Legal sports betting is expanding quickly in the US, and bettors are eager to put a couple sawbucks on that first NFL game … or tonight's Yankees games … or on the Red Wings to win the Stanley Cup … or whatever. But maybe this whole sports betting thing is new to you. TheLines has got you covered.
Here's a look at some common sports betting terms someone new to the game might need to place those bets – and hopefully cash a few tickets.
Accumulator – This is similar to a parlay in that it involves a series of bets in one wager. Each of the bets must win in order for the wager to win. If one leg of an accumulator loses the wager loses.
Alternate Lines – All sportsbooks offer lines (point spreads) on sporting events. Some sportsbooks may offer different (or alternate) point spreads that pay different odds for the same game. These provide bettors more options to wager on certain games.
American Odds – American odds are displayed differently than the rest of the world. Moneyline odds are shown as + or – a number in the US. Outside of the US, the same odds might be presented with a decimal point or by a fraction. Example: Yankees +400 American odds would be 5.0 or 4/1. The bettor takes home the same amount of money if the wager wins.
A popular term in sports betting is 'unit' and below I will explain what bettors mean they refer to a unit, and examples of it being used. A 'unit' in sports betting is a measurement of the size of someone's bet. Because everyone has different sized bankrolls for sports betting, using the term unit is a way for us to show your profit. I'm writing this post from the United States, and the legal situation related to betting and gaming online is murky at best. There are no federal laws explicitly banning activities like online casino games and online poker, although the Federal Wire Act does forbid betting on sports over any kind of 'telephone-like' device.
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- In-game options gives you a chance to maybe narrow down your card and wait for better numbers after the game's started, because usually it's public bettors are doing live betting. They're going to bet on what they've just seen, just like in pregame wagering they would what they've seen last week.
- 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.
Arbitrage – This betting strategy involves placing a wager on all possible outcomes of an event so that that there's a guaranteed profit regardless of the winner. This is best done with moneyline or futures wagers in the US and will usually take place across multiple sportsbooks.
Asian Handicap – An alternative way to bet soccer where the better team is 'handicapped' to be the favorite. This form of betting was started in Asia.
Backdoor Cover – This is a popular term for a team that covers a point spread late in a game. The team with the late cover may or may not affect the actual result of the game, just the wager.
Banker – A banker is a European wager similar to a round robin bet in the US. Different teams are placed in a 'system bet' to make different 'accumulator' (parlay) bets.
Bankroll – Total amount of money a bettor has to place wagers.
Beard A different type of ten times pay slot machine. – This is a person who places a wager for another person who wishes to remain unknown.
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Betting Exchange – A betting platform where people wager against one another instead of betting against a sportsbook. The exchange operator takes a small percentage of winning wagers. This is often seen as the most efficient market for sports betting.
Betting Unit – A betting unit is the amount of a typical wager. Bettors may have different sized bankrolls and a unit is a way to share how much was bet without giving away a specific dollar amount. For example, a high roller might have a unit size of $10,000 per wager while a low roller has a unit size of $20 wager per wager.
Bonus – Sportsbooks offer a financial bonus to customers for a variety of reasons. A signup bonus is the most popular way to incentivize bettors to use a certain sportsbook.
Chalk – A term for the team that is the favorite in an event. This team or player is usually a big favorite. The chalk is the expected winner by a large margin.
Circle Game – A game is circled by a sportsbook because betting limits are lower than usual. This most often happens when there's a questionable injury before a game. It can also happen if there's potentially bad weather, a trade rumor, or the possibility of 'load management' which might give a player a night off.
Opening Line – This is the first point spread available for a game.
Closing Line – This is simply where the point spread is when the game begins.
Closing Line Value – This term is used by bettors to measure the value of the line they wagered before the line that was the last available before a game begins.
Consensus – The general agreement about something. In sports betting consensus could be the most popular teams bet or line available for a game.
Contrarian – Betting against the trends of the mainstream popular opinions. Bettors usually place contrarian wagers when there is value on the opposite opinion.
Dead Heat – Another way to say that there is a tie in a finishing position. Sportsbooks have different rules on how to pay in the event of a tie or dead heat in an event.
