When you place a bet on sports, the odds will almost always be presented to you in two different ways – usually either in terms of money or probability. If you’re unfamiliar, ‘odds’ in sports betting refers to the likelihood that you will win or lose a bet, based on the current score, the time left in the game, and other factors.
One of the more popular sports in the U.S. is the National Football League (NFL). Every week, thousands of people across the country flock to places like Las Vegas to place bets on their favorite NFL team. Depending on the team you support, the odds will change significantly in Vegas and they will likely vary from bookies (or offshore bookies) as well. Let’s explore how to decipher between the two to make the right wager every time!
The Differences In Vegas Odds
When placing a wager on the NFL, you will see three different odds in Vegas: the money odds, the point spread (PS) odds, and the field odds. The three are interrelated and their differences can be a little tricky to understand, so let’s dive into them a little bit.
The money odds are self-explanatory. They are the betting odds as presented to you by the bookmaker. For example, if you wager $100 on the New York Giants and they win the game by a score of 23-21, you will win $100. The bookmaker will then payout you the agreed upon amount in cash, provided they have that amount in their account at the end of the day. There will also be times when they don’t have that amount in their account and in those cases, you will lose your bet and they will give you the money back, with no exchange of goods or services taken place.
The point spread (PS) odds are also fairly straightforward. If you bet $100 on the New York Giants and they win the game by a score of 23-21, the point spread will be +1. If you bet $100 on the New York Giants and they lose the game by a score of 23-21, the point spread will be –1.
The last type of odds you will see when betting on the NFL are the field odds. Field odds, also known as the weather odds, pertain to the actual outcome of the game when considering the actual playing time and score of the two teams. For example, if you bet $100 on the New York Giants and they play the San Francisco 49ers at 4:35 p.m. and the game is tied 27-27 at the end of three quarters, your field odds will be +1. If you bet $100 on the New York Giants and they play the San Francisco 49ers at 4:35 p.m. and the game is tied 28-28 at the end of three quarters, your field odds will be even.
The differences between the money odds, the point spread, and the field odds are subtle, but they can make a huge difference in your overall win-loss record. Let’s take a closer look at how these three types of odds affect your odds of winning or losing a bet.
How To Use The Money Odds To Your Advantage
When you are placing a bet on the NFL, money odds are usually the ones you need to focus on. The reason is simple: the money odds are the most accurate and, for the most part, the most reliable. If you bet $100 on the New York Giants and they win the game by a score of 23-21, you will have a 100% chance of winning your bet. The bookmaker isn’t likely to tell you something different, especially when you’ve already placed the bet and there is nothing more that can happen in the game. This is why, when betting with money odds, there really is no such thing as a bad bet. You will either win or lose the bet and there is rarely any middle ground.
On the other hand, if you bet $100 on the New York Giants and they lose the game by a score of 23-21, you will have an 80% chance of losing your bet. The bookmaker is just as likely to give you back your $100 as they are to keep it. In this case, it’s all about probability and, ultimately, about chance.
The Main Benefits Of Using Money Odds
In general, using money odds when betting on sports is a great idea. Not only do they give you a leg up on the competition, but they also allow you to make the right wager every time. Considering sports odds can be rather tricky and there is a lot of math involved, using the money odds is a no-brainer. In addition, when using money odds, your wagers have a much higher probability of paying off. This is because the bookmaker is taking on more wagers than they can pay out based on their income and expenses – something that would be nearly impossible if they did not use the point spread or the field odds.
One of the main reasons why you would want to use money odds instead of relying on other forms of odds is because they can make or break your win-loss record. When betting with money odds, you will either win or lose the bet and there is rarely any middle ground. This is different from other types of odds where wins and losses can be somewhat averaged out. For example, if you bet $100 on the New York Giants and they win the game by a score of 23-21, you will have a 100% chance of winning your bet. If they lose the game by a score of 23-21, you will have an 80% chance of losing the bet. On the other hand, if you bet $100 on the New York Giants and they win the game by a score of 28-27, your chance of winning your bet will be 20% and, if they lose the game by a score of 28-27, your chance of losing your bet will be 80%. As you can see, when using the money odds, there is an accurate way to calculate your win-loss record.
How Do The Field And Point Spreads Work?
The field odds and the point spread are two other forms of odds that you will come across when betting on the NFL. As the name implies, the field odds are based on the actual outcome of the game, while the point spread is based on what the score would be at the end of the game. For example, if you bet $100 on the New York Giants and they win the game by a score of 23-21, your point spread will be +1 and your field odds will be +1. If you bet $100 on the New York Giants and they lose the game by a score of 23-21, your point spread will be –1 and your field odds will be –1.
The point spread and the field odds are two of the more complex types of odds you will encounter when betting on sports. They can be used to determine what winning wagers are and, by extension, what losing wagers are. Even so, in most cases, you will not need to concern yourself with these types of odds unless you are specifically trying to decipher the difference between them or use them in some manner. For the most part, unless you are placing wagers where a point spread or field odds are an issue, you will simply want to stick with the money odds.