Saturday, July 6, 2013

The Odds

So far, we have discussed several types of bets and some of the bets have different odds attached to them.  Below are the varying types odds associated with each bet.

  • Against the spread and over/under bets are usually at -110.  You have to bet $110 to win $100. However, sometimes the casino will charge more juice and the line will be -115.  Even rarer is when the casino charges less juice.  -105 can be found sometimes.  When -115 and -105 are listed, be sure to change your bet amounts accordingly to make sure you don't get back change.  
  • Parlay Odds: standard is 3 team: 6-1, 4 team: 10-1, 5 team: 20-1, 6 team: 40-1, 7 team: 75-1, 8 team: 150-1. Since each bet on a parlay or leg has to hit in order to win, the more legs you add, the more difficult it is to hit. Some casinos offer better parlay odds than others, but that usually depends on who is operating the sports books at the the casinos.  
  •  Moneyline bets don’t have standard odds set for them in the same manner as against the spread bets.  There is no spread here remember, its all based on the outright winner. While there isn't a spread, the payouts are tied to the spread.  Bigger spread = bigger payouts if you bet on the underdog and they win.  Favorites will require a larger wager to win a smaller amount.  Essentially, whatever the Moneyline is for each game determines your odds.  If the Moneyline is set at +1000, this means the odds are 10-1.  

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