Understanding Betting Odds June 2023

Our odds table will allow you to see the most popular action on the biggest games at all the top New York online sportsbooks. If what you see isn't the line or bet you are looking for, those dropdown menus will bring you to something a little more your style, whether that's moving from the spread to the moneylines, or bringing in odds from a whole different sport. We've got football (pro and college), men's basketball (pro and college) as well as action from MLB, NBA and NHL games served up for you, as long as they're in season. As soon as betting goes live comparing odds just will be as easy as checking your phone.

If you can't read betting odds, you're not going to get anywhere in the sportsbooks so let's get into that. It's worth noting that any operator worth its salt will let you view fractional odds or decimal odds for people familiar with those methods. But we're going to break down what are known in the industry as American odds, because that's the odds format most commonly used in New York and what the Best New York Betting Apps will use by default.

In the American odds format, the betting favorite is indicated by a minus sign and a number, the underdog a plus sign and a number. The higher the number, the heavier the odds. So if you see moneyline odds from BetRivers New York sportsbook that show the Washington Football Team is +105 against the Las Vegas Raiders at -130, in its most basic terms, the oddsmakers think that Las Vegas is more likely to win, but by no means do they consider it a lock.

The Raiders' -130 means you have to bet $130 to win $100. For the underdog the odds work the other way round; +105 for Washington means you win $105 if you bet $100. For different bet amounts simply scale the figures up or down proportionally. Bet $65 on the Raiders and you could win $50 or bet $50 on Washington to win $52.50!

When you are using free bets, bet credits or NY betting promo code you should get the most value if you bet on the favorites. Winning bets make you money and the favorites are more likely to win. On the other hand there is a a lot of satisfaction when you pick the underdog and it pays off big!

So when you're reading and comparing the sports odds ahead of making a wager, you'll notice some common through lines. But if you're new at this, you've surely got some questions. Why do some moneylines have such bigger numbers than others? How am I expected to bet the spread in hockey? What does any of this mean?

Moneyline Odds

A moneyline bet is as simple as it gets for sports bettors - just pick the side you think will win the game. When it comes to the most common betting types, the odds on a moneyline wager commonly give the largest swing between the underdog and favorite. Bet MGM Sportsbook New Yorkset a recent moneyline on a pro basketball game as the Orlando Magic at +1025 and the Golden State Warriors at -1667, yes, that does mean you would have had to bet $1,667 to win $100! This is about as close to a sure thing as you'll find in an NBA betting market, which is why the potential payouts are as severe as they are.

Point Spread Bets

Betting on point spreads is wagering on the margin of victory in the game. It's one of the most popular ways to bet on sports, especially in football and basketball. If the favorite exceeds the spread or the underdog ends the game inside the set margin, that's "covering the spread" and determines the winner. Oddsmakers like FanDuel Sportsbook New York will set the spread as a way to balance the action between two teams that aren't an even match.

A game earlier this season's consensus point spread was 7 points, with the Buffalo Bills as the favorite and the Indianapolis Colts as the dog. So the Bills would have had to win by eight points or more to cover the spread, while the Colts could lose by as many six and still cover. Because the final result was a lopsided win for Indy, they covered easily.

When it comes to point spreads, you'll find the betting odds tend to be set close to -110 on both sides, with a little wiggle room either way. The sportsbooks want to have action coming in on both sides of the spread, plus a little something extra for their trouble, since there's no percentage in just setting even action.

Over/Under Odds

The over/under, also known as a totals bet, is a wager on the combined number of points in the final score, including any extra play. The consensus over/under of that Bills/Colts game was 49.5. The half point is to avoid the bet settling as a push, and ensuring that every bet is a winner or a loser. Because the final score totaled 56 point points, we can learn two things immediately. First and foremost, betting the over was the win here. We can also see that the number isn't too far off what the sports odds makers such as WynnBET Sportsbook New York gave. They know what they're doing.

Odds On Parlays

Parlay wagers give you the double-edged sword of bigger payouts at bigger risks. Because each leg of a parlay needs to hit to win, you're making the odds longer every time you add another leg.

The long way to calculate your parlay odds involves converting the American Odds given to decimal odds, multiply the decimal odds together to get your multiplier, convert the multiplier back to American for your betting odds, and then multiply the multiplier by your initial wager to see what your total payout would be should you hit.

The short way is to let a sportsbook like Caesars Sportsbook in New York do it for you, since the odds and payouts will be in front of you before you confirm your bet. In the new New York betting sites you can see the payouts for any parlay automatically displayed in the betting slip.

Live Betting Odds

One of the great advantages the online sportsbook operators including BetRivers Sportsbook NY has over other methods of making sports bets is the option of live betting on in-progress games. The ability to wager on the next play, next scoring play or the moneyline as it moves brings an exciting new element to the games. Odds traders working for a sportsbook will adjust the betting lines based on stats and scores as the games go on.

You will find that games in the major sports leagues have many more live betting options than those in minor sports. Usually you click on the teams listed in your sportsbook to pull up the live betting options.

