• How Does Point Spread Work
• How Do You Bet The Point Spread
• How To Beat The Point Spread In Pro Football
• What Does +3 Mean In Betting

The VegasInsider.com Sports Betting 101 Odds feature is your ultimate resource to understanding 'How to Read Odds.'

A point spread bet is a wager in which you bet which team is going to outperform their expected performance. The sportsbook will set a line based on how well they think each team will do during the. In spread betting, the favorite has to win by a certain number of points for the bettors who pick them to cash in. On the other hand, the underdog ‘gets’ points, meaning that bettors who back them will see a profit even if they lose, so long as it’s by less than the spread. Often, you will see a spread with a half-point attached to it. The point spread works the same way when betting on College Football and the NFL. Oddsmakers will designate a favorite and an underdog, and then they’ll add a point spread into the mix. In this second edition that takes into consideration the perpetually evolving NFL rules, How to Beat the Pro Football Pointspread continues to set bettors on a confidence-building path lined with high-priority. Simple Tips for Point Spread Betting. Take Advantage of Bonus Offers. One way to make money from sports betting is to open an account at an online betting site and take advantage of their.

Once you understand the odds, then you'll be more prepared to make a bet and more importantly, win your bet! Odds are easy to understand but there are different formats and once you become familiar with all of them, you can choose your preference.

Sports betting is taking off across the United States. Since the end of the federal prohibition on sports wagering, several states have legalized sports betting. Providers in these states are already offering betting odds on all of your favorite events.

But if you’re new to sports betting, all the information may seem a bit overwhelming. You may be wondering how to read odds, or even how do odds work? Well, you’ve come to the right place. Check out our guide and have all of your questions on betting odds explained below.

How to Read Betting Odds

Betting odds are a measure of how likely or unlikely a sportsbook finds an event to be. The more likely an outcome is, the less you can make wagering on that outcome. Conversely, betting on the less likely outcome correctly pays much better.

Learning how to read odds is the foundation of developing a successful sports betting strategy. So how do odds work anyway? Let’s break it down in the next section with the basics of betting odds explained.

How Do Odds Work?

Betting odds are determined by a number of calculations factored in by sportsbook providers. Experts in sports betting know the answer to the question, “how do odds work?” and can use that information to decide which outcome the bookie considers more likely.

Learning how to read odds and what to use that information for will help you make successful wagers. Let’s take a closer look at some of these basic principles of odds.

Why Do Odds Matter in Sports Betting?

Betting odds matter because they tell you how much you could potentially win on a particular wager. Learn how to read odds correctly and you will be able to calculate what your exact return will be if your bet is correct.

Along with determining your payout, knowing the answer to the question “how do odds work?” will also give you some insight into how likely a sportsbook thinks a particular outcome is. There is more on that subject in the following section where we have implied probability and betting odds explained.

What’s the Most Commonly Used Format of Odds?

The standard format for printing betting odds varies depending on the sport. Football will most often be displayed with American odds, while soccer is more likely to show with fractional odds. However, on most American sports betting websites, you’ll have the option to display these odds in several formats, with American being default.

Read on to see an explanation of how to read odds in any of these formats. The variations can take some getting used to, but we’ll give you a breakdown on each format of betting odds explained.

How To Calculate Implied Probability Using Odds

By learning how to read odds, you can read between the lines and figure out how likely a particular sportsbook has determined an outcome to be.

Learning this method of how to read odds is a crucial skill in sports betting. By placing wagers on outcomes that you have determined are more likely than the sportsbook sees the outcome, you increase the value of your bets and increase your chance of getting a return on your investment.

The chance of a particular outcome occurring that a sportsbook has calculated is called the implied probability. To determine the implied probability, you must convert the betting odds into a percentage. See how to convert each format of odds to an implied probability in the following section, where you’ll see each type of the betting odds explained.

American Odds

American betting odds display with a plus or minus sign followed by a number. Negative numbers indicate the favorite, while positive numbers indicate the underdog. NFL games are one sport often listed with American odds.

How to Read American Odds

So how do odds work when it comes to the American format? As stated, a negative number means the bookie sees the outcome as more likely. The number gives you how much you would need to bet to win $100 in profit.

A positive number indicates the underdog. The number shown in the betting odds tells you how much you would win if you bet $100.