Decimal Odds – This is a different way to present odds than Americans are used to. They're sometimes called 'European odds' since this is how odds are listed with European sportsbooks. The math is easier to figure out for most bettors than US moneyline odds. Decimal odds are derived from a simple calculation of the amount bet x odds.
Dime Line – This is a '10 cent' difference between the moneyline odds payout between the money laid on the favorite and the money paid by the underdog. For example, Vegas Golden Knights -125 vs. San Jose Sharks +115. The difference of 10 (dime line) is the traditional profit margin for sportsbooks.
Dog – Short for underdog. This is the team that is not expected to win.
Double Chance – This is a European sports betting term mostly used for soccer betting. A double chance wager allows the bettor two opportunities to win a bet. For example, a result in soccer can be a win, loss, or tie. A double chance bettor may combine two of the three results instead of just one. This gives the bettor twice the chance to win the wager.
Double Pop – A European way of saying that a bettor will bet twice the normal amount. In the US this is known more often as doubling up.
Early Cash Out – A way for bettors to settle a wager for a certain dollar amount before the event is over. This is a way to lock in a profit at a smaller value than the wager would ultimately pay.
Edge – The advantage a bettor has against the sportsbook (or vice versa).
Even Money – A wager that pays the same as was risked. An even-money sports bet is listed as +100 or -100 in a sportsbook. Unlike traditional -110 wager, there's no vigorish paid to the sportsbook. A bettor risks $100 to win $100 instead of wagering $110 to win $100.
Exacta – Choosing horses to finish first and second in a race. This is sometimes, but rarely, offered for other competitive sports.
Exotic Wager – These are non-traditional sports bets. Exotic wagers aren't point spread, moneyline, or futures bets on a certain event. This kind of wager is often listed as a prop bet in a sportsbook.
Expected Value – This is a calculation used by a bettor to determine whether a wager should win or lose over time. Positive expected value (EV) bets over time is a good way to become a winning sports bettor.
Exposure – The amount of money a sportsbook potentially could lose for a specific event. For example, sportsbooks might have a lot of exposure (money at risk) on one team winning a championship versus another.
First Half – A derivative bet that can be placed on a sport that has two halves. Football and basketball are the most popular sports to place a first half wager. In soccer, this might be called a 'half time result.'
Fixed Odds – These are the odds that most sports bettors will experience. Once a wager is placed, the odds are set and don't change. Horse bettors might experience a change in odds from parimutuel betting.
Flat Betting – Simply put, this is a betting system where all wagers are the same. A bettor doesn't change the wager amount based on wins, losses, or any other outside opinion. The wager is usually a percentage of bankroll but could also be a fixed dollar amount.
Fractional Odds – Another kind of odds used mainly in Britain and Ireland. Odds are listed in fraction form (1/5) instead of as a moneyline (-500) that US sportsbooks use.
Grand Salami – A popular hockey bet which the wager is for the over/under on total number of goals scored by all teams in a day. Some sportsbooks may offer derivative versions for home, away, or periods of games during the day. Some sportsbooks may offer a similar bet for runs in Major League Baseball.
Handicapper – A person who analyzes sports events to predict the winning team or player.
Handle – The amount of money a sportsbook or sportsbooks take from wagers. This could be broken down by sport, region, casinos, and more.
Hedge – Hedging is a strategy used by sports bettors to either reduce the risk of or to guarantee a profit from a wager.
Home Field – This the field (court, rink, etc.) where one team plays its games.
Hook – Another way to say half of a point. For example, a team may be a 3.5 point underdog. That could be called 'three and a hook.'
Joint Favorite – When there are two favorites for an event. This is mostly used in England.
Kelly Criterion – A popular bankroll management strategy for a bettor who seeks to limit losses while maximizing the amount won.
Layoff – When a bookmaker reduces the risk of losing wagers by placing a bet with a different sportsbook(s). This typically happens when there is lopsided wagering on one side of a game and the sportsbook or a bookie want to alleviate potential losses.
Listed Pitcher – This is a baseball bet that is active only if the pitcher listed as the starter throws the first pitch of a game. If the pitcher doesn't matter a bettor can place a wager on 'action.' The latter wager will happen regardless of who starts the game to the team bet on.
Live Betting – Placing a wager on a game or event while it's taking place. This is also known as In Play wagering.
