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"This article is a comprehensive overview that introduces how betting odds work, the possibilities of odds, and how you can benefit from this new information, intended for those who want to understand how to interpret betting odds.
What are Betting Odds?
Betting odds reflect three fundamental objectives. They let you know how much a sportsbook thinks a favorite will win, which team or individual is more likely to win, and how much you can win by betting in either of these scenarios.
Essentially, odds are there to help you make informed choices, but remember that these odds only represent the sportsbook's judgment based on complex algorithms that assess probabilities in the background. While there are implied probabilities in betting, sportsbooks also add a so-called ""juice,"" which is the fee you pay each time you bet, designed to help sportsbooks make a profit. Consider this fee when estimating potential profits.
Forms of Betting Odds
The three main forms of displaying odds are American odds, decimal odds, and fractional odds. You may find all three appealing, or you might have a favorite. However, we will discuss American and decimal odds and their principles today.
Overview: American Odds
American odds consist of a three-digit number preceded by either a plus (+) or a minus (-) sign, depending on whether you're betting on the favorite or the underdog. They also tell you how much you need to bet to win $100.
In American odds, what do the + and - symbols mean?
The underdog is represented with a (+) sign. If you choose the Golden State Warriors (+102) to beat the Milwaukee Bucks (-121), you are actually betting on the underdog in the game.
On the other hand, the Milwaukee Bucks' odds are (-121). This increases their chances of winning. To recoup $100, you must risk $121, which is the higher risk.
Essentially, this is how American odds work.
Summary: Decimal Odds
Decimal odds are displayed as follows:
Los Angeles Lakers +1.33
Phoenix Suns +3.50
These odds require fairly straightforward calculations, but if you're proficient in mathematics, you'll find that despite the different presentation, the information remains entirely the same. Decimal odds tell you that for every $1 bet on the Lakers, you will win +$0.33, making your total bet $1.33. The Phoenix Suns' game follows the same pattern.
Odds are crucial for sports betting, providing guidance on the direction of bets and considerations for potential returns. Analyzing game information based on odds and understanding bookmakers' intentions is something that comes with experience gained through practice." |
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Post time 8-10-2023 13:22:01
