Bookie betting terms odds

Double-header Draw see also Push , Tie When the contest ends with no winner or loser. Drift When odds lengthen, implying a decreased likelihood of the event occurring; odds are said to have drifted or are "on the drift". Each-way A bet that comprises two independent bets, one for the selection winning and one for the selection placing e.

Place conditions vary in relation to the number of participants. Mostly commonly, but not exclusively, used in horse and greyhound racing. Elo ratings Invented by Hungarian-born American master level chess player and physics professor Arpad Elo. A way of comparing the skill levels of players in competitor-versus-competitor games. Expected goals The number of goals a team or teams would expect to score in a match.

This is determined by assigning a value to shots on goal, the number of shots, shot location, the in-game situation and the proximity of opposition defenders. Expected value The amount a player can expect to win or lose if they were to place a bet on the same odds many times over, calculated through a simple equation multiplying your probability of winning with the amount you could win per bet, and subtracting the probability of losing multiplied by the amount lost per bet.

Exposure Potential losses to which a sportsbook or bettor is exposed to in a given market or bet. Favourite see also Chalk , Jolly The selection that the markets sees as the most probable winner of a given event. The quoted odds reflect the extent to which the choice is favoured.

First half bet see also Second half , Quarter bet A bet on the outcome of the first half of a game only. Fractional odds Future see also Ante-post , Proposition , Special Odds for the winner of a specific future event often posted far in advance of it occurring. Grand Salami Betting on the grand total of goals scored in all the listed games of the day within a specific league e. Half time bet see also First half bet A bet on the result of the first half of a game only.

Half-ball handicap A Handicap which is 0. Handicap A numerical figure set by the bookmaker to counter the perceived bias in abilities of opponents - this provides more balanced odds. Handicapper Someone who uses maths based rating systems to forecast outcomes on sporting events and place bets accordingly. Handicapping Forecasting the outcome of sporting events using maths based rating systems and placing bets accordingly.

Handle The total volume of bets on an event taken by a bookmaker. Hedging see also Arbitrage Betting on both sides of a market, or several selections within a market, to exploit the advantage of price discrepancies, or limit losses.

For more information, read our guide on how to hedge a bet for guaranteed profit. Holding your own Neither winning nor losing, just breaking even. Home field advantage Often abbreviated to HFA , refers to the perceived advantages enjoyed by the home team. If bet Multiple bets which are conditional on a sequence of outcomes. In-play betting see also Live-betting Betting on an event that is in progress.

Regular betting markets close once the event starts, in-betting odds reflect the progress of the event in real time. Juice see also Commission , Margin , Vigorish The implied cost of placing a bet set by the bookmaker. Bookmakers inflate the perceived likelihood of an event - as represented in their odds - suggesting it is more likely than underlying probability. Kelly Criterion see also Staking method Popular staking method which suggests that stake should be proportional to the perceived edge.

Laying the points Backing the favourite on the Points Spread and therefore accepting the points Handicap. Layoff Where a bookmaker reduces liability by covering a bet at another bookmaker; or where an individual bettor reduces risk, limits losses or locks in a profit by backing both sides of a market, or several selections within a market. Listed pitchers Live-betting see also In-play betting Betting on an event that is in progress.

Regular betting markets close once the event starts, live-betting odds reflect the progress of the event in real time. Lock see also Banker Selection which is considered especially likely to occur; often the cornerstone of a Multiple bet. Longshot A selection with long odds very low probability suggesting it an unlikely to winner, but offering a proportionately high return.

Margin see also Commission , Juice , Vigorish The implied cost of placing a bet set by the bookmaker. Match bet A bet that focuses on the performance of two variables against each other within an event e. Non-runner Selection that will not participate in any given event. Novelty bet see also Special A bet on an event which cannot be easily assessed in common handicapping terms, and is offered for its novelty value e.

Winner of a reality TV show. Odds see also Line , Price A representation of the perceived frequency of an event derived from the underlying probability which enables betting. If it says Steelers Under 8, this means you'll have to bet the specified amount and the overall score has to be lower than 8.

Over Under Betting comprehensive guide. How Do Odds Work? Basically, odds represent the favorable outcome in a game. This can be who wins, what events will happen, or combined point amounts. The three main types of odds are British, European, and American. With that said, though, it's important to know that the type of bet differs but the payouts do not.

Our recent guide about the best sports trading cards ever. Sportsbook Online Sportsbooks online are available in most U. Not only do they have tons of sports, but they also have so many different bets that you can place. It's important to make sure it's legal in your state, though, so you don't get into any trouble. Calculating Betting Odds Sportsbooks calculate odds by putting the amount that will need to be paid out to the amount of money that all bettors have paid.

