When you make a wager or bet on the outcome of an event, you’re typically playing with odds that are positive (or favoring your side of the bet). However, there is another kind of wager or bet – the negative one – that is often more exciting, and offers better payoff when you win. Let’s dive into the math behind negative odds and how they work in bets.
Negative Odds 101
You may be familiar with the concept of negative odds if you’ve ever placed a wager on something involving money, or if you’ve ever made a bet with someone. For instance, if you’ve got a friend who bets on sports games a lot, and they’re always picking winners, they may occasionally offer you some action and you decide to take them up on it. In this case, you have to understand what negative odds are before you start making any kind of play. Let’s take a look.
When you place a wager or bet on an outcome, you’re generally agreeing to take on odds that are in favor of the sports book that you’re betting with. For example, if you bet on the game between the Chicago Cubs and the Los Angeles Dodgers at -105, that means that the Cubs’ odds of winning are 105 to 1, or 1 percent. In this case, the casino or sports book is offering you a good deal, since the odds are in their favor. However, sometimes you may want to bet on an underdog in order to win, and in that case you would be committing to odds that are less favorable to you.
Let’s say that you follow this same logic and decide to bet on the New York Rangers against the New Jersey Devils at -110. In this case, the sports book is actually losing money on the wager since they have to offer odds that are more unfavorable to you. In some instances, you may be able to find +110 for the Rangers – that’s a positive odds option that offers you better odds of winning than the -110 the sports books are offering. However, in most cases you’re better off not playing since the returns usually aren’t worth the trouble. The point is: it depends on how you want to play the game and which side you’re on.
How Do Negative Odds Work in Bets?
Now that you know what negative odds are, let’s take a quick look at how they play in relation to your wager or bet. When you make a wager or bet on the outcome of an event, the bookies or casino operators will generally offer you odds that are in their favor. However, in some cases you may want to play on the opposite side of the bet or wager. In that case you would have to negotiate with the bookies or casino, and try to work out a deal where they give you what you want – sometimes that’s not easy, but it’s worth it. Let’s say that you wager or bet $100 on the New York Rangers against the New Jersey Devils at -110, and they give you the following odds:
- Rangers -110
- Devils +100
In this case, you’re going to be winning $110 if the Devils win, but you’ll only be reimbursed $100 if the Rangers win. As you can see, this is a pretty risky wager or bet for you since the Devil’s odds of winning are much higher than the +110 that the bookie is offering you. However, if you’re feeling lucky, or the Rangers are your team, this could be a good opportunity for you to make some serious money. Keep in mind that the casino or bookie is still going to be making a profit off your wager or bet, even if the Devils win – they just aren’t going to give you any of their profits, since all they’re concerned about is their money.
Some casinos or sports books will even give you better odds on certain events or teams, so you can make a play based on that. For instance, the Vegas Golden Knights were offered +350 for a Tampa Bay Lightning win at +200. In this case, you’re getting pretty attractive odds since the Lightning are a very popular team and most bookies wouldn’t give you these kinds of odds unless they’re feeling generous. However, you have to make sure that your team is a part of the Golden Knights’ approved sports book. Otherwise, you could find yourself breaking the law, since the Golden Knights are not officially registered with the Nevada Gaming Commission. Nevertheless, since you’re playing on the opposite side of the wager or bet from the bookie, you may be able to make some money no matter what happens.
Why Should You Play On The Opposite Side Of A Wager Or Bet?
One of the biggest advantages of playing on the opposite side of a wager or bet is that you’re not going to affect the bookies’ or casinos’ odds in any way. For instance, let’s say that you’ve got a friend who is an avid fan of the New York Yankees and pays a lot of attention to the team’s odds. Every time they bet or wager with the bookie or casino, they always play on the Yankees side. As a result, the odds are always in favor of the Yankees, and this makes it very difficult for them to win. In most cases, this is not the type of friend that you want to be betting or wagering with, since they always seem to be on the losing end of the wager. In other instances, it may be difficult to negotiate with the bookie or casino, and get them to offer you better odds, since they’re already set on their side.
However, if you’re playing on the opposite side of a wager or bet as mentioned above, you’re not going to affect their odds in any way, which means that they may actually be fair games for you to participate in. In some cases, this can make a big difference in terms of which side you want to play on. For example, if you’re a big fan of the New England Patriots and their odds keep getting higher and higher every week, but every time you place a wager or bet with them it’s on the underdog side, it’s usually not the best idea to play against them. On the other hand, if you’re a fan of the Atlanta Falcons and they keep offering you the points, you may want to go ahead and take them up on it, since it may be difficult for them to lose as long as they’re playing by the rules.
Making A Profit, Regardless Of The Result
As we’ve established above, when you wager or bet on the outcome of an event, you’re generally going to be playing with odds that are in favor of the sports book or casino. However, this doesn’t mean that you have to be in this position all the time. In most cases you can find ways to counteract or work around these odds, and end up with a profit even if your team loses the bet or wager. Let’s take a look.
When it comes to sports wagering and betting, there are two ways that you can approach playing with or against the odds:
Pick The Right Time To Place Your Wager Or Bet
The first and most important key to winning is to pick the right time to place your wager or bet. This is especially important if you want to rely on winning, since in most cases this is not going to be easy since you have to factor in a lot of variables. For instance, if you’ve got a friend who is an expert bettor, and they’re always giving you great tips on when to place your bets, believe them. They may know exactly when the bookies or casino are going to be offering the best odds, and in most cases this is going to be at certain times of the day or week. If there’s ever a question whether or not to place a wager or bet, it may be better to ask someone who is more knowledgeable than yourself. Remember: your main goal is to place a wager or bet at a time when the bookies or casinos are going to offer the best odds in your favor, or at least close to it. As soon as you start losing, there’s no point in continuing to play since in most cases this is not going to be a winning proposition.