American Odds Format Explained
This is also the case in futures bets, where the handicapper is choosing between multiple teams to win a seasonal champion. In games like baseball or football, it’s not uncommon to see both teams represented with a negative money line. When this happens, it means the teams are very closely matched. If the point spread is set at a round number, then bettors must wager that the team will cover by a full point, whereas half point margins narrow the line to one point range of variance. The operator will calculate the probability of each outcome happening and will subtract the margin. If the actual probability is 2/1 (3.0 in decimal, 200 in American), the sportsbook will subtract their 5% margin, and the odds offered will be 19/10 (2.90, 190).
Let’s use our example from above to explain how to calculate EV a bit better. If you wanted to calculate the EV on the Clippers you would calculate (0.545 x 100) – (0.476 x 120), which equals –2.62 and means that this bet has a –EV of $2.62 for every $120 staked. Using the same odds as we have throughout this whole article, let’s take a look at how to remove the vig from this bet. The percentage over 100% is the bookmaker vig on this market, which in this case is 2.1%. While the odds shift might not seem like much, it absolutely can impact your bottom line.
Most of the time, football and basketball spreads will be -110 — just a 10% tax on your bet — since the spread makes things equal. The odds dictate how much you have to risk, but not what needs to happen for you to win the bet. So if you’re betting the Red Sox at +110, you’ll risk $100 and will win $110 if Boston wins the game (plus your original $100 back).
This sign will always be found next to the event that is likely to happen. One of the most important aspects to firmly comprehend before placing a sports wager is the plus and minus. Many sharp handicappers initially struggle with the odd looking betting lines.
Worse, if you bet at illegal offshore sportsbooks, they might freeroll you and only grade the bet if it loses. Line shopping makes a large difference to your bottom line over the long haul. It can turn losing bets into pushes and pushes into wins because, some percentages of the time, the games land on these numbers.
Each of the lines below comes from DraftKings Sportsbook, the first couple from Week 1 and the last one from Week 17. The two teams are judged to the be 3 points apart, with the Chiefs “giving” 3 – hence the minus – as the favorite and the Bucs “getting” 3 as the underdog. It is in the best interest of everyone involved – fans, leagues, teams, players, everyone – if sports are competitive.