Sports Betting FAQ - Odds, Lines and Markets

How do betting odds work?
Sportsbooks use odds as a way to show the probability of a certain outcome occurring. The lower the odds, the more likely the outcome will occur. For example in a NFL Moneyline, if Team A has the odds -150, and Team B has the odds +300, the betting odds imply that Team A has a much higher probability of winning. 

What is the difference between American, decimal and fractional odds?
American odds are based on $100 and how much you would have to wager in order to win $100 in profit. For example in an MLB Moneyline pick, if the odds on Team A winning are -218, you would have to wager $218 to win $100 in profit. However, if the odds of Team A winning are +340, a wager of $100 would result in $340 in profit for a winning bet.
Decimal odds are equal to the value of fractional odds plus one. For example, if the fractional odds of Team A winning are 4/1, the decimal odds would be 5.00. With decimal odds the team with the lower number is considered the favorite, or the team with the higher probability of winning. To calculate the potential profit on a wager with decimal odds, simply multiply your wager with the odds and then subtract the amount of your wager. For example, wagering $100 at 1.9 odds would mean a potential payout of $190 with a potential profit of $90. 

How do I read a point spread?
A point spread is the predicted margin of victory set by the sportsbook. Both teams will be shown with either a plus or minus and a number, for example in an NCAA football points spread if Team A +6.5, Team B -6.5. In this example if you bet on Team A, you would need them to lose the game by less than 6 points or win the game in order to win your bet. If you bet on Team B, you need them to win by at least 7 points in order for your bet to be successful. 

What does -110 mean?
The odds -110 refers to the amount of money in dollars that you would need to wager in order to win $100 in profit from a winning bet. 

What is Moneyline betting?
Moneyline betting is wagering on which player or team you think will be the outright winner of a game or event. 

What are the differences between spread, total and prop bets?
Spread bets are wagers based on the projected points difference between two teams or players at the end of the game or match. With a spread bet you don’t have to wager on a team or player winning outright, your bet will be successful if the result is better than the spread. For Example, in baseball Team A is +2.5 points against Team B at -2.5. In order for a MLB spread bet on Team A to be successful they would need to either lose two points or less or win the game outright.

Total bets, as the name would imply are based on the total number of points or runs scored in a game. The Sportsbook sets a number and you have the ability to wager if you think the total will be over or under that number. For example, the over/under of a NBA game is 224.5. You can then wager if you think the total number of points scored will be more or less than 224.5.

Prop bets are wagers that can be placed based on the individual performance of an athlete and do not have to have any connection with the final outcome of the game. MLB prop bets bets include strikeouts in baseball, NFL prop bets include rushing yards in NFL football, a players rebounds in a game would be an example of an NBA player prop bet, or assists in NHL hockey just to name a few.

Why do odds move or change before a game starts?
There are several reasons that the odds change one way or the other before a game starts. Changes in the weather can impact games that are played outdoors. Injuries that occur to players after the initial odds are announced will likely cause them to change. Additionally, sportsbooks may change the odds if they see that they are not receiving the expected amount of wagers from bettors at the current odds, or inversely they are seeing much more than the expected amount of wagers at the current odds. 

What is line shopping?
Line shopping the common practice of online sports bettors in comparing the current lines on available sportsbooks to find the one with the highest potential profit for their wager. 

What are live betting odds?
Live betting odds are the betting lines that change in real-time as a game is in progress. Live betting odds allow bettors to place wagers based on the current state of play.