Moneyline Bets Explained
Going back to the previous example, a $10 bet at 3/1 odds would represent $30 in profit. For example, if you bet $10 on the New York Knicks to win at odds of 2.25, your return (or “total payout”) would be $22.50 if they won. They are used by most people outside of America, most notably Europe.
So, to actually PROFIT $100 with the Lakers bet, you would need to wager $250. If you are planning to enter the betting or the gambling world, it is important to be able to understand and interpret all types of odds well. Once you have mastered the three popular types of odds , you can move towards a more detailed read on this topic and find out how the house always wins. The potential profit for a Cleveland win would be even higher, as you could make a profit of $700 [$100 x (7/1)]. With the initial stake of $100 being returned, it would make for a total payout of $800. It can quickly be determined that the Golden State Warriors are the favorites while the odds on Houston and Cleveland winning are longer.
The chance of a particular outcome occurring that a sportsbook has calculated is called the implied probability. To determine the implied probability, you must convert the betting odds into a percentage. See how to convert each format of odds to an implied probability in the following section, where you’ll see each type of the betting odds explained. For example, the Golden State money line above is listed at -340 odds. Using the same principles we just discussed, $340 needs to be bet in order to win $100.
Odds of 3-5 indicate that your profit will be three-fifths of a dollar. In other words, for every $5 you bet you can win $3 in profit. To figure out profit, multiply the amount you bet by the odds fraction.
That means if you bet $100 on the Jets, and they win, you would win $240. If you bet on the Patriots -7, they must win the game outright by more than 7 points. For individual bets, just say “straight” or “straight up”, otherwise you will need to explain that you are taking a parlay or some other bet type. This is how much you are wagering, not how much you want to win. Most books use -110 odds , so if you want to win $100, you’d state $110 as your wager amount.
If the Chiefs were to win the game by any score and you picked the Chiefs you would win not including the extra six points. If the Lions were to win, 20-14, it would be exactly six and a push, so you would get your money back. A moneyline bet is on a team to win the game outright at an adjusted cost. Just like with point spread betting, the favorite will have negative odds, while the underdog will have positive odds. The difference here is in the price or payout depending on which team you take.