Odds In Sports Betting

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On the VegasInsider.com odds page, there is another number associated with the favorite and its listed as -10. This number is simply defined as “vig” or what many in the sports betting industry call vigorish. The odds boards don't fit our entire menu, but they're real-time. The odds on our betting sheets aren't real-time, but they typically have our complete menu. The betting sheets are also available online in PDF format in our Media Resources Dropbox folder. Few bettors use fractional odds for betting sports (other than horse racing), because the conversions to understand return are difficult. To calculate winnings on fractional odds, multiply your bet by the top number (numerator), then divide the result by the bottom (denominator). So a $10 bet at 5/2 odds is (10. 5) / 2, which equals $25.

Highest odds in sports bettingBetting odds, especially for novice bettors and for those that are new to sports betting, can be difficult to grasp. There are several types of betting odds that are offered to players, but they all have one common theme – they reflect the probability of an outcome in a sporting event.Odds In Sports Betting

In every sporting event, there can be a wide degree of difference from one outcome occurring compared to another. Betting odds are the interpretations of these chances in numerical form. Of course, since the bookmakers charge vigorish, the odds won’t reflect the true probability of an outcome but more on that later.

Depending on what part of the world you’re betting from, you’re likely to become accustomed to one form of betting odds or another. Online sportsbooks these days will offer their customers odds in several formats, but it’s important to understand each odds format.

Also known as moneyline odds, American odds are used primarily by those based in the United States. American odds are simple to understand. The odds are based off the amount that must be bet for the bettor to win $100.

Sports like baseball are bet solely with moneyline odds because there is no point spread. However, traditional point-spread wagering will also have American odds attached. The standard bookmaker’s vigorish is -110, which will be the standard juice attached to sides and totals.

Here’s a basic example using an MLB baseball game:

In terms of moneyline wagers, like all baseball contests, the favorite will be signified with a – negative symbol and the underdog with a + positive symbol. In the above example, the Reds are the favorite, and the Cubs are the underdog.

Bettors would need to wager a stake of $130 to win $100 if wagering on the Reds. For the Cubs, a $100 bet would return $120.

Here’s an example of American odds attached to an NFL point spread.

The moneyline odds attached to each side of the point spread are -110. To bet either side, NFL bettors will need to bet $110 to win $100. For Americans, this 10 percent vigorish is standard. However, bookmakers often change the attached vig on point-spread markets. This is another way for them to move the line without coming off certain numbers.

Decimal odds are the most commonly used odds type by online bookmakers. They are the favorites of most Europeans, excluding the United Kingdom, and by Australians. Decimal odds follow a simple and basic formula.

Here is an example of a wager placed on the favorite in an English Premier League soccer match:

The return amount includes the staked amount, so on their $100 stake, bettors would profit $80 if their bet won.
Odds
Once again, this includes the original stake, so the net profit on a winning bet would be $160.

Fractional odds are predominantly used throughout the UK and Ireland. They are also known in the UK as UK Odds. First appearing in horse racing, they are the oldest form of odds in sports betting.

We all learned fractions as kids in school, and using fractional odds is no different. When using fractional odds, the second number to the right is the denominator, and it signifies the amount of the stake. The first number and number to the left is the amount that your stake will yield (not including the original stake) if the wager is a winner.

Here’s yet another example using English soccer:

Remember, this return calculates the original stake, so the net profit for a winning bet would be $62.50.

Here is another example, this time with an odds-against underdog:

Again, this includes our original stake, and the net profit for bettors would be $300.

Many bettors will want to convert fractional odds to moneyline odds or decimal odds to American odds, etc. This can be done using some basic math, but in today’s bookmaking age, it’s not necessary.

Most sportsbooks offer several different odds types, so changing betting markets into different odds types can almost always be done with a click of a button. Bettors can also Google the term “odds converter,” and they will be met with several betting calculators that provide this service as well.

Do Betting Odds Represent the True Probability of an Outcome?

While betting odds are indeed the best barometer for predicting the outcome of a sporting event, the odds don’t necessarily reflect the true likelihood or probability of the outcomes concerned.

For instance, if we flip a coin, we know that there’s a 50% chance that it will land on heads and 50% chance it will land on tails. When a bet is placed, we will either win our side of the wager or lose (or push in some cases). This seems like a 50/50 proposition as well, but the bookmaker’s vigorish adds an edge to both sides of the bet.

Furthermore, the odds can be influenced by other factors. Not every bookmaker has the same opinion on a game, and the odds may also be affected by how much exposure a sportsbook has to each market. If they are taking a lot of action on one side, the odds will likely move due to the increase in wagering volume.

