Sports betting encompasses various forms such as moneyline bets, where one predicts the game's winner, spread bets, which involve betting on a team's margin of victory or loss, and parlays, combining multiple outcomes into a single bet. Additionally, prop bets allow for wagers on specific outcomes like player performance. Whether for newcomers or seasoned bettors, sports betting adds excitement to viewing experiences, offering something extra to root for, irrespective of the outcome, making it a rewarding endeavor for many.

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HOW TO READ ODDS

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It may be a challenge to read the odds on a betting sheet if you're new to the recreation of sports betting. The way sports apps and bet sheets show odds varies from platform to platform, with the three commonly used formats presented either as American, decimal, or fractional odds. This article will explain how to read betting odds, and what to expect when it comes to the payout.

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AMERICAN ODDS EXPLAINED​

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While not as simple to read as decimal or fractional odds at first, American gambling odds become fairly easy to understand once you know how to read them. American odds center bets around $100, with the favored outcome listed differently than the underdog. Though this system bases odds around $100, larger or smaller bets scale easily in this system. For example, a bet that would pay $200 on a $100 bet pays $20 on a $10 bet.

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When each participant shows a plus or minus sign preceding the odds, such as +150 or -150, this indicates the more favored player or team versus the less favored, with the minus sign indicating the favorable bet (the bet with the higher probability of success - the favorite) and the plus sign depicting the unfavorable one (the bet with the lower probability of success - the underdog)

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DECIMAL ODDS EXPLAINED​

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For newer bettors, decimal odds might be the easiest of odds types to read. They’re usually depicted by a whole number, followed by a two-place decimal. For example, a betting sheet might show 2.20 betting odds.

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To determine your potential winnings with decimals, all you need to do is multiply your stake by the indicated odds number. For instance, by making a $100 wager with 2.20 as the indicated betting odds, you'd multiply $100 by 2.20. This will return $220 if you win, which includes your $100 stake.

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Calculating implied probability with decimal odds is just as simple as determining potential returns. Simply divide 1 by the odds to find the percent chance that oddsmakers give your player or team to win. In the example of 2.20 decimal odds, you calculate 1 ÷ 2.20, resulting in a 45% chance of winning.

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FRACTIONAL ODDS EXPLAINED​

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Fractional odds are much more common outside the United States, but some American bookmakers and apps use fractional odds as well. There's no trick to understanding how to read fractional sports betting odds. They're fairly straightforward and usually represented with a dash, as in 2-1 odds, with a colon, as in 2:1 odds, or with a slash, as in 2/1 odds.

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Fractional odds are among the easiest to calculate. To determine your profit, multiply your betting amount by the fraction. For example, a $100 bet on 6/5 odds pays $100 x (6/5), which comes out to $120 if you win, plus your initial $100 stake, meaning that your payout comes out to $220.

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Implied probability is as straightforward as fractional odds. It's as simple as dividing the denominator by the sum of the denominator and the numerator (Denominator / (Denominator + Numerator)). For example, with 3/1 odds you would simply divide 3 by 4, giving you a 25% probability of your wager to win.

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MONEYLINE BETTING​

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A moneyline is simply a bet type that only includes odds, as in “odds to win”.

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There are no spreads or handicaps involved to even the game, so a moneyline reflects the probability of the result, with low-risk moneylines (favorites) paying smaller returns and higher-risk moneylines (underdogs) paying bigger returns. 

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Moneyline favorites are indicated by a negative value (-) next to their odds and moneyline underdogs are indicated by a positive value (+) next to their odds.

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Example: a moneyline of +150, is just +150 odds ($100 to win $150) for the listed team to win. A moneyline of -150 is just -150 odds ($150 to win $100) for the listed team to win.

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 SPREAD BETTING 

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Point spreads (also referred to as lines or handicaps) are also accompanied by odds. Most point spreads will have odds at or around -110.

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For example, if Indiana and Chicago are playing a basketball game and the line is -5.5 for Indiana, they would need to win by 6 or more points to ‘cover.’ If Indiana wins 105-100, bets on them to cover would lose.

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OVER/UNDER BETTING

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An over/under is a bet on the total amount of something to occur, either points in a game, points scored by a player, yards for a player, etc. Overs and unders are also accompanied by odds (just like spreads) and are usually at or around -110 as well.

 

Want to bet on Philadelphia’s running back total rushing yards? The ‘total’ will be set at an estimated value of say 82.5 yards, for example. If after the game, the Philadelphia running back gets to 83 or more yards, then that means the ‘Over’ wins and everyone rejoices.

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If the Philadelphia running back exceeds 82.5 rushing yards. Over wins.

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LIVE IN-GAME BETTING

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Live betting allows you to bet in real time while the action is unfolding. Think the next basket will be a 3-pointer? You can bet on it. Think Kansas City will make a monster comeback? Bet on it.

