# How to Calculate the Odds on Sports Betting

Odds are one of the many terms that you’ll hear when you’re watching or playing sports. You may wonder what they mean, especially since they come up so often in sports books or at the betting counter. What is an odd, anyway? Well, when you place a wager on a sporting event, the bookies (the folks who take your bets) will give you the odds of this occurring. So, let’s dive into how you can use odds and statistics to increase your sports betting knowledge and put more money in your pocket.

## Understand What Is and What Isn’t Statistical Data

The odds are the odds; they don’t change based on fan or critic opinion, weather conditions, injuries, nor anything else. If you’re wondering why people get so worked up over the odds, it’s because they don’t vary based on any sort of factor that can be controlled by the gambler. For example, if you’re betting on the Superbowl, you know that the odds will be the same whether the game is played in February or June. That’s why we like odds; they’re not affected by random variables. And that makes them much more reliable as a measurement of likelihood.

Odds aren’t everything when it comes to sports betting, but they’re certainly the most important piece of the puzzle. It might help to think of them as a sort of shorthand for the statistical data that underpins all sports betting. Keep in mind that this data is often difficult to discover, especially if you don’t have access to the inner workings of a pro sports organization. But with enough research and some diligent sleuthing, you’ll be able to assemble quite a large statistical dataset that will prove invaluable in your pursuit of profit on sports betting.

## Odds & Pari-mutuel Wagering

If you’re unfamiliar, pari-mutuel (which is short for “pari-mutuel” wagering) wagering is when a sportsbook (online bookie) takes wagers from multiple bettors on a sporting event. In pari-mutuel wagering, the goal is to predict the number of points that will be scored by both teams in a football game. The total number of points will then be converted into odds, which are used to settle the wagers. For example, if you place a wager on Texas Tech to win the upcoming game against Iowa State, and Texas Tech wins the game by exactly 3 points, your \$10 wager will be worth \$100 because 10 points x 2 odds = 100. For the sake of simplicity, let’s assume that all bets are for 1 unit (the dollar). In this scenario, you’ll need to multiply the number of points scored by 2 (to reflect the fact that you’re paying 2 units on each bet) to determine your winning amount.

## Odds & American Football

We’ll begin our discussion of odds and statistical data with American football, since it’s one of the most popular sports in the U.S. and there’s a lot of data available regarding the sport. American football is actually a combination of two sports; American football and rugby. The game was originally organized in 1869 and is currently overseen by the American Football League and the National Football League. The current season is underway and runs through the end of October. The regular season lasts for 16 games, with each team playing 14 games. After the regular season, the top four teams in each division will advance to the playoffs, where they will meet again in a championship game to determine a winner. For the sake of simplicity, let’s assume that all wagers are for 1 unit (the dollar) and that the season lasts for 16 games. In this scenario, you’ll need to multiply the number of points scored by 2 (to reflect the fact that you’re paying 2 units on each bet) to determine your winning amount.

## Odds & Baseball

Baseball is another popular sport in the U.S., and it’s a very reliable source of betting data, too, which is fortunate for us. Baseball was first played in America back in 1869, and since then, it’s evolved into a sport that draws huge audiences every year. Like football, baseball is also a combination of two sports; baseball and cricket. The MLB has its roots in the defunct American Association, which began in 1876 and was made up of four teams (Chattanooga, Cleveland, Louisville, and Syracuse). The National League was founded in 1876 and is currently made up of 12 teams (the Cincinnati Reds, Chicago Cubs, New York Mets, St. Louis Cardinals, and San Francisco Giants). The season runs from April to October, and games typically consist of 7 innings of baseball, with each team wearing a different colored team uniform. For the sake of simplicity, let’s assume that all bets are for 1 unit (the dollar) and that the season lasts for 12 games. In this scenario, you’ll need to multiply the number of runs (scored during the course of a game) by.50 (to reflect the fact that you’re getting half a point on each run) to determine your winning amount.