In this case, the Chicago Bulls would have to win the game by at least two points to be declared a winner of the bet. This is what is called a “spread” bet, or “ betting against the spread.” This is a very common bet in basketball and football games, but it is seen in other sports as well. Setting the line at just 1.5 does mean that these two teams are extremely close. A 4/1 bet is expected to win one in every five attempts, therefore the probability is 20%.This means that sportsbooks believe that the Chicago Bulls have a higher probability of winning the game over the Miami Heat. If $10 is bet at odds of 3/1, the potential profit is $30 ($10 x 3) and the total returned is $40 ($30 plus the $10 stake). Used mostly in the United Kingdom and Ireland, fractions quote the potential profit if the bet succeeds, relative to the stake. If $10 is bet at odds of 4, the total returned is $40 ($10 x 4) and the potential profit is $30 ($10 x 4 minus the $10 stake).

Decimal Oddsĭecimals quote the potential return if the bet succeeds, relative to the stake. Ex: American odds of -120 would win $100 on a $120 bet. Negative Figures (-): The odds indicate how much must be bet to win $100 profit. Ex: American odds of +120 would win $120 on a $100 bet. Positive Figures (+): The odds state the winnings on a $100 bet. But there's also a fourth- implied probability - that is also useful when evaluating a bet or checking how likely an outcome is. There are three methods of stating odds that most bookmakers and websites support. Format Definitions: Odds and Probabilities We set the bet amount to $100, but you can enter any amount you want as long as your bankroll can handle it. You’ll see how much money you’ll win, and the total payout you’d receive.

Our calculator will take care of the rest. Step 2: Enter the amount of money you wish to bet. It’s entirely up to you which type you prefer. Most betting sites offer each odds option.

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What does units mean in gambling