More and more people are trying sports betting for the first time. Thanks to the number of states that have legalized online sports betting, millions of Americans have the option to bet on their favorite teams and make the process of watching sports much more interesting.
The problem with so many new bettors, however, is that so few know how to read sports bets. The odds of a sporting event tell you which team is favored to win and which is likely to lose.
But they are written in a very simple format with various numbers that tell you quite a bit of information. You need to know how to decipher these sports bets if you ever hope to earn any money through sports.
Keep reading our sports betting guide below to start reading sports bet today.
Most Americans engaged in sports betting will be watching events like the NFL or NBA. When looking at the odds for an American sporting event, you’ll see odds that look like -200, +300. But what does this mean?
The minus symbol shows you which team is favored to win. The plus sign signals the underdog in this event.
When betting on the favorite, the number shows you how much you need to bet to win $100. So in our example above, you would have to wager $200 on the favorite team to win $100 (if that team wins).
When betting on the underdog, the number shows you how much you will win if you bet $100. So in our example, if you bet $100, and that team wins, you would win $300.
How to Read Sports Bets in the UK
American odds will do you well for American sports like the NFL and the NBA. But other nations use different odds formats.
If you like watching the English Premier League, for example, you should know how to read sports bets in the fraction format.
When looking at UK odds, you’ll see something like this; Chelsea 1/9 and Newcastle 5/1 for a particular match.
The odds for each team show you how much you will win per your bet.
The smaller number in front shows the favored team. In our case, Chelsea is favored to win the match. The fraction shows you that for every $9 you wager, you’ll win $1.
So if you bet $9 on Chelsea, and they end up winning, you’ll receive a $10 payout (your original $9 plus your $1 winnings).
When betting on the underdog, it’s the same thing. If you bet $1 in this case, and Newcastle wins, then you’ll win $5.
So a $1 bet on Newcastle would return $6 (your initial $1 plus your $5 in winnings).
When it comes to fractional odds, the easy way to look at it is the second number being your wager and the first number being your winnings.
Making Educated Wagers
Now that you know how to read sports bets, you can hopefully start making more educated wagers. You need to understand who is likely to win, rather than just betting on your favorite team and hoping they win.
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