Most people are completely confused when looking at betting odds and betting lines for the first time. What do all these numbers signify? Why are some teams on the bookmaker websites marked with “+”, and others with “-“? Well, if you are planning to be a sports bettor-be it in the bookmaker’s office or the sports betting platform – you need to read the odds and understand how the sports betting system works. Moreover, betting odds are relevant for all types of sports, therefore it is very important to know how to read them. If you have never seen odds before and are completely new to sports betting, continue reading our sports betting guide. It’s not that hard, you will see it!
Main types of sports betting odds and how to read them
To understand betting odds it is essential to know there are different types of odds. They can be money line, decimal and fractional. However, the odds stay the same, these are just different ways of displaying them in different countries. Money line odds show the amount won for every $100 staked (if the number has “-“) or the amount you need to stake to win $100 (if the odd has “+”). Decimal odds are popular in Europe and show the amount one wins for every $1 (or 1 euro) staked. Fractional (or British) odds show the ratio of the amount won to the stake.
Here is an example of moneyline odds: +150 and – 160 referring to two football teams (for example, Manchester United and Real Madrid). These odds mean that the first party is the underdog and the second is the favorite. If you place a bet on Manchester, you win $150 for every $100 you bet. And – 160 means you would have to bet $160 to win $100. It’s important to notice that even if there are no clear favorites the oddsmakers still need to choose the underdog and favorite. The team with a plus sign in front of the odds number is called the underdog and with the minus favorite. Very similar to these odds are the point spread odds – these odds also include the margin of victory, but they have the same “+” and “-” signs in front of them. Over/Under bets can be also placed on the match according to the money line odds.
Types of bets in sports betting
Before wagering on sports it’s also important to understand there are different types of sports betting. One of the most popular types of bets is called “single”. If you made such a bet and the team you bet on wins, you get the win. If not, the bookmaker gets the money. This type of bet also includes a bet on the number of goals scored, penalty time, etc. This is the simplest kind of bet.
A Parlay bet is a bet on the outcomes of two or more events that are independent of one another. To win, you need to correctly predict all the events in the parlay. So with a $50 bet on a parlay of three events at odds of 5.00, you can win $250. However, if even one of the selected events ends up with the wrong outcome, you will lose the entire bet amount. And live bets are placed in real-time. Other types of bets are totals, future bets, prop (proposition) bets, etc.
Final thoughts
So now you know how to read different betting odds. Understanding them is essential for all sports bettors. However, to become a successful sports bettor it is not enough to understand them. You should also do research, remember that odds can change in a hurry, and develop your betting strategies.