What do betting odds mean
What are Betting Odds? Sports betting odds show the probability of an outcome occurring in a sporting event. Betting odds also give you insights into how much. They're set by bookmakers, and they tell you the implied probability for a given bet to win. The odds tell you how much you'll win on any wager. There is always a profit margin added by the bookmaker in these odds, which what do betting odds mean that the payout to the successful punter (or bettor) is always less than what. If there's a positive number, you're looking at the underdog, and the number refers to the amount of money you'll win if you bet $ For example: sample.
How do betting odds work? How to calculate sports betting odds
Understanding sports betting odds and how to read them
For newcomers to sports betting, there are a few things on a bet sheet or an app that will be foreign. One of the most important things to understand is how betting odds work and what they mean. To start, odds are presented in a few different ways and the numbers mean drastically different things depending on what system the sportsbook is using. There are three common ways for odds to be presented: American odds, fractional odds, and decimal odds.
American odds are a bit confusing on their face. Odds with a plus sign are underdog bets. In this game, both the Celtics and Lakers are if you bet them against the spread. The moneyline is where it differs. The Lakers are the underdog so they have plus odds. Decimal and fractional odds are more common outside the United States, but can be found in some American sportsbooks as well.
Both have similar principles. Fractional odds are, as the name indicates, displayed as fractions, like or Multiplying a bet amount by the fraction, will show the profit. That gives you 70 divided by four, or Favorite bets will have a denominator larger than the numerator such as or Underdog bets will have the numerator bigger than the denominator, as in the examples above.
In America, fractional odds are most commonly used in futures betting where almost all the odds have a denominator of 1, making them easier to understand. Anything between 1 and 2 is a favorite bet and 2 is an even money bet. These are more commonly used outside the US when the fractions used in fractional odds get a bit ugly.
The decimal odds would be listed at 1. Multiply the odds by the bet and you get the return that would include the original bet. Much easier, right. What do betting odds mean This is a case where decimal odds can be better. However, they are presented, being able to convert your odds into a break-even percentage is a crucial part of understanding what is actually a good bet.
If you think the likelihood is higher than that, it is a good bet. This is similar to pot odds in poker, for example. Think of a coin flip. You know you know have a one-in-two chance of heads coming up. Slingshot gives a percentage chance of an upset happening. That percentage can be compared to moneyline odds , once you convert the odds to a percentage.
If the model thinks the odds are significantly better than what the bet is offering, and you trust the model, this can be a useful tool in whether to decide to place a bet or not. Get all-access to exclusive stories. Subscribe to The Athletic for in-depth coverage of your favorite players, teams, leagues and clubs.
Try a week on us. Dan Santaromita is a senior editor for sports betting at The Athletic. 
He is a University of Missouri graduate who resides in Chicago. Live News. We've received your submission. And for fractional odds, which are perhaps most commonly seen during horse races, the numerator details the number of times the bookkeeper expects the result to fail while the denominator illustrates the number of times they expect the result to succeed.
Already got it down. Check out these sportsbook promo codes before signing up for an account:. The important factor to remember about bookmakers and odds they create is that everything happens with the central goal of making a profit in mind. If every possible bet that people could wager on is covered, the hope would be that the books eventually balance out between who won and who lost their bets.