Understanding betting odds is key to enjoying the experience of betting online and essential to learn before you start placing a bet online. We’ll go through the various kinds of gambling odds new players might see as they flick through the various online providers, detailing how to understand betting odds, the pillars of how sports betting. Decimal Style Sports Betting Odds Decimal style odds are used mostly in Europe, and are pretty easy to understand. To calculate the decimal style odds all you will need to do is simply multiply the amount you wish to wager by the decimal odds shown and you will get your payout. For example it may look something like this. NHL Team prop betting odds are lines formed for games and during the season that do not really relate to the direct outcome of the game. For example, a team prop in a specific game might be something like the first team to score a goal in the match up. The bet is placed, and once the first team puts one in the back of the net, the bet is closed. The VegasInsider.com Sports Betting 101 Odds feature is your ultimate resource to understanding 'How to Read Odds.' Once you understand the odds, then you'll be more prepared to make a bet and more importantly, win your bet! Odds are easy to understand but there are different formats and once you become familiar with all of them, you can choose. How Do You Understand Odds in Sports Betting With Decimal Odds? Calculating your potential winnings with decimal odds is easy. All you have to do is multiply the amount of money you’re wagering with the odds attached to the team you’re betting on.

The VegasInsider.com Sports Betting 101 Odds feature is your ultimate resource to understanding 'How to Read Odds.'

Once you understand the odds, then you'll be more prepared to make a bet and more importantly, win your bet! Odds are easy to understand but there are different formats and once you become familiar with all of them, you can choose your preference.

Sports betting is taking off across the United States. Since the end of the federal prohibition on sports wagering, several states have legalized sports betting. Providers in these states are already offering betting odds on all of your favorite events.

But if you’re new to sports betting, all the information may seem a bit overwhelming. You may be wondering how to read odds, or even how do odds work? Well, you’ve come to the right place. Check out our guide and have all of your questions on betting odds explained below.

How to Read Betting Odds

Betting odds are a measure of how likely or unlikely a sportsbook finds an event to be. The more likely an outcome is, the less you can make wagering on that outcome. Conversely, betting on the less likely outcome correctly pays much better.

Learning how to read odds is the foundation of developing a successful sports betting strategy. So how do odds work anyway? Let’s break it down in the next section with the basics of betting odds explained.

How Do Odds Work?

Betting odds are determined by a number of calculations factored in by sportsbook providers. Experts in sports betting know the answer to the question, “how do odds work?” and can use that information to decide which outcome the bookie considers more likely.

Learning how to read odds and what to use that information for will help you make successful wagers. Let’s take a closer look at some of these basic principles of odds.

Why Do Odds Matter in Sports Betting?

Betting odds matter because they tell you how much you could potentially win on a particular wager. Learn how to read odds correctly and you will be able to calculate what your exact return will be if your bet is correct.

Along with determining your payout, knowing the answer to the question “how do odds work?” will also give you some insight into how likely a sportsbook thinks a particular outcome is. There is more on that subject in the following section where we have implied probability and betting odds explained.

What’s the Most Commonly Used Format of Odds?

The standard format for printing betting odds varies depending on the sport. Football will most often be displayed with American odds, while soccer is more likely to show with fractional odds. However, on most American sports betting websites, you’ll have the option to display these odds in several formats, with American being default.

Read on to see an explanation of how to read odds in any of these formats. The variations can take some getting used to, but we’ll give you a breakdown on each format of betting odds explained.

How To Calculate Implied Probability Using Odds

By learning how to read odds, you can read between the lines and figure out how likely a particular sportsbook has determined an outcome to be.

Learning this method of how to read odds is a crucial skill in sports betting. By placing wagers on outcomes that you have determined are more likely than the sportsbook sees the outcome, you increase the value of your bets and increase your chance of getting a return on your investment.

The chance of a particular outcome occurring that a sportsbook has calculated is called the implied probability. To determine the implied probability, you must convert the betting odds into a percentage. See how to convert each format of odds to an implied probability in the following section, where you’ll see each type of the betting odds explained.

