If you’re reading this, I assume you’re familiar with the concept of betting odds and evens. If you’re not, here’s a quick summary: Bookmakers or sportsbooks assign odds to the events you’re interested in betting on. You make a wager on whether an outcome will happen or not, and if it does, you’ll win whatever amount you wagered plus your original bet. If it doesn’t happen, you’ve lost what you wagered. It’s that simple. Nowadays, people simply talk about “odds” and “evens” when they’re referring to sports betting, so it can get a little tricky to understand what they mean without being specifically told.
Odds Are Confusing
One of the first things you’ll encounter when you start taking an interest in sports betting is odds. In theory, they should be easy to understand. If you’re familiar with casino games, you know what odds are; they’re the chances of something occurring, usually expressed as a fraction. For example, there’s a 1 in 4 chance that the next baseball thrown by John Doe will be a double.
But as you might imagine, things are a little more complicated in the world of sports betting. First of all, there are many more variables to account for. Does he have great control over the ball? Is the grass really that greener on the other side of the fence? These are just some of the questions you might ask yourself before placing a wager on whether or not a particular baseball player will hit a double. Even more complicated is the fact that you’ll often see people use entirely different terms to describe the same concept.
Odds and Evens Have Different Meanings
You might assume that since odd and even are used in the same way in casino games, they mean the same thing in relation to sports betting. But that’s not the case at all. While odd and even have the same pronunciation, they actually have different meanings. One reason for this is that bookmakers use odds to express the amount of money they’ll make or lose on a wager, while evens are used to determine whether or not an event is a “push” or a “bet.”
What Are Push and Bet Events?
If you want to wager on whether or not an outcome will happen in a sporting event, you have two options. You can either select an even or an odd. Evens are those events where your wager can go either way. For example, in a game between the Los Angeles Dodgers and the San Francisco Giants, the over/under is eight runs. This means that your wager can go either way, with the total number of runs being either smaller or larger than eight.
Odds are those events where your wager will always result in you winning or losing. For example, a horse race where the odds are 7/2 (1.5-to-1) means that for every two dollars you bet, you’ll win one dollar and fifty cents. If you’re familiar with casino games, you know that odds are always expressed as the ratio of “wins” to “losses.”
Odds and Evens Have Different Applications
Since you’re playing the odds, you’ll always want to make sure you’re aware of which term is being used in what context. For example, in most cases you won’t want to use odds to determine whether or not an event is a bet or a push. Instead, you’ll use evens to do that. The only situation where you might use odds in this way is when talking about parlor games such as Three Card Monte or Snap.
Odds and Evens Are Used For Different Purposes
Evens are used in a very specific way to determine whether or not an event is a “push” or a “bet.” As the name implies, evens are those events where the outcome is uncertain. Typically, this is because there are too many variables to calculate the exact odds. One of the first things you’ll want to do if you want to place a bet is to figure out what type of bet you want to make. Choosing an even or an odd will determine what type of result you want to occur. For example, in the previous horse race example, you might want to bet on a horserace with an over/under of eight. In this case, you’re playing the odds because you don’t know whether San Francisco or Los Angeles will win the race.
Odds are used in a very different way in sports betting. They’re typically the same as in casino games, but since you can’t control the variables, you won’t get an accurate read on the chances of something happening. For example, say you have a game this week between the Atlanta Braves and the New York Mets. The over/under is seven runs. This means that for every two dollars you bet on the Braves, you’ll win one dollar and fifty cents. While this might not seem like a big deal, keep in mind that these games often have large crowds and high TV revenues. This means that odds are often adjusted very heavily before the start of the game. Sometimes they’ll be adjusted down by as much as 20% before a game starts just to make sure there are enough people willing to wager on the events.
As you can see, odds and evens are a very specific part of sports betting. While they can seem very similar, the differences between them can be significant. If you’re not sure which one to choose when placing a wager, use evens until you’re certain the outcome will be the same as you expect it to be. Then you can switch over to using odds to determine whether or not an event is a “push” or a “bet.” Remember: If you don’t know what type of bet to make, choose an even.
What Is The Difference Between American and European Odds?
In theory, American and European odds should be the same. But since the wagering world is a little different over here, sometimes the terms can be a little confusing. Typically, American casinos will use a “points” system when calculating their odds. In this case, one point would be equivalent to one percent of the bet. For example, if you bet one dollar on a horserace with an over/under of eight, the casino’s odds would be 7/2 (1.5-to-1) since one point is equal to one percent of the bet.
In European casinos, odds are typically calculated using a “money line” system. What this means is that the payout for an even is determined by the total amount wagered on that side of the bet. For example, in the previous horse race example, if you bet one euro (about one point and a quarter more than a dollar) on the Atlanta Braves, the payout would be 2.25-to-1 (about two-and-a-quarter-to-one) since one euro is equal to one percent of the bet. You can do the same for the New York Mets if you bet one euro on them. In this case, your wager would result in a payout of 5.5-to-1 since one euro is equal to five percent of the bet.
Keep in mind that these are merely examples. You can use any currency you want when placing a wager at an American casino, but the odds will be calculated using the dollar. At a European casino, you’ll need to use the currency being bet on if you want to calculate the odds correctly. In addition, American casinos usually don’t allow players to use calculators, while most European casinos do.
The Odds Will Change
Even if you’re careful to choose your words correctly when referring to odds, they can still change at any time. This is something you need to watch out for, especially if you’re placing a wager based on these odds. It’s also important to keep in mind that these odds are merely the starting point. As with most things in life, whatever the situation is, odds will always change. For example, if you’re trying to make a wager on the winner of the Super Bowl and the lines are moving before the game starts, it might be a good idea to wait until after the game to make your wager.
Also, keep in mind that the lines change very frequently at casinos. This means that even though you might choose the right words when talking with the casino staff, as soon as you walk away, the odds might change and you could potentially end up bettors.