Odds attempt to reflect which outcome is more probable in any sports game, tournament, season or encounter. But it also means they are more likely to win as well, at least in the eyes of the oddsmakers. This means that you will get a smaller payout if the favorite wins.

An event or outcome that is not very probable carries a higher risk and a higher reward because of its odds.Įssentially, the favorite will have shorter or lower odds than an underdog. Those events or outcomes that are seemingly all-but-certain will often have very low odds and offer a small payout, given the lack of risk. Probability means that no outcome is 100% certain. A less-probable outcome means higher odds, and a greater payout, if your bet is successful. And the lower payout if your bet is correct. The greater the probability of a specific outcome on any given sporting event, the lower the odds. In order to understand betting odds, one must examine “probability” and how it affects sports betting odds. Let’s take a look at how to understand betting odds. You can also figure out which of the bets are better value, and so much more. Understanding the odds will also guide you in determining how much money you want to bet on a particular event. And this guide is here to help you accomplish just that so that you can wager with confidence at our top US sportsbooks. Odds can appear confusing, but they are simple to understand once you learn what they mean and how they act. Betting odds will determine how much money you will win if you are correct in your wager. When sportsbooks set odds, they are making subjective estimates of a specific outcome. Odds are a set of numbers that show the ratio of a bettor’s chances of winning and losing. Understanding betting odds and how they work is essential for new and experienced players engaging in online sports betting.

Understand sports betting odds