Looking to get involved in NFL betting but don’t know where to start? Don’t worry, we’ve got you covered. Here is a brief overview of Las Vegas odds vs computer odds, and how to use them effectively to maximize profit.
Vegas Odds vs Computer Betting Odds: Everything You Need to Know
First things first, let’s tackle the basics. What are Las Vegas odds and why are they different from regular odds? As the name would suggest, Las Vegas odds are determined by whatbookmaker.com or some other similar service. In general, Las Vegas odds are more favorable to bettors because there is always some element of risk involved when placing a wager. For example, if you were to place a $10 wager on the New England Patriots for the Super Bowl, the bookmaker would charge you $11 ($10 plus the $1.65 commission) to do so. While there is still some risk involved in placing this bet, you will not suffer any financial loss if the Patriots lose the game.
As a general rule of thumb, you should expect to gain slightly higher odds when betting on the Internet vs placing a wager in person at a sportsbook. Still, in most cases, online betting is still considered a relatively safer option when it comes to sports betting. On the other side of the coin, regular odds are determined by various factors such as the number of tickets available for public sale, the amount of money wagered by previous clients, and the like. In some cases, especially when there is a major sporting event coming up, these factors can heavily influence the outcome of a game. For instance, say you are interested in betting on the San Francisco 49ers for the upcoming NFL season. If there are a limited number of tickets available for sale and the average price per ticket is $150, your regular odds of winning will be 15 to 1.
How to Use Las Vegas Odds To Your Advantage
Now that we have the bare necessities out of the way, let’s dive into how to effectively use Las Vegas odds to make some serious cash. The most basic and fundamental form of multiplying your wager is called a parlay. In the example above, if you wager $10 on the Patriots to win the Super Bowl and they in fact do so, you will win $20. This, of course, assumes that you actually made a profit on your $10 wager. In general, you can group together several wagers and multiply the amount you win by the number of wins you get. So, if you wagered $10 and the Patriots won $15 worth of footballs, you will end up with $25 in profit after taking out your initial $10 wager.
As a general rule of thumb, it’s usually best to avoid betting against the popular team in the area you are betting in. This is mainly because the odds will be stacked against you and you will more than likely lose your money. A better tactic is to choose a team that is less popular in the area you are betting in but more popular in your area of expertise. For example, if you are an expert in the Houston Texans and they are currently playing in Denver, it would be unwise to bet on the Broncos because they are much more popular in Denver than they are in Houston. However, if you are an expert in the New England Patriots, it would be a perfect fit because they are vastly undervalued in terms of their actual ability to win games.
When To Stop Multiplying Your Wager
Now, sometimes you will find that the aforementioned rule of thumb does not apply. In those cases, it is usually best to stop multiplying your wager after you reach your maximum profit. In the above example, if you bet $10 on the Patriots and they actually win the Super Bowl, you will end up with $20 in profit. However, if you had bet $20 in total because you believed the Patriots would in fact win the Super Bowl, you would only end up with $10 in profit because you would have lost $10 already on your first two wagers. In those cases, it is usually best to walk away with your original $10 because you will hit a losing streak eventually and end up losing money anyway.
Summary
As you can see, Las Vegas odds are quite a bit different from regular odds. The risk is always there but you do not necessarily have to win to keep your wager. With Las Vegas odds, there is also a level of uncertainty because the results of a game can vary from situation to situation. When you factor in all of these inherent differences, it is easy to see why Las Vegas odds are more favorable to sports bettors. Still, if you are a complete novice to NFL betting and just want to make some quick cash, it is usually best to start with regular odds because they are generally less frustrating and offer a greater chance at winning.