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| | Author: MasterBets
| Odds In Sports
When you bet on sports you are choosing one outcome over another (or others). The probability that you will be right is determined beforehand by sportsbooks and is expressed as a percentage. They are nice enough to simplify this percentage as the amount you can expect to win if you put on 1 unit (in Europe) or $100 (in America). These are the "odds" or likelihood of your bet winning.
Let's say you receive a brilliant sports pick from a website, and for the sake of consistency let's just call that website "MasterBets". They pick Duke to win a basketball game against the spread. So you want to bet on Duke. If you are in Europe the odds on Duke winning an ATS proposition will be displayed as 9/10. The odds are really 0.9/1 but decimal points blow the minds of some small-brained people, so they multiply both sides by 10 to keep it simple. If you are in America those same odds on Duke are expressed as -110. This means that in order to win $100 you would have to spend $110. This is the same as 0.9/1 or 9/10. Some sportsbooks display decimal odds. These look confusing but all they are doing is adding your stake (1 unit) and potential profit together, so in this case the decimal odds for Duke would be 1.9 (this is your total return for every 1 bet).
Let's say you get a second sports pick, and this one is a money-line bet on Vijay Singh to win the Nissan Open, at a price of +800. This means that for every $100 bet you will win $800 (profit). In Europe his odds would be expressed as 8/1. These are also known as fractional odds. In decimal odds Vijay's chances would be shown as 9.0 (for every 1 wagered you get 9 back in total: 8 profit + 1 for the original bet).
Now, let's say you're itching for a parlay or multiple bet, where you combine both of these bets. But you would like to know what your profit will be. It is extremely simple to work out if you use decimal odds. In our examples above Duke are 1.9 and Vijay is 9.0 - if you want to know what the double, or "two-team parlay" will pay simply multiply these two numbers together (1.9 * 9.0 = 17.1) and then remember to subtract 1 for your original betting stake. So this parlay would pay out 17.1 units for every 1 bet, or +1610 in American Odds and 16.1/1 in European Odds.
This is how you calculate any size multiple bet, whether it features 10 teams or 2. You need to know how to do this if you're going to be a serious and successful sports bettor. Don't let those numbers scare you!
Summary:
American Odds that start with a + sign (+150) show you how much money you will make for every $100 bet, not including your original $100. To work out the fractional odds simply divide the expected profit by 100. (150/100 = 1.5/1). To work out the decimal odds just add the two fractional odds together (1.5 +1 = 2.5).
American odds that start with a - sign (-150) show you how much you have to bet ($150) in order to win $100. To work out the fractional odds simply divide the expect profit (in this case it is 100) by the amount you need to bet (150). (100/150 = 0.67/1). To work out the decimal odds just add the two fractional odds together (0.67 +1 = 1.67).
Use decimal odds to work out all your parlay odds (just multiply them all together and subtract 1 at the end). Let's say you take a four-team parlay (multiple bet) in the NFL, and all four teams are -110 (which is the standard price for a handicap or spread bet). Using decimal odds all four of these teams are 1.9, so all you do is multiply it together and then subtract 1. 1.9*1.9*1.9*1.9 = 13, 13-1 = 12. So your odds for this bet should be 12/1 or +1200. If they are less than this you are being ripped off by your sportsbook. If they are more than this you are getting a great deal from your sportsbook. Most books will offer exactly 12/1 (+1200) for this type of parlay, and that's fine.
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| Last Updated
Tuesday, April 22, 2008 | | |
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