п»їSports betting for dummies.
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US Sports Betting For Dummies.
Betting Guide.
Home В» Betting Guides В» US Sports Betting For Dummies.
Sports betting is a fun and exciting way to make sports interesting but it can be confusing and difficult to understand how to bet on sport. Don’t worry though, our sports betting for dummies guide will explain to you the basics of sports betting and begin your journey as a sports bettor!
Table of contents.
How To Read Betting Odds Sports Bet Types Cash-Out Sports Betting for Dummies In-Game/Live Sports Betting for Dummies Betting Sites For Beginners Bet Responsibly Value Bets and How To Identify Them.
How To Read Betting Odds.
Betting odds indicate how likely one outcome is in comparison to the other. While there are different ways to display odds, you’ll usually see odds displayed in a numerical or fractional form.
In fractional form, you’ll see something like 1/3 or 3/1: The lower number on top (1/3) indicates that the team is favored to win by three times more than they are to lose. The higher number on top (3/1) indicates that the team is three times more likely to lose than they are to win.
Sports Bet Types.
What Does Moneyline Mean?
Simply put, a moneyline bet is betting on a team to win the game. The moneyline odds are determined by the likelihood of that team winning.
How Spread Betting Works.
Betting the spread is when you bet on either the favorite or underdog to cover the points spread. The point spread is the number of points sportsbooks believe the favorite to better than the underdog.
How To Bet On Over/Under (Totals)
Over Under betting is based on how many total points/goals/runs will be scored in the game.
Example: If the total is 43.5 points, 44 or more points are needed to win the “over” bet – 43 points or less are needed to win the “under” bet. If the total is 50 points, and the final score hit 50 points right on the number, that’s considered a push – or a tie. In that case, the bettor will get back their original investment.
Points Betting For Dummies.
This is a new and innovative way of betting on sports, but what is points betting?
Points betting rewards the bettor for how right they are.
For instance, let’s say you’re betting on basketball where the Brooklyn Nets and New York Knicks. If you bet $10 on the Nets, who are favored by three points (-3), and they win by seven points, you will have won $40 because they covered the spread by four points.
How To Bet On Futures.
A future bet is based on any future outcome. Most futures bets are on teams to win a championship, a conference/division, a certain amount of games or a total number of wins. However, there are also futures bets on individual players to win achievement awards such as NFL MVP or reach a certain number in a statistical category, like an NFL player to top the rushing yards table for that season.
How to Parlay Bet.
A parlay bet combines two or more individual wagers and is dependent on each bet winning together. As a result, a parlay bet pays out higher because the chances of winning dependent on more than one outcome.
For example, if you bet New York Giants, Chicago Bears, and Dallas Cowboys in a parlay and they all win their individual games, you win. However, if New York Giants and Chicago Bears win, but Dallas loses, you lose the parlay.
What Is A Teaser Bet?
A teaser bet has similar characteristics to a parlay bet, in that all of the teams or totals you picked have to win. However, in a “teaser” bet, the point-spreads and totals are adjusted to lower the bettor’s risk.
For instance, if New York is favored by 10 points, you can lower the spread down to three points and so on with other games that you chose. The drawback with teasers, though, is that the bettors will typically wager a lot more than they’ll win. If the teaser loses, it could be a sizeable monetary collapse.
How To Bet On Props (Specials)
A prop bet based on a proposition (novelty, side bet) that something will happen that won’t affect the outcome of the game.
Examples: Will Todd Gurley rush for more or less than 1.5 touchdowns? Will Tom Brady throw for more or less than 315.5 yards? Will Stephen Curry make more or less than 5.5 3-point field goals?
Cash-Out Sports Betting for Dummies.
Many sportsbooks offer their customers the chance to ‘cash-out’ before the event has finished and their sports wager has been settled. The cash-out feature is a way for a bettor to lock-in profit from their sports wager, or minimize their losses. The size of the payout is determined at the time of cashing out your bet and depends on the likelihood of the bet winning.
For example, let’s say you bet with DraftKings Sportsbook and you’ve wagered an NFL parlay bet on three matches. You picked the correct outcome in the first two matches and the final match is yet to play. In this situation, some sportsbooks will offer you the chance to cash-out your bet. If you’re offered more than your stake to cash-out, then you can lock-in profit from your bet and cash out.
However, let’s say you backed Clemson University to win on the moneyline in a College Football game. It’s the fourth quarter and Clemson University is losing by a touchdown and don’t look like they’re going to win. You can minimize your loss by cashing out your bet with the sportsbook.
To sum up, cash-out is a way for a sports bettor and a sportsbook to minimize their losses/risk.
In-Game/Live Sports Betting for Dummies.
Live betting also known as in-play betting is exactly what it says. The ability to wager on a sporting event that has already begun, but has not finished yet.
There are many Sportsbooks that offer their customers live betting capability, which are:
Betting Sites For Beginners.
Bet Responsibly.
Gambling is a fun way to enhance the excitement of sport, but it is important to know how to bet responsibly and stay in control.
It may sound simple, but betting what you can afford to lose is the best advice ever given. If you set aside (for example) $50 each week, you know that is the maximum limit that you can lose – anything you win is a bonus. Now, just because you win $200 early in the week and then lose that, on top of the $50 you set aside, doesn’t mean that you can expand the initial limit you set.
Chasing losses is always something that gets gamblers in trouble. Let’s say you’re betting on an NFL game early in the day and lose – that doesn’t mean that you should make a bet that’s double the amount later on. For starters, you probably didn’t do as much research on that latter one, but more importantly, you could put yourself in an even bigger hole.
All in all, you shouldn’t look at gambling as a way to be your primary source of income. It should be fun and done responsibly.
If you feel your betting is becoming a problem and you feel out of control, seek help at 800-GAMBLER .
Value Bets and How To Identify Them.
Finding value in miscalculated lines is key to gaining an advantage for yourself against the sportsbooks.
For instance, there are certain teams that play much better in their home stadium than they do on the road. Other teams play better against others because of particular matchups – in basketball, one team may have another height advantage over the other, thus giving them a chance at more rebounds and possessions.
Sports betting isn’t easy – if it was, everyone would be swimming in money. On nearly every level, it’s up to the bettor to make the best possible choices. Of course, some luck doesn’t hurt, but sometimes you make your own luck. Fortunately, US-Odds has done the hard work for you through our Computer Picks algorithm which calculates bets offering the most value on each sport.
Summary.
Now that you’ve read through the basics of our sports betting for dummies guide. You should now understand the main types of sports bets, as well as the idea of value bets and how to bet responsibly.
If you want to learn more about sports betting then we have more sports betting guides on NFL, NBA, and MLB.
Alternatively, if you’re ready to begin online sports betting. Read our full and comprehensive Sportsbook reviews to find the best sportsbook for you or check out the best free bet bonuses being offered.


