Favorites are safer bets to win but generally don’t pay out as generously. Underdogs give you a better chance at a higher payout but are seen as far less likely to win. Looking back to our example, on -140 betting odds, you would need to place a wager of $140 to get $100 on a winning bet, for a total return of $240.ĭeciding between betting on underdogs or favorites is a fundamental principle of how to bet wisely. This $220 total is made up of your initial $100 wager and the $120 from your winning bet.īetting odds for a favorite, on the other hand, tell you how much you would need to bet to win a $100 profit. For our example of +120 odds, a $100 winning bet would net you a $120 profit for $220 total. Betting odds on an underdog tell you how much you would win for every $100 bet. These numbers tell you whether the odds will pay out more or less money than what you wagered. The underdog, meanwhile, will show a positive number, like +120. The favorite will have negative odds, like -140, for example. You can tell which team or player is the favorite by checking the numbers that appear in live betting odds. The most likely winner is called the ‘favorite’, while the least likely winner is the ‘underdog’. Top online sportsbooks research games thoroughly to determine the most and least likely outcome. The first thing to know when learning how to bet is how these odds are determined. Just looking at the odds or an offer from an online betting service can seem intimidating. This information was last updated December 09, 2023. In this article, we’ll show you how to read betting odds, what the most popular types of markets are, and we’ll also give you betting tips for getting the best chances to win big. Let’s take a closer look at the world of legal online sports betting. However, all of the jargon and terminology can make it intimidating for new players to figure out how to bet on sports. With recent changes to the law, thousands of players across the country are getting in on the action. Sports betting is an exciting new industry in the United States. Vegas Insider makes no representation or warranty as to the accuracy of information given or the outcome of any game or event. The content on this page is for informational purposes only.

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