How Are Sports Betting Odds Set?

The latest sports betting odds can be found at Betting Sites, such as this one, where you can get all the information you need for winning big – and avoiding getting ripped off.

Understanding The Betting Process

When you place a wager on a sporting event, there are actually three parties involved:

  • Your bet
  • The bookmaker’s odds (also known as the spread)
  • The odds that are published by the sports book (“the line”)

The first two are straightforward – what you’re investing in is what the bookmaker is offering. The last one, however, can be a little bit tricky to understand. It’s commonly referred to as the “edge”, and it’s the difference between what you know and the odds that the bookmaker is offering.

Setting The ‘Margin’

Before you place that next wager, it’s important to set your ‘margin’ – the amount you’re willing to risk on any given bet. What this means is, if you lose, you’re going to have to cover the amount you wagered (plus an additional amount known as the ‘vig’ or the ‘juice’ – a percentage of your total wager).

For example, if you bet $100 and the line opened at -140, you’d have to cover $140 (plus any additional vig or juice) if you lost. So, in this example, you’re risking $140 on each wager.

Understanding The Books Sports Books Offer

One of the best things about betting online is being able to compare and contrast the different sports books offered by various bookmakers. At the top of every page, the sports book will list the odds for different sporting events, along with the names of the participating teams. You can also click on the sport to see a detailed overview of the current odds for that specific sport.

This information changes often, so you’ll want to make sure you check back regularly – especially if your favorite team is participating in a game that’s relatively soon.

On this page, for example, you’ll see the odds for the Dallas Cowboys vs Washington Redskins, along with some additional information about the game, including how those odds were set and any betting strategies that have been employed by sports fans like you.

Watch Out For Betting Sites That Are Trying To Rip You Off!

Unfortunately, there are numerous cases of online sportsbooks taking advantage of their customers. Sometimes this will come in the form of false betting ads that prey on sports fans, enticing them into making illegal wagers or upending their bank accounts. Other times it will be hidden fees or absurdly high rollers that get you while your guard is down.

Do your research before you get started, particularly if you’re unfamiliar with that particular sports book. There are dozens of reputable sportsbooks that can be found at convenient locations all over the world. Just make sure you’re not being fooled by trying out the free trials offered by those sportsbooks, if you’re unsure.

Why Are Sports Betting Odds Not Set By The Sports Teams Themselves?

In most cases, the teams themselves don’t set the odds for their own games. They rely on professional bettors and sporting organizations (such as the NBA, NFL, and others) to do that. So, typically, the odds for a game between two professional teams will be established by a sportsbook after the game has been played. That’s why you’ll find the betting lines for the Cowboys vs Redskins game listed above.

This can be rather counter-intuitive for sports fans that want to bet on their favorite team. You’ll often times find that the betting lines are set in such a way that the ‘over’ or the ‘under’ win, regardless of whether or not your team actually wins. That’s why it’s important to do your research before placing a bet, to make sure that you’re understanding what the odds are and whether or not you’ll profit from them. Some books will also try to fleece you by charging huge rollers for winning bets – so make sure you’re not being tricked by looking out for signs of a rollersite.

In some instances, the favored team might not win, which means you would have to cover the full amount of winnings with a bet. So, if you’re a Steelers fan that wagered on the Cowboys and they lost, you would have to pay them back $140, plus any additional winnings from the bet.

How Are Point Spreads Established?

The point spread is the difference between the two teams’ odds. For example, if the Cowboys are -170 and the Redskins are -190, the point spread will be 10 points (that is, 170 – 190 = 10).

What Is The Vig (Vigorous Or Vigorous Odds)?

Often times, when your favorite team is participating in a game that’s not within the next few hours, the vig (vigorous odds) will apply. When this occurs, your chosen team will need to win by a certain amount of points in order for you to earn a profit. This is also known as a “push”, or a “pull”, depending on whether or not your team is pushing for the win or avoiding a loss.

What Is The Juice (Juicy Odds)?

The juice is a percentage of your total wager that’s used to determine your winnings, if any, on bets that are won. So, if you wager $100 on a football game and it ends up being a tie, you would have to wager an additional amount of $10 (100 x 1.33 = $133.30) in order to obtain a profit. In this case, you’re earning $133.30/$100 = 1.33, or 133% on your wager.

Making Sense Of It All

With all this information, it should now be easier for you to understand how the betting odds work. Bear in mind, however, that nothing is ever as easy or simple as it seems when it comes to sports betting. The odds are continuously in the process of changing, which means you’ll never be able to fully grasp them. That being said, with a little bit of studying and homework, you should be able to make sense of it all and know whether or not you’re profiting or losing based on the information you gather.