- American Odds (Moneyline Odds)
- Decimal Odds
- Fractional Odds
- Negative Odds: A negative number indicates the favorite in the matchup. It shows how much you need to wager to win $100. For example, if the odds are -150, you must bet $150 to win $100.
- Positive Odds: A positive number represents the underdog. It indicates how much you’ll win for a $100 bet. For example, if the odds are +200, you’ll win $200 for every $100 wagered.
- Example:
- Los Angeles Lakers: -200
- Chicago Bulls: +180
In this scenario, the Lakers are the favorites. To win $100, you must bet $200 on them. If you bet $100 on the Bulls and they win, you’ll receive $180 in profit.
- Example:
- Los Angeles Lakers: 1.50
- Chicago Bulls: 2.80
If you bet $100 on the Lakers, your total payout would be $150 (a profit of $50). If you bet $100 on the Bulls, your total payout would be $280 (a profit of $180).
- Example:
- Los Angeles Lakers: 1/2
- Chicago Bulls: 9/5
A $2 bet on the Lakers would yield a $1 profit, while a $5 bet on the Bulls would yield a $9 profit.
- Implied Probability
- Implied probability is the likelihood of a particular outcome occurring, as suggested by the betting odds. It helps you assess whether a bet offers good value.
- Understanding implied probability helps you determine if a wager is worth placing compared to your assessment of the outcome.
- Example:
- Lakers: -5.5
- Bulls: +5.5
If you bet on the Lakers, they need to win by 6 points or more for you to win.
- Example:
- Total Points: 210.5
If you bet the “Over,” you’re wagering that the total points will exceed 210.5. If you bet the “Under,” you expect fewer than 210.5 points.
- Identifying Value Bets: By comparing the implied probability with your analysis, you can spot value bets where the potential reward outweighs the risk.
- Understanding Public Perception: Odds can shift based on public betting patterns. If a large number of people bet on one team, sportsbooks may adjust the odds to balance their risk. Recognizing this can help you avoid overvalued bets.
- Managing Your Bankroll: Knowing how odds affect potential payouts helps you make smarter decisions about how much to wager, ensuring you don’t risk more than you can afford to lose.
- Shop Around: Different sportsbooks may offer different odds for the same game. Compare odds across multiple platforms to find the best value.
- Stay Informed: Injuries, team dynamics, and other factors can impact the odds. Staying updated with the latest NBA news will give you an edge.
- Manage Your Expectations: Betting odds are not guarantees but probabilities. Understand that even the most favorable odds can lead to losses, so always bet responsibly.