To figure out the implied probability from American odds with a positive number, use this formula:

How Does Point Spread Work

Implied probability of an outcome = 100 / (positive American odds + 100)

But how do odds work for the implied probability on negative American odds? Follow this equation instead:

Implied probability of an outcome = negative American odds / (negative American odds + 100)

Calculating Payouts from American Odds

There are two different equations to calculate your payout with American odds. Calculate your winnings on a positive American odds payout, solve for x with the following formula:

100 / odds = wager / x

If the odds are negative, use this equation instead, where x represents your winnings:

Odds / 100 = wager / x

Fractional Odds

Fractional odds, as you might expect, display with one number over another number. The numbers are separated by a slash or hyphen. UK and Irish bookmakers favor this format, making it a common sight on soccer betting odds.

How to Read Fractional Odds

If you’re wondering, “how do odds work with the fractional format,” the top number indicates how many times a bookie predicts the outcome will fail. The bottom number shows how many times they expect it to succeed.

For example, if the Patriots are given 1/2 odds, the bookie predicts they will win the game two times out of three.

How Do You Bet The Point Spread

Determine the implied probability of an outcome using fractional odds with the following formula:

Implied probability = denominator / (denominator + numerator)

Calculating Payouts from Fractional Odds

Want to know how do odds work for payouts with the fractional format? Use this equation:

Winnings = wager x (numerator / denominator)

Decimal Odds

Decimal odds appear with a whole number followed by a decimal. This format is used in many sports internationally. You may see these odds on global events like the PGA tour, tennis tournaments, or the Olympics.

How to Read Decimal Odds

Seeing just a decimal number may seem confusing if you’re still figuring out how do odds work. However, this format is really the most straightforward when it comes to how to read odds.

The decimal shows how much profit is paid for every dollar on a correct bet. Favorites have a lower number, while underdogs have a higher number.

Here is the equation for calculating the implied probability on decimal betting odds explained:

Implied probability = 100 / decimal odds

Calculating Payouts from Decimal Odds

So how do odds work when it comes to payouts on decimal odds? Use this simple formula to calculate your winnings:

Your winnings = (wager x decimal odds) - wager

Types of Betting Odds

Now that you know how to read odds a little better, let’s take a look at the different types of wagers. So how do odds work when it comes to these different types of bets? Read on to see each type of betting odds explained.

Moneyline

A moneyline is one of the simplest kinds of betting odds explained in this guide. Here you are simply betting on a result of a match, whether that is one team winning or the game ending in a draw. As long as you pick the correct outcome, this bet will payout for you.

These bets can be found for any sport, but are most common in low-scoring games like baseball, hockey, or soccer.

Point Spread

Point spread bets are popular for many sports. With these betting odds, you are wagering on whether the favored team in a matchup will not only win, but win by more than the number of points that the provider is estimating. This estimate is called the spread.

You can figure out how to read odds with point spreads by taking a look at the number shown next to the odds. For instance, if you see Dallas Cowboys +7, you are betting on whether or not the Cowboys will win their game by more than 7 points.

Totals

Sometimes referred to as an over/under, these betting odds are wagers placed on whether the total score between both teams in a game will be higher or lower than what the provider predicts.

You place a wager on whether the total score between the two teams will be higher or lower than the total offered. Learning how to read odds like these and predicting what games will be high scoring are crucial skills as a sports bettor.

Parlays

All of the previous wager types are bets placed on single events. Parlays involve taking multiple bets and bundling them together. This increases the potential payout for each wager, but also comes with an added risk. If even one of your bets is incorrect, you lose the entire parlay wager.

Just like in all the betting odds explained in this guide, the higher your risk, the higher your potential payout. Use parlays to string together several bets and, with a little luck, you could be in for a big payday.

Teasers

Teasers are similar to parlays in the sense that they bundle multiple wagers together, affecting your overall betting odds. However, while parlays are for moneyline bets, teasers allow bettors to “tease” the point spread by a few points across the board, which can adjust your risk and make for a easier-to-hit multiple.

Futures

So far, the different types of betting odds have all been wagers on single events within the upcoming week or two. Futures are wagers placed on, you guessed it-- future events. For instance, you might place a future bet on the Red Sox winning the World Series or The Lakers bringing home an NBA championship ring.

Predicting these events so far in advance is difficult, so learning how to read odds like these can give you some of the most lucrative payouts in sports betting.

FAQ

Wondering how do odds work? Here’s a quick reference for some common questions on betting odds explained.

Are the odds different depending on the sport?

Odds may be displayed differently depending on what the standard is for a particular sport. Refer to our guide’s section on American, fractional, and decimal odds to see different types of betting odds explained.

