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How Do Betting Odds Work?

betting odds

Do you know how betting odds work?

In case you are a reader new to online betting, one of the most important things to learn before the wagering is How Do Betting Odds Work. It is going to be of crucial importance when it comes to long term win/loss ratio, and will also have a big impact on your decisions. It helps players to understand how likely an event is to happen, and how big potential returns could be. Even though some of this might seem confusing at first just keep reading – some of the examples are surely going to help you get a bit clearer picture.

As you probably already know, there is a certain number of outcomes for a particular match. If bettor successfully predicts the outcome, they will win money. Simple as that. One of the easiest ways to understand how betting odds work is to take an example of a dice. If you roll a dice, there are 6 possible outcomes, which means you have around 17% chance to successfully predict the number. Bookmakers in Canada would use the decimal odds for this bet, giving you 6.00 odds. Some players also prefer using American odds, but we will mention that in more detail below. 6.00 odds mean that $10 stake on this bet could bring you $60 back if the bet wins.

The profit from this is going to be $50 (60 – 10 of stake). Some would say that decimal odds are mostly tied to betting exchanges, but all industry-leading sportsbook offer odds in three different formats – decimal, fractional and American odds. Placing bets online without having a good grip on the main kinds of odds is not a good idea.

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American Odds Explained

Also known as Moneyline, American Odds are popular mostly in North America. The rates for favorite teams are presented with a minus sign. That is an indicator of how much money bettors will have to stake to make a $100 profit. Logically, if your team is a big underdog, they will be listed with a + sign next to their name. That number is an indicator of how many cash are you going to make for every $100 bet. Let’s take a look at one example below.

The odds for Major League Soccer match between Toronto FC and Cincinnati are:

Toronto FC: -550

Cincinnati:+700

This means players will need to bet at least $550 on Toronto FC to win the match in order to gain $100 of profit.  If you place this bet, total returns are going to be $650.

If you wish to bet on the underdog, Cincinnati in this case, you will profit $700 for a $100 bet. Once again we would like to stress how important is to have a clear understanding of how the odds work, especially if you are new to the gambling community. Mastering all three types of odds is not a bad idea, as some of the sportsbook sites might not support your favourite option. There are numerous online tools which will help you convert the odds within seconds. These are usually free to use.

How do betting odds work in UFC?

Knowing how to bet on UFC matches is needed to start your betting adventures online. Millions of bettors are placing different types of bets on this sport across the continent. Unlike the majority of other point spread options on NFL matches where one team is given a specific advantage before the kickoff, UFC’s most popular bet is called money line. That represents a single bet, a bet where you simply back one of the fighters to win the match. Some of the other popular markets for UFC betting are Over and Under rounds, accumulators (parlays), method of beating the opponent and of course, in-play bets.

The odds are working the same way as the example we presented above for a soccer match. Favorites are going to have a small + sign next to their name, while the underdogs will be shown with a minus. Know the sport, know the players, follow the strategy and start betting! A big majority of online sportsbooks we promote on this page usually contain a lot of UFC betting promotions. Make sure to check them out.

How do odds work in American football betting?

What does the minus sign next to the team name means?

A minus sign means that that team is a favorite to win the match.

How much money do I need to bet to win American football betting?

If you are betting on a favorite, the minus number will show how much money you have to stake in order to win a $100 profit. If you are backing the underdog, plus number shows how much profit you will gain for a $100 bet.

Betting on the National Football League is super-popular in Canada. Once again, understanding how the betting lines work is a must. These might look confusing to new bettors though. The situation is a little bit different in comparison to the examples we presented above for UFC and soccer betting. For NFL, a big majority of sportsbooks do include a starting handicap for both teams. Here is an example of American odds lines for NFL event:

San Francisco 49ers -10.5 -160 38.5

Atlanta Falcons +10.5 +180 38.5

As you can see, there are three different numbers on the right side. These are representing different lines available for betting. The first one, -10.5 in this scenario, represents point spread. The second one is the money line (mentioned above, single bet), and lastly, we have Over and Under, also known as Totals in North America. A lot of NFL games usually have big favorites, so it wouldn’t be really fun to bet on Moneyline all the time. This is where point spread jumps in. Bookies are using this to balance the betting opportunities on both sides. So in the example above, you can get really good price betting on San Francisco to win the match with 11 points difference or more. The same price is usually offered if you decide to back Atlanta Falcons to lose the match with 9 points or less. It adds a completely new dimension to NFL betting.