Lock – Another way of saying that a team or player will be an easy winner. (Note: This isn't always the case, no matter what a sports prognosticator or tout says.)
Margin – This is a wager where a bettor selects a team to win or lose by a specific number of points regardless of the point spread. For example, the Oakland Raiders will defeat the Los Angeles Chargers by 10-14 points. The Raiders must win by 11, 12, or 13 points for a win. A victory by 10 or 14 points is a push.
Write-in Game Betting
Martingale System – A gambling system where bettors doubles the amount of a wager after losses. This system can be used for sports and other forms of gambling (i.e. blackjack).
Middle/Middling – Middling a sports bet is playing different sides of the same game. This gives a bettor multiple chances to win wagers on the same game.
Matched Bet – When a bettor uses free wagers from a sportsbook operator to increase potential profit. This is a popular technique employed in new legal US sports betting markets as promotional offers are available.
Nickel – Placing a $500 wager. A 'Dime' is a $1,000 wager.
Novelty Bet – Placing a wager on a non-sports event with a sportsbook. For example, placing a wager on the Oscars in New Jersey. These kinds of wagers are more popular overseas.
Odds-on Favorite – When a team or person is heavily favored to win a game or event. They often have very low odds paying much less than the amount wagered.
Off the Board – When a sportsbook stops taking wagers on an event or participant they remove the game odds from the betting board. This often happens when a player is uncertain to participate because of an injury.
How To Do Betting
Public Betting Percentage – This is the percentage of wagers placed by the general betting public.
Puck Line – This is a point spread of sorts based on goals scored during a hockey game. The base puck line for a game is often plus or minus 1.5 since there are so few goals scored. Sportsbooks might offer an alternative puck line with more or fewer goals scored.
Puppy – Another way to say a team is an underdog in a game.
Push – When a point spread wager lands exactly on the line offered by the sportsbook. The bettor receives their money back if they push. For example, New England Patriots are favored by 14 points against the New York Jets. If they win by exactly 14 points, the wager pushes and the bettor gets their original wager back.
Player Props – A player prop bet is a wager on an individual player to do something during a game. For example, which player will score first in a football game?
Power Ranking – (AKA Power Rating) – Creating a ranking score for each team so that a bettor, handicapper, or sportsbook can create a point spread. Experienced handicappers use their point spreads to compare with a sportsbook in order to find the best bets available.
Reduced Juice – When a sportsbook lowers the vig on a game. For example, a sportsbook might offer -105 for a game instead of -110. This reduced juice will allow the potential for a bettor to take home more money if the wager wins.
Reverse Line Movement – When a line (or point spread) moves differently than the money wagered on the game or event.
ROI – ROI is an acronym for Return On Investment. The ROI of a sports wager can simply be calculated this way: (Gain from Investment – Cost of Investment) / Cost of Investment.
Round Robin – A wager that involves making multiple parlay bets at the same time.
Run Line – This is a point spread of sorts for baseball games based on the number of runs scored. The run line is typically plus or minus 1.5 since there are so few runs scored in baseball. Sportsbooks might offer an alternative run line with more or fewer runs scored.
Runner – A person who places wagers at a sportsbook for someone else. This person may also be known as a beard.
Sharp Money – Money wagered by sports bettors that a sportsbook operator respects. Sharp money often comes from large wagers placed by professional bettors. It should be noted that not all large wagers are considered Sharp.
Square – A casual and recreational sports bettor. This is someone betting on sports as a hobby. They're not as respected by sportsbook operators as sharp or professional bettors.
Steam – This is when odds change because of the money wagered on a game or participant. Some bettors will 'follow the money' or 'chase steam' thinking the bettors know something they may not.
Write In Game Betting Meaning
Straight Up – When a team wins or loses an event. The point spread isn't involved with the winner or loser.
Take the Points – When a bettor places a wager on an underdog they are taking the points offered by the sportsbook.
Take the Price – Similar to taking the points. This is when a bettor takes the price on a game offered by the sportsbook. The bet is typically wagering a moneyline on the underdog.
Tissue Price – The initial odds offered by a sportsbook. This price is usually considered to be the fairest price on a wager.
TKO – Abbreviation for a Technical Knockout in boxing.
