According to the latest gambling market report, the global gambling market will Reach $876 Billion by 2026. This is proof of the increasing popularity of sports gambling as it provides a fun and exciting form of entertainment. However, thousands of people are afraid to try their hand at it despite wanting to try. This is because they do not know How to Read Sports Betting odds nor how to use them.
In order to be adept at anything, a person must learn the basics first. Therefore, we cannot stress enough the importance of understand what a betting line is and how to read one. In response, our team of gambling experts have made this easy-to-understand Sports Betting tutorial to explain the fundamental of betting odds.
Simply said, the better understanding one has of sports betting the more success is possible.
How to Read Sports Betting Odds – The Basics
First, oddsmakers at online sports betting websites establish betting odds on the likelihood of an outcome in a sporting event. The betting odds determines a favorite and an underdog and creates a margin between two teams. In addition, it sets the parameters for wagering on a given sporting event.
Example of a Sports Betting Line
For this example, we will use We will use two KBL (Korean Basketball League) teams that will play each other. The oddsmakers have determined that the Seoul SK Knights is likely to beat to beat the Changwon LG Sakers. The sportsbooks also feel like the Seoul SK Knights are 7.5 points better than the Changwon LG Sakers. Thus, hey make the following sports betting line:
- Seoul SK Knights -7.5 (-110)
- Changwon LG Sakers +7.5 (-110)
This is the typical format for a sports betting odds where both teams are shown along with the betting line. Seoul SK Knights is a 7.5-point favorite as shown by the “-7.5”. Changwon LG Sakers, at +7.5, is the underdog.
The “-110” in parentheses is the odds on the bet. Odds can be seen in decimal, fractional, or American form.
These odds tell us what our payout will be on a winning bet. In this case, to bet on the Seoul SK Knights, you must wager $110 in order to win $100. Your online sportsbook takes 10 percent ($10) of the bet and pays out the rest ($100) to the winner. That fee is called the “vig” or “juice” and is the sportsbook’s commission for taking the bet.
Typically, odds on a point spread bet such as this one are always -110. They can vary though and will influence a winner’s payout. Keep that in mind when looking at betting lines.
How to Bet On the Money Line
Point spread bets, like the example above, and money line bets are two of the standard bets on sporting events. Moneyline bets are very simple for new bettors to understand. When placing a moneyline wager, a bettor is simply betting on one team to win. The best bookie to bet on sports will have great moneyline odds.
Like the example above, moneylines also indicate a favorite and an underdog. By using the same two KBL teams, you could read a moneyline bet like this:
- Seoul SK Knights -270
- Changwon LG Sakers +265
Once again, Seoul is the favorite as shown by the -270 while Changwon is the underdog. If we wager on Seoul SK Knights and they win, we win regardless of the final score. The odds of -270 indicate that we must wager $270 to win $100 or $2.70 to win a $1.
Here is where new bettors can really see the value of picking strong underdogs. The Changwon LG Sakers are the underdog and betting on them has big rewards. Regardless of the score, if they win – a $100 bettor would win $265.
The bigger the underdog; the larger the payout. Finding strong moneyline underdogs takes some time and research but can lead to bigger profits. It all starts with an understanding of betting lines and how to read them.