Between the lines being initially set and the start of the contest, it's common for the lines to move. And they can fluctuate dynamically during the game as the action on the field influences the live betting markets. Lines can move for a number of reasons, but the most common is one side of a bet getting a majority of the wagers. The lines will adjust to make the other side more attractive and keep the operators from potentially losing a lot of money if a popular bet at favorable odds comes in.

Lines can also be impacted by factors that have nothing to do with existing bets. If three starters on the favored basketball team have to sit out, the lines will reflect the team's reality. PointsBet Sportsbook New York frequently updates betting lines and boosts to balance out bets.

There are as many strategies around when to lay down a bet as there are bettors to do it. Many players like to get their sports wagers on the books as soon as the initial lines are released, to lock in odds before anything starts moving. To do that, you have to know when the lines open up, and that will depend on the operator and betting market.

When it comes to pro football, for instance, it's safe to expect moneylines about a week out, and spreads and totals in the neighborhood of two weeks out. As you get comfortable with your favorite operators and markets, you'll get a feel for when to expect the lines to hit your app.

When you bet online, the odds tell you everything. If you want to know how likely your bet is to hit or what can you expect to take home if it does, those little numbers next to your favorite teams will tell you. If you don't know how to read and understand the odds, you may as well just set your money on fire.

One thing the odds will tell you is how much you can expect to get back if your wager hits. Calculate your potential payout ahead of time and you'll understand if your bets are even worth making. And yes, math is involved here. But if you were the type to fall asleep in algebra, don't sweat it. We'll break it all down for you in plain English, and as you play, this will quickly become second nature to you.

• Negative Odds Payouts

  If you're betting on negative odds, you're playing the favorites. The number beside the minus sign, in addition to telling you how big a favorite you're betting on, gives you the dollar amount you'll need to wager to bring in $100 in winnings. So if you check the lines on an Arizona Cardinals/ L.A. Rams game and like the Cardinals at -154 to the tune of $20, a win by Arizona would put $32.99 in your pocket - your original $20 stake returned, and $12.99 in winnings.

• Positive Odds Payouts

  The plus sign in the American odds format also tells you a lot. As you probably guessed, it's a measure of how unlikely the sportsbook operators think a result will happen. The number also indicates what your payout would be on a win, based on a $100 wager. So if you reconsidered the above bet on the Cardinals and instead put your $20 on the Rams at +130, a win there would get you $26 in winnings and your stake back, for a total of $46. As you can see, betting the underdog pays back better on a hit, but don't forget, they're underdogs for reason.

Not every sportsbook will offer the same odds across the board. As you can see from the betting action on our odds table above, there are usually discrepancies from one operator to the next. But depending on the wagers they're processing, their algorithms or traders may adjust betting odds to ensure the books will make money no matter the result of the contest. So don't be surprised if you see some odds you're not wild about, and then a few hours later notice that they've moved one way or another.

And some operators will offer odds boosts as a common promotion. They are a boon for the shrewd bettor, but also increase the volume of customers opening up their betting sites and not someone else's.

What does this all mean if you're used to playing against the odds in retail sportsbooks?

One thing you'll notice as the sportsbooks open in New York is how favorable the lines are going to be. The New York State Gaming Commission recommended licenses to nine operators who will all be competing for your business. And shopping the lines to find favorable odds is a matter of switching apps, rather than getting in the car. Finally, when it comes to signup bonuses and other promos, it's likely to be pandemonium when everyone's door open.

You can cover yourself by keeping accounts at three or four sportsbooks. Lay your bets where the point spread, total or moneyline works best for you.

Futures Odds

A futures bet is a wager on the probability of a result with a longer range than the next event. If an oddsmaker thinks the Mets have an 8% chance of winning the next World Series, that converts to American odds of +1150. Unlikely you'd get exactly those odds though, since they'll want their cut. Maybe you get closer to +1100 or +1050.

Prop Bet Odds

Prop bets are wagers on anything but the final score of a sporting event. Which player gets the first rebound? Who will get the most tackles? An over/under on home runs hit are all examples of prop bets.

Teaser/Pleaser Odds

A teaser is a combined wager (like a parlay) that shifts the spreads (or over/unders) in your favor in exchange for a less lucrative payout. The more you move the spreads, the more it costs your payout. A three-team, 6 point teaser tends to come in at +180, for instance. The odds generally run the same from sportsbook to sportsbook, but there are boosts and promos out there for the folks who shop around.

Pleasers are similar to teasers, but moves the odds against you in favor of a bigger payout.

As mentioned earlier, there are a few different formats of odds that all mean the same thing, but display in a different way.

Decimal odds essentially tell you what the your total payout is based on a one dollar bet. With this format, odds that show as 1.8 would pay back a total of $180 on a $100 bet.

Fractional odds give you the ratio of the profit weighted against the initial stake. Those same odds expressed in terms of fractional odds would be 4/5, and if you can do the math in your head, you may just recognize that as a -125.

Another example is as follows: A bet of $75 to win 262.50, a total payout of $337.50. Decimal odds list that as a 4.5, Fractional odds call that a 7/2, and American odds know that as a +350.

Author

Brian Dermody

@BrianDermody

Brian Dermody relentlessly tests and reviews all the top sports betting apps available in the US to ensure bettors know exactly what they are getting into when they sign up with a new online bookie.