Understanding How Betting Odds Work
You might have heard stories of bettors who cashed out big by simply staking on games with no probable certainty. Well, these stories are true. But, most of the time, you need the smile of good luck if you ever cash out big from Sports Betting. It is always very difficult playing and winning against the house; however, you can play 20Bet and have favorable outcomes when you understand how odds work.
The amount you win from playing a sports game depends on the type of odds used by the bookmaker. Beyond odds, the amount you risk on games is also important in determining the size of your payout. As an example, if you bet $160 on Arsenal to win a match at -160 odds, you will receive $260 in return. On the other hand, if you bet half the amount, your payout reduces- no magic.
Types Of Odds Used By Bookmakers
Of course, the American odds are used by Sports betting sites in the United States of America. You’ll know an American Odd when you see it with a plus or minus sign prefix, and they’re counted in 100s.
You must understand what it represents if you see this type of Odds often. When you see a positive sign (+) before an odd, it signifies an underdog (the one with the lesser chance of winning), while a negative sign(-) before the odd represents the favorite.
Let’s say there’s a match between the Chicago Bulls and the Dallas Cowboys. You can bet the Chicago bulls to win at -10 points since they are the favorites here(in our opinion). If the Chicago bulls win by more than 10 points, you win the bet. Assuming the Cowboys were the underdogs here, if they won with over 10 points, you will also win if you bet on them at +10.
In sports like baseball, hockey, or soccer, where final results can be decided by only one run or goal, favorites do not always have a ” – ” It’s especially the case in soccer since matches can end in draws, whereas a winner is declared in almost every other sport because of overtime rules. This means that, in most cases, the favorite will have a ” – ” in front of its Moneyline while the underdog will have a ” +.”
In moneyline betting, the Eagles are a -150 favorite and the Giants are a +180 underdog. If you bet $100 on the Eagles to win at -150, you would net a payout of $166.70. As an underdog, the Giants would pay $280 if they won at +180.
As a +150 favorite against Everton as a +190 underdog, Arsenal would be a +150 favorite, while the draw would be a +220 favorite. In this case, the payout would be decent for every situation mainly because the teams are even and there are three possible results compared to just two for something like football (unless they go scoreless in overtime). When both teams have a ” + ” in front of their odds, the team with the lower number is the favorite. The lower number also means a lower payout, which is always the case for betting the favorite on the Moneyline. It would be possible to earn $250 from a $100 bet on Arsenal +150 and $290 from a $100 bet on Everton +190. In addition, $100 bets on the draw at +220 would pay out $320.