{"id":674,"date":"2022-08-16T08:02:49","date_gmt":"2022-08-16T07:02:49","guid":{"rendered":"https:\/\/bestbettingcasinos.com\/us\/guides\/how-do-betting-odds-work\/"},"modified":"2022-08-16T08:02:49","modified_gmt":"2022-08-16T07:02:49","slug":"how-do-betting-odds-work","status":"publish","type":"post","link":"https:\/\/bestbettingcasinos.com\/us\/guides\/how-do-betting-odds-work\/","title":{"rendered":"How Do Betting Odds Work?"},"content":{"rendered":"<p>Have you ever found yourself asking the question \u201c<strong>how do betting odds work?<\/strong>\u201d Then this is the guide for you! On this page, we\u2019ll explain<strong> how to read the odds and calculate payouts<\/strong>, as well as discussing <strong>probability<\/strong> in general. We\u2019ll also reveal why prices vary between bookmakers and plenty more besides.<\/p>\n<p>Ready to find out how betting odds work? Let\u2019s go!<\/p>\n<h2 id=\"contents\">Contents<\/h2>\n<p>This guide to understanding betting odds is going to cover plenty of ground. If there\u2019s a specific topic that you\u2019re more interested in, please use the links below to skip ahead!<\/p>\n<ul>\n<li><a title=\"US Betting Sites with the Best Odds\" href=\"#sites\">US Betting Sites with the Best Odds<\/a><\/li>\n<li><a title=\"How To Read Betting Odds\" href=\"#readingodds\">How To Read Betting Odds<\/a><\/li>\n<li><a title=\"How are Betting Odds Compiled?\" href=\"#compiled\">How are Betting Odds Compiled?<\/a><\/li>\n<li><a title=\"How Do Betting Odds Work In Other Countries?\" href=\"#types\">How Do Betting Odds Work In Other Countries?<\/a><\/li>\n<li><a title=\"Calculating Parlay Odds and Payouts\" href=\"#parlay\">Calculating Parlay Odds and Payouts<\/a><\/li>\n<li><a title=\"Why Do Odds Change?\" href=\"#change\">Why Do Odds Change?<\/a><\/li>\n<li><a title=\"How Do Pari-Mutuel Betting Odds Work?\" href=\"#pari-mutuel\">How Do Pari-Mutuel Betting Odds Work?<\/a><\/li>\n<li><a title=\"Betting Odds and Bonuses\" href=\"#promos\">Betting Odds and Bonuses<\/a><\/li>\n<li><a title=\"How Do Live Sports Betting Odds Work?\" href=\"#live\">How Do Live Sports Betting Odds Work?<\/a><\/li>\n<li><a title=\"How To Bet Online\" href=\"#bettingonline\">How To Bet Online<\/a><\/li>\n<li><a title=\"Conclusion\" href=\"#conclusion\">Conclusion<\/a><\/li>\n<li><a title=\"FAQs\" href=\"#faq\">FAQs<\/a><\/li>\n<\/ul>\n<h2 id=\"sites\">Sports Betting Sites with the USA\u2019s Best Odds<\/h2>\n<p>Before we jump into the details, let\u2019s first take a look at the <a href=\"https:\/\/bestbettingcasinos.com\/us\/sportsbooks\/\">best sportsbooks in the USA<\/a>. 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src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/needle.png\" alt=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Payout Speed<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"brand-payment\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"title mb-2\">Payment Methods<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"d-flex gap-2 brand-payment-methods\">\n                                              <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/visa.png\" alt=\"Visa\">\n                          <div class=\"payment-name\">Visa<\/div>\n                        <\/div>\n                        <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/mastercard.png\" alt=\"Mastercard\">\n                          <div class=\"payment-name\">Mastercard<\/div>\n                        <\/div>\n                        <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/paypal.png\" alt=\"Paypal\">\n                          <div class=\"payment-name\">Paypal<\/div>\n                        <\/div>\n                        \t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"col-lg-6\">\n\t\t\t\t\t\t\t\t\t<div class=\"review-area d-flex flex-column justify-content-between\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"author-wrapper\">\n                      <ul><li>Receive up to $1000 in Bonus Bets when your first  bet misses<\/li><li>Wide range of betting opportunities<\/li><li>Promo code: <strong>CZR1000<\/strong><\/li><\/ul>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bestbettingcasinos.com\/us\/sportsbooks\/caesars-sportsbook-review\/\" class=\"btn review-btn\">Caesars review<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n                \n            <\/div>\n\t\t\t\t\t\t<!-- End Toplist Item -->\n          \n        \n        <!