Totals – Totals are the numbers that bettors will choose the over or under on points (or runs, goals, etc,) scored.
Tout – A person who sells or gives away sports betting picks.
True Odds – True odds are the actual odds of an event happening. In sports betting this is the most accurate point spread or moneyline.
Wire-to-Wire – This is a wager that a team will lead at every quarter or for a specific number of quarters. Wire-to-wire bets are the most popular in basketball.
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.
| Team | Odds | Amount Wagered | Total Payout |
|---|---|---|---|
| Boston Bruins | -150 | $1 | $1.67 ($1 bet + .67 cent won) |
| Boston Bruins | -150 | $10 | $16.67 ($10 bet + $6.67 won) |
| St. Louis Blues | +130 | $1 | $2.30 ($1 bet + $1.30 won) |
| St. Louis Blues | +130 | $10 | $23 ($10 bet + $13 won) |
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.
Matched Bet – When a bettor uses free wagers from a sportsbook operator to increase potential profit. This is a popular technique employed in new legal US sports betting markets as promotional offers are available.
Nickel – Placing a $500 wager. A 'Dime' is a $1,000 wager.
Novelty Bet – Placing a wager on a non-sports event with a sportsbook. For example, placing a wager on the Oscars in New Jersey. These kinds of wagers are more popular overseas.
Odds-on Favorite – When a team or person is heavily favored to win a game or event. They often have very low odds paying much less than the amount wagered.
Off the Board – When a sportsbook stops taking wagers on an event or participant they remove the game odds from the betting board. This often happens when a player is uncertain to participate because of an injury.
How To Do Betting
Public Betting Percentage – This is the percentage of wagers placed by the general betting public.
Puck Line – This is a point spread of sorts based on goals scored during a hockey game. The base puck line for a game is often plus or minus 1.5 since there are so few goals scored. Sportsbooks might offer an alternative puck line with more or fewer goals scored.
Puppy – Another way to say a team is an underdog in a game.
Push – When a point spread wager lands exactly on the line offered by the sportsbook. The bettor receives their money back if they push. For example, New England Patriots are favored by 14 points against the New York Jets. If they win by exactly 14 points, the wager pushes and the bettor gets their original wager back.
Player Props – A player prop bet is a wager on an individual player to do something during a game. For example, which player will score first in a football game?
Power Ranking – (AKA Power Rating) – Creating a ranking score for each team so that a bettor, handicapper, or sportsbook can create a point spread. Experienced handicappers use their point spreads to compare with a sportsbook in order to find the best bets available.
Reduced Juice – When a sportsbook lowers the vig on a game. For example, a sportsbook might offer -105 for a game instead of -110. This reduced juice will allow the potential for a bettor to take home more money if the wager wins.
Reverse Line Movement – When a line (or point spread) moves differently than the money wagered on the game or event.
ROI – ROI is an acronym for Return On Investment. The ROI of a sports wager can simply be calculated this way: (Gain from Investment – Cost of Investment) / Cost of Investment.
Round Robin – A wager that involves making multiple parlay bets at the same time.
Run Line – This is a point spread of sorts for baseball games based on the number of runs scored. The run line is typically plus or minus 1.5 since there are so few runs scored in baseball. Sportsbooks might offer an alternative run line with more or fewer runs scored.
Runner – A person who places wagers at a sportsbook for someone else. This person may also be known as a beard.
Sharp Money – Money wagered by sports bettors that a sportsbook operator respects. Sharp money often comes from large wagers placed by professional bettors. It should be noted that not all large wagers are considered Sharp.
Square – A casual and recreational sports bettor. This is someone betting on sports as a hobby. They're not as respected by sportsbook operators as sharp or professional bettors.
Steam – This is when odds change because of the money wagered on a game or participant. Some bettors will 'follow the money' or 'chase steam' thinking the bettors know something they may not.
Write In Game Betting Meaning
Straight Up – When a team wins or loses an event. The point spread isn't involved with the winner or loser.
Take the Points – When a bettor places a wager on an underdog they are taking the points offered by the sportsbook.
Take the Price – Similar to taking the points. This is when a bettor takes the price on a game offered by the sportsbook. The bet is typically wagering a moneyline on the underdog.
