While it’s great to win big, it’s even greater when you win without risking much money! In most cases, this means you were lucky rather than good, and it’s high time you remembered that. So how can you tell if you’ve won or lost based on the betting odds? Find out here.
Betting Basics
Before you start calculating your odds, it’s important to understand a few basics. First of all, the odds are always relative to the amount you’re willing to wager. The more you bet, the more you’ll benefit from a good laywin – but you should always keep in mind that sportsbooks are legally bound to pay off winners. So if you place a huge bet on a single game, you might end up losing more than you gain!
Odds are also calculated using two different formulas: one for moneyline bets and the other for pari-mutuel wagers. Moneyline betting refers to betting on the outcome of a specific matchup, where the only thing that matters is who wins. With pari-mutuel betting, several things are taken into consideration, such as the total number of bets placed and the money won (or lost) by each team in that game. This article will only deal with moneyline bets. However, the concepts discussed here will give you a good idea of how to approach pari-mutuel betting as well.
How Do You Calculate Good Odds?
When you’re calculating the odds of winning or losing, you should use these four simple steps:
1. Take the total amount you’re willing to wager. (In the U.S., this is typically expressed in dollars. However, many European books accept wagers in euros.)
2. Add the odds of the two teams you’re considering. (You can find these odds by either searching online or looking at the sidebar on sportsbooks’ websites. Some sites, such as Bodog and Bet365, offer an “upset” bonus, which gives you extra leverage if the team you’re rooting for loses. For example, if you wager $100 on the New York Jets and Dallas Cowboys, and the Jets lose, you’ll earn $200 in addition to your $100 win. Interested in exploring this option further? Visit the websites of the books you’re interested in using and check out the terms of service carefully.
3. Divide the total amount by the odds. (In the U.S., you’ll usually have to convert the amounts you mentioned in Step 1 to a number of decimal places before entering this step. For example, if you wager $100 on the New York Jets, your odds of winning will be 1:2 or 50%.)
4. Subtract 1 from the result of Step 3. (If you won, you’ll have a result of 1; if you lost, the result will be 0.)
Example: You wager $100 on the San Francisco 49ers and win. Your odds of winning are 1:2, or 50% (Steps 1 and 3). Subtracting 1 from 50% yields a result of 49%, indicating you lost $100 on the wager. (Step 4 must be done manually for situations where the result of Step 3 is not an integer.)
As you can see, this is quite a bit of mathematical jargon. But it’s also valuable information if you ever decide to bet on sports. For instance, if you want to make sure you win your money back before you even realize you’ve lost it, you’ll need to do some research on this topic. Fortunately, we now live in a world where computers make calculating complex odds easy. Many sportsbooks, online gambling sites, and even some state lotteries offer tools that can be used to quickly and easily figure out the winning odds for any sports game. For the best experience, use a tool that offers these functions as part of its subscription or uses a mobile device to access these functions directly from a handheld device.
Final Takeaway
There, now you know how to calculate the odds of winning or losing in relation to any sports betting venture. If you ever decide to take up this fascinating hobby, use this information to your advantage and ensure you win more than you lose. Good luck out there!