While most people are aware of the odds in sports betting, there is a large population who are not. Many bettors assume that a -500 odds betting line means their team has a chance at winning. But, that is not always the case.
If you are unfamiliar, the phrase “-500 betting odds” represents a bet that will yield a profit of 500 to 1 if your team wins. That is an incredibly high gamble, which is why most sportsbooks will not offer those kinds of odds. It is also why many bettors wonder if -500 betting odds actually mean anything at all.
Let’s examine the odds more closely to determine if they are worth taking the risk of placing a wager.
Is It Common to See -500 Odds?
No, it is not. In fact, odds that high are relatively rare, especially when it comes to major sporting events like football and basketball. Remember, bookmakers are a cautious bunch and will always prefer to give their customers a better chance at winning than they are taking. So, when an event is as prominent as the Super Bowl, they will often lower the odds to prevent unnecessary losses.
Also, bear in mind that your success in gambling will often depend on the kind of betting market you are in. For example, you are far more likely to see -500 odds on the Yankees vs. Red Sox game than you are on the Cleveland Browns vs. San Francisco 49ers matchup. It is because there is more competition in the betting on the New York sports teams, so the bookmakers have to make sure you are not overpaying on that side of the line.
How Will The Weather Affect These Odds?
The weather plays an important role in making any game more interesting to watch. In the case of the Super Bowl, we often get hit with harsh snowstorms that make the game challenging to watch. This is one factor that leads to the lower odds in the first place.
However, even if the game is played in perfect conditions, there is still a good chance that it could rain on one of the stadiums during the game. When that happens, the betting odds change in an instant because the game’s outcome becomes irrelevant. For example, let’s say you are betting on the New England Patriots vs. Los Angeles Rams game and it starts raining heavily just before it is due to kick off. It is very unlikely that the Patriots will be able to pull off an amazing comeback and beat the Rams.
In that scenario, the only one who will be smiling is the person who placed the wager on the Rams because he or she will have made a profit. The same goes for if the game is postponed due to bad weather conditions. In fact, if it is postponed more than three hours, the payout will be guaranteed because the game will be considered a ‘no contest’ and the bet will be considered voided by the bookmaker. So, if you place a wager on a game that is postponed due to bad weather, you will get your money back regardless of what happens.
Do The Power Rankings Matter?
Not really. The power rankings in Major League Baseball, the NBA, and the NHL don’t matter because the final score of the game determines who wins. However, in the case of a college football or a college basketball game, power rankings can affect the outcome. This is especially true if the number one team on the list loses, causing the two teams playing against each other to switch places in the rankings.
To use an extreme example, let’s say LSU beats Alabama during their game this year, which LSU has yet to do. In that case, LSU would move up in the rankings, meaning Alabama would move down. It is unlikely that the two teams would agree to their spots in the power rankings changing, so there would be a sudden shift in the betting lines after that game. Remember, the objective of these rankings is not to determine who is the best team, but to determine which teams are most likely to beat each other.
What Is The Point Of Having These Odds?
Even for a seasoned gambler, -500 odds are extremely high and it is difficult to justify placing a wager that large. Think about it this way: you are choosing to wager that your team will lose instead of taking the less risky option and backing your team to win. Just because there is a chance your team could lose does not mean you should avoid placing a wager, it means you should place a different kind of wager. You should only wager on games you are confident your team is going to win because, at the end of the day, even the most desperate gambler has limits. You should only choose to wager on high-profile sporting events because those are the games that give you the best chance of winning. Otherwise, it is not worth it.
In those types of situations, the only thing that matters is whether or not your team wins the game. So, in the end, it is all about what is the point of having these kinds of odds? Is it to get rich quick or is it to place a wager you are confident in? Those are the questions you need to ask yourself before placing that large of a wager. If you are not certain you can answer yes to those questions, then it might be best to avoid these kinds of odds altogether.
What Does The Future Of These Odds Look Like?
The future of these odds is not very positive if you ask me. First of all, there is always the chance the games could be cancelled. Remember, we are already past the halfway point of the NFL season and there has been no sign of the pandemic slowing down. So, if the season was still ongoing, it is possible some franchises would consider ‘shutting down’ for the year. In that case, your perfect game would turn into a total washout due to lack of interest from gamblers. Additionally, the weather in the Northern Hemisphere is not getting any better, so it is possible that extreme cold snaps could continue to plague us.
In the end, while it is possible to make money in sports betting, it requires a lot of know-how and a great deal of luck, too. While it is fun to fantasize about getting rich quick in the stock market or through simple investments, there is always the chance that you could lose a lot of money if you are not careful. So, if you are looking for fast money or if you think this is a sure thing to make a lot of money, you are probably better off avoiding sports betting altogether, at least in the short term.