American Odds

American betting odds display with a plus or minus sign followed by a number. Negative numbers indicate the favorite, while positive numbers indicate the underdog. NFL games are one sport often listed with American odds.

How to Read American Odds

So how do odds work when it comes to the American format? As stated, a negative number means the bookie sees the outcome as more likely. The number gives you how much you would need to bet to win $100 in profit.

A positive number indicates the underdog. The number shown in the betting odds tells you how much you would win if you bet $100.

To figure out the implied probability from American odds with a positive number, use this formula:

Implied probability of an outcome = 100 / (positive American odds + 100)

But how do odds work for the implied probability on negative American odds? Follow this equation instead:

Implied probability of an outcome = negative American odds / (negative American odds + 100)

Calculating Payouts from American Odds

There are two different equations to calculate your payout with American odds. Calculate your winnings on a positive American odds payout, solve for x with the following formula:

100 / odds = wager / x

If the odds are negative, use this equation instead, where x represents your winnings:

Odds / 100 = wager / x

Fractional Odds

Fractional odds, as you might expect, display with one number over another number. The numbers are separated by a slash or hyphen. UK and Irish bookmakers favor this format, making it a common sight on soccer betting odds.

How to Read Fractional Odds

If you’re wondering, “how do odds work with the fractional format,” the top number indicates how many times a bookie predicts the outcome will fail. The bottom number shows how many times they expect it to succeed.

For example, if the Patriots are given 1/2 odds, the bookie predicts they will win the game two times out of three.

Determine the implied probability of an outcome using fractional odds with the following formula:

Implied probability = denominator / (denominator + numerator)

Calculating Payouts from Fractional Odds

Want to know how do odds work for payouts with the fractional format? Use this equation:

Winnings = wager x (numerator / denominator)

Decimal Odds

Decimal odds appear with a whole number followed by a decimal. This format is used in many sports internationally. You may see these odds on global events like the PGA tour, tennis tournaments, or the Olympics.

How to Read Decimal Odds

Seeing just a decimal number may seem confusing if you’re still figuring out how do odds work. However, this format is really the most straightforward when it comes to how to read odds.

The decimal shows how much profit is paid for every dollar on a correct bet. Favorites have a lower number, while underdogs have a higher number.

Here is the equation for calculating the implied probability on decimal betting odds explained:

Implied probability = 100 / decimal odds

Calculating Payouts from Decimal Odds

So how do odds work when it comes to payouts on decimal odds? Use this simple formula to calculate your winnings:

Your winnings = (wager x decimal odds) - wager

Types of Betting Odds

Now that you know how to read odds a little better, let’s take a look at the different types of wagers. So how do odds work when it comes to these different types of bets? Read on to see each type of betting odds explained.

Moneyline

A moneyline is one of the simplest kinds of betting odds explained in this guide. Here you are simply betting on a result of a match, whether that is one team winning or the game ending in a draw. As long as you pick the correct outcome, this bet will payout for you.

These bets can be found for any sport, but are most common in low-scoring games like baseball, hockey, or soccer.

Point Spread

Point spread bets are popular for many sports. With these betting odds, you are wagering on whether the favored team in a matchup will not only win, but win by more than the number of points that the provider is estimating. This estimate is called the spread.

You can figure out how to read odds with point spreads by taking a look at the number shown next to the odds. For instance, if you see Dallas Cowboys +7, you are betting on whether or not the Cowboys will win their game by more than 7 points.

Totals

Sometimes referred to as an over/under, these betting odds are wagers placed on whether the total score between both teams in a game will be higher or lower than what the provider predicts.

You place a wager on whether the total score between the two teams will be higher or lower than the total offered. Learning how to read odds like these and predicting what games will be high scoring are crucial skills as a sports bettor.

Parlays

All of the previous wager types are bets placed on single events. Parlays involve taking multiple bets and bundling them together. This increases the potential payout for each wager, but also comes with an added risk. If even one of your bets is incorrect, you lose the entire parlay wager.

Just like in all the betting odds explained in this guide, the higher your risk, the higher your potential payout. Use parlays to string together several bets and, with a little luck, you could be in for a big payday.