-- Toplist Item -->\n\t\t\t\t\t\t<div class=\"toplist has-badge bg-white px-2 py-3 p-lg-3 rounded-4 position-relative\">\n                            <div class=\"toplist-brand d-flex align-items-center\">\n\t\t\t\t\t\t\t\t<div class=\"toplist-brand__logo d-flex gap-2 align-items-center\">\n                  <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/draftkings-casino-new-jersey.png\" alt=\"Draftkings-Sportsbook\">\n\t\t\t\t\t\t\t\t\t<div class=\"brand-name\">DraftKings<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"toplist-brand__rating\">\n\t\t\t\t\t\t\t\t\t<div class=\"rating d-flex gap-1 align-items-center justify-content-end\">\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<!-- <i class=\"empty bi bi-star-fill\"><\/i> -->\n                    <div class=\"ms-2 text-score\">5\/5<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"toplist-offer\">Bonus,$1000,20%<\/div>\n\t\t\t\t\t\t\t<a href=\"\/go\/draftkings@list-488\" target=\"_blank\" class=\"btn signup\">Play now!<\/a>\n\t\t\t\t\t\t\t<div class=\"row mb-3\">\n\t\t\t\t\t\t\t\t<div class=\"col-lg-6\">\n\t\t\t\t\t\t\t\t\t<div class=\"brand-details\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"d-flex align-items-stretch gap-2\">\n\t\t\t\t\t\t\t\t\t\t\t<!-- <div class=\"min-deposit\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value-bg d-flex align-items-center justify-content-center mx-auto hex-alt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value\">\u00a310<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Min Deposit<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div> -->\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"max-deposit\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value-bg d-flex align-items-center justify-content-center mx-auto hex-alt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value\">98<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Points<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"payout-speed\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/needle.png\" alt=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Payout Speed<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"brand-payment\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"title mb-2\">Payment Methods<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"d-flex gap-2 brand-payment-methods\">\n                                              <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/visa.png\" alt=\"Visa\">\n                          <div class=\"payment-name\">Visa<\/div>\n                        <\/div>\n                        <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/mastercard.png\" alt=\"Mastercard\">\n                          <div class=\"payment-name\">Mastercard<\/div>\n                        <\/div>\n                        <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/paypal.png\" alt=\"Paypal\">\n                          <div class=\"payment-name\">Paypal<\/div>\n                        <\/div>\n                        \t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"col-lg-6\">\n\t\t\t\t\t\t\t\t\t<div class=\"review-area d-flex flex-column justify-content-between\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"author-wrapper\">\n                      <ul><li>Get a 20% sports betting bonus up $1000<\/li><li>Massive range of sports and markets<\/li><li>DFS and Casino games available<\/li><\/ul>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bestbettingcasinos.com\/us\/sportsbooks\/draftkings-sportsbook-review\/\" class=\"btn review-btn\">DraftKings review<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n                \n            <\/div>\n\t\t\t\t\t\t<!-- End Toplist Item -->\n          \n        \n        <!-- Toplist Item -->\n\t\t\t\t\t\t<div class=\"toplist has-badge bg-white px-2 py-3 p-lg-3 rounded-4 position-relative\">\n                            <div class=\"toplist-brand d-flex align-items-center\">\n\t\t\t\t\t\t\t\t<div class=\"toplist-brand__logo d-flex gap-2 align-items-center\">\n                  <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/fanduel-sportsbook.png\" alt=\"Fanduel-Sportsbook\">\n\t\t\t\t\t\t\t\t\t<div class=\"brand-name\">Fanduel<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"toplist-brand__rating\">\n\t\t\t\t\t\t\t\t\t<div class=\"rating d-flex gap-1 align-items-center justify-content-end\">\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<!-- <i class=\"empty bi bi-star-fill\"><\/i> -->\n                    <div class=\"ms-2 text-score\">5\/5<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"toplist-offer\">Bonus,$1000,Bet<\/div>\n\t\t\t\t\t\t\t<a href=\"\/go\/fanduel@list-488\" target=\"_blank\" class=\"btn signup\">Play now!