Sports betting can be intimidating for newcomers, but once you understand how to read betting odds, it becomes a lot easier to navigate. Whether you’re betting on your favorite team or diving into more complex bets, odds are the key to understanding how much you stand to win (or lose). In this article, we will break down three of the most common types of betting odds: Moneylines, spreads and totals (over/under).
Understanding Sports Betting Odds: Moneylines, Spreads, Totals
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Moneyline Betting Odds: The Simplest Type
The moneyline is the most straightforward type of sports bet. When you place a moneyline bet, you’re simply betting on which team will win the game, regardless of the point spread. Moneyline odds are expressed with either a positive (+) or negative (-) sign, which indicates the favorite and the underdog.
- Favorite: A negative sign (-) indicates the favorite. This is the team you need to bet more on in order to win a smaller profit. For example, if a team has odds of -150, you would need to bet $150 to win $100 in profit.
- Underdog: A positive sign (+) indicates the underdog. A team with +150 odds means you would win $150 on a $100 bet if that team pulls off the upset.
Spread Betting: The Point Spread Explained
Spread betting is all about betting on the margin of victory. Instead of picking the outright winner, you’re betting on a team’s ability to cover a set point spread. The spread evens the playing field between favorites and underdogs by assigning a point value to each team. The favorite must “cover” the spread by winning by more than the set number, while the underdog can either win outright or lose by fewer points than the spread to cover the bet.
Example:
- Team A -6.5 (-110)
- Team B +6.5 (-110)
In this case, Team A is favored by 6.5 points. To win the bet, Team A must win by at least 7 points. Conversely, Team B can either win outright or lose by 6 points or fewer for the bet to be successful.
Odds for spread bets are often set at -110, meaning that to win $100 in profit, you need to bet $110. The odds can vary depending on the book, but they usually hover around this mark.
Totals Betting (Over/Under): Predicting the Total Points
Totals betting (also called over/under betting) is when you bet on the combined total score of both teams in a game. The sportsbook will set a projected total, and you will bet on whether the actual combined score will be higher or lower than that number.
Example:
- Over 48.5 (-110)
- Under 48.5 (-110)
In this case, you are betting on the combined score of both teams. If the game ends with a combined score of 49 or higher, the over bet wins. If the score is 48 or lower, the under bet wins. Like with point spread betting, the odds are usually around -110 for both sides.
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How to Interpret Odds
Understanding how to interpret odds is crucial for maximizing your sports betting ROI. Successful bettors should focus on expected value (EV) to guide their decisions. EV is a statistical calculation of how much you can expect to win (or lose) on average for each bet, based on the odds and the probability of the outcome.
Using Portfolio EV, bettors can analyze historical ROI data to identify the most profitable betting opportunities. For example, a -200 moneyline might look tempting, but when you factor in the probability and the bet size, it could actually present a negative EV if the win probability isn’t high enough. On the other hand, +150 moneyline bets on underdogs may have a higher risk, but the reward could outweigh the risk if analyzed correctly.
Key Takeaways for Reading Betting Odds:
- Moneyline vs. Spread: Moneyline bets focus on who will win, while spread bets focus on the margin of victory.
- Interpreting Odds: Positive (+) and negative (-) odds help you determine the risk-to-reward ratio of a bet.
- Totals (Over/Under): Bet on the combined score, rather than who wins or loses.
- Expected Value (EV): The key to profitable betting is understanding the EV of each bet, which is where Portfolio EV can provide an edge.
By understanding how to read betting odds, you can make more informed decisions and increase your profitability. For a deeper dive into these concepts and to get access to data-driven tools that help you interpret odds and maximize your ROI, explore Portfolio EV today.
