The Basics of NFL Betting Odds and How They Work
Navigating the world of NFL betting can be quite daunting, especially for beginners trying to understand how betting odds work. With the rapidly growing popularity of NFL bets, understanding the basics of odds is a fundamental stepping stone for anyone interested in this thrilling dimension of sports wagering. For a deeper understanding and practical advice, check out these NFL Betting Tips to boost your wagering savvy.
Understanding Betting Odds
At the core, betting odds are a representation of the likelihood of a particular outcome occurring. They also dictate how much money a bettor can win should their prediction prove correct. Understanding these odds involves not just grasping the concept of probabilities but also the different types of odds formats used across sportsbooks.
Types of Betting Odds Formats
Normatively, there are three main types of betting odds formats one will encounter: American, Decimal, and Fractional. Each serves the same purpose but displays the information differently, and understanding each format is essential for effectively engaging in NFL betting.
American Odds (Moneyline Odds)
The American odds, often called moneyline odds, are quite common in the United States. These odds can appear as either positive or negative numbers. A negative number, for example, -110, indicates what amount one has to wager to win $100. Conversely, a positive number, say +120, indicates the amount a bettor stands to win if they place a $100 wager. These odds are typically aligned with the favourites and underdogs in a matchup, with favourites having negative odds.
Decimal Odds
Decimal odds, predominantly used in Europe and Australia, are simpler to understand, especially for beginners. They are shown as a decimal number and represent the total return one receives from a winning bet, including the original stake. So, if the odds are 1.50, and you bet £10, the total payout would be £15 (£10 x 1.50).
Fractional Odds
Meanwhile, Fractional odds are most commonly found in the UK. These fractions, such as 5/1 (read as “five to one”), indicate what one stands to win versus what they must stake. So, for every £1 you bet, you win £5 on top of your wager if successful.
Point Spread Betting
Tying into these odds are point spreads, another crucial aspect of NFL betting. The point spread is a handicap given to teams perceived to be stronger against those seen as underdogs. This practice evens the playing field in bettors’ eyes. If you bet against the point spread, you are wagering on who you think will win by a certain margin. For example, if you wager on a team with a -7 spread, the team must win by 8 points or more to cover.
Over/Under Betting
Finally, over/under betting offers another intriguing way to interact with NFL games. Bookmakers set a total number of points expected to be scored in a game, and bettors wager on whether the actual score will be over or under this figure.
Researched and written by Absolute Digital Media, Ben Austin is the Founder and CEO of Absolute Digital Media, a multi-award-winning SEO and digital marketing agency trusted in reputation-sensitive industries. Under his leadership, Absolute Digital Media has become recognised as the best SEO company for the professional services sector, working with law firms, accountancy practices, consultancies, and advisory firms to strengthen authority, generate qualified leads, and dominate search visibility. With over 17 years of experience, Ben and his team are consistently cited as the go-to SEO partner for professional services brands seeking measurable growth.
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