Understanding Vegas Odds
Understanding Sports Odds
by Trevor Whenham - 05/08/2008
Here's the most simplistic but true statement I can possibly make about sports betting - understanding sports odds is a pretty important part of sports betting. You can be the best handicapper in the world, and you can pick winners with shocking regularity, but if you don't understand odds then you can't know if a bet is worth making, and you probably won't be a winner in the end. Fortunately, understanding sports odds isn't that tough once you figure it all out.
Betting odds can be extremely confusing and the information they convey can be overwhelming. When it comes to understanding betting odds, it’s important to start with the basics. Once you have all that covered, it becomes easy to interpret what all those darn numbers mean. How Betting Odds Work: Fractions vs decimals. What does 'plus' and 'minus' mean as a sports betting term? Odds expressed in terms of money, with $100 being the standard. If the odds are minus (–), then that amount of money must be wagered.
Before we look at the details of things there is one thing to keep in mind - your job as a sports bettor is to determine what you think the likelihood of something happening is and then to compare it to the odds of that event occurring. If the posted odds are better than your anticipated likelihood then you have a bet worth making, but if the odds, or the potential return on the bet, is less than the chances you give the bet of being successful then it is not worthwhile. Novice or unsuccessful bettors think that sports betting is all about picking winners, but that is only a small part of success.
There are a number of different ways that odds can be presented, but they all come down to the same thing. Sports books assign what they think is a fair price for a particular outcome. By fair price I mean that the books try to set a price that is attractive to bettors so that they will bet on it, but not so attractive that they will get too many bets and risk losing money. Books will adjust the odds once they have been set if they are attracting too much or too little action.
Sports odds can be presented in a number of different ways, but they all represent the same thing in one way or another - the amount you will win if you make a bet and are correct. They express them in different ways, but that's the meaning.
Fractional odds - These aren't the most common in sports betting, but they are the easiest to understand so we will start here. They are used in horse racing, so if you are familiar with betting on the ponies then you know fractional odds. Not surprisingly, they are expressed as a fraction. For example, odds of 4/1 mean that you would win four dollars if you bet one dollar and were correct. The odds can be less than even, too. Odds of 1/4 would mean that you would have to bet four dollars to win one dollar. With fractional odds it is also quite simple to figure out if a bet makes sense. If the odds are 4/1 and you think that something is likely to happen once in three tries then it is a very profitable bet. On the other hand, if it were likely to happen once every five tries then you would lose money in the long term if you bet it at 4/1.
Decimal odds - These aren't used in the United States very often, but they are seen in Canada, Europe and Australia. They can also be the most confusing at first. The easiest way to understand them is to start with fractional odds. To make a conversion you take the fraction, turn it into a decimal, and add one. That means that 4/1 fractional odds would convert to decimal odds of five, and 1/4 odds would become 1.25.
Money line odds - These are by far the most common form of odds in North America for sports betting. They are expressed as numbers greater than 100, and they can be either a positive or negative number. Each one is a little bit different.
When a money line is a positive number then the odds are the amount you would win if you were to bet $100 and were correct. For example, a money line of +200 would mean that you would make a profit of $200 if you bet $100 and were correct. That's also equivalent to fractional odds of 2/1 and decimal odds of 3.
A negative money line represents the amount that you would have to bet to win $100 if you were correct. For example, a -200 money line means you would win $100 if you bet $200 and won. It is also equivalent to fractional odds of 1/2 and decimal odds of 1.5.
2021 NASCAR Instacart 500 Odds
Las Vegas Betting Odds Explained
- Date: Sunday, March 14, 2021
- Venue: Phoenix Raceway
- Location: Avondale, Arizona
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2021 NASCAR Cup Series - Championship
- Date: Sunday, November 7, 2021
- Venue: Phoenix Speedway
- Location: Phoenix, Arizona
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Updated Mon, Mar. 8, 11:30 AM ET - Odds Provided by DraftKings - Subject to Change
- Where to Bet:
How To Bet Auto Racing Futures
The “Odds to Win” wager in auto racing is very simple to understand. Put simply, you just need to select the driver that will capture the checkered flag of the race You select any of the drivers in the race and your payout for the bet will depend on the odds given at the time of the wager. This wager can be placed until the race begins.
To figure out your Win Amount, take the odds and multiply by the amount wagered. Ex. Jimmie Johnson (5/2) - Jimmie Johnson is listed as a 5/2 betting choice. If you wager $100 on Johnson to win the event and he comes in first, then you would win $250 (5 ÷ 2 x 100). You would collect $350, which includes your win and stake ($100).
What does the FIELD mean? Many races will include a betting selection called the Field. This bet consists of all drivers not listed in the “Odds to Win.” Most races have a set number of drivers but it’s rare to see oddsmakers put a price on every driver that will race. Drivers that are given the least opportunity to win the race will be grouped into the “Field” odds and paid out accordingly if they win.
Pennzoil 400 Odds to Win
On Sunday, Mar. 14 2021, the 2021 NASCAR season will head to Phoenix Raceway for the Instacart 500, which takes place from Avondale, Arizona. There are plenty of contenders expected to be in the hunt for the fifth points race of the 2021 season.
- Chase Elliott +500
- Denny Hamlin +600
- Kevin Harvick +600
- Brad Keselowski +700
- Kyle Busch +800
- Joey Logano +800
Betting on NASCAR Odds
Where can I bet on NASCAR?
There are several legal sportsbook options in the United States. Visit our sportsbook directory to find online sportsbooks where you can bet on NASCAR races.
Who are the experts picking to win?
Understanding Vegas Odds For Nfl
Our experts offer picks on all the big auto racing events. Check out our preview content or pick packages for the most up to date NASCAR predictions.
What type of bets can I make on NASCAR races?
The future odds show each racer's odds to win an event outright. Certain sportsbook may also offer other betting angles, such as Top 3 Finish, Top 5 Finish, and Car Number Over/Under.
Where can I learn how to bet on auto racing?
To learn more about betting on NASCAR and other auto races, check out our auto racing betting tutorial.