In the thrilling world of sports betting, each game offers a potential profit. Before stepping into this, you must understand the master concept of plus (+) and minus (-) signs. Let’s break down the meaning behind this!
What do these signs mean:
It is very important to understand the meaning of plus(+) and minus (-) signs while betting. These plus and minus signs are frequently expressed while visiting the sports betting sites in the US. The meaning of these signs on sports betting sites depends on whether American Odd Express odds or a point spread. In the case of odds, these signs mean what you need to bet to win a specific amount of money. Whereas, in the case of spreads these signs are used to represent a handicap that is introduced to even out match-ups between the two teams. Now let’s discuss the working principle of these symbols in a spread betting scenario. The minus symbol is used for the point spread on the favorite whereas the plus symbol is for the point spread on the underdog. This scenario is the same for all kinds of bets. It means both money lines and point spreads utilize the same scenarios. In short, these symbols indicate which outcome the online sportsbook deems more likely.
Pros & Cons:
There are some advantages and disadvantages regarding the American odds during online betting. Let’s discuss them first. Payouts can be easily calculated via American odds. It is more easily calculated if you use a flat $100 wager. The plus (+) sign will indicate what you are going to win with this wager while the minus (-) sign will indicate what you will need to wager to win $100.
If you want to take an idea about the implied winning probability you have to depend on fractional odds. The odds of +$200 indicate that you are eligible to win $200 over the bet of $100. But this is not possible to determine the implied winning probability quickly. For instance, these odds are represented as fractional odds like -2/1- then you can use the formula given below for implied winning probability.
Decimal/ (Numerator + Denominator) x100%
From the above-mentioned formula, people who bet on different sports can easily understand that there is an implied probability of 33.3% on the +200 market. Moreover, there would be an implied probability of approximately 67.7% on the -200 market. Making yourself familiar with the American odds is crucial to navigate online sports betting.
There are different types of odd systems which include, American odds, Decimal odds, and Fractional odds. Let’s compare all of these.
All the odds systems represent the same amount that is to be bet online they just have a difference of representation method. By using the same +200 odds example, let’s see how the above-mentioned three odds system are different.
- +200 – American Odds
- 3.00 – Decimal Odds
- 2/1 – Fractional Odds
In the case of Decimal odds, you can determine your payout by taking a decimal and then multiplying it with your wager. Hence in this case, if you make a bet of $50 then you will gain a total of approximately $150. Decimal odds are sometimes called as the European odds. This amount will also include the original stake while sports betting. Fractional odds are commonly used in the United Kingdom and are typically used on horse races.
Relation of odds with payouts:
Now let’s discuss the phenomenon that how odds are related to the payouts. Before understanding this you must keep in mind that “payouts” are way more different than the profits or winning. A payout is defined as the total amount of money a sportsbook offers you after winning a bet. In short, it is a some of profit and the wager. It is different from the profit because the original bet amount is excluded from the profit. The sportsbook tickets are represented like this:
- Ticket cost: $40
- To win: $35
- To collect $75
There are different terminologies used in different sportsbooks. In the above-mentioned example, “Ticket cost” is the wager, “ To win” is the profit, and “To collect is the payout”.
In Sports betting, there is also a term known as chalk. Chalk is the term used for the significant favorites. Another commonly used term is Pick’em. It is typically a design of the game instead of the point spread that is specifically designed by the game makers. In the world of online betting, “Push” means an event that usually occurs when a bettor gets his/her money back after a bet with no decision.
In conclusion, if you are stepping into the world of Sports betting the understanding of plus (+) and minus (-) are crucial if you don’t want any loss.
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