How To Bet on Sports Online.
How to Read Sports Odds and Betting Lines.
I’ve titled this Sports Betting For Dummies. It’s a tutorial for those who want to start betting on sports or those who want to gain a better understanding of some of the terminology and theory behind it. We’ve all been in the position of learning something new, so please don’t be embarrassed if you don’t grasp these concepts. Instead, contact me via the form at the bottom of this page, and I’ll help you in any way I can.
You want to put a few coins on this weekend’s games, or perhaps you just want to be able to decode all of that jibberish you see in the sports section every week. How do you read those sports odds, and what does over/under, minus/plus, giving points, taking points mean?
WHAT DOES IT ALL MEAN?
I will painlessly explain all of the mysteries of sports betting 101 aka “Sports Betting for Dummies.” First of all, you have nothing to be ashamed of, you have taken the first and most important step of all – learning! Why waste money on a game that you don’t fully understand? You shouldn’t! That is why you are here now, to learn how it works and how to win!
Topic #1 The Point Spread and Totals.
Okay, you look at the games for Sunday and you see the betting lines displayed something similar to;
San Francisco -5 vs. St. Louis 41.
You may look at that and be intimidated and feel helpless, but I’m going to decode this little bugger for you. This is the betting line – not the odds. The odds are what you are to be paid (covered later).
How to Read and Bet Point Spreads.
Whenever you see a team with a (-) negative number next to them, (-5 in this case), it means that team is favored to win by that number of points.
See, that wasn’t too difficult, was it?
Sometimes you will see the points displayed as half numbers like San Fran -5.5. If you bet on San Fran, and they win by 6, you win the bet. If they win by 5 or less, you lose. Clear? If not, submit your question in the form at the bottom of the page and ask me. I’m here to help.
How to Bet Over/Under.
Okay, so the other betting option available to you is the total or ‘Over/Under.’ You can choose to bet that the total points between the two teams will either be greater (OVER) or less than (UNDER) the projected total. Again, if you bet either way and the game ends up being 20-21, for a total of 41 points, then you will receive a refund of your wager amount.
Topic # 2 The Moneyline or Straight-Up wager.
This is where you simply wager on which team will win the game outright, no point spreads, no BS…just the straight up winner. Although this may appear to be easier, you will pay for it as the odds (payout) will reflect the lack of a point spread. If you wager on a favorite, then you will win less than with a point spread, but if you wager on the underdog…and win…you will receive and even greater win amount based on the higher risk taken.
Topic # 3 How to Read Sports Betting Odds.
For reading the fraction odds , I strongly recommend converting them to a decimal. This will make figuring out your potential win much much easier! To do this, just like in 2nd grade, you take the first number and divide it by the second. So if your odds read 7/4, you simply divide (7) by (4), which equals 1.75. That is the decimal form odds , now you simply multiply (1.75) by whatever your wager amount is to figure out your potential profit. In this case, if you were to risk $100, then your potential win would be $175 profit if you are correct! Also, you will receive your initial bet amount of $100 as well, for a total of $275 in your hand.
Now for American Style Sports Odds. Typically, when you are betting on the point spread, as in topic #1 above, the odds are displayed or implied to be (-110), which is known as American Style odds. The American Style odds format is based on $100. When the number, is displayed as a negative number (-110), it indicates how much money you must risk to realize a profit of $100. In our scenario, you must wager $110 to win $100 profit. If you do, you will receive $210 when you cash in…the winning amount PLUS your initial wager amount.
Topic #4 Now What?
Now that you have the basics down, there is only one thing left to discuss – where to bet that is safe . I strongly recommend that you start by wagering on only one pick per day. You don’t want to spread yourself too thin and have your hand in every match available. If you bet that way, you will surely get nickel and dimed out of your bankroll. Spend time studying the teams and choose your best selection available. Decide on a budget of how much you are willing to risk. Now you need a reputable online sportsbook (online sports betting site) to do business.
There are millions of sites out there, but only a handful that will treat you right. I deal with a few main sites in my personal online sports betting, Bovada, BetOnline, and MyBookie .
Check these sites out and see which one fits you best. Maybe you will take advantage of the bonuses at those sites and then decide which one you want to continue to use. I prefer to use multiple sites, so I have a selection of lines to choose from to get the best available payout! Whether you want to bet $1 or $500, any of these sites will work just fine for you and pay you quickly when you win. If you want more details and options, just go to the sportsbook reviews and ratings page .
I hope that I have answered some of the nagging questions about sports betting and how it works. Feel free to use the form below to contact me directly with any question you may have. I’m here to help you understand and win! Good luck!
Also, be sure to check out my free sports picks !


How to Bet on Sports for Beginners: 12 Tips to Know.
Suchat Pederson/The News Journal via USA TODAY NETWORK.
Over the past few years, the emergence of daily fantasy sports has led to a renaissance for conventional sports betting. The anti-gambling stigma that existed for decades is fading in American popular culture, opening the door for a massive, multibillion-dollar legal sports betting industry to emerge.
With sports betting now legal in many states, millions of sports fans will be looking to enter the betting market for the first time. But where do you begin if you’re unfamiliar with the terminology?
Here’s an introduction into how to bet on sports. We’ll be adding to this series in the coming weeks.
How to Bet on Sports for Beginners: 12 Tips.
Use the links below to jump to each section.
1. Favorites vs. Underdogs.
When the oddsmakers release a betting line on a game, the first thing they do is decide which team should be the favorite and which should be the underdog.
The favorite is the team that is expected to win the game and will get a minus sign next to its odds, while the underdog is expected to lose and gets a plus sign. If the game is a toss-up, books will open it as a “pick” or “pick’em.” Click to return to table of contents .
2. Spreads.
There are two main ways to bet on a favorite or an underdog. The first is the point spread, which is a bet on the margin of victory. A favorite “gives” points, while an underdog “gets” points.
For example, say the Patriots are 7-point favorites (-7) against the Jets.
If you bet on the Patriots, they need to win the game by 8 points or more for you to win your bet. If the Patriots win by 8 points or more, you “cover.” If the Patriots win by exactly 7 points, that is called a “push,” which means you get back the money you originally bet.
If the Patriots win by 6 points or fewer (or lose the game straight-up), you lose your bet.
Spreads are available for all sports, but they are predominantly used when betting on higher-scoring sports like football and basketball.
3. Moneylines.
The second way to bet on a favorite or an underdog is on the moneyline. This is based solely on which team will win the game.
Favorites are given a “minus” designation, such as -150, -200 or -500. If a favorite is -200, that means you have to risk $200 to win $100. If the favorite wins, you get $100, but if the favorite loses, you’re out $200.
Because favorites are expected to win, you assume more risk when betting on them.
Moneylines are available for all sports, but they are predominantly used when betting on lower-scoring sports like baseball, hockey and soccer.
4. Over/Unders (Totals)
In addition to setting a line for the favorite and the underdog, oddsmakers will also set a total number of points scored in a game by both teams combined. This is called the total or over/under.
Bettors can then wager on whether or not the game will go Over or Under the total.
For example, an NBA game between the Celtics and Bulls might have a total of 215. You could either bet the Over 215 or the Under 215. If you bet the Over 215 and the total points scored end up being 216 or higher, you win your bet. If the total points scored are 214 or fewer, you lose.
5. What Is the -110 Number Listed Next to My Bet?
The oddsmakers put a “tax” on every bet, which is typically called the “juice” or “vig” (short for “vigorish”). The juice is the commission you have to pay to the sportsbook for them to accept your wager.
Say the Duke Blue Devils are -5 (-110) … that means if you want to bet on Duke as a 5-point favorite, you need to risk $110 to win $100.
You always have to risk more on a favorite than you’d win on an underdog…otherwise, sportsbooks would be out of business.
6. How to Place a Bet.
With legalized sports betting spreading across America, sports bettors have never had more options to take advantage of. To see if sports betting is legal where you live, check out our state-by-state tracker.
Some of the biggest states that have legalized mobile wagering include Colorado, New Jersey, Pennsylvania, Indiana and West Virginia. The sportsbooks highlighted below are all trustworthy legal shops that take bets online.




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п»їBankroll Management: The Kelly Criterion in Sports Betting.
When we speak about the long term success of a betting system, a major component that needs to be thoroughly planned out and implemented is bankroll management. Not just any bankroll management either. Successful sports bettors have solid, unbending rules in place as part of their system. They implement these rules along with the rules for picking the sports plays they wish to wager on. They should not waiver from the plan. The Kelly Criterion in sports betting is just one of the bankroll management solutions that is currently being used by many handicappers and is definitely worth considering when devising your own money management strategy to follow along the way.
Previously, I have written an article on bankroll management. You can read that article here. In that article I discuss the flat betting approach, the variable betting approach and the Kelly Criterion approach. For this article, I am going to further focus on the sports betting Kelly Criterion approach, as it is a very solid approach in my opinion.
About John Larry Kelly, Jr. – The Gentleman Behind the Formula.
John Larry Kelly, Jr. was born in Corsicana, Texas on December 26, 1923. He devoted four years of his life in the US Navy as a pilot and served in the World War II. Kelly studied at the University of Texas at Austin and earned a PhD in Physics in 1953. After graduation, he worked in the oil industry. He would later change jobs and became employed with Bell Labs in Murray Hill, New Jersey. During this time he would devise a formula as part of an article published in an 1956 issue of the Bell System Technical Journal . That article was entitled “A New Interpretation of Information Rate”. That formula would become known as the Kelly Criterion. Many sports bettors and Wall Street investors including Warren Buffet are advocates of this theory in terms of bankroll management. John Kelly died of a stroke in 1965, but his criterion remains imperative to many.
Why Is Bankroll Management Important in Sports Betting?
So, why is bankroll management important in sports betting? Sounds like a silly question really. After all, bankroll management is imperative in pretty much everything we do. If your salary from work is $50,000 per year, we would obviously like to budget and make that $50,000 work best it can. After all, budgeting enables you to generate a solid spending plan for the money you’ve earned. Spend a little here. Save a little there.
In sports betting, the same can be said. As our bankroll grows, so does the amount we wager per play. If we are in the midst of a losing streak, we may wager less per play and have our bankroll sustain longer. Solid bankroll management is a key component to becoming a profitable sports handicapper. Without a solid bankroll management system in place and the unwavering ability/mindset to stick with that solid system, you could end up squandering bankroll despite sustaining a decent winning percentage.
If we wish to become an effective long-term sports handicapper (and that is the goal, correct?), bankroll management is just as fundamental as selecting winners. We never want to be reckless with bankroll. Never.
The Mathematics Behind the Kelly Criterion.
So, let’s get back to the Kelly Criterion in sports betting. The Kelly Criterion is used to control the size of any potential wager. The mathematical equation is as follows:
(bp-q) / b =f.
Where “b” is the multiple of our stake we can potentially win (decimal odds less 1). “P” is the probability of winning. Conversely, “q” is the probability of losing. And “f” is the fraction of our bankroll we wish to put at stake.
Let’s say we have a $1000 bankroll. Let’s further say your well thought out and back tested handicapping system wins 55% of the time. Let’s say the Los Angeles Dodgers are favored with a money line of -110. After dotting all your “I”s and crossing all your “t”s, your system has the dodgers winning.
In above equation:
b = 0.909 (-110 moneyline is 1.909 in decimal odds – 1 = 0.909)
(0.909 * .55 – .445) / .909 = .05495.
Because our bankroll is $1000 we would hence wager ($1000 * .05495) or $54.95.
Potential Issues with the Kelly Criterion in Sports Betting.
Utilizing the Kelly Criterion does not select the plays themselves. It only provides you with a bankroll management strategy. You will still need to heavily backtest your handicapping strategy and then use a bankroll management strategy (such as the Kelly Criterion) for a chance at sports betting success. Regarding the Kelly Criterion, there are still blank spots in the equation that need to be worked out accurately. Those variables are p (for the perceived probability of winning the wager) and q (for the perceived probability of losing the wager). Your handicapping strategy will help devise these figures.
Furthermore, many believe that the Kelly Criteria has the tendency to be overly aggressive. In the above example, the $54.95 dollars is over 5% of our total bankroll. Many handicappers will not wager more than 2% of their total bankroll on a single play. For this particular reason, many bettors will utilize a strategy known as a fractional Kelly. A fractional Kelly simply uses a fractional amount (usually ВЅ) of the stake devised by the Kelly Criterion.
Conclusion.
When used correctly, the Kelly Criterion can help find wagers that offer a distinct edge over the sportsbook you are wagering with and, conversely, find those bets that are not in your favor and should be avoided. Whether you decide to incorporate the Kelly Criterion, a fractional Kelly, a flat betting approach, or a variable betting strategy into your system, do it. Plain and simple. A bankroll management blueprint is vital and should be required for any decent handicapper in order to better manage the risk involved.
J. Jefferies.
The Paroli Betting System.
The Paroli betting system is most commonly used in casino games such as craps or roulette. …
How Can We Convert the Odds Ratio to Probability in Sports Handicapping?
Here is a fairly simple question with an equally simple and straightforward answer. How does one…
Bankroll Management: The Martingale Sports Betting System.
The Martingale sports betting system is a money management formula that has you double your wager…
Hello and welcome to Core Sports Betting. Since a I was a fairly small child, I have always been deep into sports and athletics. Whether playing on various teams, riding my bike to the neighborhood park for pick up games or even just watching sporting events on television, sports has always been a big part of my life. As I got older I started getting more involved with handicapping. This website’s mission is to share any and all proficient research I encounter on the topic as well as to offer some handicapping tips and tools. I hope you find this website helpful. Be well and be smart.