<\/a>\n\t\t\t\t\t\t\t<div class=\"row mb-3\">\n\t\t\t\t\t\t\t\t<div class=\"col-lg-6\">\n\t\t\t\t\t\t\t\t\t<div class=\"brand-details\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"d-flex align-items-stretch gap-2\">\n\t\t\t\t\t\t\t\t\t\t\t<!-- <div class=\"min-deposit\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value-bg d-flex align-items-center justify-content-center mx-auto hex-alt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value\">\u00a310<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Min Deposit<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div> -->\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"max-deposit\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value-bg d-flex align-items-center justify-content-center mx-auto hex-alt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value\">98<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Points<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"payout-speed\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/needle.png\" alt=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Payout Speed<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"brand-payment\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"title mb-2\">Payment Methods<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"d-flex gap-2 brand-payment-methods\">\n                                              <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/visa.png\" alt=\"Visa\">\n                          <div class=\"payment-name\">Visa<\/div>\n                        <\/div>\n                        <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/mastercard.png\" alt=\"Mastercard\">\n                          <div class=\"payment-name\">Mastercard<\/div>\n                        <\/div>\n                        <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/paypal.png\" alt=\"Paypal\">\n                          <div class=\"payment-name\">Paypal<\/div>\n                        <\/div>\n                        \t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"col-lg-6\">\n\t\t\t\t\t\t\t\t\t<div class=\"review-area d-flex flex-column justify-content-between\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"author-wrapper\">\n                      <ul><li>Licensed US Sportsbook<\/li><li>Get up to $2000 in bonuses and refunds<\/li><li>Fanduel has a great reputation and excellent customer service.<\/li><\/ul>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bestbettingcasinos.com\/us\/sportsbooks\/fanduel-sportsbook-review\/\" class=\"btn review-btn\">Fanduel review<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n                \n            <\/div>\n\t\t\t\t\t\t<!-- End Toplist Item -->\n          \n        \n        <!-- Toplist Item -->\n\t\t\t\t\t\t<div class=\"toplist has-badge bg-white px-2 py-3 p-lg-3 rounded-4 position-relative\">\n              \t\t\t\t\t\t\t<div class=\"featured-badge\">\n                <span class=\"ribbon-3\">NJ,PA,IN,IO,VA,AZ<\/span>              <\/div>\n                            <div class=\"toplist-brand d-flex align-items-center\">\n\t\t\t\t\t\t\t\t<div class=\"toplist-brand__logo d-flex gap-2 align-items-center\">\n                  <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/unibet-casino-new-jersey-1.png\" alt=\"Unibet-Sportsbook\">\n\t\t\t\t\t\t\t\t\t<div class=\"brand-name\">Unibet<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"toplist-brand__rating\">\n\t\t\t\t\t\t\t\t\t<div class=\"rating d-flex gap-1 align-items-center justify-content-end\">\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<i class=\"bi bi-star-fill\"><\/i>\n\t\t\t\t\t\t\t\t\t\t<!-- <i class=\"empty bi bi-star-fill\"><\/i> -->\n                    <div class=\"ms-2 text-score\">5\/5<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"toplist-offer\">Bonus,$500,Bet<\/div>\n\t\t\t\t\t\t\t<a href=\"\/go\/unibetnj@list-488\" target=\"_blank\" class=\"btn signup\">Play now!<\/a>\n\t\t\t\t\t\t\t<div class=\"row mb-3\">\n\t\t\t\t\t\t\t\t<div class=\"col-lg-6\">\n\t\t\t\t\t\t\t\t\t<div class=\"brand-details\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"d-flex align-items-stretch gap-2\">\n\t\t\t\t\t\t\t\t\t\t\t<!