Teasers

Teasers are similar to parlays in the sense that they bundle multiple wagers together, affecting your overall betting odds. However, while parlays are for moneyline bets, teasers allow bettors to “tease” the point spread by a few points across the board, which can adjust your risk and make for a easier-to-hit multiple.

Futures

So far, the different types of betting odds have all been wagers on single events within the upcoming week or two. Futures are wagers placed on, you guessed it-- future events. For instance, you might place a future bet on the Red Sox winning the World Series or The Lakers bringing home an NBA championship ring.

Predicting these events so far in advance is difficult, so learning how to read odds like these can give you some of the most lucrative payouts in sports betting.

FAQ

Wondering how do odds work? Here’s a quick reference for some common questions on betting odds explained.

Are the odds different depending on the sport?

How To Understand Betting Odds And Lines

Odds may be displayed differently depending on what the standard is for a particular sport. Refer to our guide’s section on American, fractional, and decimal odds to see different types of betting odds explained.

So how do odds work in different sports? Though the format they’re shown in and the calculations that determine your winnings change, betting odds are always a measure of how likely a sportsbook finds an outcome.

How can I calculate my potential winnings?

Having knowledge about the raw math behind betting odds explained is useful, but of course you want to know about your potential payout too. But there’s no simple answer. Each different format for betting odds will have a different formula for calculating your winnings.

Check out the earlier parts of this guide to see the different formats of betting odds explained and learn how to estimate your potential winnings.

Who sets the odds for sports betting?

After all these complex calculations, it’s common to wonder how do odds work anyway? The truth is each individual provider sets their own odds, with the advice of expert statisticians and their data.

Because each provider will have different offers, it’s important to learn how to read odds. This way you know what to look for when you’re shopping around for the best odds.

Final Thoughts

Having these fundamental principles of betting odds explained is the first step to making successful wagers.

Following the tips in this helpful guide can take you from wondering, “how do odds work?” to understanding how to bet successfully. Remember how to read odds and the formulas for determining the implied probability from each. Once you have that implied probability, you can place your wagers accordingly.

How To Read Odds

There’s always luck and chance involved in sports betting, but understanding how to read odds helps you make an informed bet. If you believe an outcome is more likely than the implied probability, you have an optimal chance of winning a return on your wager.

Now that we have the different aspects of betting odds explained, the only thing left to do is to start placing your wagers. Good luck and happy playing.

Thanks for visiting ExplainBettingOdds.com, where we will help you understand exactly how to read NHL betting odds. The NHL is a fast-paced sport, complete with a ton of action and wild entertainment. And with 82 games during the regular season, plus the playoffs, that provides both oddsmakers and bettors alike with a lot of opportunities when it comes to betting lines for the sport. The NHL has a number of different betting odds which are formed during the season for each matchup. Here on this page, we detail what types of lines you will see online sportsbooks come out with during the season, and explain them so that they are easy to understand. The NHL is definitely a different type of sport to wager on than for example the NFL. Actually, Major League Baseball betting lines could be compared most similarly to that of the NHL. So let's check out what betting lines you can expect to see formed for the NHL.

How To Bet On The Spread In The NHL

The NHL Goal line is a type of spread installed for each game on the schedule during the week. But unlike the NFL or NBA, the NHL goal line is a set number a 1.5 goals. A team will then be set in the role of having to cover that spread, which is always the team that is set as the favorite on the moneyline. We will get into the moneyline further down below. But for this purpose, consider the team that has to cover the 1.5 goal line with a two-goal win or more as the favorite to win the game out right. Every game is installed with this goal line, though most of the time the team picked as the one having to win by two goals or more is not the favorite to cover the spread. That's because statistically, the majority of hockey games are decided by one goal or less, or result in a tie. Payouts around the goal line can actually vary quite a bit, and you can see some big disparities between the team having to win by two or more goal, and the one that can still lose by a goal and cover.