Bankroll Management: The Kelly Criterion in Sports Betting.
When we speak about the long term success of a betting system, a major component that needs to be thoroughly planned out and implemented is bankroll management. Not just any bankroll management either. Successful sports bettors have solid, unbending rules in place as part of their system. They implement these rules along with the rules for picking the sports plays they wish to wager on. They should not waiver from the plan. The Kelly Criterion in sports betting is just one of the bankroll management solutions that is currently being used by many handicappers and is definitely worth considering when devising your own money management strategy to follow along the way.
Previously, I have written an article on bankroll management. You can read that article here. In that article I discuss the flat betting approach, the variable betting approach and the Kelly Criterion approach. For this article, I am going to further focus on the sports betting Kelly Criterion approach, as it is a very solid approach in my opinion.
About John Larry Kelly, Jr. – The Gentleman Behind the Formula.
John Larry Kelly, Jr. was born in Corsicana, Texas on December 26, 1923. He devoted four years of his life in the US Navy as a pilot and served in the World War II. Kelly studied at the University of Texas at Austin and earned a PhD in Physics in 1953. After graduation, he worked in the oil industry. He would later change jobs and became employed with Bell Labs in Murray Hill, New Jersey. During this time he would devise a formula as part of an article published in an 1956 issue of the Bell System Technical Journal . That article was entitled “A New Interpretation of Information Rate”. That formula would become known as the Kelly Criterion. Many sports bettors and Wall Street investors including Warren Buffet are advocates of this theory in terms of bankroll management. John Kelly died of a stroke in 1965, but his criterion remains imperative to many.
Why Is Bankroll Management Important in Sports Betting?
So, why is bankroll management important in sports betting? Sounds like a silly question really. After all, bankroll management is imperative in pretty much everything we do. If your salary from work is $50,000 per year, we would obviously like to budget and make that $50,000 work best it can. After all, budgeting enables you to generate a solid spending plan for the money you’ve earned. Spend a little here. Save a little there.
In sports betting, the same can be said. As our bankroll grows, so does the amount we wager per play. If we are in the midst of a losing streak, we may wager less per play and have our bankroll sustain longer. Solid bankroll management is a key component to becoming a profitable sports handicapper. Without a solid bankroll management system in place and the unwavering ability/mindset to stick with that solid system, you could end up squandering bankroll despite sustaining a decent winning percentage.
If we wish to become an effective long-term sports handicapper (and that is the goal, correct?), bankroll management is just as fundamental as selecting winners. We never want to be reckless with bankroll. Never.
The Mathematics Behind the Kelly Criterion.
So, let’s get back to the Kelly Criterion in sports betting. The Kelly Criterion is used to control the size of any potential wager. The mathematical equation is as follows:
(bp-q) / b =f.
Where “b” is the multiple of our stake we can potentially win (decimal odds less 1). “P” is the probability of winning. Conversely, “q” is the probability of losing. And “f” is the fraction of our bankroll we wish to put at stake.
Let’s say we have a $1000 bankroll. Let’s further say your well thought out and back tested handicapping system wins 55% of the time. Let’s say the Los Angeles Dodgers are favored with a money line of -110. After dotting all your “I”s and crossing all your “t”s, your system has the dodgers winning.
In above equation:
b = 0.909 (-110 moneyline is 1.909 in decimal odds – 1 = 0.909)
(0.909 * .55 – .445) / .909 = .05495.
Because our bankroll is $1000 we would hence wager ($1000 * .05495) or $54.95.
Potential Issues with the Kelly Criterion in Sports Betting.
Utilizing the Kelly Criterion does not select the plays themselves. It only provides you with a bankroll management strategy. You will still need to heavily backtest your handicapping strategy and then use a bankroll management strategy (such as the Kelly Criterion) for a chance at sports betting success. Regarding the Kelly Criterion, there are still blank spots in the equation that need to be worked out accurately. Those variables are p (for the perceived probability of winning the wager) and q (for the perceived probability of losing the wager). Your handicapping strategy will help devise these figures.
Furthermore, many believe that the Kelly Criteria has the tendency to be overly aggressive. In the above example, the $54.95 dollars is over 5% of our total bankroll. Many handicappers will not wager more than 2% of their total bankroll on a single play. For this particular reason, many bettors will utilize a strategy known as a fractional Kelly. A fractional Kelly simply uses a fractional amount (usually ВЅ) of the stake devised by the Kelly Criterion.
Conclusion.
When used correctly, the Kelly Criterion can help find wagers that offer a distinct edge over the sportsbook you are wagering with and, conversely, find those bets that are not in your favor and should be avoided. Whether you decide to incorporate the Kelly Criterion, a fractional Kelly, a flat betting approach, or a variable betting strategy into your system, do it. Plain and simple. A bankroll management blueprint is vital and should be required for any decent handicapper in order to better manage the risk involved.
J. Jefferies.
The Paroli Betting System.
The Paroli betting system is most commonly used in casino games such as craps or roulette. …
How Can We Convert the Odds Ratio to Probability in Sports Handicapping?
Here is a fairly simple question with an equally simple and straightforward answer. How does one…
Bankroll Management: The Martingale Sports Betting System.
The Martingale sports betting system is a money management formula that has you double your wager…
Hello and welcome to Core Sports Betting. Since a I was a fairly small child, I have always been deep into sports and athletics. Whether playing on various teams, riding my bike to the neighborhood park for pick up games or even just watching sporting events on television, sports has always been a big part of my life. As I got older I started getting more involved with handicapping. This website’s mission is to share any and all proficient research I encounter on the topic as well as to offer some handicapping tips and tools. I hope you find this website helpful. Be well and be smart.


