The Real Scoop on Sports Betting Odds

What in the World are Odds?
But wait, before you put any money down on a sporting match, it is absolutely vital that you have a firm understanding of how precisely sports betting odds are determined, as well as how they function.


The meaning of ‘odds' - with respect to wagering on sports events, casino games (video poker, roulette, craps, slots, blackjack, etc.), or other leisure activities requiring real-money wagers, refers to the chances/probability of one situation occurring, like the final outcome of a basketball game, over a different result. Also, odds are always quoted numerically, like "10 to one" (written as 10:1.) For instance: the odds that you'll roll a one (2, 3, 4, 5 or 6) using a single die is 6 to 1 (6:1) each & every time.


Can You Trust Your Bookie?
Bookmakers generate their commissions or 'vigorish' (vig) by taking a percentage of the bets staked. Hence, they're far less liable to be affected by a sporting event's end results.


The odds dealt to teams & individual athletes, like tennis players, are listed in terms of the "favorite," meaning, the team(s) forecasted to beat their competitor(s), in turn calling for a riskier bet, and the "underdog." Bookmakers generally quote two types of wagers on the winner(s) of a sporting match:

a) Money-line or straight-up wager
b) Point spread wager


Money-Lines & Straight-Up Prices are utilised to determine sports betting odds on games like footbal, cricket, and ice hockey etc., as well as matches between individual competitors, like boxing. By and large, Asian & European bookmakers employ straight-up odds for these games, which are quoted in accordance with a pay-out for a single wager unit. For example, a two-to-one favorite would be listed at a price of two dollars, while an underdog returning two times the amount gambled would list at four dollars. In games like American football and basketball, the point spread is utilized instead of adjusting the cash odds, which could prove considerable, in uneven matches.


Hockey & Sports Betting Odds
Imagine a hockey match between Montreal and Boston. If Montreal is listed as a 24-point favorite (quoted as Montreal -24, or Boston +24), and Montreal wins by 24 points or more, the spread will have been covered & those bettors staking their money on Montreal would earn $100 on a $110 bet. Those putting their money on Boston would lose their $110 bet.


If Boston beats Montreal, those Boston bettors would bag $100 on their $110 bets, while Montreal backers would lose their $110. Should Boston lose by fewer than 24 points, they will have beaten the spread & bettors on both sides would be treated as if Boston had championed the match. A Montreal victory by precisely 24 points would result in a push, meaning neither side wins and all wagers are returned to those who bet on the match.