-- <div class=\"min-deposit\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value-bg d-flex align-items-center justify-content-center mx-auto hex-alt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value\">\u00a310<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Min Deposit<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div> -->\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"max-deposit\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value-bg d-flex align-items-center justify-content-center mx-auto hex-alt\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"value\">97<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Points<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"payout-speed\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/needle.png\" alt=\"\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"title\">Payout Speed<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"brand-payment\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"title mb-2\">Payment Methods<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"d-flex gap-2 brand-payment-methods\">\n                                              <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/visa.png\" alt=\"Visa\">\n                          <div class=\"payment-name\">Visa<\/div>\n                        <\/div>\n                        <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/mastercard.png\" alt=\"Mastercard\">\n                          <div class=\"payment-name\">Mastercard<\/div>\n                        <\/div>\n           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class=\"brand-payment\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"title mb-2\">Payment Methods<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"d-flex gap-2 brand-payment-methods\">\n                                              <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/visa.png\" alt=\"Visa\">\n                          <div class=\"payment-name\">Visa<\/div>\n                        <\/div>\n                        <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/mastercard.png\" alt=\"Mastercard\">\n                          <div class=\"payment-name\">Mastercard<\/div>\n                        <\/div>\n                        <div class=\"payment d-flex gap-1\">\n                          <img decoding=\"async\" src=\"https:\/\/bestbettingcasinos.com\/us\/wp-content\/themes\/bbc\/assets\/img\/payment\/paypal.png\" alt=\"Paypal\">\n                          <div class=\"payment-name\">Paypal<\/div>\n                        <\/div>\n                        \t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"col-lg-6\">\n\t\t\t\t\t\t\t\t\t<div class=\"review-area d-flex flex-column justify-content-between\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"author-wrapper\">\n                      <ul><li>Wager $20 and get $100 in Free Bets<\/li><li>Excellent Sportsbook App for iOS and Android<\/li><li>Promo code: <strong>BORGSBBC<\/strong><\/li><\/ul>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bestbettingcasinos.com\/us\/sportsbooks\/borgata-sportsbook-review\/\" class=\"btn review-btn\">Borgata review<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n                \n            <\/div>\n\t\t\t\t\t\t<!-- End Toplist Item -->\n          \n        \n    <\/div>\n      \n    <\/p>\n<p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n<h2 id=\"readingodds\">How To Read Betting Odds<\/h2>\n<p>The most important thing to address when answering the question \u201chow do betting odds work?\u201d is what the numbers mean. First of all, they <strong>indicate our potential returns<\/strong>, should the bet prove to be successful. But if you know what you\u2019re looking for, they also reveal the underlying probability of an event occurring.<\/p>\n<p>Consider the below example of an MLB moneyline:<\/p>\n<p><em>PHI Phillies -185 @ Cincinnati Reds +150<\/em><\/p>\n<p>Straight off the bat we can tell a few things about this game. The bookmakers fancy Philadelphia to win, as indicated by the negative (-) odds value. The smaller the number, the lower your potential returns. And that\u2019s because there\u2019s a greater chance they\u2019ll triumph.<\/p>\n<p>Secondly, we know that a stake of $185 is required to make exactly $100 from a winning bet on the Phillies. That\u2019s what negative odds always imply; the number is the amount needed to win $100.<\/p>\n<p>On the other hand, a positive (+) odds value tells us the profit we\u2019d generate by staking $100. A subtle but important difference. So a winning $100 bet on the Reds would return $250; that\u2019s your original $100 stake, plus a profit of $150.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-581714 size-full\" title=\"How To Read Betting Odds?\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/how-to-read-betting-odds.jpg\" alt=\"How To Read Betting Odds?\" width=\"932\" height=\"460\" \/><\/p>\n<h2 id=\"compiled\">How are Betting Odds Compiled?