Explaining the Kelly Criterion for Sports Betting.
The Kelly Criterion was first introduced by J.L. Kelly who was a researcher for Bell Labs in 1956. The idea behind the theorem is to maximize wealth as the number of observations (or bets) goes to infinity. Though originally created for financial portfolios, it has been borrowed by the sports betting community for bet size management.
Making Sense of the Formula.
Formula for the Kelly Criterion.
Using the Formula in an Example.
Second, we find p and q . We stated that Joey thinks the Packers have a 55% chance to win. Thus, p = 0.55 and q = 0.45.
Third, we plug this all in to find y . y = ( 1 (0.55)-0.45 ) / 1 = 0.1 . Ok, so y =0.1, what does that mean? It means that Joey should bet 10% (or 0.1) of his bankroll on the Packers. With a bankroll of $5,000, this means that he should make a $500 bet.
I Hate Math But Like the System. Is There Another Way?
There are some great calculators online that will do all of the math for you. SBR has an awesome kelly criterion calculator that even gets into a variety of outcomes. My favorite, and probably easiest one to use is this one from OddsCoach. The latter one also takes into account another variable called the “Kelly Multiplier” which can be adjusted based upon the individual’s risk tolerance.
Final Thoughts on Kelly Criterion.
Honestly, we just aren’t huge fans. As mentioned earlier, there is just too much of a drawback in attempting to estimate variables p and q . If those can’t be estimated accurately, then your chances of going bust will happen much more quickly than expected. We think there are a few simple rules that would serve a bettor much better.
a. Play what you are comfortable with. b. Never play more than 10% of your bankroll on one contest. c. An average bet (or 1 unit) should be around 4%-5% of your bankroll. d. Never have more than 50% of your bankroll out at one time as this may be a sign that you are pushing too hard.


Bankroll Management: The Kelly Criterion in Sports Betting.
When we speak about the long term success of a betting system, a major component that needs to be thoroughly planned out and implemented is bankroll management. Not just any bankroll management either. Successful sports bettors have solid, unbending rules in place as part of their system. They implement these rules along with the rules for picking the sports plays they wish to wager on. They should not waiver from the plan. The Kelly Criterion in sports betting is just one of the bankroll management solutions that is currently being used by many handicappers and is definitely worth considering when devising your own money management strategy to follow along the way.
Previously, I have written an article on bankroll management. You can read that article here. In that article I discuss the flat betting approach, the variable betting approach and the Kelly Criterion approach. For this article, I am going to further focus on the sports betting Kelly Criterion approach, as it is a very solid approach in my opinion.
About John Larry Kelly, Jr. – The Gentleman Behind the Formula.
John Larry Kelly, Jr. was born in Corsicana, Texas on December 26, 1923. He devoted four years of his life in the US Navy as a pilot and served in the World War II. Kelly studied at the University of Texas at Austin and earned a PhD in Physics in 1953. After graduation, he worked in the oil industry. He would later change jobs and became employed with Bell Labs in Murray Hill, New Jersey. During this time he would devise a formula as part of an article published in an 1956 issue of the Bell System Technical Journal . That article was entitled “A New Interpretation of Information Rate”. That formula would become known as the Kelly Criterion. Many sports bettors and Wall Street investors including Warren Buffet are advocates of this theory in terms of bankroll management. John Kelly died of a stroke in 1965, but his criterion remains imperative to many.
Why Is Bankroll Management Important in Sports Betting?
So, why is bankroll management important in sports betting? Sounds like a silly question really. After all, bankroll management is imperative in pretty much everything we do. If your salary from work is $50,000 per year, we would obviously like to budget and make that $50,000 work best it can. After all, budgeting enables you to generate a solid spending plan for the money you’ve earned. Spend a little here. Save a little there.
In sports betting, the same can be said. As our bankroll grows, so does the amount we wager per play. If we are in the midst of a losing streak, we may wager less per play and have our bankroll sustain longer. Solid bankroll management is a key component to becoming a profitable sports handicapper. Without a solid bankroll management system in place and the unwavering ability/mindset to stick with that solid system, you could end up squandering bankroll despite sustaining a decent winning percentage.
If we wish to become an effective long-term sports handicapper (and that is the goal, correct?), bankroll management is just as fundamental as selecting winners. We never want to be reckless with bankroll. Never.
The Mathematics Behind the Kelly Criterion.
So, let’s get back to the Kelly Criterion in sports betting. The Kelly Criterion is used to control the size of any potential wager. The mathematical equation is as follows:
(bp-q) / b =f.
Where “b” is the multiple of our stake we can potentially win (decimal odds less 1). “P” is the probability of winning. Conversely, “q” is the probability of losing. And “f” is the fraction of our bankroll we wish to put at stake.
Let’s say we have a $1000 bankroll. Let’s further say your well thought out and back tested handicapping system wins 55% of the time. Let’s say the Los Angeles Dodgers are favored with a money line of -110. After dotting all your “I”s and crossing all your “t”s, your system has the dodgers winning.
In above equation:
b = 0.909 (-110 moneyline is 1.909 in decimal odds – 1 = 0.909)
(0.909 * .55 – .445) / .909 = .05495.
Because our bankroll is $1000 we would hence wager ($1000 * .05495) or $54.95.
Potential Issues with the Kelly Criterion in Sports Betting.
Utilizing the Kelly Criterion does not select the plays themselves. It only provides you with a bankroll management strategy. You will still need to heavily backtest your handicapping strategy and then use a bankroll management strategy (such as the Kelly Criterion) for a chance at sports betting success. Regarding the Kelly Criterion, there are still blank spots in the equation that need to be worked out accurately. Those variables are p (for the perceived probability of winning the wager) and q (for the perceived probability of losing the wager). Your handicapping strategy will help devise these figures.
Furthermore, many believe that the Kelly Criteria has the tendency to be overly aggressive. In the above example, the $54.95 dollars is over 5% of our total bankroll. Many handicappers will not wager more than 2% of their total bankroll on a single play. For this particular reason, many bettors will utilize a strategy known as a fractional Kelly. A fractional Kelly simply uses a fractional amount (usually ВЅ) of the stake devised by the Kelly Criterion.
Conclusion.
When used correctly, the Kelly Criterion can help find wagers that offer a distinct edge over the sportsbook you are wagering with and, conversely, find those bets that are not in your favor and should be avoided. Whether you decide to incorporate the Kelly Criterion, a fractional Kelly, a flat betting approach, or a variable betting strategy into your system, do it. Plain and simple. A bankroll management blueprint is vital and should be required for any decent handicapper in order to better manage the risk involved.
J. Jefferies.
The Paroli Betting System.
The Paroli betting system is most commonly used in casino games such as craps or roulette. …
How Can We Convert the Odds Ratio to Probability in Sports Handicapping?
Here is a fairly simple question with an equally simple and straightforward answer. How does one…
Bankroll Management: The Martingale Sports Betting System.
The Martingale sports betting system is a money management formula that has you double your wager…
Hello and welcome to Core Sports Betting. Since a I was a fairly small child, I have always been deep into sports and athletics. Whether playing on various teams, riding my bike to the neighborhood park for pick up games or even just watching sporting events on television, sports has always been a big part of my life. As I got older I started getting more involved with handicapping. This website’s mission is to share any and all proficient research I encounter on the topic as well as to offer some handicapping tips and tools. I hope you find this website helpful. Be well and be smart.




