Last updated on: August 29th, 2024
Reading Betting Odds
With sports gambling being legalized all across the United States, interest in betting has increased exponentially in recent years and this sports betting 101 guide is here to help. Many Americans are finding themselves in a similar situation: they want to begin betting on sports, but they don’t understand how it works. Understanding sports betting odds does not take a genius, but it is important to get a good grasp of the basics before moving on. Odds are mathematical representations of the implied probability of that event taking place (more on that later). They are offered in a few different formats: the most common is American odds, but decimal odds and fractional/UK odds are also sometimes used. All three types of betting odds are available at most of the top legal sports betting sites that take US players.
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American Odds
American odds are the most commonly used format for most legal sportsbooks in America. With American odds, there are two values to read: one negative value (commonly referred to as the “favorite”) and one positive value (commonly referred to as the “underdog”). The negative value is the outcome that is more likely to happen, hence the usage of the term “favorite”. The positive value is less likely to happen, and therefore the “underdog” in the matchup.
American odds also give you information about the payout: a negative value indicates the amount of money that you would have to wager to win $100, while a positive value indicates how much money you would win if you placed a $100 bet. For example, if a team’s American odds to win a football game are (-160), you would have to place a $160 wager to win $100. On the other hand, if the other team’s odds were (+180), a $100 bet would win you $180. In some sports (most commonly football) betting on the game winner this way is referred to as “betting the moneyline.”
Decimal Odds
Less common in the United States, decimal betting odds are commonly used in foreign countries with legal sports betting. To utilize decimal odds, you would multiply the amount you plan to bet by the odds given. One important difference to note between decimal and American odds is that decimal odds include your original wager in the payout. For example, if a team’s decimal odds for a soccer game were 2.50 and you planned on betting $100, you would win $250 if the bet pays out, for a $150 final profit. This is equal to +150 American odds.
Fractional/UK Odds
Fractional odds are typically used in horse racing. They are presented in a fractional format, like 1/5 or 8/5. The number on the left is the amount of times the oddsmaker expects the outcome to fail, while the number on the right is the amount of times it is expected to succeed. For example, if a horse in a race has fractional odds of 14/1, the oddsmaker is saying that if the race was run 15 times, the horse in question could be expected to lose 14 and win 1 race. This ratio also shows how much you stand to win versus how much you have to bet, where a 14/1 bet (+1400 American odds) offers 14 units of payout for every unit risked.
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Bovada Sportsbook
Betting Online With Easy To Read Odds
Now that you understand how odds are represented, you have the foundational knowledge necessary to place a bet. Your next question may be: “Where do I place a bet?” The most widely-used and reputable online sportsbook is Bovada. Bovada features user-friendly mobile and desktop sites with easy navigation and a wide variety of odds, props, futures bets, and even live betting (which allows you to place bets on the action as it unfolds through live odds). It even provides free game breakdowns and a betting help section to help new sports bettors hit the ground running.
Rating: 
- Live Betting
- Big Bonuses
- Easy To Use
- Mobile Betting
- Best Odds
What Is The Vigorish?
The vigorish is simply the built-in house advantage that a sportsbook uses to create a profit. It can be thought of as a fee that you pay to place a bet on the sportsbook you are using. The vigorish is built into the odds. It is known by a variety of other names, most commonly the “vig,” but also as “juice” and “cut.” Factoring in the vigorish, a bettor would have to win just over 52% of their bets to come out even, assuming all wagers are of the standard -110 odds.
What Betting Odds Are Used Most?
In America, American odds are almost exclusively used. Traditional American odds on the outcome of a game is commonly referred to as the moneyline. A notable exception to the usage of American odds in America is horse racing and other types of racing, which are typically presented in fractional odds format. Most sportsbooks will allow you to toggle between American and decimal odds if you prefer the decimal format, but analysis is almost exclusively performed in the American odds format.
What Is Implied Probability?
Implied probability is the likelihood of a particular outcome, according to the odds set by the bookmaker. This involves converting the odds into a percentage, which is the likelihood of the outcome occurring. For example, if a team’s American odds are (+120), the implied probability of that team winning is 45.45%. The formula for implied probability is:
Implied probability = American odds / (American odds + 100) x 100
Why Is It Important To Pay Attention To Odds?
It is important to pay attention to odds for a variety of reasons. First, they provide the implied probability of the outcome. Secondly, they provide the payout of any potential bet that you may be considering. Since odds are always subject to change, any movement in the odds can provide insight into how the public and sharp money is betting, as line movement is an attempt by the bookmakers to garner more bets to one particular side as a result of lopsided betting on one outcome.
