Betting Odds and Probabilities

A system of representing betting odds where the payout is expressed as a ratio to the stake, e.g., 5/1 means you'll receive five times your stake for a winning bet.

A system where odds are expressed as a decimal number representing the total payout for a winning bet, including the stake.

A system where odds are expressed as a positive or negative number representing the amount you need to win or lose to get $100.

The bookmaker, a betting company or website, arranges and accepts bets.

A person who places a bet.

The information presented by bookmakers that gives the odds for different outcomes in an event, e.g., a sporting match.

The act of using previously collected betting odds data to understand and predict future outcomes, helping to uncover potential biases in the market.

Convert betting odds into probabilities to better understand the likelihood of different outcomes and make informed betting decisions.

The amount of money you will get back if you win by wagering $100. Example: +200 means you will receive $200 profit on top of your original $100 wager.

The amount of money you need to wager to win $100. Example: -200 means you need to wager $200 to earn $100 profit.

The process of converting moneyline odds into a percentage, representing the implied probability of an event happening.

A wager placed on the difference in points between two teams, where the bookmaker sets a spread (a point difference). For example, if the spread is -5, the favorite team must win by more than 5 points to cover the spread.

A type of bet where you bet on the total combined score of both teams. You bet whether the score will be over or under a specified number set by the bookmaker.

A bet on specific events or actions within a game, often focusing on individual player performance. Examples include a player scoring a certain number of points.

A bet placed on the outcome of a game, tournament, or event. The winner is the team or individual that ultimately wins.

A type of betting that involves predicting an outcome, but also considers the margin of victory (or defeat).

A format for expressing gambling odds where the first number represents the potential payout and the second number represents the amount needed to bet. For example, 39/100 means you would win $39 if you bet $100 and the event happens.

The probability of an event occurring, as implied by the odds provided by a bookmaker. It is calculated by dividing the total possible outcomes by the number of favorable outcomes. For example, if the odds of an event happening are 39/100, the implied probability of that event happening is 71.9%.

To convert a decimal odd to a probability, simply divide 1 by the decimal odds. For example, if the decimal odds are 1.39, the implied probability is 1/1.39, which is 71.9%.

The probability of an event happening is inversely proportional to the return on the bet. A lower probability for an outcome means a higher payout because it is less likely to occur.

A betting event where the outcome is not determined by a single game, but by accumulating points across multiple games or performances within a defined period.

The likelihood of an event occurring based on the odds provided by a bookmaker. For example, if the odds are 39/100, the probability of winning is 71.9%.

A type of bet where the outcome depends on the difference in scores between two teams, and a 'spread' is set by the bookmaker.

Betting on whether the total combined score of a game will be higher or lower than a specific number set by the bookmaker.

A bet on a specific event or outcome within a game, often unrelated to the final result.

In a spread bet, the team favored to win has points added to their score, while the underdog has points deducted.

In a spread bet, the underdog has points added to their score, making it harder for them to win with the spread.

Spread betting is more common in sports with high scores, like American football and basketball, as there's more room for variation in the spread.

Over/Under bets are more suited to high-scoring games because there's more variation in the total score.

Prop bets are becoming more popular in sports because they offer a wide range of betting options beyond just who wins.

The relationship between the odds offered on a bet and the actual probability of the event occurring. A well-calibrated bookmaker's odds reflect the true probabilities, making it difficult for bettors to consistently profit.

A type of bet where you choose a specific outcome. This is one of the most common types of bets and can be applied to various events like sports games and elections.

The process of identifying opportunities where the odds offered by the bookmaker deviate significantly from your estimated probabilities of the event occurring. This allows you to take advantage of perceived discrepancies and potentially profit.

The potential financial losses that can arise from engaging in gambling. These risks include the possibility of losing your initial bet, experiencing significant financial debt, and facing emotional distress.

A type of bet that is made on a specific event or outcome within a larger sporting event, often focusing on less significant aspects than the main result of the game.

A bet placed during the ongoing action of a sporting event, allowing punters to bet on events as they unfold in real-time.

A prop bet that focuses on a specific event happening within a set time frame, often with an over/under betting format.

The act of manipulating the outcome of a game, including prop bets, to benefit the gambler.

A type of prop bet that focuses on the quantity of a specific action or event occurring during a game.

Prop bets tend to carry a lower level of skill than traditional bets, relying more on luck.

A prop bet where a specific outcome is determined by chance, unlike traditional bets relying on the teams' skill.

The practice of watching a sporting event and simultaneously placing bets on its ongoing events.