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п»їSports Betting Tips: How to Read Gambling Odds.
April 2, 2020 by Evan Petty.
What are the odds?
Have you stopped by Cappers Picks today to use our Sports Betting Tips from the experts at Cappers Picks? Here, we are going to clarify how to read gambling odds and calculate payouts so that even a beginner can bet with confidence.
Sportsbooks list odds or payouts one of three ways: in decimal format, in what is known as “American”, or as a fraction or ratio. It’s important to know exactly how to read all three so as never to be cheated.
How to Read Gambling Odds: Decimals.
Decimal format has become more widespread because of its simplicity.
The number next to a bet is how much a winning stake will multiply by. So, for example, a winning bet priced at 2.00 means the bettor doubles his or her stake. If he or she bet $100, he or she would, of course, get the original $100 stake back, plus another $100 ($100 x 2.00 = $200 total return, original stake included).
Decimal odds must be larger than 1.00, which would imply no winnings. The occasional confusion with decimal format is that it calculates the total ticket, including the original stake, while the other two formats are based on winnings.
To some, this is more intuitive. A winning stake priced at 3.00 means tripling one’s money. Of course, decimals aren’t often whole numbers. A winning stake priced at 1.65 means the bettor gets his or her money back and wins another 65 percent of that original stake ($100×1.65=$165 ticket — $65 in winnings, plus the original stake).
How to Read Gambling Odds: American.
American format is based on $100. The odds will either begin with a plus or a minus. A plus represents an underdog, or “plus money” return, while a minus represents a favorite that offers a potential profit smaller than the stake itself.
The number after a minus represents how much much be staked in order to win $100. The larger the number, the heavier the favorite. A -600 favorite requires the bettor to risk $600 to win $100 for a ticket worth $700.
If it’s a minus payout, divide 100 by the number. So that -600 payout would be 1.167 in decimal form (100/600=1.67)
How to Read Gambling Odds: Fractions.
Fractional odds are more traditional but gradually disappearing in favor of decimal format. Perhaps the math is just too tough for the everyday bettor to figure nowadays.
The denominator (that’s the one on bottom) in the fraction represents the stake; the numerator (on top) represents the winnings , not the total ticket amount.
Example: 3/1 odds (perhaps shown as 3:1) means a bettor wins three times as much as he or she stakes. A $50 bet would win $150 for a total ticket worth $200.
The denominator can be another number, though. A 5/2 payout means for every $2 wagered, a bettor would win $5, on top of the $2 return for the original stake. A $100 bet would win $250 for a ticket worth $350.
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How to Read Odds.
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Now that sports betting is legal in many states, most new bettors need to learn how to read odds and how to actually bet on sports.
Plus, you will need to learn about the different types of odds out there. So, keep reading to learn about odds and how to understand them.
What are Betting Odds?
So, the first question to be answered is: just what are betting odds? And, how are odds used to place wagers? These are the two most important factors when using odds to determine how to place your bets.
Betting odds represent the probability of a specific outcome. And, odds show the profit, or return, that you can get if your bet wins. This likelihood of a certain outcome is additionally known as the implied probability .
You need to know what implied probability is if you are going to bet on sports. Then, you can make an informed bet if the probability of an event occurring is larger than a predetermined implied probability.
Implied Probability.
Simply put, converting betting odds into probability is the implied probability . When sportsbooks set the odds on a bet, they first determine the chance of winning that bet. This way, a bookmaker hopes to avoid paying out too much in order to still make a profit.
The Kinds of Odds.
Hopefully, you are following along. Any time you look at sports betting sites, you’ll see odds listed. But, they may not be the same type of odds from sportsbook to sportsbook.
And, that is because there are multiple kinds of accepted odds on sportsbooks. The three most common odds formats are:
Fractional odds Decimal odds American odds.
So, it is really imperative to learn how to read all three kinds of odds. Then, you can understand most of the odds you will find on sportsbooks worldwide. And that will help you place more informed bets no matter the odds!
Fractional Odds Explained.
You will most likely find fractional odds in Europe, not the U.S. Fractional odds are most common in the UK in connection with betting on horse races. These odds are used to demonstrate that a bettor will get their winnings proportional to their wager/stake.
In order to make things more clear, here’s an example to fully show how fractional odds work in practice. Assume the Yankees have fractional odds of 5/2. Put plainly, with each $2 that is bet, a profit of $5 is possible.
To figure the math our for yourself, use this formula:
Profit = (Stake/Denominator) x Numerator.
So, if the stake is $50, then P = (50/2) x 5.
Fractional odds can be a bit complicated to understand compared to other kinds of commonly used odds. But, since they are not the preferred choice in America, you will not encounter them often. However, it is still good to know how they work.
Decimal Odds Explained.
A widely used type of odds worldwide is decimal odds. If you are familiar with a variety of sportsbooks, you will have encountered decimal odds. So, here is an in-depth explanation of what decimal odds mean.
Boiled down, decimal odds illustrate what a bettor would receive in profits for a one-dollar wager. But, it is a little more complicated than it sounds. Below, you will find an example used to explain exactly how decimal odds work.
