Since reverse bets involve complicated “if/then” structures, they’re often limited to two wagers. From these numbers, you could determine that Tater Tot is the favorite, whereas Seabiscuit and Majesty have longer odds. For instance, you would win $9 against every $10 wagered on Tater Tot to win the race. On the other hand, you’d win a more considerable $8 against every $5 put at stake for Seabiscuit to win, which is more profitable but less probable. In both instances, you would get your original wager back and whatever extra you’ve won. However, the system widens the difference between the odds for the favorite and the underdog as the probability of the favorite winning increases.

Sports Betting Markets

If the odds are -140 for the Mavs against the Suns, that means Dallas is the slight favorite. A bettor would need to stake $140 to win $100 on the packers. If you look at underdog odds, the ‘+’ sign represents the profit you can make for every $100 wagered. Just to say, if you’re unfamiliar with any of the betting language being used here, take a look at our complete glossary of betting terms.

How Do Bookmakers Calculate Odds

How much either team wins or loses by does not matter in moneyline betting, the payout remains the same. Prop bets are based on individual performance, typically surrounding players. The Chiefs had one of the most explosive offenses in 2020 and therefore were one of the most popular targets for prop bets.

Bet On The Premier League

If they believe that a given outcome is more likely than the implied probability, then it is a good bet for basics them at the stated odds. If they believe that it is less likely than the implied odds, then they might want to find a better bet elsewhere. In sports betting, the odds tell you how much you can win relative to the amount that you are willing to risk. This is generally directly related to the perceived likelihood of the event.

The American odds will give the bookmaker influence over the point spread without changing the key number of 3. Odds worse than -110 as we discussed can hurt your breakeven percentage and should be taken into account even when betting spreads. On the other hand, underdog plus odds will help your bottom line. What does it mean when a horse offers odds of 3-1, or 9-1, or 24-1?

Final Tips On How To Read Odds

The purpose of this odds calculator is to help you to take sports betting odds presented in any format and convert them into a format that you are comfortable with. With dozens of sports, hundreds of leagues and thousands of betting markets, there’s a lot to keep up with. When you consider betting odds, things only get more complicated. That’s why we offer users our nifty betting odds calculator.

With so many different betting options comes the betting odds as well. This means that these odds are very good for players because they are close and have players considering to take the upset over the favorite sometimes. Now we come to the online sportsbooks + sports betting sites that actually offer the odds we are explaining. There are plenty of betting sites out there, but we have decided to list only those we felt were of the highest level of quality. When personally and individually tested these sportsbooks in order to figure out exactly what they have to offer. In the end, we decided to play with those offering the highest paying odds, the most diverse set of betting types, and a fairly wide range of different sports.

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You can use this calculator for 2-way surebets (e.g. over/under), but also for 3-way bets, when you have three possible outcomes (e.g. win, draw, loss). Just click on the right button above to quickly switch the mode. Check out also our free surebets section with current arbitrage opportunities in sports betting. It's surprising at how many people make betson horse races without the slightest understanding of the tote board. While all of those numbers on the board may seem imposing, the odds and payoffs are actually pretty easy to learn. And by doing so, you will be able to make and calculate better bets.