How to Place Your Bets with Confidence — Explaining the Basics of USA Sports Betting Odds
Being able to understand and read the USA sports betting odds will give you the competitive edge to place your bets with confidence. Here we’ll explain the basics of USA sports betting odds, so you understand the different types of odds, what they represent and why it’s crucial for successful betting.
Understanding the Different Types of US Sports Betting Odds
There are three main types of US sports betting odds you are likely to encounter when placing a bet. The most commonly used type is the American odds format or, more correctly, the moneyline odds. American odds are often the preferred format for US sportsbooks as it conveniently allows them to easily display the odds for both the underdog and the favorite in the same number format. The other two types of odds used in US sports betting are the decimal and fractional systems.
An example of the moneyline format is +550 for the underdog and -340 for the favorite. By looking at the number you can identify the favorite and the underdog. The favorite has a minus sign next to it (-340) and the underdog has a plus sign next to it (+550). So when looking at the moneyline odds format, the favorite is the team with the lower number, while the underdog is the team with the higher number.
Let’s explain moneyline using an example, imagine you are betting on a regular season baseball game between the New York Yankees and the Los Angeles Angels.
- New York Yankees (-240 moneyline odds)
- Los Angeles Angels (+200 moneyline odds)
Here the Yankees are the favorite and the Angels are the underdog. What this means is that if you bet on the Yankees, you need to bet $240 to win $100 (this additional $140 acting as the bookmakers commission). While for the underdog, the Angels, you only need to bet $100 to win $200 (making a $100 profit).
Decimal odds are another popular format for displaying betting odds, especially popular among the European crowd, in fact the majority of online sportsbooks offered in the US offer both American and European style odds. An example of the decimal odds format is 3.2 for the underdog and 1.4 for the favorite.
These numbers represent the total amount of money returned for a unit bet. For example, if you bet $1 on the favorite with decimal odds of 1.4, you will get $1.40(total bet + return). So, a $1 bet on the favorite will give you $1.40 while the same bet on the underdog will return $3.40.
Fractional odds is the oldest format to display betting odds, and is still used in the UK and Ireland. Here’s an example of fractional odds, 5/2 for the underdog and 1/4 for the favorite.
These numbers represent the total amount of money returned for a unit stake. So, for example, if you bet $2 on the favorite with fractional odds of 1/4, you will get an $0.50 return (total $2.50). The same bet on the underdog will have a return of $7. As with any betting formats, the key is understanding what the odds represent, what their meaning is and how to use them to determine the potential return for a bet.
Why Knowing the Betting Odds is Crucial
Knowing the betting odds is essential for successful sports betting. It helps to correctly measure and assess the relative risks in the wagers you are placing and to evaluate the potential returns.
For instance, you can quickly identify if a value or arbitrage opportunity exists in the market that you can exploit. You can also assess the risk/reward ratio built into the market by the bookmaker and make an informed decision if a bet is worth taking or not.
In conclusion, not understanding how the different USA sports betting odds work can cost you money and prevent you from fully exploiting your betting opportunities. That’s why understanding the basics, and knowing which type of odds works best for you, are both essential components for successful sports betting.