Anybody that has ever bet with a sportsbook probably understands the three different main types of bets available. There is the money line, the point spread and the totals. Ultimately, the goal of the sportsbook isn’t necessarily to predict how the game will play out but to establish a 50-percent divide between the two sides of the equation on any particular game. For example, if the New England Patriots are playing the Buffalo Bills, then the sportsbook could list the Patriots at minus-7 in an effort to get 50-percent of their tickets on New England and 50-percent on Buffalo. It might not play out that way but the intention of the sportsbook is clear. By understanding the implied odds, bettors can improve their potential to win their bets based on an improved knowledge of the situations. Here is a look at why the implied odds are a useful sports betting tool.
Most sportsbooks have standard 20-cent lines, which is represented by the -110 that you will likely see next to the spread. This means that for every $100 won you will have to risk $110. Ultimately, this means that most bettors have to win 52.38% of their spread bets in order to break even. A large majority of the sportsbooks will charge the standard 20-cent juice on money line wagers, which means if you wanted to bet the favorite at -150, the price on the underdog would typically beat +130. In sports betting markets the implied probability is simply the conversion of traditional odds in to a percentage. However, this number does not account for the juice. This means that if you placed a bet on Team A at +300, it doesn’t necessarily mean they should win 25% of the time. Instead, it means that in order for you to break even they would need to win 25% of the time.
Application Of Implied Odds
If you understand the implied odds then you can apply that knowledge to betting situations. When it comes to sports betting, the number one focus for most bettors is winning percentage. That makes a lot of sense considering you definitely want to win more than you lose. However, it doesn’t matter nearly as much if you aren’t making profits. If you are picking more winners than losers but you are losing more money than you are winning then it really doesn’t make a positive difference. The key with the implied odds is being able to understand the potential for making money with every wager that you make. If you understand the potential results than it could alter how you approach betting on sports.
If you are betting on sports to make money then you definitely want to take the time to understand implied odds. It is one thing to do it for entertainment when it comes to picking winners and losers. However, if you are serious about making money then you want to focus on the types of bets that offer you the best opportunity to make a profit. Take the time to understand the implied odds and apply them to your strategy in order to successfully build up your bankroll and make some significant profits.