Understand Decimal Odds
Based on this, there has a movement to attract more people to horse racing by making it more accessible to the average punter. Ten years ago, if you were going to Cheltenham, all the odds would be displayed as fractional odds. Jonathan has over 25 years’ experience in the sports betting industry, as a senior odds compiler at a number of high profile fixed odds and spread betting firms in the UK.
Check out our guide and have all of your questions on betting odds explained below. Since the end of the federal prohibition on sports wagering, several states have legalized sports betting. Providers in these states are already offering betting odds on all of your favorite events. It’s important to know how odds work and how to read sports betting lines, as online sportsbooks will display odds differently, based on the sport and location you’re betting on.
You may also note the bet price is not -110 like we have seen before. It is common practice by sportsbooks to adjust prices on or around key numbers for spreads and totals, especially in football. If you bet on the Patriots -7, they must win the game outright by more than 7 points. This is how much you are wagering, not how much you want to win. Most books use -110 odds , so if you want to win $100, you’d state $110 as your wager amount. Prop bets, or “proposition bets,” can be on literally just about anything.
So if someone were to bet on Team B, and Team B won, that person would win $130. Most sports betting sites will give you the option in how you display your sports odds, so it is important to understand how to read them. A parlay bet is a group of spread, moneyline, or total bets combined into one bet to increase the payout odds. In order for the parlay to win, each separate bet has to win. Parlay odds offer bigger payouts than normal odds because they are riskier, since each individual bet has to win.
Say the Bears are a six-point favorite over the Lions and the total is 42. To bet the Bears, you must “lay the points,” meaning they must win by seven or more to cover and give you the win. Betting the underdog Lions, you are “taking” six points, and they can lose by five or fewer, or win the game outright, and you have a winning bet. If the Bears win by exactly six, both sides “push” and all bets are returned. It’s also a push if the final score equals 42, otherwise the over or under will win.
Because each provider will have different offers, it’s important to learn how to read odds. This way you know what to look for when you’re shopping around for the best odds. After all these complex calculations, it’s common to wonder how do odds work anyway? The truth is each individual provider sets their own odds, with the advice of expert statisticians and their data.