In this example, the New York Yankees have 2.0 odds to win against the Boston Red Sox. So, for every $1 that is bet on them to win, a bettor will get $2 in profits. That means the bettor will not only get back the $1 stake but also $1 in profits.
For you to be able to figure it out mathematically for yourself, use the equation below.
Profit = (Stake x Odds) – Stake.
If we use the example from above with a $50 stake, that means:
P = (50 x 2) – 50 P = 100 – 50 Profit = $50.
Decimal odds are not all that complicated when it comes down to it. The formula is maybe the easiest to do on your own. Hopefully, you will be an expert at understanding decimal odds from now on!
American Odds Explained.
American odds will also sometimes be referred to as moneyline odds. In the US, naturally, American odds are the most widely used types of odds for sportsbooks. You will see them as either positive or negative odds.
It is easiest to understand American odds if you have an example. So, here is an illustration of American odds in action:
Positive odds represent the profit a bettor will potentially receive if they bet $100 . That means if they placed a wager of $50 on the Red Sox to be the winners, the profit the bettor would get if the Sox win is $75.
Negative odds numerically represent what a bettor would need to bet to win a profit of $100. That means if we use the example from above, they would have to wager $120. Plus, the New York Yankees need to win for the bettor to win a profit of $100.
American odds are very easy to understand when broken down like that. Plus, you will find these odds in most US sportsbooks. So, you should now be able to read most sportsbooks and understand their odds.
How to Figure Out Implied Probability.
Now, you have learned how to understand the most popular kinds of odds. But, that is not all you need to know to place the best bets possible. If you figure out the implied probability of an event, you can place your best bets.
Figuring out the implied probability using positive American odds is pretty simple. To demonstrate this, we will use the same numbers and teams from above. This is how you would calculate the positive odds implied probability:
Implied Probability for Positive Odds.
So, the implied probability that the Boston Red Sox will win is .4 or 40%. Thus, the bookmakers for the sportsbooks will think the Red Sox have a 40% chance of beating the Yankees. You can use these odds to figure out what you want to bet on and how much.
Implied Probability for Negative Odds.
Now, you need to learn how to calculate implied probability when it comes to negative American odds. Luckily, it is as easy as it is for positive odds. We will use the same numbers from the moneyline example. So, the Yankees have -120 odds in this example.
Implied Probability = Negative Odds/(Negative Odds – 100) IP = -120/(-120 – 100) IP = -120/-220 Implied Probability = .5454.
That gives us an implied probability of .5454 or 54.54%. So, the New York Yankees will have a 54.54% chance of being the winners of the game against the Red Sox.
Calculators for Betting Odds.
Well, now that you know the most common odds that are used, you can calculate them yourself. But it always makes sense to check your math using a betting odds calculator. This is to double-check that you have done it correctly.
You do not want to place bets with the wrong odds. Obviously, you want to place the best bet possible. A betting odds calculator can help you make sure you are using the right facts.
Final Tips on How to Read Odds.
So, now that you know how to read and calculate the most popular odds, you should be ready to place your bets. Knowing how to read odds makes it so you can place the most informed bets. Likewise, you will have a better chance of having your bet pay off. Remember, however, that no bet is a sure thing .
And, now that you can calculate your own odds, compare multiple sportsbooks’ odds . Some may have different odds for the same event. But, you can still get a general feel for what the odds are for each outcome.
Finally, now that you are an odds expert, you can calculate implied probability. Implied probability is a great tool for bettors. So, you can be the best at placing bets and hopefully win!
How to Read Odds.
Understanding how to read odds is crucial to betting on sports. This guide will teach you how to read odds for moneyline, total, and spread bets. We will be looking at American, decimal, and fractional odds, which are three different ways of writing the same odds.
What are Odds?
Odds represent the likelihood of an outcome occurring. In sports betting, each team is assigned odds that represent the likelihood of them winning the game. When the odds for two teams are even, meaning 1 to 1, it means that each team is equally as likely to win the game. If Team A is assigned 2 to 1 odds, it means Team B is twice as likely to win. If Team A is assigned 10 to 1 odds, it means Team B is ten times as likely to win.
Odds are typically expressed with a positive or negative sign in front of them and are not written as 2 to 1 or 3 to 1.
How do Plus and Minus Odds Work?
In a betting line between two teams, the team expected to win, or favorite, will have minus or negative odds. This means for every dollar wagered, you will earn less than a dollar if your bet wins. The team expected to lose, or underdog, will have positive or plus odds. This means for every dollar you wager, you will gain more than a dollar if your bet wins.
The table below shows an NHL game where the Boston Bruins are favorited to beat the St. Louis Blues.
American Odds.
American odds are what you will see displayed on almost every sportsbook. Just like the metric system, dates, and miles per hour (mph), Americans do things differently when it comes to betting odds. Take a look at this standard slate of betting odds from for an MLB game.
The first thing you will notice when reading odds will be that:
Odds have either a plus or minus in front of them Odds are in terms of 100.
