Understanding American Odds
So a final score in favor of Chicago would be a win for Steelers bettors but not for Bears bettors. Any Pittsburgh victory obviously would be a win for anyone who bet the Steelers. All you have to do is pick the winner regardless of score. There is also what is called a total. This is posted for every major American team sport. In football and basketball, the total is the combined amount of points the teams score in a game.
In baseball, the total is usually between runs scored combined by both teams in a game. In hockey, the total is usually between total goals scored combined between two teams.
Often the over and under are both the same in terms of one or the other being a favorite. But there are times when either the over or under is favored over the other. For those that are unaware, the arbitrage betting strategy is a popular system that bettors use to exploit a discrepancy in odds set by bookmakers, because it guarantees them a profit, since the combined odds between the two bookmakers means a profit for the bettor. To further elaborate on this system, it simply means that if you combine two odds set by bookmakers, you can have it work in your favor and win some money, by betting on both teams playing.
For example, the Cleveland Cavaliers and Golden State Warriors are currently playing in the NBA Finals, if two separate bookmakers had different odds on the two teams for Game 1 of the series, this is how you would arb the game. There are two bookmakers with different odds, so you will make opposing bets. You place a bet on the Cleveland Cavaliers, the odds are 2. You place a bet on the Golden State Warriors, the odds are 1. Before you start arbitrage betting, there are a few things you have to understand, one of which is the ability to calculate profits before placing your bets, so you know if the bet is worth placing.
This can be done either with an arbitrage calculator, which can be found online easily by doing a quick search, or by calculating it manually. Decimal style odds are used mostly in Europe, and are pretty easy to understand. To calculate the decimal style odds all you will need to do is simply multiply the amount you wish to wager by the decimal odds shown and you will get your payout.
For example it may look something like this:. With that said, most online betting sites will allow you to chose the style of betting odds you want displayed, with American odds set as the default. Featured Betting Sites For September 1. Reading and understanding sports betting odds can bet a little confusing to beginners, so we have provided an example below using two NFL football teams:
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