Video: How Odds Work

Without odds there wouldn't be any sports betting: odds determine the likelihood of a team winning a game and are used to price our best. In this chapter we look at what odds are and how they work.

If you are new to sports betting, there are a few things that can seem a little overwhelming in the beginning, so we made these videos to help you get started.

We’ll kick this off by showing you how odds work and what you need to understand before you place your first bet.

If you are new to sports betting, there are a few things that can seem a little overwhelming in the beginning, so we made these videos to help you get started.

We’ll kick this off by showing you how odds work and what you need to understand before you place your first bet.

When you place a wager on a sports event, you can bet either on the favorite or the underdog. Betting on the favorite may seem like the smarter move, but the payout is typically worse.

This is where odds come into play.

Now, what exactly are odds?

Simply put, odds are used by the bookmakers to measure the probability of a specific outcome in an event. Odds also dictate the amount of profit you could make on a bet.

Odds differ based on the kind of bet you are placing – like a moneyline bet or spread bet – we’ll cover those in more details the next videos.

Here are three simple rules to remember

  1. The more likely an outcome is projected to happen the worse the odds will be. These odds will have a minus sign before them, such as minus 200.
  2. If the outcome is less likely to happen, the odds will be better, meaning the payout if you win the bet will be higher. These odds have a plus sign in front of them, such plus 200.
  3. These numbers are based on a $100. A negative number means that you must bet the listed odds to make $100. So, if you see minus 110 you would need to bet $110 to win $100.

A positive number shows the amount of money you would if you bet $100. So, plus 110 means that you would bet $100 to win $110.

As a member of our community, you will have access to our own odds calculator that you can use to calculate the return of your bet, before you place it on a game.

RELATED GUIDES

Valuable Bets

Video: Valuable Bets

In this video, our betting expert Danielle explains what to think about when picking a valuable bet at a sportsbook.

Bookmaker Juice

Video: Bookmaker Juice

Sportsbooks charge a fee for selling you the bets. This is known as the “juice”. Find out what you need to know when placing a bet.

FanDuel

Bet $5 Get $150

Place your first $5 bet to get $150 in Bonus Bets if your first bet wins!