Betting Odds are written in terms of 100 as an industry standard. The easiest way to think of the plus and minus signs is as follows. If it is a plus, you will receive more than a $100 payout on a $100 bet. If it is a minus, you will have to bet more than $100 to win a $100 payout.
Thankfully, you can view your potential winnings on each bet before placing it at an online sportsbook. That said, it is beneficial to understand the betting odds.
Moneyline Bets.
Definition of bet: A moneyline bet is a wager on which team will win the game outright. Both the favorite and the underdog are given odds to win the game.
Read the chart below to get started on reading odds for the following game:
Spread Bets.
Definition of bet: A spread bet is a wager on which team will cover the spread or point spread.
Total (Over/Under) Bets.
Definition of bet: A total bet focuses on how many points are scored, regardless of who wins the game. After a total point score has been set, bettors can wager on whether the actual score of the game will be over or under the set point score.
How to read over/under odds for the following game:
New York Yankees vs. Boston Red Sox Over 7 (-115) Under 7 (-110)
Total Odds How to Read it Over 7 (-115) In order to win $100, you must bet $115 on the overall combined run score to be higher than 7 Under 7 (-110) In order to win $100, you must wager $110 on the total combined run score to be less than 7.
Keep in mind for both spreads and totals that if the game ends in a draw for the bet (Yankees 4, Red Sox 3), then you get your bet back but do not win or lose any additional money.
Fractional Odds.
Fractional odds are used more commonly in parts of Europe, as well as in horseracing. To calculate fractional odds, you have to do some mental division or enter your desired amount and see what the sportsbook shows as your payout! Here are some odds for a fictitious horse race and how you go about reading them.
Decimal Odds.
Decimals odds are used more commonly in parts of Europe. When using decimal odds, the underdog has the higher of the two numbers, while the favorite has the lower of the two. To calculate decimal odds, you can use the following equation.
Return = Initial Wager x Decimal Value.
Example: Let’s say the Arizona Diamondbacks 2.00 are playing the Chicago Cubs 1.90.
Team Your Bet Your Return Your Profit Arizona 2.00 $1 $2 $1 Chicago 1.90 $10 $19.09 $9.09.
A lot of sportsbooks offer a decimal view if you prefer it to the American odds.
In conclusion, American odds are almost always displayed at any United States sportsbook, while fractional and decimal odds are almost always displayed at any sportsbook outside of the United States. Check out our Guides Page to see where sports betting stands in your state!
Why do Odds Matter in Sports Betting?
The odds are essential when selecting a sportsbook because they affect your money. If you choose a sportsbook with poor odds, you will end up wasting money every time you place a bet. Let’s say you bet $10 on the Vikings moneyline at -200 at one sportsbook. If you win your bet, you pocket $5. If you went line-shopping and found the same bet for -175 at another sportsbook, you would pocket $6, $1 more. Understanding betting odds allows you to decipher between good and bad odds.
Look at the odds below offered on five games from the 2019 NFL Season. Odds from five different sportsbooks are shown. You'll notice each sportsbook offers different odds for each game. If you were betting on these games, you would be able to find the best odds for your desired bets. Using this strategy of line shopping will allow you to save money while betting on games.
How to Use Odds to Calculate Implied Probability.
If you think the Chicago Bulls have a 70% chance of winning, then betting on them would be considered a smart bet.
The process is simple, but If you don’t feel like doing the math, use ESPN’s gamecast preview: preview or Action Network’s odds calculator.
Odds FAQ.
What does a negative point spread mean?
How do parlay odds work?
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.
Here is an example of a standard parlay payout table based on true odds. What this means is exact payouts are shown for wagers at -110 odds, where a bet of $110 wins you $100.
Parlay Size Payouts 2-Team 2.645/1 3-Team 5.958/1 4-Team 12.283/1 5-Team 24.359/1 6-Team 2.645/1 7-Team 91.424/1 8-Team 175.446/1 9-Team 335.852/1 10-Team 642.082/1 11-Team 1226.701/1 12-Team 2342.793/1.
Methodology.
Sports betting sites were scored across seven core categories to computer an overall rating: total number of sports and bets offered, odds, live betting features, mobile apps, educational resources, ease of use, and current bonuses.
How to Read Odds.
Last Updated: February 27, 2020 References Approved.
wikiHow is a “wiki,” similar to Wikipedia, which means that many of our articles are co-written by multiple authors. To create this article, 16 people, some anonymous, worked to edit and improve it over time.
wikiHow marks an article as reader-approved once it receives enough positive feedback. In this case, 80% of readers who voted found the article helpful, earning it our reader-approved status.
This article has been viewed 808,600 times.
If you bet on sporting events, you must be able to read odds and understand what they mean. Furthermore, you need to quickly calculate the potential winnings for different bets, especially if the odds are changing while the event unfolds. Odds tell you the likelihood that an event will occur (a team wins, a boxer makes it a certain round) and how much will be paid out if you win. There are, however, multiple ways to convey this information.
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