How Sports Betting Works, Basics, Odds & Payouts


Reading sports odds will also help you know who the favorite is and the implied probabilities of the teams winning or losing. With all this information in tow, it should be easier for you to journey into the betting world. To better understand sports betting and start winning big, the only thing left for you to do is get some practice and have a little bit of good luck. Whether you’re new to the world of sports betting or already a seasoned pro, understanding its inner workings can help you make more informed decisions and get better odds when placing a bet. The point spread is typically generated by online sportsbooks using algorithms and other mathematical formulas which determine how superior or inferior a team is. Here, we’ll not only explain what sports betting is, but we’ll look at the purpose of the spread, compare moneyline betting and spread betting, how it varies by sport and more. The most common bet type with golf is picking the outright winner from a large field of competitors.

How does sports betting work?

Moreover, the main difference between professionals and rookies is in the number of bets they place daily and the money they earn. If you see an odd presented as 8/1, it means that for each $1 you wager, you get 8 times more. If you bet the standard bet of $100, you will get $800 + the $100 you wagered. The odds are smallest for a single bet where you take a guess on the winning horse. For example, you might bet on the winner of each quarter or half of a football match rather than on the overall winner of the event. Alternatively, a bettor might place four separate bets on four different horses in a race. The person who wagered “over” wins if the game has 51 points or more, while the person who wagered “under” wins if the match has 50 or fewer points.

While some bookies opened multiple auctions on a single race, they still missed out on a lot of handle. Longer odds (like 50-1) meant a higher payout but a lower chance of winning. Horses given better odds were more likely to win but paid out at a lower rate (5-1, for example). If the money line seems confusing, think of it as a simple pricing system. Chances are greater that the favored team will win the game, so it costs more to bet on the favorite to win that amount than it costs to bet on the underdog. Sports betting is illegal throughout most of the United States, common throughout much of Europe, and an everyday part of the gambling industry in Nevada. When it comes to where to place bets, there are two main places to place your bets.

Sports Betting Resources

If multiple teams/players have a “+” preceding the number, the smaller number denotes the favorite, while the larger is the underdog. Odds with a negative symbol indicate the “favorite,” which is the side that sportsbooks believe is more likely to win (assuming positive odds—known as the “underdog”—are involved on the other side). Playthrough requirements stop you from taking a sportsbook bonus and walking away. These requirements prescribe exactly how many times you need to bet a bonus before you can make a withdrawal. After meeting any playthrough requirements attached to a bonus, anything you’ve won is yours. However, with a bonus bet you generally do not receive the bet amount back. For instance, in that same example if you won a $20 Bonus Bet you’d only get the $40 in winnings and not the stake back.

All other online sports betting platforms licensed in other U.S. states are not allowed. Popular sports betting sites like FanDuel Sportsbook and DraftKings Sportsbook can’t be used. The fantasy sports products from FanDuel and DraftKings are available in Florida, though.

  • The most popular types of odds concerning the NFL are the Super Bowl gambling odds, which is not a surprise since the Super Bowl is the most-watched sports event in the US.
  • You will find sports betting from websites like DraftKings, FanDuel, BetMGM, Caesars, PointsBet and Bet365.
  • Experts often suggest keeping each bet at around 1-2% of your total bankroll.
  • No real evidence was ever found that the owner actually influenced the plays called on the field.

For a long period during the modern era of sports, horse and dog racing and a few other sports were the only sports that allowed gambling. Indeed, many sports organizations and governments enacted strict antigambling policies and laws in order to protect both the public and the legitimacy of sporting competition. Pro-gambling groups argued that legalization and regulation were the answers. For most races (e.g., horses, dogs, camels) and some games (e.g., jai alai), a pari-mutuel wagering system is used. In horse racing, for example, the “totalizator” calculates the odds, based on the proportion of the total bet on each horse, and determines what should be paid to those who picked the winner.

How American/Money Line Odds Work

There are all sorts of betting scenarios available in today’s highly competitive sportsbook world, and understanding what bets serve what purpose is a good way to guarantee yourself a better payout. From straight-to-point spread bets, there are many ways to make money betting on sporting events. Apart from traditional currencies, it also accepts Bitcoin, and it features mobile availability. And, if bettors ever experience an issue or need any sort of help, they can contact customer support at any time via email, phone call, or live chat. Simply put, there is something called a vig, which is a fee that you have to pay when placing a bet. This fee is built into moneyline bets, and you can see it in the difference between the lines.

How do I cash out bonuses or wins from bonus bets?

So, the riskier the bet, the greater the payout, and the safer the bet, the more you have to pay. These are some of the most common wagers in sports betting, at least when it comes to the US. The global sports betting market is massive, and some estimates say that it can be as high as three icefield trillion per year. The same sources claim that the majority of the money that passes through the sports betting industry globally is made in illegal ways. But that does not mean that you should engage in illegal sports betting since there is a high probability of ending up in trouble.

BetRivers Sportsbook bonus code

So, if the fractional odds are 2/1 (pronounced “2-to-1”) and you bet $100, you’ll get $200 back if you win (your original stake plus 100% profit). American odds, also called moneyline, can be either positive or negative and are tied to $100 bets. They are usually written as whole numbers with a plus or minus sign in front of them. A positive number indicates how much profit you would make on a $100 bet, while a negative number means how much you would need to bet to win $100. Alternate line wagers may not be available at all sportsbooks, but it is something to consider. With this type of bet, you can bet on a different spread with the betting line value reflecting that change. You may sacrifice some betting line value for that added point or two.

Continue as if you’re making any other bet, but keep in mind the lines move quickly and the book will ask you to confirm any change in odds. These numbers represent the amount you could win against each $1 you put at stake. So, if you bet $100 on Donald Trump to be reelected as president, you could receive a total payout of $400 ($100 x 4.00). This amount includes the initial stake of $100, resulting in a net profit of $300. As with football and basketball, spread wagering in other sports comes with vigorish attached. Whereas the vig in football and basketball spread betting is most often -110 on both sides, in the other sports, it can vary greatly.

Betting $10 with 3-1 odds will give you a $30 profit plus your $10 back. Sportsbooks typically have a head oddsmaker overseeing the odds and lines for games. This oddsmaker relies on sources such as computer algorithms, power rankings and outside consultants to set prices.

How to Attack NFL Specialized Season Props

The American odds are excellent for calculating payouts quickly, especially if you use a flat $100 wager. Meanwhile, the “-” odds show what you’ll need to wager to win $100. Unless you have a multi-screen setup, or are watching the game from a sports bar, viewers will typically be focused on one match at a time. Live betting on this particular match can take up a ton of focus from other contests happening at the same time. There are certain players or teams that are always dependable for a safe bet, but sometimes, the script changes. Coaches constantly try new approaches and scripts to confuse the opposing team, which can result in some irregular plays. As the sports bettor, you can place a live wager whenever the odds are available – this locks in the line you wager on and functions as any other bet would.

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