Reading Odds
Updated: Dec 7, 2022
Quick Read
Odds represent the approximate chance of a bet winning
“+” indicates an underdog
“-” indicates a favorite
Approximate since countless factors contribute to setting odds
This randomness leads to odds varying throughout the day and across different sites
Odds are an important part of being a profitable bettor
Bettors can shop different sports betting sites to find the best odds
Consistently getting good odds is the easiest way of increasing your ROI
Below I’ll show an example of reading odds and a way of determining if you’re getting good value
DYOR, never bet anything you can’t afford to lose
Example
Pittsburgh Pirates to win @ +191
$100 bet @ +191 would payout $291
$291 (payout) = $191 (profit) + $100 (returned)
Underdogs (+) can be thought of as “if I bet $100 dollars then my profit would be the odds”
New York Mets to win @ -219
$219 bet @ -219 would payout $319
$319 (payout) = $100 (profit) + $219 (returned)
Favorites (-) can be thought of as “the odds tell me how much I need to bet to win $100”
Finding Value
The best way of finding value is comparing odds across betting sites
This gives us a better idea of what odds are being offered & who is offering the best price
External Prices shows what odds are being offered elsewhere
Spoiler alert... BettorEdge is tough to beat
Thanks for reading!