In the world of sports betting, one thing that can be a bit overwhelming is trying to figure out your odds. Truth to be said, not all bookmakers offer the same odds, and knowing how to compare them or work out your own can be a challenge. Lucky for you, we’re here to help with three easy steps to compare your odds and work out the math for you! Here’s what you need to know.
The Basics
First off, you need to make sure you’re dealing with a legitimate bookmaker. It’s sad to say that there are many scammers out there preying on unsuspecting sports enthusiasts, hoping to trick them into risking money on ill-fitting bets. Never, ever give your personal information to anyone outside of a legitimate online sportsbook, otherwise, you’re risking your personal safety and that of your loved ones. A good rule of thumb is to use a fake email address to register, something like googlemail.com or gmail.com, and to make sure the site you intend to wager on is a secure site when checking out. You can also use this address to verify your bets if you do lose. The most important thing is to know the basics—legitimacy, safety, and security.
Types of Bets
There are three basic types of wagers you will encounter when betting on sports, and it’s important to know the difference between them. The first type of bet is called a straight bet. This type of wager is pretty self-explanatory—you’re simply betting on the outcome of a matchup or competition between two teams or athletes. For example, you might wager $100 that the New York Yankees will beat the Boston Red Sox this coming October. In the event that the Red Sox win the game 3-2, your bet will pay out at full odds ($100 x 2 = $200). If the game is tied, no problem—you’ll get your money back (plus interest, of course!). The thing to keep in mind with straight money wagers is that, usually, the bookmaker will only offer odds on winning or losing a matchup, so if you feel that the favorite is cheating (which is never advisable), then you can always place a straight bet on the underdog. Even if the favorite does end up winning the game, you’ll usually get your money back (less a small processing fee).
The second type of bet is called an exotic bet. This type of bet allows you to pick the outcome of a sporting event, but instead of wagering on the outcome, you’re wagering on the method of choosing the winner. For example, you might wager $100 that Roger Federer will beat Rafael Nadal in a tennis match. In the event that Nadal wins, your bet will pay out at full odds ($100 x 2 = $200). However, if you think that Federer has an unfair advantage and you’d like to back Nadal, you can do so by laying an exotic bet—in this example, you’d wager $100 that Nadal will be crowned World Champion by defeating Federer in a grueling final. If your bookmaker accepts such bets, then great—you’ll get your money back (plus interest, of course!) and you’ll also have the satisfaction of knowing that you were right about an advantage that Federer may have had.
Last but not least, we have a type of bet called a combine bet. A combine bet is a bit like a straight bet, in the sense that you’re wagering on the outcome of a sporting event, but it differs in that you’re combining several different events into one bet. For example, you can bet $100 on the Super Bowl, $100 on the World Series, and $100 on the NCAA Basketball Tournament. If your team wins the Super Bowl, you’ll win the grand prize ($100 x 3 = $300)—not bad! You’ll also gain the satisfaction of knowing that you were right about several wins occurring at the same time. Similarly, if your team wins the NCAA Basketball Tournament, you’ll win the grand prize ($100 x 4 = $400)—not bad again! You’ll also gain the satisfaction of knowing that you were right about several big wins occurring at the same time.
Odds To Compute
Once you have an idea of the basic concepts behind sports betting, it’s time to move on to the good stuff—figuring out your odds. To do this, you need to take into account several factors, including the type of bet you’ve made and the time of the event. First, what are your odds of winning? Next up is figuring out the exact amount you’ll win or lose if you do in fact win. We’ve already gone over the basics of betting in the previous two sections, so now it’s time to get down to business. Let’s start with the first factor—the type of bet you’ve made.
Your Odds Of Winning
This is the most basic and perhaps the most important factor to consider when working out your odds. There are three basic types of payouts casinos offer, and it’s important to know which one you’ll end up with if you do in fact win a wager. The first type is even money, also called “dog odds.” If you win a wager with dog odds, you’ll get your money back, plus an additional amount equal to your bet. For example, if you bet $100 on a team with dog odds and they win, you’ll receive $100 (your $100 win plus $100 in additional winnings). In this case, you had a 50% chance of winning the bet.
The second type of payout is called parlay odds. This type of payout is like getting even money, except it’s based on a combination of bets—say you bet $100 on the Red Sox to win the World Series and then you bet $100 on them to win the NCAA Basketball Tournament. In this case, you’ll win a total of $300 (your $200 bet on the Red Sox plus your $100 bet on them to win the NCAA Basketball Tournament).
As we mentioned earlier, the third type of payout is called a royal flush. This type of payout is given only to those who wager a certain amount on a single bet. For example, if you wager $100 on the Boston Red Sox to win the World Series, you’ll receive a $300 royal flush payout (your $100 bet, plus the $200 that the Red Sox had to refund because they didn’t make the World Series). In this case, you had a 1% chance of winning the royal flush payout—not bad!
Your Odds Of Losing
Just like working out your odds of winning, figuring out your odds of losing is a bit more complicated than it first seems. Fortunately, you can follow a step-by-step process to work it out accurately. Before we get to that process, though, let’s discuss an important point that you should keep in mind. Many bookmakers will list your winnings and losses on separate pages. This is mainly done to protect the bookmaker from excessive losses, which arise from poorly constructed bets or simple mistakes on the part of the customer. This is why, when you win, you’ll often see the word “WIN” followed by a dollar sign ($ symbol). Similarly, when you lose, you’ll often see the word “LOSE” followed by a dollar sign ($ symbol).
Now that we’ve gone over the essentials of working out your odds, let’s get down to the nitty-gritty of how to do it. The first thing you should do is find the section of the online sportsbook that lists your winning bets. This is usually found at the top of the page, just below the links to search for bets or under the section for “Bets.” On the left side of the page, you’ll see the word “Winnings,” followed by a column showing your winning bets. On the right side of the page, you’ll see the word “Losses,” followed by a column showing your losing bets. In some cases, the word “Winnings” and the “Losses” columns may be missing from the page. In this case, you’ll have to look for the numbers of your winning bets or losses in the “Bets” or “Summary” sections of the online sportsbook.
Once you have this information, it’s time to work out your odds. Start by looking at your loss column. If you have a few losing bets, it may be easier to work with an expert, certified financial planner, or EA (Expert Advisor), who can help you create a game plan and make the most of your situation. Or, you can simply follow the four steps below.