Bets, odds, and prop betting have all become part of the casino landscape, but for those who don’t often gamble, this can feel a bit like a minefield.
If you’re looking to dip your toe in the water and don’t know where to start, this blog post is for you. We’re going to teach you how to read the betting odds so you can make the most of your wagers and hopefully have some fun while doing so.
The Basics Of Reading The Odds
All casinos and online sportsbooks have some sort of odds calculator or ticker that keeps track of the current betting trends and odds. These odds are frequently laid out in plain English, making them easily accessible for those who are just learning how to read betting odds or for those who are just curious about them.
Depending on the sportsbook or casino, the odds may be displayed in a variety of ways. Sometimes they will be listed in numerical order, like this: 0.60 – 1.10 – 4.00 – 8.00, with 0.60 representing the decimal odds for an NBA game, 1.10 representing the decimal odds for an NFL game, and so on. Other times, the odds will be displayed as percentages or in a formulaic way that’s meant to be easy to remember.
No matter how they’re listed, odds are frequently accompanied by a symbol or graphic that makes them more easily understandable. Here are some examples:
The moneyline is essentially the odds for a straight bet or a parlay, where you’re betting on the outcome of a single sporting event. This could be odds on a single team succeeding or failing in an upcoming game, or it could be the official score of an upcoming major sports championship. The moneyline is frequently used in conjunction with prop bets to set the wagering requirements for those who are making such bets. For example:
If you’re betting on an NFL game and the moneyline is set at +140, this means you have to wager 140 units to win 1 unit. For those who don’t normally gamble, this might feel like a lot of money to risk on one wager, but for someone who is experienced, this is a common practice and it makes sense; you’re getting great odds on an easy wager.
The Total Points
The total points are the total number of points that will be scored in a game. For example, the total points for an NBA game might be listed as 123 – 127, with 123 representing the total number of points that will be scored by the home team and 127 representing the total number of points that will be scored by the away team. So, if you’re betting on an NBA game and the total points are 8, this means you’ll need to wager 8 units to win 1 unit. The key thing to note here is that if the total number of points is less than or equal to the number of teams competing in the game, then the game has finished after the full number of points have been scored and there is no action involved. This can be a little bit confusing for those who aren’t used to reading odds, but it’s good to understand this so you know when to stop wagering and get your money back.
The over/under is effectively the number of points that will be scored in a game, with the exact number being either exceeded or not. For example, if the over/under for an NFL game is 45 points, this means there is a chance that the game will end in a tie and the score won’t settle anywhere close to 45 points. Essentially, this is a wagering option where you can take on the role of a bookmaker by laying out a series of odds that a game will end in a specific way (i.e. the over or under will be exceeded). You’ll need to decide on whether you think the total will be higher or lower than the over/under. If you think it will be higher, then you have to lay the under, and vice versa. For example, if you think an NFL game will end in a tie or if you think the under will win, you’d put them together as 5.0 – 10.0 – 20.0 – 30.0 – 40.0 – with 5.0 representing the decimal odds for an NFL game ending in a tie and 10.0 representing the decimal odds for the underdogs to win. Those familiar with sports betting know that the underdogs most frequently win these types of wagers and this is why, when you lay the under, you’re almost always rooting for the underdogs. In this case, laying the under would be a no-brainer because you’re getting such great odds on an easy wager. Remember, though: if the over/under is exactly what is expected, there will be no payout involved.
The prop is effectively the opposite of the over/under; instead of betting on whether the total number of points will be over or under a set amount, you’re betting on the exact number of points that will be scored. This could be a wagering option where you think a certain number of points will be scored in a game or it could be the total number of minutes that will be played in a game. Essentially, you’re taking on the role of a prop shop by laying down odds for teams and players to achieve specific results in a game. For example, if you’re betting on an NFL game and the prop is 10 minutes played, this means you have to wager 10 units to win 1 unit. Those who aren’t familiar with this type of wagering might think it’s a typo since it doesn’t make sense to wager 10 units on 1 unit, but for someone who is experienced it’s a common practice and it makes sense; you’re getting great odds on an easy wager.
If you’re curious about reading the odds and don’t know where to start, this article will help you out. We’re going to teach you how to read the odds so you can make the most of your wagers and hopefully have some fun while doing so. Don’t hesitate to ask us any questions about the subject matter in the comments section below. We’re always happy to help and we hope this article will help you get started on the right foot.