What Do the Odds Numbers Mean?

You might be familiar with the terms ‘even’ and ‘odd’ if you’ve ever played casino dice. But do you really know what these numbers mean? Let’s examine the numbers and odds more carefully to determine exactly what they mean when it comes to betting odds and casino games.

Odds From High To Low

When you see the term ‘odds’, chances are it will be listed in order from the highest to the lowest. This is because bookmakers or casinos use this scale to determine the chances of a certain event occurring. For example, if you see odds of 2.7 on a baseball game, this means the team with the highest score is 2.7 times more likely to win the game than the other team. If you don’t know what odds mean in relation to a specific event, you can use this chart to determine the chances of the event occurring:

  • Odds of 1 to 2: Evens
  • Odds of 2 to 5: Medium odds
  • Odds of 5 to 10: Low odds
  • Odds of 10 to 20: Very low odds
  • Odds of 20 to 50: Extremely low odds
  • Odds of 50 to 100: Very, very low odds
  • Odds of 100 to 200: Lowest odds ever
  • Odds of 200 to 500: Extremely low odds
  • Odds of 500 to 1000: Low odds
  • Odds of 1000 to 5000: Slim odds
  • Odds of 5000 to 10000: Very, very slim odds
  • Odds of 10000 to 20000: Very, very slim odds
  • Odds of 20000 to 500000: Lowest odds ever
  • Odds of 500000 to 1000000: Very, very slim odds
  • Odds of 1000000 to 2000000: Very, very slim odds
  • Odds of 2000000 to 500000: Lowest odds ever
  • Odds of 500000 to 10000000: Very, very slim odds
  • Odds of 10000000 to 2000000: Very, very slim odds
  • Odds of 2000000 to 500000: Lowest odds ever
  • Odds of 500000 to 100000000: Very, very slim odds
  • Odds of 100000000 to 200000000: Very, very slim odds
  • Odds of 200000000 to 500000000: Lowest odds ever
  • Odds of 500000000 to 10000000: Extremely low odds
  • Odds of 1000000000 to 2000000000: Lowest odds ever
  • Odds of 2000000000 to 5000000000: Very, very low odds
  • Odds of 5000000000 to 1000000000: Very, very low odds
  • Odds of 1000000000 to 200000000: Very, very low odds
  • Odds of 200000000 to 50000000: Lowest odds ever
  • Odds of 50000000 to 100000000: Very, very low odds
  • Odds of 100000000 to 200000000: Very, very low odds
  • Odds of 200000000 to 50000000: Lowest odds ever
  • Odds of 50000000 to 10000000: Very, very low odds
  • Odds of 10000000 to 20000000: Very, very low odds
  • Odds of 20000000 to 50000000: Lowest odds ever
  • Odds of 50000000 to 100000000: Very, very low odds
  • Odds of 100000000 to 200000000: Very, very low odds
  • Odds of 200000000 to 50000000: Lowest odds ever
  • Odds of 50000000 to 10000000: Very, very low odds
  • Odds of 10000000 to 20000000: Very, very low odds
  • Odds of 20000000 to 50000000: Lowest odds ever
  • Odds of 50000000 to 100000000: Very, very low odds
  • Odds of 100000000 to 200000000: Very, very low odds
  • Odds of 200000000 to 50000000: Lowest odds ever
  • Odds of 50000000 to 10000000: Very, very low odds
  • Odds of 10000000 to 20000000: Very, very low odds
  • Odds of 20000000 to 50000000: Lowest odds ever
  • Odds of 50000000 to 100000000: Very, very low odds
  • Odds of 100000000 to 200000000: Very, very low odds
  • Odds of 200000000 to 50000000: Lowest odds ever

What Are ‘Evens’ In Sports Betting?

Odds are used in sports betting to determine the chances of one team beating another team. For example, if you bet on the Tampa Bay Buccaneers to win the Super Bowl, and the lines are -7, the payout would be 7 to 1 ($7 for every $1 you bet). If you’re looking for long-term sports betting success, using evens is a great way to go as they reduce the number of swings and misses you have when gambling. One of the best things about evens is they provide some protection against the losses from big scores. For example, if the score is tied at the end of regulation in a game that lasts three hours, your final score would be 2-2 after three hours. Your total bet for the day would be 10 points. However, if you had placed a $100 bet on each team, you would have lost $100 because the final score was 3-2.

What Are ‘Medium Odds’ In Sports Betting?

‘Medium odds’ are listed next to a sporting event’s odds because, generally, the chances of a winner are between 2.0 and 5.0. For example, if you bet on the Tampa Bay Buccaneers to win the Super Bowl and the lines are +7, the payout would be 5.0 to 1 ($5 for every $1 you bet). The advantage of using medium odds is they provide more opportunities for winning than evens. For example, if you’re betting on a game with medium odds and it ends in a tie after three hours of play, your final score would be 3-3 and your payout would be 50% ($2.50 for every $1 you bet).

What Are ‘Low Odds’ In Sports Betting?

‘Low odds’ are typically found when listing the chances of a loss. If you bet on the Philadelphia Eagles to win the Super Bowl and the lines are -5.5, the payout would be 15.5 to 1 ($15.50 for every $1 you bet). Generally, the lower the odds, the better (in theory, at least). For example, if you bet on the New York Jets to win the Super Bowl and the lines are -3.5, the payout would be 25% ($12.50 for every $1 you bet). However, having low odds doesn’t necessarily mean your team will win. It just means you’re not getting your money back with the same frequency as you would if the odds were higher. Additionally, low odds can also be an indicator that the bookmaker is probably taking advantage of you with certain bets because they know you’ll bet on that team no matter what (typically either a big winner or a big loser).