People who are into sports betting might be wondering: What do the odds numbers mean in presidential betting?
The odds are simply the amount of money (in fractional terms) you would need to bet to secure a certain profit, expressed as a percentage. For example, if you were to bet $5 on a horse race with odds of 3.0 (which means the horse has a 20% chance of winning), your profit would be $5 x (1/3) – $5 x (2/3) = $2.
The numbers can vary from book to book, but for the most part, they will appear in the same way: (team name) (team score) (team opponent’s score) (number of goals). For example, in the case of the Super Bowl, the odds would be: Denver Broncos (24) (Pittsburgh Steelers) (21) (38) – the Broncos win the bet.
In general, there are three basic odds categories that you will encounter when betting on sports: win (also known as goals), place, and draw.
The win odds express how likely you are to win the bet (in other words, the amount of money you bet on the winning side). For example, if you bet $5 win on the Super Bowl with odds of 3.0, your bet would win you $5 x (1/3) – $5 x (2/3) = $2. Also, bear in mind that in some cases, your bet could win you more money than you initially bet. For example, if your $5 win bet on the Super Bowl paid $10, your win would be $5 x (1/3) – $10 x (2/3) = $17.
The place odds express how likely you are to win the bet if your team wins the game. For example, if you bet $5 place on the Super Bowl with odds of 2.0, your bet would result in a $5 x (1/2) – $5 x (1/2) = $1 win. Alternatively, if your team loses, you would lose your $5 bet.
The draw odds express how likely you are to win the bet if your team does not score at all (i.e. the game ends in a tie). For example, if you bet $5 draw on the Super Bowl with odds of 2.5, your bet would result in a $5 x (1/2) – $5 x (1/2) = $1 win.