Ever wonder what the odds are in sports betting? Wondering if there is any trick to calculating them?
While the theory behind sports betting is fairly straightforward, the practice of calculating the odds can seem almost as complicated as making your pick! If you’re looking to place a wager on the big games, then calculating the odds can seem like an endless task. That’s why we’ve gone ahead and compiled this comprehensive guide to assist you in understanding how exactly to calculate the odds in sports betting.
Step one: Setting your odds baseline
When placing a wager on a game, odds are always a matter of comparison. What is the likelihood that the favorite team will win compared to the underdog? To put it in plain English: the lines are always in comparison to one another. For example, if you’re playing the New England Patriots versus the Buffalo Bills, then the Patriots are the obvious favorites as they’ve been 2-0 so far this season.
Even though they’re heavy favorites, the Bills still have a chance to win. In fact, if you look at the odds on the Patriots’ website, they currently have the Bills as 1.5-to-1 (1.5/1) favorites.
This means that for every $100 you bet on the Patriots, you’ll win $150 on average. However, if you had the same wager on the Bills, you’d win only $125. This is important to keep in mind because it will impact the amount you’ll win or lose when determining your profit or loss.
Step two: Adjusting for quality and volume of betting
The line in a sports betting exchange will constantly be changing, and in some cases, it can move dramatically in one direction or the other. This is why it’s important to take a few minutes and make sure you’re actually comparing apples to apples when looking at the odds from various sports betting sites.
There are a few other things you can do to further improve your odds of winning. The most important thing is to be sure that you’re using the same bookmaker when comparing lines from different sites. If you don’t do this, then you’re likely comparing apples to oranges and skewing your results. When comparing odds, it’s also important to look at the quality of the bookmaker’s software and the volume of their transactions because this will determine how reliable the odds they offer are.
Step three: Getting your money ready
When you arrive at the sporting venue before the start of the game, you’ll need to have all your winnings in cash as credit cards aren’t accepted at the casinos. Your bookmaker will ask you to verify your identity by submitting a photograph ID as well as a credit card for payment. In most cases, credit cards aren’t accepted at sportsbooks for safety reasons. In the event that your card is declined, then you’ll need to find another way to pay for your bookie experience.
Odds can vary based on several factors, including the team you’re betting on, the date, and the time of day. In most cases, you’ll want to avoid betting on games that will be played at night as the lights will make it easier for the home team to cover the pointspread. There are also restrictions on what time of day you can bet in some parts of the country. Certain states, like Nevada, also have restrictions on how much you can bet in an afternoon.
Step four: Placing your wager
Once you have your wager in the right place, you can bet on the game you’re interested in. Simply follow the instructions on the screen to choose your bets and then click on the place a wager button. You’ll need to verify your identity via a username and password before you’re allowed to make a wager. If you’ve been verifying credit cards, then you’ll need to provide the bookmaker with a receipt as proof of payment. All sportsbooks require a valid method of identification and may ask for a credit card as proof of identity in the event of a dispute.
Step five: Monitoring your winnings and losses
After the game, you’ll need to check your winnings and losses from the day of the game. This will determine how much your investment (minus your original stake) has returned and whether or not you made any money or lost money on the day’s events.
If you placed a winning wager, then you’ll need to wait for the results to come in before you can cash out. In some cases, you can also request your winnings to be paid in cash or via a check. Bookmakers are generally reasonable when it comes to paying out winning bets, but they do charge a small fee for paying out losses. In the event that you have a large loss on a particular day, then you might want to consider laying off on wagering for a while.
Once you go through this process once or twice, then it’ll be easier to determine your profit or loss and whether or not sports betting is right for you. Going through this process doesn’t take very long and it’ll make sure you have a good understanding of how to calculate the odds in sports betting so you can place better wagers in the future.