Betting Odds How Does It Work

Let’s take a look at sports betting basics: How Odds Work.

Implied probability is important because it helps you decide whether it is worth betting on a certain event. You can work it out by dividing one by the decimal odds. Let’s say the bookies give Stoke City odds of 2.5 (3/2) for winning a match against Huddersfield Town. How does a prop bet work? A prop bet, short for proposition bet, is a wager made regarding the occurrence or non-occurrence during a game of an event that doesn’t directly affect the final outcome. Prop bets in sports are different from general bets for or against a specific team, as well as the total number of points scored. Sports betting lines on FanDuel Sportsbook are presented in what is called the 'American. Betting odds represent the probability of an event to happen and therefore enable you to work out how much money you will win if your bet wins. As an example, with odds of 4/1, for every £1 you bet, you will win £4. There is a 20% chance of this happening, calculated by 1 / (4 + 1) = 0.20. As explained betting odds indicate the probability and the chances of an outcome whether come in a fractional, or decimal, or as American odds. Also, sportsbook odds show us the possible winning amount, if we placed our money bet on the right outcome. But, lets start learning and understanding how to.

How Does Odds Work

Odds are just basic math used to make sure that both sides of a bet are fair or equal. They are also some of the most misunderstood numbers in gambling. In sports betting, bookies or sportsbook set the odds. To understand how odds work we need to understand how sportsbooks make money.

Using the most basic example of a contest we can, coin flipping, lets look at how a sportsbook would treat it. There are only two outcomes but the probability of each side coming up is 50%. All pretty basic.

Let’s say I am a huge “tails” fan, but I have no one to bet with. Meanwhile you are a big “heads” fan. The problem is that we don’t know each other and the game is about to start. A bookie or sportsbook is in the business of brokering those bets for us. As with any broker, the bookie would like to get paid. To do this, the bookie uses odds.

Odds come in a number of forms. In Europe they use both fractional (“11/10”) or decimal (1.5). The most common odds format in North America are what we in refer to as “American Odds“. Most 50/50 contests set the American Odds for both sides as -110. That is likely the odds a sportsbook would give on coin flipping.

What that means is a $110 bet on one side offers a chance to win $100, plus return the original $110. With the bet this is often said “to return” $210.

Likewise, you are getting the same offer $110 to win $100.

What this means is that no matter who wins this bet, the sportsbook will have the $100 to pay the winner and have $10 left over for itself. This is commonly called “margin”, “the juice”, “the vig” short for “vigorish”. We’ll talk more about that in later videos, but essentially, the sportsbook aims to make a profit from every single bet they take and the loser pays that fee.

This example only covers bets where there is a 50% probability and involves an even number of bettors on one side and the other. If you have games where the outcome is more or less than 50%, the bookie adjust the odds so that they favorite team is going to win less money. The team that is expected to lose, or “dog”, will win more money than their bet. Meanwhile the sportsbook or bookie will always maintain that edge or vig.

To continue this topic, you may want to continue with the article on Why Odds Change.

Wagering on boxing has been very lucrative over the years for bettors. We’ll take a look at ways to minimize risk while maximizing profits, especially for the bettor looking to dip their toe into the pugilism betting pool for the first time.

Boxing betting: Ways to bet

Access USA TODAY Sports’ betting odds for a full list of today’s sports betting odds and lines.

2-way betting: Each individual bout can simply be wagered upon picking a straight-up winner, similar to a moneyline bet in the other major sports, with a favorite and an underdog.3-way betting: Each individual bout can be wagered upon picking a winner or by choosing to select a draw (or tie).Method of victory: If you like a fighter to win, but perhaps he is an overwhelming favorite, you can be more specific to mitigate your risk. There are a few different ways a bout can end. A fighter can win on points, either by KO/TKO/Technical Decision or disqualification (DQ).Round betting: Fights, particularly the big-ticket events, can be bet by picking a winner in a particular round. Rather than betting on the 2- or 3-way betting line, it can be more lucrative to bet on a fighter to finish his opponent in a particular round. It’s difficult to pinpoint, and sometimes it’s good to bet on several rounds to be on the safe side, but it can pay off very handsomely.

Boxing betting: Key betting terms to know

Favorite: The fighter who is more likely to win the fight will require more than your return on investment.Underdog: On the flip side, this is the fighter not expected to win. It can be more lucrative than taking the favorite, as you will return your stake and plus-money from your wager.Push or Draw: A wager which ends in a tie, which is not a losing ticket, but not a winning ticket, either. You simply receive your wager back.Chalk: This refers to a heavy favorite. For example, -200 and higher is considered heavy chalk.Parlay: If you were to bet two fighters to win on the 2-way line, for example, you would need to win each end of the bet to cash. You can still win a parlay if one end wins and the other is a push.

Boxing betting: How do odds work?

How Do Betting Sites Calculate Odds

Boxing odds can vary greatly. Sometimes the favorite is not too expensive, but other times, particularly in undercard or preliminary events, the favorite can have rather high odds. For example, if you were to bet a heavy favorite at -800, you would need to risk $80 to profit just $10. An underdog wager at +550 would profit $55 on a $10 bet.

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How Do Betting Odds Mean

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