet on the total points scored by both teams.
If the Steelers are +105 on the moneyline, a $100 wager would win you $105 if the Steelers win.
UFC Betting Odds
- Moneyline: A bet on which fighter will win the match.
- Total Rounds: A bet on how many rounds the fight will last.
In UFC, betting lines are heavily influenced by fighters’ skill levels and fighting styles. For example, a fighter like “Suga” Sean O’Malley may have +110 odds, meaning a $100 bet would win you $110.
MLB Betting Odds
- Moneyline: A bet on the outright winner.
- Run Line: A form of point spread where the favorite needs to win by more than 1.5 runs, while the underdog can either win outright or lose by just 1 run.
- Total Runs: A bet on the total runs scored by both teams.
For example, if the Pirates are +205 on the moneyline, you would win $205 for every $100 wagered if they win.
NHL Betting Odds
- Moneyline: A bet on which team will win the game.
- Puck Line: Similar to the run line in baseball, but for hockey. The favored team must win by more than 1.5 goals.
- Total Goals: A bet on the total number of goals scored in a game.
Who Sets Betting Odds?
Betting odds are typically created by oddsmakers—professional analysts who use statistics, algorithms, and their understanding of the game to estimate the probability of various outcomes.
These odds are then adjusted based on betting activity and external factors such as player injuries, weather, and public sentiment.
Factors That Influence Betting Odds
Several factors can influence the odds, including:
- Injuries: If a key player is injured or returns from injury, odds may shift accordingly.
- Betting Volume: When a large number of bets are placed on one side of an event, sportsbooks may adjust the odds to balance the risk.
- Public Perception: If a team is gaining significant media attention, odds may be adjusted to discourage bets on the heavily hyped team.
Betting Strategies
When placing bets, it’s important to understand how odds can change and to use effective strategies to maximize your chances of winning.
1. Monitor Odds Changes
Understanding how odds fluctuate can give you valuable insight into which side bettors are favoring. If you see odds shifting heavily in one direction, it might indicate a change in the likelihood of a certain outcome.
2. Shop for the Best Odds
If you’re betting in a state with multiple online sportsbooks, you can “shop” for the best odds. This means comparing the same bet across different platforms to find the most favorable lines. Even slight differences can have a significant impact on your potential payout.
3. Fade the Public
This strategy involves betting against the public. If a team is heavily favored and a large percentage of the public is betting on them, consider betting on the underdog.
This strategy can sometimes yield higher rewards, as sportsbooks often adjust odds based on public betting trends.
Understanding Different Odds Formats
While American odds are the most common in the U.S., you may encounter other formats, like decimal and fractional odds, especially in international markets.
Decimal Odds
In this system, you calculate potential payouts by multiplying your stake by the decimal number. For example, if the odds are 2.50, a $10 wager would return $25 (including your original stake of $10). The number 2.50 is the same as +150 in American odds.
Fractional Odds
Fractional odds are most commonly used in the UK and are displayed as a fraction (e.g., 3/1). To calculate your potential profit, multiply your wager by the fraction. For example, a bet of 3/1 means that for every $1 you wager, you would win $3.
Conclusion
Understanding betting odds is a crucial step for anyone interested in sports betting.
Whether you’re wagering on the NFL, NBA, UFC, or any other sport, being able to read and analyze odds can help you make smarter, more informed decisions.
By considering factors like injury reports, shopping for the best odds, and employing effective strategies, you can increase your chances of success in the world of sports betting.
