Once you’ve established that probability and odds are not the same thing, you can start looking at how the odds of a match are determined. The best thing to remember is that the bookies of any site are the ones who come up with the betting odds. New sports betting sites which can be found here are no different in this respect than old sites, though they may have slightly different methods.
HOW ARE THE ODDS DETERMINED?
Sports betting odds are determined by a large mix of complex statistics based on the athletes themselves, the record of the team, the coach, the health of the players, weather conditions, and so much more. They can sometimes play off of public opinion, listing one team as the underdog and one as the favorite to win. Odds are always set to the bookie’s advantage so that they do not lose much, but can stand to win often.
TYPES OF BETS
- – Money lines
The simplest type of bet, money line bets are based on who wins and who loses flat out. Odds are listed in 100s or -100s. Those with the negative odds are the favorites, the positives are the underdogs.
- – Point Spread
When you bet on the point spread, you’re betting that one team will win or lose by a certain amount. Odds are listed in those amounts, such as +20 or -10. Negatives are the favorites.
- – Total
In this you’re betting the outcome, as in the total points of the match will be more or less than a certain amount.
- – Parlay
Bet on a series of different game outcomes and it is called a parlay. You can win very big, but only if every bet in the parlay is won.
- – Futures
If you want to bet on who will win a championship or tournament before the final teams are determined, this is a future bet. Be careful, because the house edge here is very high!
- – Teasers
Similar to a mix of a parlay and a point spread, teaser bets are placed based on the point spread of different teams in a series of games. The difference is you get an advantage in the form of “free points” to help your odds. This lowers your winnings.
- – Propositions
These bets have little to do with the outcome of the bet and more to do with what happens during the game. You can bet on certain events, such as a yellow card for a player in soccer or a safety in football. If it occurs, you win. If not, you lose.
AVOID THE HOUSE EDGE
Odds are always formed in a way to favor the house, without any exceptions. Play the odds to get the lowest house edge and the highest advantage to yourself. This is the only way you can beat the house and get more for your money.