So how do odds work in different sports? Though the format they’re shown in and the calculations that determine your winnings change, betting odds are always a measure of how likely a sportsbook finds an outcome.

How can I calculate my potential winnings?

Having knowledge about the raw math behind betting odds explained is useful, but of course you want to know about your potential payout too. But there’s no simple answer. Each different format for betting odds will have a different formula for calculating your winnings.

Check out the earlier parts of this guide to see the different formats of betting odds explained and learn how to estimate your potential winnings.

Who sets the odds for sports betting?

After all these complex calculations, it’s common to wonder how do odds work anyway? The truth is each individual provider sets their own odds, with the advice of expert statisticians and their data.

Because each provider will have different offers, it’s important to learn how to read odds. This way you know what to look for when you’re shopping around for the best odds.

Final Thoughts

Having these fundamental principles of betting odds explained is the first step to making successful wagers.

Following the tips in this helpful guide can take you from wondering, “how do odds work?” to understanding how to bet successfully. Remember how to read odds and the formulas for determining the implied probability from each. Once you have that implied probability, you can place your wagers accordingly.

There’s always luck and chance involved in sports betting, but understanding how to read odds helps you make an informed bet. If you believe an outcome is more likely than the implied probability, you have an optimal chance of winning a return on your wager.

Now that we have the different aspects of betting odds explained, the only thing left to do is to start placing your wagers. Good luck and happy playing.

As a fan, you don’t care if your team wins by a point or 100. A win is a win, though that 100-point win would be a little easier on the nerves.

How To Beat The Point Spread In Pro Football

In sports betting, how much a team wins by is usually all that matters.

The most popular way to bet for the two most popular sports, basketball and football, is with the point spread, also known as the “side.” Most baseball, hockey and soccer bets are on the moneyline, which is betting on a team to win straight up with adjusted odds. Football and basketball have moneyline bets available too, but most people will take the point spread.

The concept can be a bit confusing if you’ve never dabbled in sports betting before.

Why bet with the point spread?

The point spread was created to attract more action on a game. When the San Francisco 49ers are expected to blow out the Arizona Cardinals, it’s not enticing to lay $300 to win $100 on a moneyline. But when the 49ers are 11-point favorites and each side is -110 odds? That’s much easier.

In that example, the 49ers are spotting the Cardinals 11 points before the game starts, at least for bettors. The 49ers have to win by 12 or more points to cover the spread. If the Cardinals win or lose by 10 or less, that side wins the bet. If the game lands on 11, like a 21-10 49ers win, it’s a push and all bets are refunded. If you see a -11 that means that team is favored, and +11 means you’re taking the underdog.

Nothing sharpens your math skills better than trying to figure out how big your lead as a bettor is if you have a 22.5-point basketball underdog that is losing 90-72.

The problem with the point spread can be when a team — which really doesn’t care that you bet the favorite at -11 — has a 14-point lead but gives up a meaningless score at the end to win by only seven points. They’re still happy with the win. You, as a bettor, are not.

Point spreads lead to bad beats

The most infamous example of a bad beat with the point spread probably came in the 2004 Final Four at the NCAA men’s basketball tournament.

Duke was a 2.5-point underdog against UConn. The Huskies rallied late and took a 79-75 lead on a free throw with 3.2 seconds left. The game itself was over; Duke couldn’t score twice in a few seconds. But Duke guard Chris Duhon pulled up for a running 3-pointer just over the half-court line and banked it in at the buzzer. Duke lost 79-78, but bettors who had Duke and 2.5 points won. March Madness is a huge event for bettors, and reports at the time estimated that Duhon’s “meaningless” shot resulted in a $30 or $40 million swing in Nevada. UConn players celebrated at the final buzzer. UConn bettors doubled over in pain. That’s the difference between betting the moneyline and the point spread.

Baseball and hockey have point spreads too, the “run line” in baseball and “puck line” in hockey. It’s generally 1.5 with odds adjusting accordingly. Taking a big baseball favorite at -1.5 runs can make the odds more palatable. Of course, betting the New York Yankees at -1.5 to bring down the odds from -190 to -110 isn’t too fun when they win 4-3 and you don’t cash a bet.

What Does +3 Mean In Betting

Betting on the point spread is the most common way to wager on sports. And the first time you take a favorite that wins the game but doesn’t cover the spread, you’ll understand every bettor’s heartbreak.