Helena Frye
Reading odds correctly is essential when betting on basketball, as it helps you measure potential returns and the risk you're taking. Odds are displayed in either American, decimal, or fractional formats, and they indicate the implied probability of an outcome and how much money you could win by betting on that outcome. For example, American odds are centred around a $100 base value and appear with either a minus or plus sign. A minus sign indicates a favoured bet, telling you how much you need to wager to win $100, while a plus sign indicates an underdog bet, telling you how much profit you will make on a $100 bet. Decimal odds, on the other hand, are commonly used in Europe, Canada, and Australia, and they show the total payout, including profit and original stake.
| Characteristics | Values |
|---|---|
| Types of Odds | Fractional, Decimal, and Moneyline (American) |
| Fractional Odds | Ratio of the amount won (profit) to the bettor's stake |
| Decimal Odds | Represents the amount the bettor could win for every $1 they wager |
| Moneyline Odds | Indicates the amount one needs to wager to win $100 or the amount one would win for every $100 staked |
| Moneyline Bets | The simplest form of basketball betting. Bettors bet on which team will win the game outright |
| Point Spread Bets | Level the playing field between two teams. The favored team must cover the spread for bets on them to win |
| Underdog Bets | Plus (+) odds indicate underdog bets. These odds tell you how much profit you will get on a $100 bet |
| Favorite Bets | Minus (-) odds indicate favorite bets. These odds tell you how much you need to bet to win $100 |
| Implied Probability | The likelihood of a particular outcome suggested by the odds |
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What You'll Learn
Fractional odds
When placing bets, it is important to understand the different odds formats and how they work. Fractional odds are straightforward and easy to calculate, making them a popular choice for bettors. They provide a simple way to determine the potential payout and gauge the implied probability of a specific outcome.
Most sportsbooks allow you to toggle between odds formats, including American, decimal, and fractional. Odds may vary between sportsbooks, so it is beneficial to shop around and compare odds before placing a bet.
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Decimal odds
The decimal odds number represents the total amount the bettor could take home for every $1 wagered, including the original stake. In other words, your stake is already included in the decimal number (no need to add back your stake), which makes the calculation easier. For example, if the decimal odds are 3.00, a $100 bet would return $300 ($200 profit plus the $100 stake). A $100 bet on the Bucks at 2.75 odds would return $275, while the same bet on the Suns at 1.40 odds would return $140.
The higher the decimal odds, the less probable it is that the team will win, and the riskier the bet is. The lower the decimal odds, the more likely it is that the team will win, and the safer the bet is. For example, if the odds are 1.40, this indicates that the team is favoured to win, whereas odds of 3.00 indicate that the bookmaker has placed a lower probability that the team will win.
To calculate the potential profit, multiply your stake by the decimal odds and subtract the stake. For example, if the decimal odds are 3.00, multiplying a $10 stake by 3.00 gives us a total payout of $30, with a profit of $20.
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Moneyline/American odds
Moneyline odds, also known as American odds, are one of the fundamentals of sports betting. They are widely used in the United States, especially for NBA betting. These odds are displayed as either positive or negative numbers, with the negative sign reserved for the favourite on the betting line and the positive sign for the underdog.
Negative numbers indicate how much money you need to wager to win $100. So, if the odds are -110, a common number for a bet involving a spread, you would need to bet $110 to win $100, for a total payout of $210. If the odds are +200, you would need to bet $200 to win $100.
Positive numbers indicate how much money you will win if you bet $100. So, if the odds are +200, you will win $200 for a total payout of $300. If you bet $20, you would profit $40, plus your original $20 back.
Moneyline bets are the simplest form of basketball betting. You are simply betting on which team will win the game outright. If the team you bet on wins, you win your bet. If they lose, your bet will not pay out.
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Implied probability
The calculator takes the odds provided by the sportsbook of choice and outputs the implied probability of an event occurring based on those odds. For example, if the odds for the Detroit Lions to win are -300 and the odds for the New England Patriots to win are +190, the calculator will output the Lions as having a 75% chance of winning and the Patriots as having a 34.48% chance.
The implied probability can help bettors understand the sportsbook's view of an event's likelihood and compare values across different sportsbooks. It also helps in placing the odds in better perspective and improving the bettor's overall understanding of the betting markets. For instance, if a bettor thinks a team has a higher chance of winning than what is indicated by the implied probability, they may decide to place a bet, believing that the sportsbook has undervalued the odds.
There are different formulas for calculating the implied probability, depending on the type of odds being used. For American odds, positive odds are calculated as 100 / (odds + 100) * 100, while negative odds are calculated as odds / (odds + 100) * 100. For decimal odds, the formula is (1 / decimal odds) * 100. And for fractional odds, the formula is denominator / (numerator + denominator) * 100.
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Point spread bets
The oddsmaker sets a point spread, which the favourite team must cover for a bet on them to win. The point spread is the number of points made by an oddsmaker that separates the two teams in a given matchup. For example, if the point spread is -5.5 for the Golden State Warriors, they must win by 6 points or more for a bet on them to win. On the other hand, betting on the underdog team means they must lose by less than the spread or win outright. For example, if you bet on the underdog Celtics, they must lose by 1, 2 points, or win the game outright. If the underdog wins the game outright, the wager cashes as well.
When placing point spread bets, it is important to consider various factors that can impact the outcome. These include team performance metrics, previous head-to-head results, injuries and roster changes, and home advantage. Additionally, public perception and betting volume can also influence the point spreads set by bookmakers. It is crucial to remember that point spreads are predictions and not certainties, and there are no safe bets, even when betting on favoured teams.
To make informed point spread bets, it is advisable to stay updated with team news, player performance, and statistical trends. Checking how a team has been performing over a more extended period, such as a week, can provide insights into their current form and potential for covering the spread. Shopping around at different sportsbooks can also help find the best odds and maximise potential returns.
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Frequently asked questions
Betting odds are the foundation of any wager in basketball betting. Odds indicate how much money you could win betting on a specific outcome and the likelihood of that outcome. Odds change according to sportsbooks data and analysis.
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and moneyline or American odds.
American odds are centred around a $100 base value and appear with either a minus (-) or plus (+) sign. A minus sign indicates that you are dealing with a favourite and the odds tell you how much you need to wager to win $100. A plus sign indicates that you are dealing with an underdog and the odds tell you how much profit you will make if you wager $100.
Fractional odds are the ratio of the amount won (profit) to the bettor's stake. For example, 6/1 odds would mean that you could win $6 for every $1 you wager, and you would also get your $1 wager back.
Decimal odds represent the total payout (rather than just the profit) for every $1 wagered. For example, odds of 2.20 would mean that a $100 wager would return $220 if you win (including your $100 stake).
