Sports betting is a fantastic game for punters who are also sports enthusiasts. This game combines the fun of sporting events with the thrill of placing a bet. If you are looking to engage in sports betting, it is fundamental to understand Singapore Pools sports football odds.
In simple terms, odds are the likelihood of a certain outcome in a, usually determined by the winner, an expected event, or combined points. While they seem like a simple concept, reading odds and understanding what they mean can be challenging for a beginner.
To give you better insight into what odds are, how to read them, and how to use them to your advantage, follow our guide below:
Odds: Determining Probability
One of the primary purposes of odds is to gauge the probability of a result occurring based on the bookmaker’s opinion. This is known as implied probability.
When making serious wagering decisions in sports betting, it is vital to know how to convert odds into implied probabilities. To do so would require computing, which can vary between favourites and underdogs:
- Favourites – Odds ÷ (Odds +100) * 100 = Implied Probability
- Underdogs – 100 ÷ (Odds +100) * 100 = Implied Probability
Odds: Determining Payout
Odds are also used to assess the money players must risk to win a particular amount. The potential payouts of an odd will vary from sportsbook to sportsbook and are affected by factors like vigorish.
Also known as “juice,” vigorish or vig is the amount charged by the sportsbook for taking your bet. The value of the vigorish changes depending on the sportsbook, but they usually offer odds of -110 per side of a point spread wager. This means you need to bet $11 for every $10 you want to win.
The Meaning of – and + in Odds
The negative (-) and (+) signs in odds are simple. If the odds are negative, that means it is the favourite moneyline bet. If the odds are positive, this refers to the underdog.
When betting on a favourite, the negative (-) sign indicates the amount you need to wager to win.
When betting on an underdog, the positive (+) sign indicates how much you will win if you bet a certain amount.
The Bottomline
Understanding how odds work is your key to making a successful wager in many sportsbooks. Take your time to convert implied probabilities, the potential payouts, and whether the favourites or the underdogs are much more worth the risk. That way, you can make smarter bets that can lead you closer to a win.
