Although sports betting in Maine is not yet legal, it is legal to participate in Daily Fantasy Sports (DFS) play. Popular operators like DraftKings and FanDuel offer DFS play in Maine.
Whether you’re playing DFS or hoping that Maine will get an official online sportsbook in the future, being able to read sports betting odds is key to becoming a successful sports bettor.
Formats of betting odds are different by country and state. So it’s important to understand these differences to maximize your profits.
You also need to understand the odds before you can determine how much money you want to bet and which bets offer the best value.
What do American, decimal, and fractional mean?
Odds are displayed in either American, decimal, or fractional formats, and have two meanings:
- They signal the implied probability of the outcome to which they are attached
- They indicate how much money you could win betting on that outcome
Sportsbooks in the United States use American odds, which have a “+” or “-” symbol in front of a three-digit number.
In decimal odds, a number rounded to two decimal places determines how much your bet is multiplied by to determine your winnings.
In fractional odds, the numerator details the number of times the bookkeeper expects the result to fail while the denominator illustrates the number of times they expect the result to succeed.
If it’s 5/3 odds for a race for Horse A against Horse B, that means Horse A would be expected to lose five out of the 8 outcomes while winning the other three.
Many factors influence odds, such as statistical and analytical research. So it’s important to understand that you should never rely on the odds alone.
Betting odds in decimal form are one of the easiest to calculate, as you simply multiply your wager by the odds of the team you are betting on. The winnings are then calculated by subtracting the original bet from the payout.
For example, If you bet $50 on the Boston Bruins who had odds of 2.30, you would multiply 2.30 x 50, and then subtract 50.
What do the plus and minus mean?
In sports betting, + and – indicate the potential payout as well as whether you’re betting on the favorite or underdog.
On the betting line, negative numbers indicate the favorite. The negative number indicates how much you’d need to bet to win $100. Positive numbers represent underdogs, and the numbers represent the amount you will win if you bet $100.
What if there’s a tie?
Games sometimes end in a tie. A tie is referred to as a “push.” Pushes don’t necessarily affect your payout, but they will certainly influence how much you win.
Before placing your first wager on sports, bettors should be aware of the possibility of a push.
You will not see pushes when betting on the money line. It’s possible to bet on ties if a sport allows them. You only need to consider the possibility of a push when betting against the spread or placing a totals bet.
If a push does occur, you will simply be refunded your money. It will not count as a win or a loss.
With sports betting becoming more popular and even legalized across several states, many sports fans will be looking to break into sports betting. Understanding the basics of sports betting will put you one step closer to taking part in your next sports bet and potentially even making a profit.