Article: How To Read Point Spreads

NHL Moneyline Betting Odds Explained

Just like a goal line, every match up in the NHL is installed with a moneyline. This is a straightforward wager, where the bet is placed on the team to win the game outright, with no goal line or any type of spread involved. If you bet on the Canucks to beat the Islanders, the bet is won if Vancouver wins the game, no matter what the score is. This sounds easier right? Well it is. But you can see a disparity in the payouts. The favorite on the moneyline will obviously payout quite a bit less than a bet that would be made and potentially won on the underdog.

How To Understand Betting Odds In Football

Here in this moneyline example, the Canucks are set as -300 favorites on the betting line. That means for every $3 wagered on Vancouver to win, a $1 profit is returned. In the role of the underdog, New York is going off at 2/1 on the payout.

NHL Over / Under Bets Explained

The goal total betting line is a game line set down with the total number of goals for a game between both teams. Oddsmakers will research the two teams, and then come up with an over/under goal total for the specific matchup. The wager is made on the actual scoring total of the game going higher, or lower, than the oddsmakers' prediction. Payouts for this wager are right around even.

Article: How To Read Over / Under Betting Odds

NHL Team Props Explained

NHL Team prop betting odds are lines formed for games and during the season that do not really relate to the direct outcome of the game. For example, a team prop in a specific game might be something like the first team to score a goal in the match up. The bet is placed, and once the first team puts one in the back of the net, the bet is closed. The rest of the game does not have any effect on the outcome of this particular wager. Prop betting odds reduce many of the variables in a game, and are smaller bets within a game. By smaller, we do not mean the amount that can be wagered; only that it's not a bet on the outcome of the game.

NHL Player Props Explained

Player prop betting odds for the NHL are just like team props, only related to specific players. Within a game, we could see as many as 30 or 40 prop betting lines set down for players. They range in nature, and typically revolve around the number of goals or assists, or a combination thereof for players during the game. The bet is made on the number installed for a player, whether it be one goal or 1.5 goals or whichever number. The wagered would then be made on the actual total going over or under that installed number from oddsmakers and online sportsbooks.

How To Read NHL Live Betting Odds

Betting live on sports is definitely something that is becoming more and more popular in this day and age. With the increase in technology and the accessibility of online sportsbooks, live betting is available right at your fingertips. As far as the NHL is concerned with live betting, it is available for games. Not every single game is available for live betting, but online sportsbooks will establish which ones are. From there, the available betting lines will also be shown. Alternate moneylines, team and player props are what are typically available. With live betting, odds are obviously changing every couple of minutes, making for a fun and exciting way to bet sports.

How To Read Stanley Cup Betting Odds

Stanley Cup futures wagers are a betting line which is formed during the season. In fact, these odds come out the day after the championship from the previous season is won. The bet is placed on the odds to win the Stanley Cup for the upcoming or current season. These odds are not set in stone, and do change during the season as teams do well, or fall out of contention.

Bovada Sportsbook - NHL Games Big On Bovada!

The reason that may fans come and sign up for an account with Bovada is because of the variety of games that can be bet on. Hockey is a sport that goes know but barely talked about but is still bet on often. Bovada knows that even though there are a few hockey fans everywhere, having the games on their sportsbook only means that more players will sign up and wager on NHL soon as the puck drops. This means that live betting feature that is present to all account holders can be very busy when it comes to all these games that last a few hours sometimes.

There are so many different money lines and also different betting odds that will be here for players to check out. The fact that there are many different prop bets here as draws a huge crowd of players and that means more and more players will drop money on a bet that could win them a lot of money. Check out the bonuses as well that could make a difference in how much money players can put on their account.

MyBookie Sportsbook - MyBookie The Best Place To Bet On NHL Games

Now for the most part players like to go on their online sportsbooks a place their bet and leave. With MyBookie, placing your bet is only the tip of the iceberg as far as what players can do on their account. With so many different betting options here on MyBookie, the NHL is one of the sports that after you place your bet, you can find other things to get into like checking out other money lines and also participate in live betting feature that it offers.

There is also a mobile betting feature here on MyBookie as well that lets players log in and check on their bets and even place other wagers while they are out of the office or not close to a computer. The games that are being seen will always show up as options and with the NHL season, there will always be plenty of games up on MyBookie so there is no reason for a player to be bored with this account they have!