Betting odds can look confusing at first glance with all those numbers and symbols. But understanding how odds work at Vegas Now Casino is key to making informed wagers.
Odds Format Fundamentals
Sportsbooks display betting odds in one of two main formats:
American Odds
American odds show how much you stand to win on a $100 bet. A minus sign (-) means you have to bet that amount to win $100. Positive numbers show how much you’d win on a $100 wager:
- -200 means bet $200 to win $100
- +150 means a $100 bet wins $150
Decimal Odds
Decimal odds show the total payout on a $1 bet. Payout = Stake x Odds:
- 5 means a $1 bet returns $1.50 total ($0.50 is the profit)
- 5 means a $1 wager returns $2.50 ($1.50 profit)
Both formats show the same probabilities behind the numbers. It’s just displayed differently.
Odds Conversion or Doing the Math
To understand odds, you’ll need to be able to convert between formats. Here are the formulas:
American to Decimal
(Odds/100) + 1 = Decimal Odds
-200 American Odds (200/100) + 1 = 3.0 Decimal Odds
+150 American Odds
(150/100) + 1 = 2.5 Decimal Odds
Decimal to American
(Decimal Odds – 1) x 100 = American Odds
1.5 Decimal Odds (1.5 – 1) x 100 = -200 American Odds
2.5 Decimal Odds (2.5 – 1) x 100 = +150 American Odds
Practice converting different odds lines and it will start to feel natural.
Probability Analysis
The numbers give insight into the implied probability of an outcome occurring. Higher odds return more money because the outcome is less likely.
Calculate Implied Probability
Decimal Odds Probability = 1 / Odds
- 5 odds → 1 / 1.5 = 67% probability
- 5 odds → 1 / 2.5 = 40% probability
Favorites & Underdogs
Higher odds have a lower chance of happening.
- Favorites = – odds (less potential winnings)
- Underdogs = + odds (higher potential winnings)
Comparing Odds
Identifying which side of a bet offers the best risk/reward is key to betting strategy. Would you rather risk more for less potential profit or risk less for a bigger possible payout? There are arguments for both approaches.
Betting Lines Analysis
Here are some examples of common betting lines and what the different numbers mean:
Here is the betting lines example formatted as a classic table:
| Bet Type | Team A | Team B |
| Moneyline | -150 | +130 |
| Spread | -7 | +7 |
| Total | Over 41 (-110) | Under 41 (-110) |
- The moneyline odds show Team A is favored to win outright. A $150 wager returns $100 profit if they win.
- The point spread handicaps Team A as 7-point favorites. Team B getting +7 points means they can lose by up to 6 points and still cover the spread.
- The game total is set at 41 points. The -110 odds on both sides means you must bet $110 to win $100.
Use these numbers to inform your betting strategy for the maximum chance of returns.
Few Parting Tips
A few final pointers for analyzing odds:
- Line shopping: Compare odds across sportsbooks for the best prices on each wager.
- Follow the money: Where is the public money going? Is it justified or is there value in the other side?
- Watch line movements: Odds fluctuate in response to betting market activity. How and why lines move can guide strategy.
Now you have a better grasp of how to read and leverage betting odds to make smart wagers. It’s not always simply picking winners but finding value in the numbers. Use odds to ultimately place wagers where you receive the best risk/reward tradeoff.