The sportsbooks try to keep both sides as even as possible. Not only will this save them from losing a bunch of money, but it guarantees that anyone who wins can be paid. Sports Odds Explained: American Odds Take a look below to learn more about American odds and get a better understanding of them. If the odds have a plus, that means you'll win that amount of money if you win the wager.

For example, let's say the odds are Read and learn more how to bet on NFL Football. This is how sportsbooks discourage bettors from betting a large amount on the favorite. For example, let's say the Browns are in the Super Bowl and they're projected to win and they have odds of On the other hand, this juice or vig could also encourage bettors to bet more if the plus side is higher.

It's not super hard to understand but you'll want to make sure you're looking at the odds correctly to ensure you're not going to lose a bunch of money! Round Robin Betting Guide. American Odds are also known as moneyline bets. With this betting type, you'll see odds that have a plus sign or minus sign.

The team that isn't favored to win has a minus sign and the favorite has a plus sign. The next thing we'll do is show you how to read these odds. It's relatively easy to understand and you just have to remember what the plus and minus signs mean. Calculating Payouts The way that odds are calculated will depend on the type of bet being placed.

There are three main types of bets, which are moneyline, decimal odds, and fractional odds. Moneyline odds are the plus and minus bets that we talked about earlier, so we're going to focus on decimal and fractional odds in this section. Decimal odds are most commonly in Europe, Australia, and Canada. They are the easiest to understand and are relatively straightforward. They are usually just one number that goes to two decimal spaces.

Spread Betting Guide from Lines. For example, you might see that the Browns have decimal odds of 1. Fractional odds are most common in the United Kingdom and is the betting type that can be a little difficult to understand. To calculate the potential amount you could win, you have to make sure you add in your original wager. This fraction means that you can win three stakes for every one stake.

This means you'll get six stakes for every four stakes wagered. These fractions are also called odds against and are similar to the plus number in a Moneyline bet. Once you know what it equals out to, you'll be able to calculate using the method above. Calculating Implied Probability Implied probability can be a little difficult to understand and it takes some math to figure things out. We're going to look at all three betting types and try to break everything down.

Implied probability is when the odds are converted into a percentage. It's important to know how to calculate these to increase your wins and cut down on losses. Prop Betting Explained for the beginners. Player A has decimal odds of 4.

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Last updated October 27, pm. Please be advised that betting on sports is not available in all US states. How to calculate implied probability As previously stated, understanding and calculating the implied probability in betting odds is key to long-term betting success at, for instance, Pointsbet Sportsbook. So how do we calculate the implied probability in American odds? What is the implied probability of these odds?

In this instance, the bookmakers believe the Lakers are a In this case, the bookmakers see the Bulls as a How To Read Value Bets As stated earlier, the key to successful betting is to bet only when there is value. In our example, we should only bet on either the Bulls or the Lakers if we determine that they are a better chance to win the game than what the odds represent.

If we believe the Lakers are a better chance to win than If we believe the Bulls are a better chance to win than Understanding betting odds is crucial to long-term betting success. Possessing an intimate grasp of betting odds and their implied probabilities is fundamental to profitable betting. Why do you sometimes get dropping odds or enhanced odds as the match date approaches? What is the actual difference between low odds vs high odds? The bookmakers set the odds of a specific match one week earlier, for example.

If you track these odds, you will see that they constantly change: Sometimes you have odds lengthen or drift and sometimes you have odds shortening. There are two reasons for this: 1. But a week is a long time: Team A can lose this position, for example, due to a player change. In other words, developments that may affect the outcome of the match also cause changes in odds.

The bookmaker tries to make all bets as equal as possible for the outcomes it offers It is not good for the bookmaker to have too many people bet on the favorites or betting on the underdog : Ideally, every outcome should have an equal number of bettors. The bookmaker wants an equal number of bettors to place a bet for both.

By doing that, it can simplify things and reach a higher profit margin. In real life, of course, it is not possible to achieve full equality, but if, for example, the number of people betting for the underdog is too low compared to the favorite team, the bookmaker tries to encourage new bettors by raising the underdog odds to level the bettor numbers as much as possible.

In other words, one of the reasons for the odds changes is that bookmakers try to obtain the same number of bettors for different outcomes. How are odds set in sports betting exchanges? So, how are odds set in exchanges?

Unlike bookmakers, sports betting exchanges do not set any odds. Each and every member of the exchange can offer odds for a specific event and you can purchase that offer. Likewise, you can offer your odds for any event too. As can be guessed, this is an advantage: Usually, the odds at exchanges are much better than traditional bookmakers. But this may vary according to your accumulated Betfair Points, which can offer you discount rates on the commission. In other words, you can make an actual profit by choosing these bets.

In exotic sports, the bookmaker margin house edge can be very high. The first one says you are ok with any kind of odds changes until the event starts, whether it is an increase or a drop. This means the payout is equal to the wager amount, i.

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