The month of January is an exciting time for NFL betting fans. This is because it is playoff times for the NFL with a handful of teams playing for the finals. For many football fans, placing a bet on their favorite football team is part of their NFL playoff ritual. However, many NFL fans who want to bet on football have no idea how to read NFL odds. Therefore, in this gambling tutorials we will go over Understanding NFL Betting Odds and how to use them.
First, it is imperative to know how sports betting odds are made and function to maximize your gambling profits. For example, knowing how the odds are made, will help you understand why the sportsbooks chose to make a team the favorite or the underdog. Understanding this will help you place your bet and figure out any weaknesses in the odds.
For example, a team is the underdog because some of its key players are on the injury list. However, you believe it will not affect their style of play because they have good backup players. Thus, this could help you find odds that are in your favor and help you profit from gambling.
How to Read NFL Sports Betting Odds
There are three ways in which odds can be shown at a sportsbook. In North America, they typically see American odds which are either a positive or negative number. They are also known as money line odds. Here is an example
Buffalo Bills -300
Atlanta Falcons +240
Above, we see an example of an NFL game with American betting odds. The team with the negative number is the favorite and the underdog is shown with positive odds.
American odds at sports betting websites shows how much bettors needs to bet in order to win $100. Therefore, you would need to bet $300 on the Bills to win in order to win $100. If we place a $100 bet on the Falcons, you get $260 if they win.
American odds will also show a point spread. The odds will indicate how much you have to wager. Furthermore, they have nothing to do with the wager itself.
Buffalo Bills +6.5 (-110)
Atlanta Falcons -6.5 (-110)
The point spread in this example is 6.5. For bettors to win on the Bills, Buffalo must win by at least seven points. However, to bet on the Atlanta point spread and win; Atlanta must either win the game or lose by 6 points or less.
The odds in parentheses are known the commission the sportsbook earns for taking the bet.
Therefore, you bet on the Bills, you wager $1.10 to win $1. For example, you place a $100 Point spread bet on Buffalo and win. The payout is $190.91, which includes your $100 stake plus the $90.91 you won on the bet.
Understanding NFL Betting Odds –Decimal Odds
Betting Odds can also be in fractional form or in decimal form. Fractional odds, such as Liverpool 5/2, are typically seen in the UK. Then, we have decimal odds which are usually seen in Europe, Australia and Asia.
In fact, many bettors think decimal odds are the easiest to understand. For example, if the Atlanta Falcons given odds of 2.5 to win. If you place a $10 bet and the Falcons wins, you win $25.
Bettors can use any number of betting calculators out there to convert decimal or fractional odds to American odds and vice versa.
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