It’s been a while since we had a chance to bring you a fun piece, and what better way to celebrate the start of a promising new year than with some good old fashioned betting odds trivia? Specifically, today we’re going to discuss three different odds calculations that appear regularly in betting circles.
Most Prevalent Odds
If you’ve ever placed a wager on sports or done any sports gambling, then you’ve undoubtedly come across the terms “most prevalent odds” or “MPO”. This calculation is essentially the reverse of the traditional bookmaker’s formula – instead of taking in a big sum of money, you’re trying to make a small amount back. While there are many different variations of MPO, the most basic version is simply the odds of the favorite in comparison to the odds of the opposing team.
For example, if you’re going to place a bet on the Philadelphia Flyers vs New York Rangers game, and the Flyers are 2.5-time favorites, then your MPO will be 2.5 to 1. The difference in these two odds is called the vigorish, and it is usually written in the form of a percentage (e.g., +125%, for a Flyers’ -2.5 percent vigorish).
Money Line Odds
Another frequently used set of odds is known as the “money line odds”. This is often referred to as the “moneyline” because it takes the form of a “straight-up” wager. That is, regardless of whether the home team wins or loses the game, you will either win or lose the same amount of money ($100, in this case).
A money line odds calculation is slightly more complex than the MPO calculation because while the latter compares the odds of two teams, the moneyline wager compares the total amount of money you’re wagering on the outcome of a game. Mathematically, the odds are calculated by taking the total amount of money bet on a particular side (e.g., the Moneyline – NY Rangers) and dividing that by the total amount of money wagered on that entire game (e.g., $100). In the above example, you would have wagered $50 on the Rangers, so the resulting odds are 5 to 1.
Over/Under Odds
Finally, we have the over/under odds. This particular type of odds calculation is used when you’re trying to predict the total amount of goals a team will score in a game. Similar to the money line calculation, the over/under odds use the amount wagered (in this case, $100) as the numerator, and the amount that will be scored (in this case, $75) as the denominator. The difference between these two numbers determines whether you will win or lose when predicting the game outcome.
In the over/under odds calculation, the favorite is the team that will score more goals than their point differential (i.e., number of goals minus the amount of points they have on the board). As you might imagine, with so much money on the line, this type of odds calculation is frequently used in conjunction with betting futures or options. This is also one of the odds calculations that are used to determine the point spread in NCAA Football betting (the over under option is also known as the “bonus point” option).
Why Are These Odds Calculations Useful?
First and foremost, knowing the odds of different outcomes for your wagers is extremely important. Even if you’re not a professional gambler, you should know what the house edge is for each betting option you choose – this can help you determine how much you should be winning or losing on any particular wager.
In addition to this, knowing the odds of different outcomes can provide you with valuable information when it comes to handicapping a game. For example, if you believe that one team is more likely to score than the other, you may want to adjust your lines accordingly (e.g., if the over/under odds are 3 to 1 in your favor, but you believe the goals will be closer to even, then you may want to adjust your over/under line to 4 to 1 or 5 to 1).
Finally, knowing the odds of different outcomes can be useful when trying to figure out the best strategy for winning money. Typically, you should avoid placing larger wagers (and risking more – see below) on games with lower odds of winning (1–2, 1.5–2.5, etc.). In these types of situations, it is usually more profitable to choose games with higher odds (5–1, 8–1, etc.). This is partially because the house edge is usually higher for these lower odds (sportsbooks don’t really make much money off of these kinds of games), but also because the variance is generally lower for these bets.
How Do You Bet?
Now that you have a general idea of what the odds of different outcomes are in betting, let’s take a closer look at how you might actually bet. First of all, when you make a wager on sports, the lines will usually be open for you to read at the betting counter (if you’re going into the games at all). Thus, it is usually a good idea to simply follow the advice of the people around you and take the lines that are presented to you when placing your wager (most likely this will be the popular odds or the money line, depending on the size of the game).
If you find that a lot of people are betting on a game with a specific team doing well, then you might want to consider wagering on that game (or choosing one of the other two alternatives mentioned above). This is usually done to take advantage of favorable odds (e.g., if you believe that the Cleveland Cavaliers are going to win against the Warriors, then you might want to wager on them).
On the other hand, if you’re trying to avoid placing bigger wagers on games with lower odds of winning, then you’re generally better off avoiding these types of wagers altogether. It might be smart to stick with games with higher odds or choose games where the favorites are more likely to win (if you believe that the favorites in a particular matchup will score more than the underdogs, then you might want to consider betting on them)).
Where Can You Find Complete Guides To Sports Betting?
Although we’ve gone over the basics of sports betting in this article, there are numerous resources available online that can teach you more. My personal favorite is Bovada’s betting guide, which is incredibly comprehensive and offers tons of information about how to bet on any sport effectively. If you’re looking to get started, then this is a great place to start.
Wrapping Up
Hopefully, this article answered some of your basic questions about the basics of sports betting. It should help you understand the odds of different outcomes and how they’re calculated. In addition, you should know which calculations are generally used in your industry and why. Finally, if you’re looking for some real-world examples of how the odds of different outcomes can be applied to actual bets, then check out my blog at https://blog.buylogic.com/sports for some solid content.