How to Read Sports Odds
There are plenty of things to know and remember when betting on sports, but one of the most important things to understand is how to read sports odds. Some beginning sports bettors bet without knowing what the odds mean, which will likely lead to a short career in sports betting.
I am Wunderdog, and I’ve helped a ton of people win money from betting on sports for more than 20 years. I don’t just deliver winning picks each day, but I also help people understand how to bet on sports.
This article will explain how to read sports odds, and I will cover information in a way that anyone and everyone can understand. Odds can look a little bit different depending on where you are betting, but there are certain pieces of information that will always be included.
My hope is that you are able to understand how to read sports odds better after reading this article, and it leads to more money in your sports betting account. Here are some things to look at and consider when trying to read sports betting odds.
What Are Sports Betting Odds?
Sports betting odds are what every other aspect of sports betting is built on. The odds are the projected likelihood of a particular outcome based on its probability, and wagers are made on how likely or unlikely that outcome is. That’s sports betting in a nutshell.
Typically you’ll find that the less likely an outcome is, the higher the odds are for that outcome, so you’ll win more money if you wager on the improbable event that ends up happening.
Date of Matchup
The first thing that you want to pay attention to when reading sports odds is the date of the particular matchup. This will be the first thing that is listed, and the events will usually be in order.
The date doesn't really have anything to do with the action on the field or court, but it can change the way you approach betting. If you want to get a bet in on the current day, then be sure to check the dates and make sure an event is taking place.
Football odds are usually released at least one week in advance of the game, so when you look at the sports odds, you should check and see when the actual game will be played.
Who is Playing
After the date of the matchup, the next thing that is listed by sportsbooks is the teams that are participating in that matchup. If this is a large event that is taking place, all of the participants will be listed next as well.
The first step when trying to determine what the odds mean is to determine which matchup you are choosing to focus on. (There will be some games that are not offered by sportsbooks, but that’s rarely the case.)
It's important to focus on sports and teams that you are familiar with. This will help you become more successful, as you’ll understand the sport and the teams and be better able to spot sports betting opportunities.
Type of Wager
The next thing that you will find when looking at the sports odds is what type of wager you will be placing. The three most common types of wagers that are offered by sportsbooks are moneyline, spread, and total.
A moneyline wager is simply picking the team that will win the game. A moneyline bet might look like this:
- Chicago Cubs -145
- St. Louis Cardinals +165
A spread bet refers to the final outcome of a game, and this is a common bet for both football and basketball. A spread bet might look like this:
- New York Jets -4.5
- Miami Dolphins +4.5
Finally, a total bet is a bet that is made on the total number of points, runs or goals that are scored in a game. You are simply betting on the "over" or "under” the total score of the game or match.
What Do (+) and (-) Signs Mean?
When I gave examples of a few of the bet types listed above, you might have noticed that I used both a (+) and (-) sign. Looking for these two signs is one of the most important things to look at when viewing the odds.
Teams that have a (+) sign in front of the odds are the underdogs in that matchup. Teams that have the (-) sign are the favorites. It is common for both teams to have the same symbol in certain situations.
You can find out more about the (+) and (-) signs in sports odds by reading my guide here.
How Much Money Can I Win?
Now we come to the fun part, and this is what most sports bettors look for when making a bet. A certain game's odds tell the bettor how much money can be won or lost from making that wager.
For this explanation, I will assume that every wager is in relation to $100. This will make things easier to understand when trying to determine how much money can be won.
Let's say that a team has odds set at -135. This means that it will take a bet of $135 to win a profit of $100.
Now on the flip side of that, odds set at +135 will offer a much better payout. This means that a $100 bet will earn a payout profit of $135.
Why Do Odds Change?
Now that you know how to read and understand sports betting odds, you are probably wondering why these odds are constantly changing. The simple answer is that odds change when new information becomes available to the oddsmaker.
Sportsbooks try to get their opening odds out as early as possible so that they can attract the most bettors. Sometimes, getting the odds when they first open is the best time to get in on the action.
Injuries or lineup changes are two of the biggest factors that change odds, but oddsmakers are always reviewing the matchup and making changes. When I deliver my pick, I use the most updated odds that are posted, but these odds could have changed by the time that you are ready to bet.
Do All Sportsbooks Offer The Same Odds?
If you check out several different sportsbooks before placing a bet, then you already know the answer to this question. Sportsbooks do not offer the same odds on every game, but they are usually very similar.
Each sportsbook has someone in charge of coming up with the odds and setting the betting lines. These people are known as the "bookmakers" or "bookies."
Odds are a reflection of the probability that a certain outcome will occur, and that is typically why the odds are usually similar across the board. Sometimes, sportsbooks will also be offering a promotion on a game or sporting event, which can significantly change the odds.
It's wise to shop around and look at different odds being offered from sportsbooks to find the best price. Getting the best odds on a bet can be crucial when building up your sports betting bankroll.
Ready to Start Reading Sports Odds?
Ready to start betting on sports with me, the Wunderdog? You can practice reading sports odds by checking out the NFL Football Lines & Odds, or check out the Wunderdog Sportsbook!