A good example would be a coin toss that has an equal chance of landing either heads or tails. The equation is slightly different for underdogs and favorites. Odds with a negative - symbol indicate the betting favorite. What is Chalk in Sports Betting? A small chalk, then, would be a slight favorite. In this case, both sides are considered equal and there is no point spread listed.
When betting a 7-point underdog, you need that team to beat its opponent outright or lose by 6 points or fewer. What about that half-point? If that same underdog loses by 5 points or more, it does not cover the spread. When a half point is attached to a point spread, a winner is guaranteed.
Decimal odds are also known as European odds, digital odds or continental odds. The figure quoted is either positive or negative. Moneyline odds are often referred to as American odds. A "moneyline" wager refers to odds on the straight-up outcome of a game with no consideration to a point spread. In most cases, the favorite will have negative moneyline odds less payoff for a safer bet and the underdog will have positive moneyline odds more payoff for a risky bet. However, if the teams are evenly matched, both teams can have a negative line at the same time e.
Gambling odds versus probabilities[ edit ] Main article: Mathematics of bookmaking In gambling, the odds on display do not represent the true chances as imagined by the bookmaker that the event will or will not occur, but are the amount that the bookmaker will pay out on a winning bet, together with the required stake. In formulating the odds to display the bookmaker will have included a profit margin which effectively means that the payout to a successful bettor is less than that represented by the true chance of the event occurring.
The true odds against winning for each of the three horses are 1—1, 3—2 and 9—1, respectively. This represents the odds against each, which are 4—6, 1—1 and 4—1, in order. This value of 30 represents the amount of profit for the bookmaker if he gets bets in good proportions on each of the horses. And the expected value of his profit is positive even if everybody bets on the same horse. The art of bookmaking is in setting the odds low enough so as to have a positive expected value of profit while keeping the odds high enough to attract customers, and at the same time attracting enough bets for each outcome to reduce his risk exposure.
A study on soccer betting found that the probability for the home team to win was generally about 3. It was about 3. Sports information services are often used by professional and semi-professional sports bettors to help achieve this goal. The odds or amounts the bookmaker will pay are determined by the total amount that has been bet on all of the possible events.
They reflect the balance of wagers on either side of the event, and include the deduction of a bookmaker's brokerage fee "vig" or vigorish.
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