<\/h2>\n<p>The art of bookmaking is intriguing, but much of the mystique has been removed by the emergence of technology. These days, most online bookies take their odds from a central data provider that often manages their risk too. Gone are the days of individuals having an opinion and taking a bold position against the market.<\/p>\n<p>Where a sportsbook does have its own team of compilers, they will have built a complex mathematical model. Lots of data is fed in at one end, like results, injuries and venue, with probabilities spat out the other side. These figures can then be converted to odds, once the company has built in its profit margin.<\/p>\n<p>This edge is referred to as \u201cjuice\u201d or \u201cvigorish\u201d and it\u2019s how they make their long-term money.\u00a0 We\u2019ll discuss the bookmaker\u2019s profit margins in more detail later. But first, let\u2019s look at how the betting odds work in terms of probability.<\/p>\n<h3>Betting Odds and Probability<\/h3>\n<p>Here\u2019s a reminder of our MLB moneyline example:<\/p>\n<p><em>PHI Phillies -185 @ Cincinnati Reds +150<\/em><\/p>\n<p>By using some simple mathematics, we can derive the approximate probability assigned to each outcome by whoever priced up this line.<\/p>\n<h4>Favorites<\/h4>\n<p>To start with, let\u2019s take the favorite. When the odds have a negative value, use this formula:<\/p>\n<p><em>Odds \/ (100 + Odds) * 100 = probability<\/em><\/p>\n<p>Feeding in the -175 odds from the example gives us the following:<\/p>\n<p>185 \/ (100 + 185) * 100 = <u>64.91%<\/u><\/p>\n<h4>Underdogs<\/h4>\n<p>Where the odds have a positive value, the conversion formula is a little different:<\/p>\n<p><em>100 \/ (100 + Odds) * 100 = probability<\/em><\/p>\n<p>Sticking with our MLB example, let\u2019s plug in the +150 odds of the Reds:<\/p>\n<p>100 \/ (100 + 150) * 100 = <u>40.00%<\/u><\/p>\n<h3>Understanding The Over Round<\/h3>\n<p>The eagle-eyed readers will have noticed that the two probabilities did not add up to 100%, which makes no sense. That\u2019s where the vigorish comes in. If a book percentage is greater than 100%, it is said to be \u201cover round\u201d. Conversely, if the bookmaker is foolish and has a book value below 100%, it is \u201cunder round\u201d.<\/p>\n<p>An over round book is what ensures a long-term profit. It\u2019s much like an American roulette wheel, which has 38 pockets but only pays 35 to 1 for a winning number. There\u2019s no need to rig anything, because even when the bookies lose, they win by underpaying. Over time, those edges add up to secure a profit.<\/p>\n<p>Continuing our earlier example, we can see that 40.00% + 64.91% gives us 104.91%. Which means that this particular bookmaker has built in an edge of 4.91% for this market. So for every $104.91 they take in, they are returning $100 and keeping $4.91.<\/p>\n<p>Or at least, that\u2019s the theory. After all, sports betting is volatile, unlike casino games. If the favorites keep on winning, and the punters continue betting, it is possible to give the bookies a beating!<\/p>\n<h2 id=\"types\">How Do Betting Odds Work In Other Countries?<\/h2>\n<p>So far, we\u2019ve only discussed odds in the <strong>American format<\/strong>. But the world is a much smaller place these days and you\u2019re likely to encounter multiple different odds displays.<\/p>\n<p>For example, in the <strong>United Kingdom<\/strong>, the preference always used to be for <strong>fractional odds<\/strong>. This is changing, however, thanks to the emergence of betting exchanges. These use the superior <strong>decimal odds system<\/strong> favored in <strong>Europe<\/strong>.<\/p>\n<p>In <strong>Asia<\/strong>, there are even <strong>more approaches to displaying odds<\/strong>. The table below illustrates how different odds look across the globe.<\/p>\n<div id=\"421\" class=\"sc_table sc_table_style_regular\"><\/div>\n<h3>Why Decimal Odds Are Better<\/h3>\n<p>If you\u2019re a traditionalist, you might not want to hear this. But the <strong>US odds format is pretty cumbersome<\/strong> and it\u2019s not always easy to work out your returns. Especially if you have a multi-leg parlay to calculate.<\/p>\n<p>The <strong>decimal odds system<\/strong> is actually <strong>far superior<\/strong> and we recommend you give it a try. Here\u2019s why:<\/p>\n<ol>\n<li><strong>Clearer returns. <\/strong>It\u2019s much easier to see your potential returns on a single bet at a glance. When working out a parlay, just multiply each odds value together, followed by the stake. The calculation is simple.<\/li>\n<li><strong>More nuance. <\/strong>Both bookmakers and sports betters alike benefit from the increments offered by decimal odds. The values 1.48, 1.50 and 1.52 are all roughly -200. But decimals allow extra precision, so we can squeeze out those extra drops of value.