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п»їHow Do Odds Work in Betting?
If you are planning to start betting, be it casino gambling, sports betting, or any other type, it's important to understand the odds. It would be preposterous and absurd to think about placing bets without having a good grip on the main types of betting odds and the ability to read and interpret the various associated formats.
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and American (moneyline) odds. These are simply different ways of presenting the same thing and hold no difference in terms of payouts. This means that a chance (percentage probability) of an event occurring can be converted and presented in any of the aforementioned types of odds.
How Fractional Odds Work.
Fractional odds (aka British odds, UK odds, or traditional odds) are popular among British and Irish bookies. These are typically written with a “slash (/)” or a “hyphen (-),” e.g. 6/1 or 6-1 and announced as “six-to-one.” Fractional odds are used by some of the world’s largest bookmakers, making them the most preferred odds across the globe.
Therefore, the total (potential) return on a stake can be stated as:
For instance, one of the major sports betting websites listed the following fractional odds for futures betting on the team to win the 2017-18 NBA Championship. Below is a selection of the three teams that had the lowest odds of winning.
Golden State Warriors: 10/11 Houston Rockets: 9/4 Cleveland Cavaliers: 7/1.
It can quickly be determined that the Golden State Warriors are the favorites while the odds on Houston and Cleveland winning are longer. That is, one wins only $10 against every $11 wagered on Golden State to be the champions. Meanwhile, one wins $9 against each $4 (i.e. 3.25 times) put at stake for Houston to win, which is a bit less probable. For Cleveland, one wins $7 against each $1 bet.
In the above example, if you bet $100 on Golden State to win, you could make a $90.91 profit [$100 x (10/11)], and could get back your initial stake of $100, resulting in a total payout of $190.91. However, if you wager $100 on Houston to win, you could receive a profit of $225 [$100 x (9/4)], in addition to the $100 initial stake leading to a total payout of $325. 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.
How Decimal Odds Work.
Decimal odds (aka European odds, digital odds, or continental odds) are popular in continental Europe, Australia, New Zealand, and Canada. These are a bit easier to understand and work with. The favorites and underdogs can be spotted instantaneously by looking at the numbers.
The decimal odds number represents the amount one wins for every $1 wagered. For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number (no need to add back your stake), which makes its total payout calculation easier.
The total (potential) return on a stake can be calculated as:
For instance, one of the renowned betting websites priced the candidates to win the 2020 U.S. Presidential Election. Here, we list the decimal odds for the candidates and the biggest long shot among the candidates listed by the bookmaker.
Donald Trump: 4.00 Joe Biden: 1.3.
These numbers merely represent the amount one could win against each $1 put at stake. Therefore, if one bets $100 on Donald Trump to be re-elected as president, this person could make a total payout of $400 ($100 x 4.00). This amount includes the initial stake of $100, giving a net profit of $300.
Similarly, a bettor could make a total payout of $130 ($100 x 1.3) if they successfully bet $100 on Joe Biden. Deducting $100 from this return gives the bettor the net profit earned.
Reviewing the prices that the bookmaker has set for each candidate, it can be determined that according to the bookmaker, the probability of Biden (favorite) winning the election is higher than that for Trump. The higher the total payout (i.e. the higher the decimal odd), the less probable (and riskier) it is for the listed candidate to win.
How American (Moneyline) Odds Work.
Let’s understand this with the help of an example:
One of the popular betting websites priced the NCAA "Sweet 16" men's basketball game between Duke and Syracuse on March 23, 2018, with the following moneyline odds.
In this matchup, there is a big difference between the two odds, indicating a much higher probability of Duke winning the game and advancing to the next round of the NCAA Tournament.
Key Takeaways.
The three main types of betting odds are fractional (British) odds, decimal (European) odds, and American (moneyline) odds. These are simply different ways of presenting the same thing, and hold no difference in terms of payouts. Fractional odds are the ratio of the amount (profit) won to the stake; Decimal odds represent the amount one wins for every $1 wagered; and American odds, depending on the negative or positive sign, either indicate the amount one needs to wager to win $100 or the amount one would win for every $100 staked.
The Bottom Line.
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 (fractional, decimal, and American), you can move towards a more detailed read on this topic and find out how the house always wins. Please refer to Understanding the Math Behind Betting Odds & Gambling for the conversion between the different formats of odds, the conversion of odds into implied probabilities, and the differences between the true chances of an outcome as well as the odds on display.


The Math Behind Betting Odds & Gambling.
The math underlying odds and gambling can help determine whether a wager is worth pursuing. The first thing to understand is that there are three distinct types of odds: fractional, decimal, and American (moneyline). The various types are represent different formats to present probabilities, which are also used by bookmakers, and one type can be converted into another. Once the implied probability for an outcome is known, decisions can be made regarding whether or not to place a bet or wager.
Key Takeaways.
The three types of odds are fractional, decimal, and American. One type of odd can be converted into another and can also be expressed as an implied probability percentage. A key to assessing an interesting opportunity is to determine if the probability is higher than the implied probability reflected in the odds. The house always wins because the bookmaker's profit margin is also factored into the odds.
Converting Odds to Implied Probabilities.
Although odds require seemingly complicated calculations, the concept is easier to understand once you fully grasp the three types of odds and how to convert the numbers into implied probabilities.
There are tools available to make conversions between the three types of odds. Many online betting websites offer an option to display the odds in the preferred format. The table below can help convert odds with pen and paper, for those interested in doing the calculations by hand.
Converting odds to their implied probabilities is perhaps the most interesting part. The general rule for the conversion of (any type of) odds into an implied probability can be expressed as a formula:
As shown, the formula divides the stake (amount wagered) by the total payout to get the implied probability of an outcome. For example, a bookmaker has the (fractional) odds of Man City defeating Crystal Palace at 8/13. Plug the numbers into the formula, which is a simple matter of dividing 8 by 13 in this example, and the implied probability equals 61.5%. The higher the number, the greater the probability of the outcome.
Using an example of decimal odds, a candidate has 2.20 odds to win the next election. If so, the implied probability is 45.45%, or.
Lastly, using the American methodology, Australia's odds to win the 2015 ICC Cricket World Cup is -250. Therefore, the implied probability equals 71.43%:
It is not only important to back winners, but one must do so when the odds accurately reflect the chance of winning. It is relatively easy to predict that Man City will win against Crystal Palace, but would you be willing to risk $100 to make a profit of $61.50? The key is to consider a betting opportunity valuable when the probability assessed for an outcome is higher than the implied probability estimated by the bookmaker.
Why Does the House Always Win?
The odds on display never reflect the true probability or chance of an event occurring (or not occurring). There is always a profit margin added by the bookmaker in these odds, which means that the payout to the successful punter is always less than what they should have received if the odds had reflected the true chances.
The bookmaker needs to estimate the true probability or chance of an outcome correctly in order to set the odds on display in such a way that it profits the bookmaker regardless of an event outcome. To support this statement, let’s look at the implied probabilities for each outcome of the 2015 ICC Cricket World Cup example.
Australia: -250 (implied probability = 71.43%)
The amount above 100%, the extra 4.76%, represents the bookmaker’s "over-round", which is the bookmaker’s potential profit if the bookie accepts the bets in the right proportion. If you bet on both the teams, you are actually risking $104.76 to get $100 back. From the bookie’s perspective, they are taking in $104.76 and expect to pay out $100 (including the stake), giving them an expected profit of 4.5% (4.76/104.76), no matter which team wins. The bookie has an edge built into the odds.
According to a study published in the Journal of Gambling Studies , the more hands a player wins, the less money they are likely to collect, especially with respect to novice players. That is because multiple wins are likely to yield small stakes, for which you need to play more, and the more you play, the more likely you will eventually bear the brunt of occasional and substantial losses. п»ї п»ї п»ї п»ї
Behavioral economics comes into play here. A player continues playing the lottery, either in hopes of a big gain that would eventually offset the losses or the winning streak compels the player to keep playing. In both cases, it is not rational or statistical reasoning but the emotional high of a win that motivates them to play further.
$12 Billion.
The amount of revenues generated by Las Vegas casinos in 2018.
Consider a casino. All of the details—including the game rules, music, controlled lighting effects, alcoholic beverages, and the interior decor— are carefully planned and designed to the house's advantage. The house wants you to stay and continue playing. Naturally, the games offered by the casino have a built-in house edge, although the house advantage varies with the game.
Moreover, novices find it particularly difficult to do cognitive accounting and people often misjudge the variance of payouts when they have a streak of wins, ignoring the fact that frequent modest gains are eventually erased by losses, which are often less frequent and larger in size.
The Bottom Line.
A betting opportunity should be considered valuable if the probability assessed for an outcome is higher than the implied probability estimated by the bookmaker. Furthermore, the odds on display never reflect the true probability of an event occurring (or not occurring). The payoff on a win is always less than what one should have received if the odds had reflected the true chances. This is because the bookmaker’s profit margin is included in the odds, which is why the house always wins.


