When making a bet, it is important to understand what each bet represents; this means understanding the odds of a particular game and how much risk is involved to receive a payout. When making a bet, you pay a small fee to the sportsbook that takes your bet; this is known as 'vigorish' or 'vig' for short.
Unlike regular bets, where you expect to get even money in return, sports betting works a little differently. For example, if a bet has an odd of -110, you would have to bet $11 for every $10 you would like to win. For example, if you were to bet $100 and win, you would only earn back $90.91. Here's how the math works:
- An odd of -110 is the fraction of 10/11
- When dividing 10 by 11, the answer is 0.91
- 0.91 multiplied by 100 is $90.91
- The missing amount is the vigorous
When bets are made by bookmakers, they show the expected outcome through odds. If you want to win a bet, it is important to convert these odds into 'implied probabilities.' Implied probabilities are, in simple terms, the percentage value of a team's chances of winning.
Calculating the implied probability is different for favorites and underdogs. Typically, favorites will have negative odds, and underdogs will have positive odds.
Negative odds show you how much to bet for every $100 you would like to win. If a team has a -150 chance of winning, you would need to bet $150 to win $100. If you would like to win $300, you would have to bet $450 in total.
The above process is the basic basis of sports betting; you must be aware of the process in order to make successful bets!
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