<\/li>\n<li><strong>Probability calculations.<\/strong> If you\u2019re going to become a serious sports betting expert, you\u2019ll want to consider implied probabilities. And when you\u2019re doing the math, you\u2019ll have to convert US odds to decimals anyway. Working in decimals from the start makes calculations quicker and life easier.<\/li>\n<\/ol>\n<p>The good news is that most top online sportsbooks these days allow you to choose your preferred odds display. You can often toggle between US, decimals and fractions, with some sites even including the Asian display options.<\/p>\n<h2 id=\"parlay\">Calculating Parlay Odds and Payouts<\/h2>\n<p>A parlay is any kind of bet involving multiple picks. For your bet to come in, all of those selections need to win. Any individual team losing ruins the entire bet. Because that makes it so much harder to win, the odds are all multiplied together to create a bigger reward.<\/p>\n<p>But how exactly can you calculate the returns on a parlay? If you were feeling lazy, there are many parlay calculators freely available on the internet. But if we are going to get you to truly understand how betting odds work, we\u2019re going to have to do the math!<\/p>\n<h3>Example Calculation<\/h3>\n<p>Consider the following three leg parlay example and imagine we\u2019ve placed a $10 bet:<\/p>\n<ul>\n<li>DET Lions @ +100<\/li>\n<li>NY Giants @ -140<\/li>\n<li>CLE Browns @ -120<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>The first thing you need to do is convert the US odds into decimals. If the odds value is negative, use the following conversion formula:<\/p>\n<p><em>100 \/ (American odds) + 1 = decimal odds<\/em><\/p>\n<p>And of the odds have a positive value, use this:<\/p>\n<p><em>American odds \/ 100 + 1 = decimal odds<\/em><\/p>\n<p>Converting our three sets of US odds into decimals gives the following:<\/p>\n<ul>\n<li>DET Lions @ 2.00<\/li>\n<li>NY Giants @ 1.71<\/li>\n<li>CLE Browns @ 1.83<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Now that we have decimal odds, the math is super simple. Multiply all of them together, followed by the stake:<\/p>\n<p>2.00 * 1.71 * 1.83 * 10 = <u>$62.59<\/u><\/p>\n<h3>Round Robin Betting Odds<\/h3>\n<p>A round robin parlay, known as a full cover bet in the United Kingdom, involves several different parlays rolled into one. In our above example, we had three picks in a three leg parlay, also known as a treble. But we could have also placed bets on four combinations of two leg parlays, sometimes called doubles.<\/p>\n<p>Calculating round robin bets is much easier with an online parlay calculator. Otherwise you will have to manually calculate every permutation of two and three leg parlays. The more picks you add, the more complicated it gets!<\/p>\n<p>Here are some common full cover bets.<\/p>\n<div id=\"422\" class=\"sc_table sc_table_style_regular\"><\/div>\n<h2 id=\"change\">Why Do Odds Change?<\/h2>\n<p>Earlier in this guide to understand how betting odds work, we talked about the bookmakers building in their juice. Differences in business models go a long way to explaining why the odds vary between different betting companies. But it doesn\u2019t reveal why a betting site would ever modify the prices once they\u2019re set.<\/p>\n<p>In short, betting follows the most simple rules of economics. If there is a lot of demand for a product, then naturally the price increases. While a surplus will lead to the cost falling. Odds are no different. If bettors are piling all of their money onto one side of the line, the bookies need to adjust accordingly.<\/p>\n<h3>Price Changes<\/h3>\n<p>If a price is deemed too big by the betting public, everyone will place their wagers to capitalize on the value. This makes the book lopsided. The betting company will be facing big losses if that team wins, while making very little money if they lose.<\/p>\n<p>In bookmaking, the aim is always to produce a balanced book. If punters play all of the available options in the right proportion, the bookies can make profit with no risk. So in order to entice bettors away from that side of the line, they will trim the odds. Similarly, they will increase the other team\u2019s price, making them more attractive.<\/p>\n<h3>Odds Comparison Sites<\/h3>\n<p>We know that odds may differ between bookmakers, either due to the volume of bets or the initial profit margins. So that means it\u2019s possible to find bigger prices with some companies than others. And we don\u2019t want to bet with anyone who\u2019s offering +250 if another sportsbook is offering +280, right?