Which Betting Strategy is the Most Profitable?
In gambling, the amount you bet is just as important as what you bet on. In this article, we simulated five popular betting strategies to try and determine which is the best.
Every serious blackjack player knows that proper playing strategy must be followed in order to keep the house’s edge to a minimum. But staking strategy (i.e. how much to bet on each hand) can be just as important and make the difference between winning and losing in the long run.
The Secret of Success.
Mathematician John Kelly Jr. created a staking formula that many professional gamblers follow to this day. Kelly states, “Playing strategy is maybe a third to a quarter … of what you’re going to get out of it. Betting strategy may be two thirds or three quarters”.
Below, we mapped the success of five popular betting systems over a series of 500 bets:
The above graph shows the profits from 500 simulated bets for the five betting systems, with a 55% probability of winning each bet. The initial bet for each system was $100 (except for the bet everything method, which initially bet $1000). Each system started with a $1000 balance, and the simulation ran for each method until the 500th bet or until their balance was zero).
The five betting systems are explained below:
Betting Strategy A: Bet It All, Every Time.
Bet your entire balance on each bet. The advantage is that if you win, you win big. The downside, of course, is when you lose, you’re out of money.
Betting Strategy B: Martingale.
The Martingale system has you double your bet after every loss, so that the first win would recover all previous losses plus a profit equal to the original bet. Since a gambler with unlimited bankroll will, almost surely, eventually win, the Martingale betting strategy is seen as a sure thing by some.
Of course, no one has an unlimited bankroll, and the exponential growth of the bets in order to cover losses will eventually bankrupt gamblers who use this system.
Betting Strategy C: Fixed Betting.
This system requires you bet a fixed amount for each bet. In this example, it is $100. With a 55% probability of winning, this method means you won’t lose your entire balance quickly. It also means any chance of winning will also be slow and steady.
Betting Strategy D: Proportional Betting.
With this strategy, you bet a fraction of your balance in proportion to your edge. In this case, we used the Kelly equation for proportional betting. Here your bet would be your edge divided by the odds. In this example, since the edge is 10% and the odds are evens, 10 / 1 is 10.
So 10% of the $1000 balance, i.e. $100, should be bet each time. If that bet wins, the next bet would increase to $110, 10% of the new $1100 wallet. This means winnings increase quicker than in the fixed-wager system, and losses slow down.
Betting Strategy E: Fibonacci.
With this strategy, you increase your bet in a Fibonacci sequence, to your losses with the next bet’s winnings. The Fibonacci sequence are numbers in the following sequence:
1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144,…
By definition, the first two numbers in the Fibonacci sequence are either 1 and 1, or 0 and 1, depending on the chosen starting point of the sequence, and each subsequent number is the sum of the previous two.
This method has similar drawbacks to the Martingale system, but it reduces how quickly the bet increases if you’re on a losing streak,as well as reducing the rate at which you win.
Which Is the Most Profitable Betting Method?
Clearly, Strategy D, the proportional betting system , provides the greatest returns, earning $18,275 after 500 bets. This is not too surprising, since proportional betting appears to have a natural advantage over the others systems.
Say you’re down to your last $100, you’d be betting $10, and decreasing each time, keeping you in the game for much longer than a fixed betting system, where your last $100 would be your last bet.
The only system other than proportional betting to avoid losses was fixed betting (Strategy C), earning $6,400 after 500 bets.
Strategy A, bet it all, generates big gains after the first bet, earning as much in one risk than the others do in the first seven. However, this strategy is eliminated on just the second round. The chance of making it through 500 rounds at 55% is practically impossible – although you would have earned $67 billion by bet 27.
The Martingale (Strategy and Fibonacci(Strategy E) betting systems also start strongly, but any big sequence of losses quickly increases the required stake.
In our simulation of betting online, we lost 11 times in a row at round 83. These losses completely wiped out both Fibonacci and Martingale’s stakes. In fact, at the 11-in-a-row loss, the Martingale bettor had to bet $403,000 to recoup his losses.
That was impossible, since his maximum balance was only $6,300. For Fibonacci, the maximum bet was $33,500, with his balance reaching its maximum at $4,100 before busting out.
The 11-bet losing streak also affected proportional betting (Strategy D) greatly, reducing its winnings from $7,359 to $2,286 – lower than that of fixed betting (Strategy C). This shows how well fixed betting protects your winnings and thus ranks as one of our best betting tips.
Which Betting Strategy Should I Choose?
It’s important to keep in mind that our simulation is based on the huge assumptions that we know both the edge (10% in our case) and that the edge is in our favor. This is not likely, and without it, the results for all betting strategies would change significantly.
If you liked this simulation, check out some more betting tips:


Betting Odds Calculator.
Bet Calculator.
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The money you get back if you win.
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Calculate how much money you stand to win per wager with our betting odds calculator. It definitely comes in handy when placing bets on Monday Night Football!
A bet calculator is an absolute necessity in the arsenal of any serious bettor. The sports betting calculator allows users to simplify some of the more complicated math and get quick and precise calculations of odds and potential winnings.
To learn more about how to use a betting calculator and the different odds formats available for sports betting read below.
How To Use A Betting Odds Calculator.
A betting odds calculator takes the odds and stake of a particular bet and figures out the payout automatically. Thus, in order to understand how to use a betting odds calculator, we must first understand the different types of betting odds.
There are three popular methods of displaying odds at sports betting sites: American, Decimal and Fractional. Each type of odds requires different calculating methods when using a sports betting odds calculator.
You can also have a look at our odds converter!
American Odds.
Profit = (Stake * Odds) / 100.
Taking the example above, if we added a stake of $50 we can calculate the potential winnings from the bet using an odds calculator:
Profit = (50 * 275)/100 Profit = 13750/100 Profit = $137.50.
When calculating American odds for minus odds wagers, you are calculating the odds for favorites, which returns less than even money in profits. So if we took the same example and gave the Boston Red Sox odds of -140, it would represent the fact you would have to wager $140 to make a profit of $100. To calculate the profit for an American minus odds you may use the formula:
Profit = (Stake / Odds) * 100.
So if the Red Sox were getting -140 odds and you were going to wager $50 on them the betting calculator calculation would go like this:
Profit = (50 / 140) * 100 Profit = (0.357) * 100 Profit = $35.7.
When using an American odds bet calculator, you will only be required to know your stake and odds, the calculator will do the rest.
Decimal Odds.
Decimal odds are very popular across the globe with most online sportsbooks using decimal odds as their default. With decimal odds, you get the sum of the amount you would get in return for a $1 bet.
At most online sportsbooks like BetRivers or bet365, you can switch to this format if you prefer.
For example, let’s take a basketball game between the Los Angeles Lakers and Boston Celtics. If the Lakers were getting 2.50 odds for the game, it would mean that for every $1 you bet on the team you would get $2.50. To break it down, you would receive your stake back as $1 and another $1.50 in profits.
Calculating the potential earnings for decimal odds is very simple. You simply multiply your stake by the odds and then subtract your stake.
Profit = (Stake * Odds) – Stake.
Let’s take a look at the above example with a stake of $50.
Profit = (50 * 2.50) – 50 Profit = (125) – 50 Profit = $75.
While the calculations for decimal odds may seem very easy when the profits for accumulator bets are being calculated it’s best to use a betting odds calculator to ensure your accuracy. An odds calculator will automatically work out the odds of all the wagers combined and give potential winnings for parlay bets in seconds.
Fractional Odds.
Fractional odds are popular in the European region, especially amongst horse racing bettors in the UK and sometimes for Daytona 500 betting. With fractional odds, you are given the profit in proportion to the stake. So for example, if we had a matchup between the Dallas Cowboys and Washington Redskins where the Cowboys were getting 3/2 odds, it would mean that for every $2 you bet, you would get $3 in profit.
The way a betting odds calculator calculates the profits for a fractional odds bet is by dividing your stake by the denominator and then multiply the stake by the numerator:
Profit = (Stake / denominator) * numerator.
Taking the example mentioned above, if we add a stake of $100 to the Cowboys who are getting 3/2 odds, then the bet calculator calculation would go like this:
Profit = (100 / 2) * 3 Profit = (50) * 3 Profit = $150.




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п»їMLB Futures Betting Odds.
The 2020 MLB Playoffs has concluded and the Los Angeles Dodgers captured the 2020 World Series by defeating the Tampa Bay Rays in six games.
Major League Baseball (MLB) announced that the 2021 regular season schedule will begin on Thursday Apr. 1.
Oddsmakers have posted early futures markets on the 2021 upcoming season.
World Series National League Pennant American League Pennant.
Listed below are the future odds to win for all 30 teams via the sportsbook at BetMGM.
2021 World Series Odds.
2021 National League Pennant Odds.
2021 American League Pennant Odds.
2021 American League Central Odds.
2021 American League East Odds.
2021 American League West Odds.
2021 National League Central Odds.
2021 National League East Odds.
2021 National League West Odds.
Updated Mon, Feb. 1, 6:00 PM ET - Odds Provided by BetMGM - Subject to Change.
Other MLB Futures: Win Totals Odds Playoff Prop MVP Cy Young Rookie.
How to Bet on MLB Futures.
The “Odds to Win” wager in pro baseball is also commonly referred to as a future odds wager. Bettors must correctly select a team to win an event that takes place a later time than the current day. The money wagered will be tied up until there is an outcome and bettors will receive fixed odds when they place the wager.
The Major League Baseball (MLB) Futures market is available on a 12-month basis and the future odds are normally updated on a weekly basis at betting shops in Las Vegas and globally in the United States. Bettors can place wagers on the event in both the offseason, regular season and postseason. With so many things to bet on during the MLB, see VegasInsider's verified legal sportsbooks in the United States for more information on where you can place your bets.
The most popular MLB Futures wager is on the World Series. There are currently 30 teams in MLB, divided equally into two leagues – the American and National. Each of those leagues have a champion and they meet in the World Series, which is a best-of-seven series. The first team to win four games is declared your World Series winner and MLB Futures winner.
2021 World Series Odds to Win.
There are several good bets to win the World Series in 2021. The current odds on contenders who will win the World Series are:
World Series Odds.
The MLB World Series is usually scheduled for the third week of October and has often been referred to as the “Fall Classic.” The World Series Futures Odds for each season are made available quickly at the majority of sportsbooks at the conclusion of the previous campaign. Some sports betting operators even release the future season odds while the current MLB playoffs have not yet concluded.
Since the MLB regular season is the longest of all four major sports, bookmakers don’t make one team a decisive favorite over another prior to the season. You’ll usually see three to four teams have World Series Odds listed below 10/1 (Bet $100 to win $1,000).
The majority of the MLB teams will have future odds between 20/1 and 100/1 before the numbers begin to drop off. Unfortunately for some fans, there are teams with World Series Odds listed as high as 1000/1 to win the future event.
Where to Bet: FanDuel BetMGM DraftKings Fox Bet Bet365 PointsBet All.
How do I bet on the World Series?
It’s very simple to bet on the World Series and the MLB Future Odds market is always open for business.
To figure out your Win Amount, a bettor would take the betting odds offered on a team and multiply by the amount wagered.
Ex. New York Yankees (20/1) to win the World Series.
In the above example, the Yankees have their MLB future odds listed as a 20/1 betting choice to win the World Series.
If you wager $100 on New York to win the World Series and it captures the championship, then you would win $2,000 (20 Г· 1 x 100).
You would collect $2,100, which includes your win and stake ($100). The stake is the initial dollar amount that you wager on the MLB future, either at a sportsbook or through an online sportsbook.
What’s great about betting on the World Series and MLB Future Odds is that there are plenty of betting opportunities for players throughout the season. Often in the MLB season, you’ll see teams start out slow in April and May, only to rally and make the playoffs. Forecasting the turnaround isn’t easy but the returns are often great and the risk is very low in the MLB Futures market.
Betting on World Series Odds.
Where can I bet on the World Series?
There are several legal sportsbook options in the United States. Visit our sportsbook directory to find online sportsbooks where you can bet on the MLB season.
Who are the experts picking to win?
Our experts offer picks on many MLB games where they see a gambling edge. Check out our preview content or pick packages for the most up to date MLB predictions.
What type of bets can I make on MLB?
In addition to betting on who will win the World Series and the AL and NL Pennants, there are multiple angles you can bet on individual games. Check out our MLB odds page for the odds on each game.
Where can I learn how to bet on baseball?
To learn more about betting on baseball, check out our baseball betting tutorial.


