A Guide to Sports Betting Odds

Sports betting has taken the country by storm. Millions place bets on each game from across the sporting world. If you haven’t played yet, you may be wondering, “How do sports betting odds work?” As it turns out, with betting odds explained, you can be as informed as possible.

With online sports betting odds explained in detail, even novice bettors can understand how to place informed bets and potentially increase their winnings. Before you can hope to win, it helps to know how sports betting odds work and what to look for.

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American, Decimal, and Fractional

The most common type of sports betting odds you will see is American odds. Before asking, “How do sports betting odds work,” you need to know the different types. American betting odds have a + or – attached to them. The higher the number, the more or less likely the outcome is to be.

There are also fractional betting odds. It is the ratio of profit to the bet. So, if you see a player or game at 6/1, it means that you get six times the bet. A $10 bet would net $70 total (a $60 win plus the $10 wager). These are fairly common to find, generally in the U.K. but even in some U.S. books.

Finally, there are decimal betting odds. These are referred to as European betting odds. For instance, you might see a team with 4.00 odds. That means you would get a total payout of $400 if you bet $100. These are a bit trickier to read, and you won’t see them in many American sportsbooks.

True Odds and Implied Odds

One of the trickier aspects of sports betting odds explained is the difference between true odds and implied odds. Remember, sportsbooks want to make money on each wager regardless of which team or player is the correct pick.

Implied odds include the profit margin cut into each sportsbook’s picks. True odds are those without the bookie’s take added in. When you reference true odds, those are the actual odds on the game with no other influences added in.

Examples of Sports Betting Odds

Now that we have an explanation as to how sports betting odds work, an example is necessary. Because it is the most commonly used type of odds in the United States, we will go with American odds. Let’s use an NFL game between the Buffalo Bills and Indianapolis Colts. You would see a line like this:

Buffalo Bills – Moneyline (-250), -4 (-110)

Indianapolis Colts – Moneyline (+360), +4 (-110)

This tells us two things right off the bat: the Bills are heavily favored to win and to cover the spread would need to do so by at least five points. The parenthesis indicates the odds of the event. The spread is essentially “even money,” and is virtually always right around -110. A bet on the Bills moneyline would required $250 to win $100 while a bet on the Colts to win would pay $360 for a bet of $100.

I (AKA CatBurg) have a lifelong passion for sports, especially football and basketball. I enjoy the thrill and excitement of sports betting and everything in between. My teams are (Packers #GoPackGo) and who I am betting on!