Most sportsbooks give bettors the option to place wagers on a wide range of sporting events. Whether you’re a fan of golf, tennis, or any other sport, there’s usually something to wager on. The odds of winning change regularly depending on the sport, but they can sometimes be relatively high. For instance, a golfer might get 20/1 odds, which means there’s a probability of winning around twenty cents out of every dollar you stake. That’s not bad odds if you’re a fan of the game!
Nationally televised sporting events often have very high odds, which means there’s a good chance you’ll see your favorite team win. If you’re not sure how betting odds work, this article will tell you everything you need to know about the subject.
What Are Betting Odds?
Odds are simply probabilities used to determine whether or not you stand a chance of winning certain wagers. For instance, if you bet $100 on a basketball game and the team you bet on wins, you’ll earn $200. However, if the the other team wins, you’ll only win $100. The higher the number, the better your chances of winning. In the case of golf, for example, you’d need to bet $1000 to get a $200 return because the odds are 20/1.
Some sports books will only give you the option to bet on certain events, such as football or basketball. If you think it’s unfair to only offer these two sports in particular, you can usually find something to bet on in your state. Check with your bookmaker or visit the Internet for online betting sites to see if your state has been selected for coverage.
The Meaning of Evens, Odds, & Price
A few words about the numbers you’ll often see associated with bets:
Evens: These are simply the numerical odds given to the two (or more) teams involved in a particular sport event. For example, if you bet $100 on the Lakers in the NBA Finals, the odds would be 7/1. This means there’s a 1 in 7 chance the Laker wins.
Odds: These are the odds (or probabilities) given to one team or player in a head-to-head matchup. For example, if you bet $100 on the Red Sox and they win the game, the odds would be 10/1. This means there’s a 1 in 10 chance the Red Sox will win.
Price: The price you’re asked to wager on an event is usually shown in two parts: amount and percentage. For example, if you bet $100 on the Lakers, the price would be 700/1, which means you’ll have to wager $700 to win $100. Or, if you bet $100 on the Red Sox, the price would be 120/1, which means you need to wager $120 to win $100. Don’t worry – you’re not losing money by betting on the Red Sox – it just means you’ll need to win more than you staked to come out on top!
How Do You Calculate The Odds?
The odds are mostly easy to figure out, but it can be a little tricky to find the right number. For instance, you might see 11/4 listed for college football odds. What does this mean?
If you look on the back of a hockey puck, you’ll see the odds written in the form of three sets of numbers. The first set is for the home team (such as Toronto Maple Leafs), the second set is for the visiting team (Boston Bruins), and the third set is for the game’s final score. Add up all three numbers and you’ll have your odds.
In the case of the Toronto Maple Leafs and Boston Bruins, the odds would be:
For the Maple Leafs: 11/4 means they’re 11/4 chance of winning at home
For the Bruins: 4/11 means they’re 4/11 chance of winning away from home
Final Score: 5/11, which means there’s a 5/11 chance the game will end in a tie. With three numbers and the right calculation tools, you can easily work out the odds for any event.
This is just a simple overview of what betting odds are and how you can use them. As you get more confident, you’ll want to use them more and more to try to figure out if you stand a chance of winning certain bets. And when you do, the fun will begin!