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2020 World Series odds, picks, predictions and best bets.
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The 2020 World Series is here and set to begin Tuesday, Oct. 20, as the conclusion of the tumultuous 60-game regular season and an exhilarating playoff run. The National League’s top-seeded Los Angeles Dodgers will face the American League’s best team in the Tampa Bay Rays .
Below, we analyze the betting odds and lines to win the 2020 World Series, with MLB picks and best bets.
Also see:
2020 World Series: Odds to win.
MLB odds courtesy of BetMGM; access USA TODAY Sports for a full list. Odds last updated Tuesday at 11 a.m. ET.
The Rays come in as moderate underdogs on the series line. A win in the best-of-seven series would return a $165 profit on a $100 wager.
World Series Special Betting Promotion!
Bet $1 on the Los Angeles Dodgers or Tampa Bay Rays money line, WIN $100 (in free bets) if either team hits a home run during their matchup. Regardless of the outcome, a home run cashes!
Place your legal, online sports bets in CO, IN, NJ and WV at BetMGM, the King of Sportsbooks . Terms and conditions apply. Bet now!
2020 World Series : Tale of the tape.
Regular-season record: Dodgers 43-17 | Rays 40-20.
Team hitting: Dodgers .256/.338/.483 | Rays .238/.328/.425.
Team pitching: Dodgers 3.02 ERA, 1.06 WHIP, 17.1 K-BB% | Rays 3.56 ERA, 1.22 WHIP, 17.4 K-BB%
Dodgers leaders: HR: OFs Mookie Betts and A.J. Pollock (16), RBI: SS Corey Seager (41), wOBA (min. 30 GP): C Will Smith (.411), ERA (min. 50 IP): LHP Clayton Kershaw (2.16)
Rays leaders: HR: 2B Brandon Lowe (14), RBI: Lowe (37), wOBA (min. 30 GP): INF Mike Brosseau (.394), ERA (min. 50 IP): LHP Blake Snell (3.24)
ALCS MVP: Rays OF Randy Arozarena (.321/.367/.786, 4 HR, 6 RBI)
NLCS MVP: Dodgers SS Corey Seager (.310/.333/.897, 5 HR, 11 RBI)
2020 World Series: Pick and best bet.
Place a small wager on the Rays to win the World Series ahead of Game 1. Should they take an early lead as they did against the Houston Astros in the ALCS, hedge with a Dodgers pick at higher odds for the NL’s best team of 2020.
Follow @EstenMcLaren on Twitter. Follow SportsbookWire on Twitter and like us on Facebook.
Gannett may earn revenue from audience referrals to betting services. Newsrooms are independent of this relationship and there is no influence on news coverage.


Dodgers' Updated World Series Odds After Trevor Bauer's $102M Contract.
Featured Columnist February 5, 2021 Comments Comment Bubble Icon.
The Los Angeles Dodgers on Friday bolstered their status as the favorites to win the 2021 World Series with the signing of free-agent starting pitcher Trevor Bauer.
B/R Betting tweeted that the Dodgers now have plus-425 (17-4) odds to win it all for the second year in a row, via DraftKings:
Bauer announced Friday in a YouTube video that he had decided to sign with L.A.
According to ESPN's Jeff Passan, Bauer agreed to a three-year, $102 million contract with opt-outs after the first and second years. Passan noted Bauer will make $40 million in 2021 and $45 million in 2022 if he opts in.
In Bauer, the Dodgers added the reigning National League Cy Young Award winner to a starting rotation that already included Clayton Kershaw and Walker Buehler.
Last season, which was Bauer's only full campaign with the Cincinnati Reds, he went 5-4 with a 1.73 ERA and 100 strikeouts in 73 innings. He also played a huge role in the Reds' reaching the playoffs for the first time since 2013.
Before getting traded to the Reds at the 2019 deadline, Bauer pitched for the Arizona Diamondbacks and Cleveland. His only All-Star season was with Cleveland in 2018 when he posted a 12-6 record with a 2.21 ERA and 221 strikeouts in 175.1 innings.
Over his nine-year career, the 30-year-old Bauer has gone 75-64 with a 3.90 ERA and 1,279 strikeouts in 1,190 innings.
The Dodgers already had one of the best pitching staffs in MLB, as Kershaw and Buehler led them to their first World Series title since 1988.
Now, Bauer will headline the rotation along with Kershaw and Buehler, while veteran David Price and youngsters Julio Urias and Dustin May figure to compete for the fourth and fifth spots.
The Dodgers also still boast one of the most dangerous lineups in baseball with Mookie Betts, Cody Bellinger, Corey Seager and Max Muncy.
While many things can happen to derail a season, including injuries, the Dodgers have every right to be considered the odds-on favorites after winning last year's World Series and adding another ace to their rotation.
The National League West rival San Diego Padres could have something to say about it after acquiring starting pitchers Yu Darvish and Blake Snell this offseason, but the Dodgers will remain the team to beat until another club proves otherwise.
If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL).
Gambling problem? Call 1-800-GAMBLER (NJ/WV/PA), 1-800-9-WITH-IT (IN), 1-800-522-4700 (CO), 1-800-BETS OFF (IA), or call or text the TN REDLINE: 800-889-9789 (TN).




