(Gloucestercitynews.net)(Oct. 12, 2020)--If you are new to the world of sports betting, one of the first things that you should do is to educate yourself about everything you need to know about this whole new world for you. Unless you take the time and effort to do so, you would often find yourself confused, bewildered, and you would feel as if you are listening to and reading a foreign language. Out of the many things that you need to read about and learn, you can start with the most basic and the most important one--the odds and line in sports betting.
Online sportsbooks, or often called fondly as online bookies, make use of the odds and lines to help out bettors like you, both newbies and long-time veterans alike. Speaking of bookies, did you know that choosing your bookie could make or break your sports betting days? This is why it is a must that you give huge importance to the process of selecting a bookie for you. To help you with that, there are review websites that review bookmakers by odds and sort out bookies in a list showing who are top-rated ones and the most recommended ones.
Aside from that, below are the most basic things you need to learn about online sports betting--starting from how it works, and an overview of the different types of odds, how you can read them, and how you can use them to your advantage.
What are the types of betting odds and lines in sports?
The dictionary definition of odds is “the ratio between the amounts staked by the parties to a bet, based on the expected probability either way.” in simpler terms, it is the probability of one team winning the game over the other.
However, one of the most commons misconceptions about the sports odds is that it shows an official prediction or probability. The truth is that it does not, although it still reflects the real winning probability of a certain team. Most of the time, bookies adjust the odds to balance not only the number of bets on each side of the game but also for them to make sure that regardless of what the results would be, that they are still to make money out of it.
So what are the different types of odds?
The Moneyline odds are the most straightforward and simplest type of odds to read and to bet on. This is mostly used for games played in the US or by bettors and bookies in the United States.
Here, there are two main categories: the favorites and the underdogs. The favorites are denoted with a negative (-) sign while the underdog has a positive (+) sign. Regardless of the sign, Moneyline numbers tell how much profit you are to make for every $100 wagered. For example, if you bet on an underdog with odds of +200 and you won the bet, you’ll get $200 profit for every Z$10 you placed as a bet, proportionally.
This type of odds is written as a decimal and is often used for games played in Europe.
The decimals in the odds would act as a multiplier for your amount wagered should you win the bet. If you bet $2 on a team with an odds of 2.0, then you are to get $4 as your winnings.
More commonly used in the UK and thus in a lot of soccer games, fractional odds show you how much you are to gain for every certain amount you bet.
If you won a bet with an odds of 5/1, it means that you gained a profit of $5 for every $1 wagered.