<\/p>\n<p>Thankfully, there are countless odds comparison tools online these days. Of course, you can always manually check all of your favorite betting sites yourself. But it\u2019s much easier to let technology do the work, freeing you up to work on your betting strategies.<\/p>\n<h2 id=\"pari-mutuel\">How Do Pari-Mutuel Betting Odds Work?<\/h2>\n<p>So far, when discussing how betting odds work, we have only covered fixed-odds markets. This refers to a bookmaker giving you a set price when you place your bet. Fixed-odds betting is good because you know exactly what your returns will be as soon as you strike the bet.<\/p>\n<p>However, in many countries, parimutuel betting is the preferred style. And in the United States, it is particularly common at horse racing tracks. With parimutuel bets, sometimes styled \u201cpari mutuel\u201d or \u201cpari-mutuel\u201d, there are no guaranteed odds. Instead, all of the money from betting is pooled. After the result is known, winning tickets receive a share of the pool.<\/p>\n<h3>Example<\/h3>\n<p>To help you understand parimutuel betting, let\u2019s take a look at the 2022 Kentucky Derby result. The table below shows the dividends for the three most common bet types. Rich Strike won the race, with Epicenter and Zandon finishing second and third.<\/p>\n<div id=\"423\" class=\"sc_table sc_table_style_regular\"><\/div>\n<p>All of these parimutuel dividends are based on a $2 bet. So if you\u2019d placed a $2 bet on Rich Strike to win the race, you\u2019d have collected a massive $163.60! Similarly, a $1 would have returned $81.80 and a $5 wager would be collecting a whopping $409. As you can tell, Rich Strike was not one of the favorites to win!<\/p>\n<p>\u201cPlace\u201d bets require the horse to finish either first or second, while \u201cshow\u201d means anywhere in the first three. Naturally, with more chances to win the bet, more people are successful, making for lower payouts.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-579924 size-full\" title=\"How Do Pari-Mutuel Betting Odds Work?\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/betting-on-horse-racing.jpg\" alt=\"How Do Pari-Mutuel Betting Odds Work?\" width=\"932\" height=\"450\" \/><\/p>\n<h2 id=\"promos\">Betting Odds and Bonuses<\/h2>\n<p>The online sports betting world is extremely competitive and the United States is no exception. Sportsbooks have to work hard to get us to spend our hard earned dollars, so they tend to dangle some carrots in front of us.<\/p>\n<p>Alongside the many signup bonuses and other incentives, there are several odds-related promotions to be found. Let\u2019s look at how they work.<\/p>\n<h3>Odds Boosts<\/h3>\n<p>This type of promotion sees the bookmaker temporarily enhance the odds on a given selection. There are many ways of approaching this and each sportsbook is different.<\/p>\n<p>Some will boost the odds of a number of different teams for a short period of time, in a \u201chappy hour\u201d style promotion. Others simply choose odds to enhance permanently and display these prominently on their website, with before and after prices. Finally, a few sportsbooks issue odds boost tokens, allowing you the chance to pick the teams whose odds you want to enhance.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-419436 size-full\" title=\"Odds Boosts promotions\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/betmgm-odds-boost-tennis.jpg\" alt=\"Odds Boosts promotions\" width=\"932\" height=\"400\" \/><\/p>\n<h3>Profit Boosts<\/h3>\n<p>Some bookies offer what are termed \u201cprofit boosts\u201d, rather than enhanced odds. Although the odds never change, when you win such a bet, you\u2019ll receive a percentage increase among your returns.<\/p>\n<p>These offers are calculated based on the profit made, rather than the odds themselves. But they effectively perform the same function as an odds boost.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-579254 size-full\" title=\"Profit boost promotion\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/mlb-profit-boost-betrivers-sportsbook-new-york.jpg\" alt=\"Profit boost promotion\" width=\"879\" height=\"228\" \/><\/p>\n<h3>Best Odds Guaranteed<\/h3>\n<p>This type of offer is very common in the online greyhound and horse racing world. Because the fixed-odds betting markets are highly volatile in these sports, the odds change a lot before the race. And few things are more frustrating than when the starting price turns out to be far greater than the odds you took.<\/p>\n<p>To combat this, many sites offer BOG deals, or Best Odds Guaranteed. So no matter what happens, you\u2019re insured. If the starting price is smaller than the odds you received, there\u2019s no problem. But if it is bigger, the bookmaker will pay you at the SP instead.