As a sports bettor, our goal should be to look for markets with the smallest edges held by the sportsbook. The closer we can get to the 50/50 coin flip odds, the less the sportsbooks will make off us in the long run. Of course, betting with no juice isn’t possible, but line shopping and cutting down on your edge is something that all bettors can do easily.

Super Bowl LV is just hours away and the Kansas City Chiefs and Tampa Bay Buccaneers are set to play on football’s biggest stage. Tom Brady will try to add to his NFL record book, while Patrick Mahomes and the Chiefs will look to become the first team to win back-to-back Super Bowls since Brady did it with the Patriots in 2003 and 2004.

See below for odds, picks, analysis and more for the 2021 Super Bowl. Plus, click here to get an EDGE with Rotoworld Premium for betting trends, live odds and more.

Super Bowl 2021 odds, favorite, spread, line

According to PointsBet, the Kansas City Chiefs are this year’s favorite over the Tampa Bay Buccaneers to win the coveted Lombardi Trophy. See more on the point spread, moneyline and points total below:

  • How to bet on Super Bowl LV: Bet on Chiefs vs. Buccaneers with PointsBet
  • Point spread: Chiefs -3 (-115), Buccaneers +3 (-105)
  • Moneyline: Chiefs -171, Bucs +145
  • Over/under total: 56 points

RELATED: Bucs-Chiefs Super Bowl ‘Worst Result’ For Book

Super Bowl 2021 prop bets

  • Color of Gatorade poured on winning coach: Orange (+150), Red (+225), Yellow/Green (+400), Clear (+400)
  • Any player to throw a football into the cannon porthole during a celebration: +5000
  • Coin toss result: Heads (-103), Tails (-103)
  • Coin toss winner: Kansas City Chiefs (-103), Tampa Bay Buccaneers (-103)

Source: PointsBet

Super Bowl LV expert picks, predictions

  • Hayden Winks’ picks: The Super Bowl opening line started at Chiefs -3 with an over/under of 57.5 points, and I took the Chiefs and the under immediately after projecting a 30-24 final. The under is my favorite bet right now between the sides and total for a few reasons.
  • Mike Florio’s pick via ProFootballTalk: Buccaneers 30, Chiefs 27 (Read analysis here, plus see more picks and predictions)
  • Chris Simms’ pick: Chiefs to win over Buccaneers (Click here or watch the video above for Simms’ final score prediction)

RELATED:Get betting tools, DFS, season-long fantasy help and more here

Odds In Sports Betting

Chiefs vs. Buccaneers Week 12 matchup (Rotoworld)

Weighing The Odds In Sports Betting Pdf

The Week 12 Final Score Is Misleading

  • The final score could’ve been closer to 38-24 if the Chiefs hadn’t coughed up a red zone fumble and settled for two red zone field goals, if the Chiefs kept their foot on the gas in the second half instead of chewing clock, or if Mike Evans hadn’t scored two garbage-time touchdowns in the fourth quarter. This game was a textbook example of how the final score doesn’t tell the full story.

Read more: Click here for a closer look at the Week 12 matchup between the Chiefs and Buccaneers

Super Bowl LV player projections from Hayden Winks (Rotoworld)

Kansas City Chiefs projections

  • Patrick Mahomes, Chiefs QB: Patrick Mahomes‘ projection looks crazy — nobody ever projects for 350 yards — but the Chiefs are very likely to throw 35-50 times against the Bucs. (Projection here)
  • Chiefs Wide Receivers: WR Tyreek Hill went so nuclear against the Bucs in Week 12 (12-263-3) that I spent the 30 minutes it took to clip all of his touches from that game (video). The Bucs switched up their coverages then, but Hill kept getting open. I don’t think the Bucs have a single corner capable of hanging with Hill when they go to Cover 3 or Cover 1 man. (Projection here)

RELATED: Keys to success for the Kansas City Chiefs

Tampa Bay Buccaneers projections

Odds
  • Tom Brady, Buccaneers QB:Tom Brady also projects well. The Bucs may run the ball early — Kansas City’s defense faced the 28th-highest neutral pass rate this season because the Chiefs are typically light in the box — but Tampa’s projected game script favors a pass-heavy game as three-point dogs. (Projection here)
  • Buccaneers Wide Receivers: Before the NFC Championship, Antonio Brown was reportedly “day-to-day”. It’s unknown if he’ll play in the Super Bowl, but I left him for now. Even at full health, Brown is not an every-down player. He lines up wide only in three-receiver sets and could even be pushed by Scotty Miller, who scored a long touchdown last game. (Projection here)

How To Calculate Odds In Sports Betting

Read more: Click here for more projections for Running Backs and Wide Receivers, plus charts, data and more

Explain Odds In Sports Betting

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