iLOT BET: Understanding odds and betting lines
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Understanding how to read betting odds is a critical step to finding success as a sports bettor. Some believe this is a difficult task, but with a little time investment and some practice, reading odds can become second nature. Among other things, understanding odds helps determine bet sizes, payouts, and how to discover (and exploit) value in a betting line. The following breakdown educates new bettors about how to read and understand betting odds—and how to turn that knowledge into profit.
How odds correspond with payouts
Odds are a way to represent the likelihood of a particular outcome occurring in a given situation. In gambling, odds are used to determine the payout that a player will receive if they win. The higher the odds, the higher the potential payout.
What does it mean when odds are negative
When odds are negative, it means that the probability of an event occurring is considered less likely than not. In other words, there is a greater chance of the event not happening than there is of it happening. Negative odds are typically displayed with a minus sign (-) in front of the number, which represents the amount you would need to bet in order to win 100 naira. For example, if the odds of an event happening are -200, you would need to bet 200 naira in order to win 100 naira. Negative odds are commonly seen in sports betting, where they are used to indicate which team or player is considered the favorite to win. It is important to note that negative odds do not guarantee the outcome of an event.
What does it mean when odds are positive
When odds are presented with a plus (+) sign in front of them, that signifies the underdog. Whereas negative (-) odds tell you what you have to bet on the favorite to win $100, positive (+) odds tell you how much you’ll win for every $100 you wager on the underdog.
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