Tissue Price – The initial odds offered by a sportsbook. This price is usually considered to be the fairest price on a wager.
TKO – Abbreviation for a Technical Knockout in boxing.
Totals – Totals are the numbers that bettors will choose the over or under on points (or runs, goals, etc,) scored.
Tout – A person who sells or gives away sports betting picks.
True Odds – True odds are the actual odds of an event happening. In sports betting this is the most accurate point spread or moneyline.
Wire-to-Wire – This is a wager that a team will lead at every quarter or for a specific number of quarters. Wire-to-wire bets are the most popular in basketball.
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.
| Team | Odds | Amount Wagered | Total Payout |
|---|---|---|---|
| Boston Bruins | -150 | $1 | $1.67 ($1 bet + .67 cent won) |
| Boston Bruins | -150 | $10 | $16.67 ($10 bet + $6.67 won) |
| St. Louis Blues | +130 | $1 | $2.30 ($1 bet + $1.30 won) |
| St. Louis Blues | +130 | $10 | $23 ($10 bet + $13 won) |
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.
| Team | Spread (Runline) | Moneyline | Total |
|---|---|---|---|
| Chicago White Sox | +1.5 (-115) | +140 | Over 9.0 (-120) |
| Los Angeles Angels | -1.5 (-105) | -120 | Under 9 (-105) |
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:Green Bay Packers (-150) vs. Detroit Lions (+130)
| Moneyline Odds | How to Read it | What it Means |
|---|---|---|
| Lions +130 | Lions plus 130 | By betting $100 you will win $130 if the Lions win |
| Packers -150 | Packers minus 150 | To win $100, you must wager $150 on the Packers to win |
Spread Bets
Definition of bet: A spread bet is a wager on which team will cover the spread or point spread.
How to read spread odds for the following game: Los Angeles Lakers +5 (-110) vs. Houston Rockets -5 (-110)
| Spread Odds | How to Read it | What it Means |
|---|---|---|
| Lakers + 5 (-110) | Lakers plus 5 points at minus 110 odds | The Lakers must win the game, or lose by less than 5 for you to win your bet |
| Rockets -5 (-110) | Rockets minus 5 points at minus 110 odds | The Rockets must win the game by more than 5 points for you to win your bet. A tie is a push, meaning you don't win or lose. |
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.
| Horse Name | Odds | How to Read it | Your Bet | You Win |
|---|---|---|---|---|
| Laser Focus | 15/1 | Fifteen to one | $10 | $150 |
| American Pride | 7/2 | Seven to two | $10 | $35 (10 x 3.5) |
| Green Eggs | 3/5 | Three to five | $10 | $6 (10 x .6) |
In this race, where we only have three horses, you can see Laser Focus is the underdog, while Green Eggs (no ham) is the favorite. A lot of sportsbooks offer a fractional view if you prefer it to the American odds.
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
Odds can be used to calculate the implied probability of a team winning or losing a game. You can use a simple math equation to understand what the sportsbook thinks the probability of each team winning is. For positive odds, probability = 100/(odds + 100). For negative odds, probability = odds/(odds – 100).
| Team | Odds | Implied Odds of Winning | Implied Percentage |
|---|---|---|---|
| Miami Heat | +130 | 100/(130 + 100) = .4347 | 43.47% |
| Chicago Bulls | -110 | -110/(-110 - 100) = .5238 | 52.38% |
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?
In a professional sports matchup a point spread is given to each team for sports betting purposes. When a negative point spread is given to a team, it means they are favorited to win the game. When a positive point spread is given to a team, it means they are not expected to win the game.For example, if the Kansas City Chiefs are minus three (-3) against the Los Angeles Rams (+3), then it is expected that the Kansas City Chiefs will win the game and that Los Angeles will lose.
What do odds of +200 mean?
Odds of +200 mean 2 to 1. For every $1 wagered on a team with +200 odds $2 will be paid out. Odds of +200 are greater are offered on teams that are NOT expected to win a game.
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
For the BettingBuck.com annual best online sportsbooks review published in 2020, a total of 2,300 data points were collected over six months and used to score sportsbooks. Additionally, odds data was collected for each sportsbook on over 1,400 bets to give each sportsbook a comparative odds ranking.
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.
Learn more about how we test.