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п»ї2021 Farmers Insurance Open odds: Surprising PGA picks, predictions from model that nailed six golf majors.
SportsLine simulated the 2021 Farmers Insurance Open 10,000 times and came up with a surprising leaderboard.
The 2021 Farmers Insurance Open will begin on Thursday at noon ET at Torrey Pines Golf Course with the field playing both the North and South courses over the first two days. After the cut, the tournament will finish on the South course, which hosted the iconic 2008 U.S. Open won by Tiger Woods and will host the 2021 U.S. Open later this year. The chance to get an early look at a major championship venue has brought 10 of the world's top 20 players to San Diego this week and golf bettors will have to parse a deep and talented list of 2021 Farmers Insurance Open contenders.
Jon Rahm is the No. 2 player in the world and the 2017 Farmers Insurance Open champion is the 7-1 favorite in the 2021 Farmers Insurance Open odds. Defending champion Marc Leishman bested Rahm by a stroke at last year's event and he's listed at 33-1 to repeat on this week's PGA Tour odds board. With such a strong 2021 Farmers Insurance Open field set to tee it off, be sure to check out the golf predictions and projected leaderboard from SportsLine's advanced computer model before locking in your 2021 Farmers Insurance Open picks.
SportsLine's prediction model, built by DFS pro Mike McClure, has been on fire since the return of the PGA Tour in June. In fact, it's up over $10,800 on its best bets since the restart, nailing tournament after tournament.
In all, the advanced computer model has also nailed a whopping six majors entering the weekend. Anyone who has followed its golf picks has seen massive returns.
Now that the 2021 Farmers Insurance Open field is locked, SportsLine simulated the event 10,000 times, and the results were surprising. Head to SportsLine now to see the projected leaderboard.
The model's top 2021 Farmers Insurance Open predictions.
One huge shocker the model is calling for at the Farmers Insurance Open 2021: Patrick Reed, an eight-time PGA Tour champion and one of the top Vegas favorites at William Hill, fails to crack the top 10. Reed has finished T-14 or better in three of his last five starts, which includes a top-10 finish at the Masters in November. However, Reed has failed to crack the top-20 in each of his last two outings and he missed the cut last week at The American Express.
Reed's inconsistent performances can be directly attributed to his inability to find the green in regulation. The 30-year-old enters this week's event ranked 185th in greens in regulation percentage (65.12), which doesn't bode well for his chances to finish on top of the leaderboard. He's not a strong pick to win it all and there are far better values in the Farmers Insurance Open 2021 field.
Another surprise: Matthew Wolff, a massive 33-1 long shot, makes a strong run at the title. Wolff has a much better chance to win it all than his odds imply, so he's a target for anyone looking for a huge payday. The 21-year old Oklahoma State product is 16th in the FedEx Cup Standings and 15th in the Official World Golf Ranking. This is just his second event in 2021, but he played well earlier in the 2020-21 season.
He finished second at the 2020 U.S. Open and T-2 at the Shriners Hospitals for Children Open. He also finished T-11 at the QBE Shootout in the final unofficial event of 2020. He's ranked ninth on the PGA Tour in driving distance (313.4), setting up opportunities for makable birdie and eagle putts. He also ranks seventh on the PGA Tour this season in strokes gained approaching the green. Those metrics all bode well for his chances at Torrey Pines this weekend, making him a great selection for 2021 Farmers Insurance Open bets.
How to make 2021 Farmers Insurance Open picks.
Also, the model is targeting four other golfers with odds of 28-1 or higher to make a strong run at the title. Anyone who backs these underdogs could hit it big. You can only see them here.
So who wins the Farmers Insurance Open 2021? And which long shots stun the golfing world? Check out the odds below and then visit SportsLine to see the projected 2021 Farmers Insurance Open leaderboard, all from the model that's nailed six golf majors and is up over $10,800 since the restart, and find out.
2021 Farmers Insurance Open odds (via William Hill)
Jon Rahm 7-1 Rory McIlroy 8-1 Xander Schauffele 14-1 Tony Finau 20-1 Patrick Reed 25-1 Harris English 25-1 Viktor Hovland 28-1 Sungjae Im 28-1 Hideki Matsuyama 28-1 Scottie Scheffler 33-1 Matthew Wolff 33-1 Brooks Koepka 33-1 Marc Leishman 33-1 Jason Day 35-1 Si-Woo Kim 35-1 Bubba Watson 40-1 Will Zalatoris 45-1 Adam Scott 45-1 Cameron Davis 50-1 Louis Oosthuizen 50-1 Ryan Palmer 50-1 Cameron Smith 50-1 Jason Kokrak 55-1 Billy Horschel 60-1 Corey Conners 60-1 Cameron Champ 60-1 Jordan Spieth 66-1 Sam Burns 66-1 Rickie Fowler 66-1 Gary Woodland 66-1 Francesco Molinari 70-1 Carlos Ortiz 80-1 Talor Gooch 90-1 Doug Ghim 100-1 Lanto Griffin 100-1 Charles Howell 100-1 Erik Van Rooyen 100-1 Byeong Hun An 100-1 Emiliano Grillo 100-1 Alex Noren 100-1 Charley Hoffman 100-1.




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п»ї2020 Masters odds: Surprising PGA picks, predictions from same model that nailed six majors.
SportsLine simulated the 2020 Masters 10,000 times and came up with a surprising leaderboard.
One of the overlooked players heading into the 2020 Masters is Australia's Adam Scott. The 40-year-old has won 14 times on the PGA Tour, but no victory was more impactful than his playoff win at the 2013 Masters. Scott has played well in 2020, winning the Genesis Invitational to break a four-year winless drought. But does he have what it takes to conquer Augusta National again when the first 2020 Masters tee times begin on Thursday at 7 a.m. ET?
Scott will go off as a 40-1 longshot in the 2020 Masters odds at William Hill Sportsbook. Bryson DeChambeau, who has been bashing drives to little-seen portions of Augusta National during practice rounds, is the tournament favorite at 8-1. Before locking in your 2020 Masters picks or entering any PGA DFS tournaments on sites like DraftKings and FanDuel, be sure to see the latest 2020 Masters predictions and projected leaderboard from the proven computer model at SportsLine.
SportsLine's prediction model, built by DFS pro Mike McClure, has been on fire since the return of the PGA Tour in June. In fact, it's up over $11,000 on its PGA best bets since the restart, nailing tournament after tournament.
In all, the advanced computer model has also nailed a whopping six majors entering the weekend. Anyone who has followed its golf picks has seen massive returns.
Now that the 2020 Masters field is locked, SportsLine simulated the event 10,000 times, and the results were surprising. Head to SportsLine now to see the projected leaderboard.
The model's top 2020 Masters predictions.
One huge shocker the model is calling for at the Masters 2020: DeChambeau, the defending U.S. Open champion and top favorite at William Hill, stumbles and barely cracks the top 10. DeChambeau proved his style of play can lead to a major championship title, winning the first major of his career in convincing fashion at Winged Foot in September. However, DeChambuau has struggled at Augusta National, finishing outside the top 25 in his last two starts at the Masters.
DeChambeau has also finished 30th or worse in four of his last eight starts on the PGA Tour, and his inconsistent performances can be directly attributed to his inability to find the fairway off the tee. The 27-year-old enters the 2020 Masters Tournament with a 52.68 driving accuracy percentage, which ranks 205th on the PGA Tour. He also ranks 131st or worse in total putting (251., putting average (1.748) and one-putt percentage (36.81), which doesn't bode well for his chances to finish on top of the 2020 Masters leaderboard at Augusta National. He's not a strong pick to win it all and there are far better values in the Masters Tournament 2020 field.
Another surprise: Patrick Cantlay, a massive 25-1 long shot, makes a strong run at the title. He has a much better chance to win it all than his odds imply, so he's one of the 2020 Masters picks and sleepers you should be all over.
The 28-year-old would love nothing more than making his fourth PGA Tour victory a Masters championship. Cantlay enters Masters week in fine form after winning the Zozo Championship in October.
The former No. 1 amateur player in the world also knows Augusta National well, earning low amateur honors in 2012 and finishing ninth at the 2019 Masters. This could be Cantlay's breakthrough week on the major championship stage, which is why you should consider him for your 2020 Masters bets, according to the model.
How to make 2020 Masters picks.
Also, the model is targeting three other golfers with odds of 25-1 or higher to make a strong run at the title. Anyone who backs these underdogs could hit it big. You can only see them here.
So who will win Masters 2020? And which long shots stun the golfing world? Check out the odds below and then visit SportsLine to see the projected 2020 Masters leaderboard, all from the model that's nailed six golf majors and is up over $11,000 since the restart to find out.


Updated 2020 Masters Odds: Bryson DeChambeau Now Lone Favorite at DraftKings.
Matthew Bolt/Icon Sportswire via Getty Images. Pictured: Bryson DeChambeau.
2020 Masters Odds.
Odds as of Tuesday at 9 p.m. ET and via DraftKings . Get up to a $1,000 sign-up bonus at DraftKings today or see more offers and reviews for the best online sportsbooks .
Tuesday, 11 p.m. ET.
Most of the market movement for the 2020 Masters won’t occur until Wednesday, but there are a couple of players to keep an eye on at both ends of the betting board.
According to DraftKings, Bryson DeChambeau is the most popular player in the outright market by quite a margin. DK reports that DeChambeau accounts for a whopping 26% of the total handle and 12% of the total bets for this week’s Masters.
Unsurprisingly, Dustin Johnson is second to Bryson in both categories with Justin Thomas right behind him. What is surprising is that Jon Rahm is not among the 10 most popular outright bets. That could change, but Rahm is currently trailing the likes of Bubba Watson , Tony Finau , Patrick Cantlay , Collin Morikawa , Rory McIlroy , Brooks Koepka , and Tiger Woods in terms of popularity in the outright market.
Tuesday, 11:30 a.m. ET.
Monday, Nov. 9.
Welcome to a betting week unlike any other.
Golf is an emerging market in sports gambling. It still lags behind the NFL, college football and the NBA in terms of mainstream betting interest, but each week more and more people are starting to realize that perhaps no sport gives you the type of bang-for-your-buck entertainment that golf provides. Just ask anybody who was holding a Carlos Ortiz ticket last week.
This week will be different, though. The Masters is easily the most-bet golf tournament of the year and given the fact that people have had to wait 19 months since the last one, you know that the action is going to be flying in at sportsbooks around the world.
We at GolfBet always like to say that the money you win on the John Deere Classic is just as green as the money you win on the Masters, but it’s hard to deny the feeling you get when your guy puts on the Green Jacket. It’s like you’re right there with him.




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