How Betting Odds Work: Fractions vs decimals
The bookmaker accepts both wagers, and maintains a spread the vigorish which will ensure a profit regardless of the outcome of the wager. Bookmakers usually hold an advantage over their customers—for small wagers it is closer to a advantage—so the bookmaker will most likely survive over the long term.
Successful bookmakers must be able to withstand a large short term loss. Many of the leading gambling bookmakers from the s to the s got their start during the prohibition era of the s.
They were often descendants of the influx of immigrants coming into the USA at this time. Although the common stereotype is that these bookies were of Italian descent, many leading bookies were of eastern European ancestry. Odds for different outcomes in single bet are presented either in European format decimal odds , UK format fractional odds , or American format moneyline odds.
European format decimal odds are used in continental Europe, Canada, and Australia. They are the ratio of the full payout to the stake, in a decimal format. Decimal odds of 2. UK format fractional odds are used by British bookmakers. US format odds are the amount won on a stake when positive and the stake needed to win when negative. US odds of are an even bet. In Asian betting markets, other frequently used formats for expressing odds include Hong Kong, Malaysian, and Indonesian-style odds formats.
Odds are also quite often expressed in terms of implied probability , which corresponds to the probability with which the event in question would need to occur for the bet to be a break-even proposition on the average.
In setting odds , the bookmaker is subject to a number of limitations: In many countries, bookmaking the profession of accepting sports wagers is regulated but not criminalized. In areas where sports betting is illegal, bettors usually make their sports wagers with illicit bookmakers known colloquially as "bookies" and on the Internet , where thousands of online bookmakers accept wagers on sporting events around the world. The National Football League is fully against any sort of legalization of sports betting, strongly protesting it as to not bring corruption into the game.
On the other hand, the CEO of the International Cricket Council believe sports betting, in particular in India, should be legalized to curb illegal bookies where match fixing has occurred from nontransparent bookmakers. Many of the illegal proceeds also allegedly go to fund terror, drugs and other illegal activities. In the United States, it was previously illegal under the Professional and Amateur Sports Protection Act of for states to authorize legal sports betting, hence making it effectively illegal.
The states of Delaware , Montana , Nevada , and Oregon —which had pre-existing sports lotteries and sports betting frameworks, were grandfathered and exempted from the effects of the Act. In addition, there was a significant gender split: Age proved to be a divide: As always, a lot depends on who actually shows up to vote. Donald Hoover, FDU professor in International School of Hospitality and Tourism Management and former casino executive commented on the results, "Betting on sports is not an uncommon practice for many New Jerseyans, but for the most part, the state doesn't supervise it, doesn't tax it and doesn't take any revenue from it.
Woolley commented on the results, "If some states allow sports betting and profit by it, other states will want to follow. He announced on May 24, that he planned to go ahead and set up a system of wagering at the state's racetracks and casinos that fall, before the National Football League season ended. In , despite federal law preventions, the state legislature of New Jersey and Governor Chris Christie signed a law that would allow sports betting to take place in New Jersey race tracks and Atlantic City casinos.
Voters were asked whether New Jersey should allow sports betting even if federal law prevents it from doing so, or wait to allow sports betting until federal law permits it. Krista Jenkins, director of the poll, commented, "Although support is not overwhelming, these numbers suggest the public is cautiously behind the goal of moving forward with legalized sports betting. In May , the Supreme Court ruled in the case in favor of New Jersey, ruling that the federal ban on sports betting in most states violated their rights.
On June 5, , Delaware became the second state after Nevada to implement full-scale sports betting. Sports betting in the state is run by the Delaware Lottery and is available at the state's three casinos. Prior to , the state offered limited sports betting consisting of parlay betting on NFL games. Delaware had been granted a partial exemption from the sports betting ban as it had made a failed attempt at legalized sports betting in Phil Murphy signing the legislation into law.
Pennsylvania ,  Rhode Island,  and West Virginia were able to pass legislation legalizing sports betting within their states. Most speculate that Rhode Island will be launching their state-regulated sportsbook at the beginning of the NFL football season in Some states must still organize which department will oversee state-regulated sportsbooks, most are choosing between their respective gambling commissions or lottery boards — until then no wagers can be legally taken. As of August , the following states have some form of legalized sports betting: A first half wager is made on the betting line which is installed for the first half of play only.
This line will most likely be cut in half from the overall game line, or right around there. The bet is made on which team will cover by the time the first half is over. Once it gets to half time, this betting line is over and the rest of the game has no effect on this outcome. Betting the moneyline is another form of a straight wager. Though instead of a point spread, the moneyline bet is placed on the team to win the game straight up, with no spread involved.
If you think the Magic will beat the Hawks, bet on Orlando without a point spread. Sounds pretty easy right? Well it definitely is an easy wager to make. However, because of the fact that it is technically easier to win a bet on the moneyline , the payouts are a lot different.
You will have to risk a lot more on a favorite to win versus an underdog, and the profit is not very high. However, a bet on the underdog on the moneyline could be very profitable, because their chances of winning the game straight up are less. Here, oddsmakers set down a total for the combined score that the two teams will put up in the game. The bet is then made on the actual total for the game going over or under that mark. You simply add up the total of the two teams score, and then compare it to what you bet and see if you won.
Payouts for this bet are right around even money. NBA Team prop betting odds are formulated for the match ups throughout the course of the season, but can also be odds formed relating to the season. As for the games, NBA team props can cover a range of topics. An example of an NBA team prop might be, 'which team will score 20 points first? From there, the rest of the game doesn't relate to this wager. Think of NBA Team props are smaller wagers within the game, though as far as money placed on these props it can be just as much as a point spread wager on the game.
When betting the totals, you are trying to predict whether the total amount of points in the game by both teams combined is under or over the line given by the book. In this game the sportsbook considers that In many ways, the money line is the most straightforward bet in the NBA, and it is simply a wager on one of the teams to win.
Unlike the point spread and the totals, the odds will vary here, meaning lower odds on the favored team, and higher odds on the underdog. Here is how the point spread bet above might look in the money line market.
As you can see, the odds are much worse on the Heat here without the spread, but much better on the Lakers.
As well as the above three most popular bets, many sports-books will offer other markets on each game. These might be a market on which team will be leading at the end of a particular quarter, which team will reach 20 points first or whether one player will score more points than another.