The odds can be used in a variety of ways when betting on sports. They can be applied to a single game to get a feel for how a particular team or player might perform, or they can be used to compare the outcomes of two or more games. Knowing what the odds are also means you know what conclusions you can draw about the relative quality of the teams or players involved.
The Simplicity Of Odds
One of the things that makes sports betting so attractive is the simplicity of the odds. You don’t need to be an expert in statistical analysis to understand what the betting line is or how to apply it effectively. You just need to know the basics and how to use a calculator or online betting tool.
You may be familiar with the saying ‘the rest is math’. Well, when it comes to sports betting, the math doesn’t have to be that complicated. You can compare a handful of numbers and come up with an easy to understand result that clearly indicates whether or not you will win or lose the bet.
How To Calculate The Odds
If you want to calculate the odds, all you need is the following information:
- The total number of points scored in the game (or in the season, for NFL games)
- The number of points scored by the team you’re backing (called the home team)
- The number of points scored by the opposing team
- The number of points scored in the game itself (this depends on whether or not the game ended in a tie)
- The total number of minutes (including overtime) played in the game
- The location of the game (for international games)
- The weather in the game (for NFL games)
- Whether or not the away team was travelling (for international games)
You can use a calculator or the formula below to figure out the odds –> it’s really that easy!
The Basics Of Sports Betting
As with any other type of betting, you’ll need to understand the basics before you can get very creative with your numbers. When it comes to sports betting, the main concepts you need to understand are:
- The spread
The spread is the amount by which the winning team’s score is further than the losing team’s score. For example, if your favorite team was winning by 3 points and the other team was winning by 1 point, the spread would be 2. The difference in numbers of points is typically referred to as the ‘over/under’ or ‘point spread’. For example, if the over/under is 5 points and your team wins by 3 points, you win the bet. If not, you lose the bet.
In terms of the odds, the probability of something happening is usually expressed as a fraction, with two numerators and sometimes a denominator. For example, if you bet $100 on a tennis match with odds of 7 to 1, what this means is that there’s a 70% chance that you’ll win $100 if the match ends in a tie. This can also be expressed as a decimal, with 1.4 representing the decimal point and 70 representing the percentage chance of winning.
Odds And You
The odds and you combine to make up the formula for odds-based betting. This is another thing that makes sports betting so easy to understand. When it comes to sports betting, the general public likes to bet on games that they know something about. If you want to give them easy to understand odds without making them too complicated, use this formula:
Your familiarity with the game and/or the outcome can be used to gauge how you might perform on a bet. For example, if you know that your team is always victorious in hockey games, you may choose to place larger bets on that type of game. Conversely, if you’re not sure if your team will win or lose, you may choose to put smaller bets on game outcomes that you’re unsure of.
As you get more familiar with sports betting, you may discover various ways in which you can make the most out of this relatively simple and straightforward form of wagering.
For instance, if you always bet on underdogs, you may find that they have a habit of coming from behind and winning. So, instead of backing the favourite every time, you may choose to switch gears and back the underdogs. In a similar fashion, you may also choose to bet on teams that you think will score more points than the official projections indicate. After all, the public likes a bet that it can easily see will be in their favor. This may result in some exciting games and amazing winners – who knows? You may even get lucky and make some extra cash!