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Sports Betting Odds Explained
Understanding sports betting odds is essential for making informed wagers.
Terms like “-1.5”, “-100”, and “+200” seem completely arbitrary to a new bettor - but they aren’t as complicated as they may seem.
via Wizard of Odds
Now, let’s dig in!
What Do Odds of -200 Mean?
In sports betting, understanding odds is crucial for making informed wagers.
Odds of -200 indicate a favorite in the betting scenario.
When you see -200, it means you need to bet $200 to win $100.
-300 need to be $300 to win $100, etc.
This negative number signifies that the team or player is more likely to win, and thus, the payout is smaller compared to the amount you need to wager.
This type of odds format is commonly used in American sports betting and is also known as "moneyline" odds.
For example, if you bet $200 on a team with -200 odds and they win, you will receive your original $200 back plus an additional $100, totaling $300.
Understanding these odds can help you better assess the risk and potential reward of your bets.
What Does +100 Odds Mean?
When you see +100 odds, it signifies that the bet is an even money bet.
This means that if you wager $20 and win, you will receive $20 in profit, plus your original stake back.
Essentially, +100 odds indicate a 50% implied probability of the event occurring.
If you bet $100 on a team with +100 odds and the team wins, you will earn $100 in profit.
If the team loses, you will lose your $100 stake.
This type of bet is straightforward and is often seen more often in game props (moneyline, total, etc.) where the outcome is a simple win or loss.
Understanding +100 odds is a fundamental aspect of sports betting, and it serves as a baseline for comparing other odds formats.
Whether you're new to sports betting or looking to refine your strategy, grasping the concept of +100 odds will help you make more informed betting decisions.
Betting Odds Calculator
A simple betting odds calculator can be an invaluable tool for any sports bettor.
Our favorite free betting odds calculator (built by Action Network)
Action Network’s Odds Calc
This calculator helps you convert odds into potential payouts, making it easier to make informed betting decisions.
Whether you're dealing with American, decimal, or fractional odds, a betting odds calculator simplifies the process, allowing you to focus on strategizing rather than math.
Who has the brain cells to do all that mental math anyway?
This tool is particularly useful for comparing different betting options and understanding the risk versus reward of each bet.
It simplifies the complexities of odds and payouts, enabling you to make smarter, more strategic bets.
What Does -1 Mean in Betting
The term "-1" typically refers to a handicap or point spread given to a team.
This type of bet is common in sports betting to level the playing field between two teams of differing abilities.
Odds via DraftKings Sportsbook
When you place a bet on a team with a -1 spread, it means that the team must win by more than one goal for your bet to be successful.
If you bet on Team A with a -1 handicap and they win the match 2-0, your bet is successful because they have overcome the one-goal deficit.
If the final score is 1-0, the bet is a push, and you get your money back.
If the match ends in a draw or a loss for Team A, the bet is lost.
Sportsbooks commonly uses half-point spreads (-1.5) to eliminate the possibility of a push
A -1.5 spread can’t push because teams don’t score half points.
What Does a +1.5 Spread Mean?
Essentially the opposite of a -1.5 spread, a +1.5 spread means that the underdog team is given a 1.5-point advantage before the game starts.
Essentially, if you bet on the underdog with a +1.5 spread, they can either win the game outright or lose by less than 1.5 points for your bet to be successful.
If Team A is the underdog with a +1.5 spread and they lose the game by 1 point, your bet would still win because they "covered the spread."
Conversely, if they lose by 2 points or more, your bet would lose.
This type of betting is popular in sports like football, baseball, and basketball, where the outcomes can be closely contested.
Spread bets usually have odds closer to +100 than moneyline bets.
Why?
Because point spreads were created to attract equal betting amounts from bettors.
If a team is heavily favored, introducing a point spread to the game is more attractive for bettors than betting a heavy favorite at -600 or higher.
In extremely lopsided matchups, moneyline odds for the favorite can get as high as -10000.
At these odds, you’d have to bet $10,000 to win $100 🤮
Conclusion
By grasping terms like -200 and +100, bettors can quickly assess the risks and rewards of wagers across the board.
Utilizing tools like betting odds calculators further simplifies the process, enabling smarter, more strategic bets.
Whether you're new to sports betting or looking to refine your strategy, a solid understanding of odds will undoubtedly enhance your betting experience.