Have you ever wondered just exactly how betting odds work? If you’ve never bet on a sport before, looking up at an LED board full of lines and numbers next to your favorite teams will be intimidating. In this article, we will look to demystify the betting odds published in online sports books. You will gain insight on how to bet on sports online as well as at the window In Las Vegas.
How Are Betting Odds Determined?
In every sporting contest, there’s typically a favorite and an underdog. In terms of betting odds, the margin of victory is determined by a point spread. When you look at a betting line, it may look something like the following:
Money Line – New England Patriots (-110) vs. Seattle Seahawks (+110)
For a money line bet, the numbers within the parenthesis tell you what you will make should that team win the game. For example, if you bet on the Patriots at (-110), that number signifies that you must bet $110 to win $100 on your wager. If you were to bet on the Seahawks at (+110), you would win $110 on a $100 wager.
Point Spread – New England Patriots (-2) vs. Seattle Seahawks (+2)
In a point spread bet, the margin of victory by the favorite is estimated as a line in order to make the contest as even as possible from a sports betting perspective. Point spread lines typically have the same or near the same betting odds regardless of which selection you make. If there is heavy money on one side, odds makers may adjust their betting odds or betting lines to accommodate the heavy action in order to hedge their bets.
For you to win a point spread wager, you must select the team has your selected outcome. In the above example, the (-2) indicates that the Patriots are the favorites and that they must win by more than 2 points for you to win on your bet. If the Seahawks lose by less then 2 points, and you’ve selected the Seahawks, you still win that bet.
Betting Odds Change With Action
Some sports betting experts suggest that you shop different online sportsbooks for lines and odds and specific events in order to find a small edge whenever placing bets on games. Betting odds are traditionally formulated by the odds maker at the specific sports book. These lines and odds are formulated using sophisticated mathematical models that help the sports books predict the outcome of the game.
The reason to shop around from different odds is due to the fact that one website may have received a significantly larger amount of action on one side than another. This is why some websites will display different point spreads, betting lines and betting odds on the same contests. It’s worth checking out multiple online sports books just to ensure you are getting the best edge possible on your bet.
Developing Strategies for Locking In the Best Betting Odds
Finding the best betting odds on your specific sporting event can be challenging. Due to the nature of the event you are betting on, you should adapt a strategy accordingly. For example, if you are betting on horses in the sportsbook, it may be best to lock in your bet just minutes before post. If you are betting on an NFL game, it may be prudent to lock your bet in as soon as the line is produced so that you can ensure that you are getting the best betting odds possible. NFL games are more likely move during the week as opposed to the NBA lines which rarely move that much at all. It really depends upon the sports that you bet on in order for you to formulate a strategy of when and how to bet in order to get an edge.
Finding Favorable Betting Odds
Betting odds are offered on all sorts of events besides the outcomes of sporting events. Online sportsbooks are known for posting prop bets and other types of wagering events that give gaming enthusiasts a bang for their buck. Should they win, these betting odds certainly pay off huge. Regardless if you choose to bet on the point total, the point spread or money line, keep in mind that other portions of online sports books often offer betting odds involving other events such as Presidential races and more!