<\/p>\n<h2 id=\"live\">How Do Live Sports Betting Odds Work?<\/h2>\n<p>It wouldn\u2019t be a complete guide if we didn\u2019t also discuss exactly how live betting odds work. So let&#8217;s do that! Immediately before a game begins, the odds will be representative of the true chances of each team winning. After all, the market has had time to punish any bookmakers who made pricing errors. So there will be an approximate consensus between betting sites.<\/p>\n<p>As soon as the game begins, the betting markets become live, or \u201cin-play\u201d. You\u2019ll notice that the odds don\u2019t actually change at this point. And that\u2019s because nothing has actually happened! But as soon as the action begins and events take place, the live betting odds will adjust accordingly.<\/p>\n<p>Points scored, injuries to players, the weather; there are dozens of factors involved in shaping live betting odds. Even if nothing at all happens, that\u2019s still a consideration. Imagine a soccer match, where it\u2019s possible to tie the game. Every minute that passes brings us closer to the game ending in a draw. As that outcome becomes increasingly likely, the odds of either team winning grow longer.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-386868 size-full\" title=\"How Do Live Sports Betting Odds Work?\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/betmgm-sports-betting-app.png\" alt=\"How Do Live Sports Betting Odds Work?\" width=\"932\" height=\"500\" \/><\/p>\n<h2 id=\"bettingonline\">How To Bet Online<\/h2>\n<p>Now that you fully understand how betting odds work, you\u2019re probably going to want to put that to the test! But if you\u2019re not sure how to get started with online sportsbooks, simply follow the below guide. We\u2019ll walk you through everything, step by step.<\/p>\n<h3>1: Select a sportsbook<\/h3>\n<p>First things first, you need to identify a safe online betting site at which to play. Luckily for you, we\u2019ve already done the hard yards. We regularly trawl the internet for new sportsbooks and meticulously assess each one. So you can be sure that our picks are trustworthy and secure.<\/p>\n<h3>2: Create an account<\/h3>\n<p>Once you\u2019ve made your choice, fire up the homepage or download the app and hit the button to register. You\u2019ll need to provide some simple details, which is standard practice with US betting sites. The best bookies make this process easy, so it won\u2019t take very long at all.<\/p>\n<h3>3: Secure your bonus<\/h3>\n<p>All online bookmakers approach their welcome bonuses differently. It\u2019s in your interests to make sure you\u2019ve understood what you need to do and when, to pick up some free bets. There may be a promo code on the registration form, or you may need to choose from a list immediately after. It might even be that you enter a code while making your initial deposit. Keep those eyes peeled!<\/p>\n<h3>4: Hit the cashier<\/h3>\n<p>The next step is to fund your brand new sportsbook account. You might understand how the odds work now, but there can be no sports betting without cash! So head over to the cashier page, select your preferred payment option and complete your first deposit.<\/p>\n<h3>5: Browse the sportsbook<\/h3>\n<p>Okay, you\u2019re all set to start placing bets! Your account is now open and fully funded, so use the navigation menu to check out your favorite sports. Click on the odds to add a pick to your betslip and away you go. Good luck!<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-580099 size-full\" title=\"How To Bet Online\" src=\"https:\/\/bestbettingcasinos.com\/wp-content\/uploads\/registration-betmgm-sportsbook.jpg\" alt=\"How To Bet Online\" width=\"932\" height=\"500\" \/><\/p>\n<h2 id=\"conclusion\">Conclusion<\/h2>\n<p>Thanks for reading our <strong>complete guide to understanding sportsbook odds<\/strong>. We\u2019ve covered plenty of topics in a lot of detail and your brain might need a rest. But next time someone asks \u201chow do betting odds work?\u201d, at least you\u2019ll be able to help them out!<\/p>\n<p>If you\u2019re ready to start out on your betting journey, be sure to try one of our recommended online sportsbooks. Good luck!<\/p>\n<h2 id=\"faq\">FAQs<\/h2>\n<div class=\"faq-wrapper\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Have you ever found yourself asking the question \u201chow do betting odds work?\u201d Then this is the guide for you! [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guides"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Do Betting Odds Work? 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