When it comes to sports betting, people are often hesitant to wager more than 2 or 3 on a game because it feels like a sucker’s game. However, the fact is that there are more ways to win than there are to lose so long as you know how to calculate right. This article is going to help you figure out how to calculate outright bets so that even a small bet turns into a winning bet.
What Are Outright Bets And Why Do You Need To Know Them?
Outright bets are bets that are predetermined and fixed before the start of the game. This is in contrast to lay bets where the odds change over the course of the game. For example, let’s say you place a bet with the sports book at -110 odds that the New York Yankees will score more runs than the Boston Red Sox this season.
If the Yankees score more runs than the Red Sox, you win your initial bet. However, if the Red Sox score more runs, you lose your bet because the odds against you have changed in your favor. With an outright bet, the odds are set and there’s no manipulation of the line in order to make a profit. This is also referred to as a lock of the bet.
How Do You Calculate An Outright Bet?
To start, you will need to find the appropriate line for your chosen team. You can do this by looking at the team’s historical statistics or searching for articles that discuss the upcoming game’s line. Once you have found the right line, you need to confirm the amount you’re willing to wager.
To calculate your gross profit (the amount you’ll win or lose after taking into account your initial wager and any applicable fees), take the following into consideration:
- the amount you’ve wagered
- the odds of winning
- any bonus wagers you’ve made on the same game
- the handling fee (varying by jurisdiction)
Let’s walk through an example. Say you find that the New York Yankees have a -110 line and you decide to wager $100 on the game. According to the betting odds, your 100 wager would win you $110 (you win the amount you bet plus the odds). Your profit after taking into account your initial wager and applicable fees would be $10 profit. This assumes there are no additional bonuses or fees associated with the bet.
When To Avoid An Outright Bet?
While there’s nothing wrong with making money through sports betting, you have to keep in mind that there are more ways to lose than there are to win. In addition to the factors mentioned in the previous section, you must also take into account the volatility of the sports book’s line. Even the most experienced handicappers get skittish about betting on big games because the lines can move around a lot and because there are so many unknown factors involved.
The Bottom Line
Outright betting is certainly not for the faint of heart. You have to be ready to roll the dice and see what happens. Sometimes it works, but more often than not it’s a total loss. However, if you follow the right procedures and do your homework, you can make it work for you rather than against you. In the end, you will almost certainly lose money unless you’ve got a very strong stomach and a high degree of luck.