HOW TO READ ODDS
How to Read Sports Betting Odds
Reading sports betting odds and interpreting them isn’t difficult. However, if you want to be a successful sports bettor, it is essential that you understand how odds work and what they mean. Odds represent the likelihood of an outcome. Moneyline and point spread odds indicate which team will most likely win and which will most likely lose. Over/under odds designate a specific combined point total that two teams will either go above or fall below. The over/under may also be referred to as total odds. When you read any odds, remember that the visitor is always listed first and the home team is second. This never changes.
Reading Sports Betting Odds – Cost vs. Profit
If bookmakers expect the outcome of a game to be close, the odds will barely favor one team over another or they may indicate that the two teams are EVEN. However, payouts are never even. That’s because all books build vigorish or vig into their odds. Vig is, simply, the bookmakers commission, which can range from as low as one percent and as much as 15 or 20 percent. The standard commission is 10 percent. Thus, if there’s a 10 percent commission and you want to win $100, you’ll have to wager $110. No matter what type of sports bet you make, whether you win or lose, you’ll pay vig when you place your bet. It’s built into the odds.
Moneyline Odds
When it comes to understanding sports betting odds the moneyline is the simplest of the three basic bets to analyze. That’s because you are wagering on who will be the outright winner.
Here’s a typical moneyline:
New York Jets +875
Kansas City Chiefs -450
With a moneyline:
If the number associated with a team is listed with a plus (+) that team is the underdog or dog, meaning it’s not favored to win.
The underdog listing indicates how much you will win on a $100 wager. In our example, if you bet $100 on the Jets to win, and they do, you’ll get your $100 back plus $875.
If the number associated with a team is listed with a minus (-) that team is the favorite and is expected to win.
The favorite listing indicates how much you must bet to win $100. In our example, if you bet $450 on the Chiefs to win, and they do, you’ll get your $450 back plus $100.
The moneyline bet can be profitable if you believe it’s very likely that the dog will win or if the lines are very close. That is, if the Jets were at +130 and the Chiefs at -140 or less, and you expect one or the other team to eke out a victory, then the moneyline could be a solid wager.
Point Spread Betting
The spread bet is the most common wager made when betting the NFL, NBA, and college football and basketball. Baseball has a version of this bet, which is known as the runline, and hockey offers the puckline. With these two types of odds, the spread is always 1.5.
Translating our moneyline odds above into spread odds would look like this:
New York Jets +11.5 (-110)
Kansas City Chiefs -11.5. (-110)
With the spread:
The Jets are given 11.5 points which means if they win outright or lose by fewer than 12 points and you bet on them, you’d collect your winnings.
With this bet, you’d put down $110 to win $100. Thus, if you were correct, you’d receive your $110 back and win $100 for a total payout of $210.
Above, Kansas City is favored by 11.5 points. If you bet the Chiefs, in order to profit, they must win by 12 or more points.
If you wager on the Chiefs, they must win by 12 or more points for you to collect your $100 profit as well as your original wager of $110.
With this type of sports betting odds, whichever team you bet on must “cover” the spread.
Note, the spread and moneyline reflect one another. That means in translating our second moneyline example into spread odds, with New York at +130 at and Kansas City at -149, your spread would change to +/-3.5. If the moneyline odds tighten, so too do the spreads odds, and if those odds become more disparate, then the point spread grows larger.
In reading sports betting odds, it’s important to understand that the spread is used to even the playing field, and because it does so, bettors can risk less on the favorite while also increasing their chances of winning if they wager on the underdog. The payouts are the same for both teams.
Over/Under Bets
In reading totals odds, you’re considering the overall score. With this wager, you are not betting on a team but on an outcome related directly to scoring.
Using our NFL example, here’s what over/under odds would look like:
New York Jets vs. Kansas City Chiefs
Over 38.5 (-120)
Under 38.5 (-105)
With the over/under, you are betting on how many points will be scored by both teams during the game. This includes any overtime scoring.
To win the over, the combined score must be over 38 points. That bet costs $120 to make, which means the bookmakers think it’s the most likely outcome, and if you are right, you’d receive your original wager back and a $100 profit.
The under costs less, which indicates it’s considered to be the less likely outcome. It costs $105 to bet the under. You win if the score is under 39. Winners see their original wager returned and generate a $100 profit.
Although the over/under is not always listed as a fraction, it often is, as doing so negates any chance of a tie or push. The same is true of point spreads. If the total or spread is listed as an integer, it could result in a virtual tie. If that’s the case, then all bets are off and returned.
Sports Betting Odds – Read Carefully
If you understand the basics of reading sports betting odds, you can begin to assess your risk, possible payout, and best type of bet to make. Read odds carefully, compare the odds at different sportsbooks to get the best deal, and monitor them carefully, as they often change prior to the start of the game. If they do change, the odds that are in effect for your bet are the ones that were posted when you made your wager.