The sports betting market is growing faster than the time it takes to place a bet. The market grew by 21% in 2021 and it’s going to grow by at least 10% a year for the next few years.
The reason why is because sports betting is legal in many states across the country. There are also more options to place sports bets than ever before.
You’re not limited to visiting a racetrack or sports book to place a bet. You can do it from your phone best united arab emirates roulette casino.
You might find yourself asking, “How do sports betting odds work?”
It’s a good question to ask before you start placing bets. After all, placing winning bets on your favorite sports teams is what makes sports betting so much fun.
If you want to know about sports betting picks or odds and how to be a smart sports bettor, keep reading. This guide covers everything you need to know about sports odds and betting on sports online.
How Do Sports Betting Odds Work?
Sports odds get presented in a few formats. It depends on the sports book, the sport, and the type of wager.
One of the most common formats for sports betting is the traditional set of odds. This is used in Ireland and across the United Kingdom. You’ll also see this in horse racing in the United States.
Traditional odds are known as fractional or UK odds.
You’ll see a team or horse with a fraction next to the name. For example, in the Kentucky Derby, Rich Strike won with 80/1 odds.
That means for every dollar wagered, you’d get 80 dollars back, plus your wager.
Fractional odds sometimes appear as 9/2. A 9/2 bet means that for every $2 you wager, you’ll get $9 in return.
There are times when a team or horse is the overwhelming favorite to win the race. This is posted as 1/5 or something similar.
In this example, you’ll have to bet $5 just to win $1. With this bet, you’ll bet on the winner, but you aren’t going to make a lot of money.
Decimal Odds
Decimal odds appear as decimals, as opposed to fractions. This format is popular across European, Canadian, and Asian sports books.
You’ll see a team or outcome with a decimal next to the name. Liverpool 4.00, and Manchester City 1.3 is an example.
This is the amount of money you’d win if you wagered $1. You could bet $20 on Liverpool. Should they win, you’d get $100 (your initial wager plus $80).
This is the easiest format to understand and calculate, which is why so many beginners prefer these sports betting odds.
Moneyline Odds
What kind of odds will you see in American sports betting? You’ll come across moneyline odds, which have a number and a plus or minus sign.
Here’s the difference between moneyline odds and the other formats. Moneyline odds tell you how much you need to bet to win $100 or how much you’ll win if you bet $100.
When you’re betting on sports online, you’ll see odds like this:
New York Giants -150
New York Jets +200
You’d think that the plus sign would be the favorite to win. That’s not the case, especially with the New York Jets.
It means that if you bet $100 and the Jets win, you’d win $200.
The minus sign tells you that you have to bet $150 in order to win $100.
Moneyline odds are a little challenging to calculate, which is why you should refer to a moneyline calculator to determine how much you can win from a sports bet.
Keep one thing in mind with moneyline bets. You’re really betting on the winner. Take away the odds, and you’ll realize that you’re just making a very simple bet.
Point Spread Bets
Football season is when the point spread bets become commonplace.
What’s a point spread? This is where you pick a team to win by a certain number of points. It goes beyond just picking the winner of a contest.
Here’s an example of how it works. The New York Giants are 10-point favorites to win against the Tampa Bay Buccaneers.
You’ll see the game listed as follows:
New England Patriots (+10) at
New York Giants (-10)
If you bet on the Giants, they have to win by 10 points or more for you to win the bet. You can bet on the Patriots, and if they lose by 9 points or less, you’ll win the bet.
Over/Under Sports Odds
Another fun bet is to look at the over/under sports betting odds. This is where you guess the total number of points scored in a game.
You’re simply betting if the total number of points is over or under the number provided by sportsbooks.
What Sports Odds Really Mean
Sports odds are intimidating when you’re first learning about them. There are numbers and calculations to do to figure out how much money you’re going to win.
Here’s one thing to keep in mind when you’re betting on anything, whether it’s a horse race or baseball game.
You’re betting on the probability of an outcome.
That’s it.
To make money as a sports bettor, you need to remember that the sports book will force you to gamble more on the favorite. That’s why you want to find odds that are better than 52%. This article explains why this is the magic number to make money.
If you think that one outcome is more probable than the others, then that is what you should bet. This mindset takes the emotion out of sports betting. You’re able to place bets with a clear and focused mind as opposed to betting on a team because you like their colors.
How to Start Online Sports Betting
Are you ready to start betting on sports online? Job number one is to find a reputable sportsbook to bet at.
Sports betting sites are popping up everywhere you look. It doesn’t mean that they’re all trustworthy.
Look for a sports betting site that’s licensed to operate in your state. The Gaming Commission in your state oversees the licenses of sports betting sites and casinos. They make sure these sites operate under strict guidelines.
Make sure the sports betting sites offer the sports and leagues that you like to follow. You don’t want to sign up for an account only to find that you can’t bet on your favorite sports.
Read reviews of sports betting sites. You’ll learn which ones have excellent customer service, payment options, and good sports odds.
Use the signup bonus as the deciding factor if you’re debating between two sports betting sites. Most sites have a deposit bonus where they’ll match your initial deposit.
They’ll also have a free wager, up to $10, with some sites going as high as $150 in free online sports bets.
Setting Your Bankroll
You can start out betting with the sportsbook’s money. If you win those initial bets, you can make those funds last for months.
What happens when you have to gamble with your own money? This is where you need discipline.
The top sports bettors know that they need to set limits, so they’ll have a bankroll or budget that they set aside just for sports betting online.
Once you have your bankroll set aside, you can decide how much to wager on each game. Most sports bettors will bet 5% or 10% of their bankroll on each wager.
Research Sports Bets
Since you’re betting on the probability of an outcome, you need to research as much as you can before you bet. Anything can happen in sports, but the outcome is predictable most of the time.
Doing research helps you predict the outcome. Look at the most recent trends for the two teams. See if there are players that are doing exceptionally well or if there are players in a slump.
Take a look at sites that have sports betting picks to confirm your research. Some of these sites carry odds for different sportsbooks, so you can compare the best odds to win the most money.
The Ultimate Guide to Sports Betting Odds
Fractional odds, decimal odds, and moneyline odds. These are the most common sports betting odds you’ll find in sportsbooks around the world.
How do sports betting odds work? You’re betting on the outcome of a particular match. The odds tell you how much you’ll win when you win.
You can gamble on point spreads and over/under bets to make your bets more exciting. These types of bets are fun to do when there’s an overwhelming favorite.
Now that you know how sports betting odds work, take a look at the Sports section of this site to research athletes and teams before sports betting.
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