You’re pumped to go online and make your first sports bet. You create an account, find the game you want to bet, and BAM – this is what you see. This is from Bovada (affiliate link):
What the hell do all those numbers mean? You just want to bet on your favorite team and see how much money you make if they win. This looks like it’s from Star Wars. Let’s take another look at the picture with some notes, all based on a $1 bet:
OK, that’s a ton of info, but it’s really not that complicated. Let’s look at it piece by piece:
Each of the 6 boxes represents a different bet that you can make. To make it, click on the box you want to bet on. First, we’ll talk about the different bets you can make, then we’ll talk about what the odds mean.
Bets
Win (Straight-Up)
The second column, the win column, is what you’re probably familiar with. You’re betting on which team is going to win the game!
| Bet | Win If |
|---|---|
| Raptors | Raptors Win |
| Warriors | Warriors Win |
Spread
Bookmakers who are really good at math pick what they think the final score is going to be and assign the point differential to be the spread.
In the first column, the favorite has a negative number (Golden State), and the underdog as a positive number (Toronto). For now, we’re looking at the number outside the parentheses (3.0). This number (3.0) is the spread.
- If you bet the favorite with the spread, they need to win by MORE than the spread
- If you bet the underdog against the spread, you win if they:
- 1. Win OR
- 2. Lose by LESS than the spread.
| Bet | Win If |
|---|---|
| Raptors +3.0 | Raptors win, or lose by less than 3 |
| Warriors -3.0 | Warriors win by more than 3 |
Note: If the final point differential EQUALS the spread, then you get your money back.
The idea of the spread is that half of the bets will come on either side and will give similar odds.
Over/Under
Very simple, add up the total points at the end of the game for both teams. Then bet on if that sum is over or under the line (211.0).
| Bet | Win If |
|---|---|
| Over 211.0 | Total point total from both teams is above 211 |
| Under 211.0 | Total point total from both teams is under 211 |
Note: If the total point total EQUALS the line, then you get your money back.
Odds
OK, now we get to the hard part, what do +135, and -155, and all those odds mean? It’s easier if you break it down into the + numbers and the – numbers.
Key point: If you win your bet, you’ll get the amount you wagered back! The profit that we talk about below doesn’t include getting back what you bet. Of course, if you lose your bet, you lose everything you bet.
Positive Odds (+)
This event is less likely to happen, like Andy Dalton winning MVP (which I bet $10 on…bad call) so if you win, you’ll win MORE than what you bet. Taking a bet with high odds will give you more money if you win.
Profit on $1 bet = ODDS/100
Example:
- $1 bet on +135 odds = $1.35 ($1 * 135 / 100)
- $5 bet on +135 odds = $6.75 ($5 * 135 / 100)
So if you bet $1 on the Raptors to win straight-up (+135), you’ll win $1.35.
Negative Odds (-)
This event is more likely to happen, so if you win, you’ll win LESS than what you bet. You’re more likely to win, but you won’t win as much money. This one is harder to calculate too, you need to remember your division :).
Profit on $1 bet = 100 / ODDS
Example:
- $1 bet on -155 odds = $0.65 Profit ($1 * 100 / 155)
- $5 bet on -155 odds = $3.23 Profit ($5 * 100 / 155)
So if you bet $1 on the Warriors to win straight-up (-155), you’ll profit $0.65.
| Odds | Profit on $1 Bet |
|---|---|
| Positive | $1 * 100 / Odds |
| Negative | $1 * Odds / 100 |
So…How Do I Use This?
To get started, remember these 2 takeaways
- If you’re looking for the highest payout, place bets with higher odds… so bet the underdog
- Start by betting straight-up before you understand the spread and over/under
Odds Calculator
Mess around with this calculator to see what your profit will be for different odds and bet amounts
| Bet ($) | |
|---|---|
| Odds |
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| Profit ($) | Initial |
Have fun betting! Look below for some websites where you can get started! And please send your comments to @asdf