 

Odds will be representative of the likelihood of any of those events occurring, but beware; as live odds are dynamic, they are constantly going up and down. So, if you see something juicy, make sure you take it.

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PARLAY BETTING

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A 'parlay' bet is a bet placed on multiple outcomes (or legs) to occur. For a parlay bet to win, all outcomes (or legs) within the parlay must be selected correctly. The odds for each pick are multiplied by one another to determine the odds for the parlay.

 

The more bets added to a parlay, the greater the risk and the bigger the potential return. But, even if only one of the bets involved in the parlay is wrong, the entire parlay is graded as a loss.

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Parlays can involve multiple types of bets, including point spreads, moneylines, and Over/Under totals.

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For example, New England at -150 odds, parlayed with New York at +200 odds, would result in +400 odds. Wager $20 on the above two picks, see New England and New York BOTH win and you cash in with a cool $80 payout.

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There’s always the possibility of a “push” (aka tie) in one leg of your parlay.

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For example, if you bet on the Raptors at -8 against the Nets and they win by exactly eight points, this would be a “push.” If this event was part of your parlay, one leg would be unsuccessful. One of three things happens in this scenario:

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• Your parlay could be deemed a loss and you would surrender the full amount of your wager

• Your sportsbook could deem the entire parlay to be a “push” and return your original wager

• On rare occasions, the sportsbook will simply remove the leg that “pushed” from your parlay and adjust the payout accordingly

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SAME-GAME PARLAYS​

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Many sportsbooks have started to allow bettors to construct parlays with events and outcomes found within the same game.

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Parlays allow bettors to combine different bet types or outcomes of multiple sporting events within a single stake. Each outcome the bettor selects (referred to as legs) must be correct for the bet to succeed. Of course, getting all of the selections in a parlay correct is significantly more challenging. Still, if you do, your payoff can be immense.

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A same-game parlay lets you connect the outcome of multiple events within a single game in a parlay. As in a regular parlay, you must correctly select the outcome of every leg for the bet to be successful.

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Suppose you wager on the moneyline of the Tampa Bay Lightning beating the New York Rangers and the goal total of the game being +5.5. In that case, both events must occur for the parlay to pay out.

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FUTURES BETTING

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Futures bets can be highly lucrative. Underdogs are typically given a minimal chance of winning, with a massive payout attached to them.

 

Betting on playoffs or championships is undoubtedly the most popular form of futures betting. Championship futures open before the regular season even starts, and the odds are continually updated throughout the season and into the playoffs. Once playoff seeding has officially been determined, teams that missed the playoffs are removed from the picture, so the lines for remaining teams will start to get shorter.

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These types of championship bets are available for every major sport, including the NFL, NBA, MLB, and the NHL.

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USING UNITS IN BETTING

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Betting units are a crucial tool for all sports bettors, no matter your experience level or the size of your bankroll. Successful sports betting relies on access to reliable information and careful bankroll management, and betting units are an important element of both.

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Read on for a comprehensive overview of betting units and how you can use them to develop a consistent betting strategy, keep better track of your wins and losses, and ultimately compare your performance with other sports bettors (no matter the size of their bankroll).

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Quite simply, a betting unit is a measurement used to determine the size of your bet. Specifically, it is the percentage of your overall bankroll that you wager on a given sporting event. This percentage is up to you – those with a higher tolerance for risk will be comfortable wagering with larger units than those who are more conservative with their betting strategy.

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Say you have set aside $1,000 to bet on college football this season (this amount is called your bankroll). If you wanted to wager 1% of your overall bankroll with each bet you place, your unit size would be $10 and you would have 100 units to bet with this season.

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Measuring the size of your bets and winnings in betting units rather than dollars allows you to compare your record with other bettors and more accurately track your success. Everyone who bets on sports is willing to put a different amount of money on the line, but comparing records in terms of betting units won rather than dollars won or total number of correct picks provides a better sense of who has been a more effective sports investor over the course of a season.

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BANKROLL MANAGEMENT

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Properly determining the size of your betting units is the key to using them for effective bankroll management. Regardless of how much money you have to wager with, you need to decide how much of it you’re willing to risk on each pick.

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So, how do you decide how big your betting units should be?

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Unit size depends on your tolerance for risk and a (realistic) assessment of your ability to handicap the sports you bet on and make accurate picks. Beginners or those who don’t know as much about the events they’re wagering on should use a smaller unit size. Sharp bettors might select a slightly larger unit size, but it should never be a significant portion of your overall bankroll.

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1 – 5% of the bankroll is a reasonable unit size for the vast majority of bettors. Beginners and those who like to play more conservatively should stick to 1-2% on a single bet.

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Generally speaking, we recommend wagering the same amount (a single unit) with every wager. Doing so allows you to distribute risk across many events and eliminates the possibility of exhausting your bankroll two weeks into the season. Alternatively, you could set your unit size to a strict 1%, and wager 1-5 units on each wager you place.