As more states legalize sports betting in the U.S., it’s inevitable that more and more people will be drawn to sports betting. If you’re a newcomer to sports betting, the odds board or home page on a mobile app may look like complete gibberish.
In this article, we will introduce you to the basic terminology you need to know. In addition, we’ll use this terminology to explain how to read what you see on the odds board and how to apply this knowledge to your bets.
Example of a game on Odds Board
This is an example of an NFL match between the Dallas Cowboys and Kansas City Chiefs that once appeared on a sportsbook odds board. You’ll notice the following categories of terms: turnover numbers, point spread, over/under and moneylines. Let’s take a look at each term separately.
Rotation numbers
Rotation numbers are commonly used in land-based sports betting. These numbers are designed for players to easily refer to their bets when they approach the cashier.
Suppose a player wants to place a bet on the Cowboys spread. He would walk up to the cashier and say, “I take the number 403, Cowboys -8 for [whatever the bet amount is].” The cashier would then have the proposed bet on the screen for the bettor to look at, along with the possible payout. If the bettor was satisfied with the bet, the bet is finalized when the bettor hands the cashier his money.
Telling the cashier the bet’s turnover number is not absolutely mandatory. One can simply say “I take Cowboys -8” and the cashier will probably know that the customer is referring to the NFL point spread. However, you can’t assume that the cashier is familiar with every sport, so giving the turnover number will make his job easier.
Point spreads
A point spread bet is the most common type of sports bet. Point spreads are essentially a handicap designed to equalize the odds between two teams. The favorite will always have a minus sign attached to its number, while the underdog can be identified with a plus sign. In this example, there is no plus sign with respect to the point spread. However, it can be inferred that since the Cowboys are favored by eight points, the Chiefs are the underdog and therefore “get +8.”
Bookmakers who bet on “Cowboys -8” believe that the Cowboys will win by more than eight points. Those who bet on “Chiefs +8” believe that the Chiefs will either lose by less than eight points or win the match outright. If the match ends with the Cowboys winning by eight points, this is considered a “push” and those betting on the point spread get their money back.
Over/Under
Over/unders are also referred to as “totals” in the sports betting world. With over/under, you don’t bet on how much one team will win or lose. Instead, an over/under is a bet on how many points will be scored.
Those who bet on “over 42.5” believe that the Cowboys and Chiefs will score more than 42.5 points combined. Those who bet on “under 42.5” believe that both teams will score less than 42.5 points combined. Note that there can be no “push” on this line, since you can’t score half a point.
Moneylines
As with point spreads, the moneyline favorite can be identified by a minus sign next to the number, while the underdog will have a plus sign. With a moneyline bet, you simply bet on who will win the match, regardless of the margin of victory.
The Cowboys have a moneyline of -400. This fact introduces another important sports term called “vig.” Those who bet on the Cowboys moneyline would have to bet $400 to return a profit of $100. The same ratio is applied to all betting amounts, so a $100 bet on the Cowboys moneyline would yield a $25 profit.
If one were to bet on the Chief’s moneyline at odds of +300, a $100 bet would yield a $300 profit. The reason why the payout is so large is that they were considered eight-point underdogs to begin with. Therefore, the probability of them winning on the away side is not high. Moneyline odds and point spreads usually go hand in hand. The more points a team has, the more expensive the moneyline odds.
Vigs are everywhere
Every bet has a “vig,” whether it’s a moneyline, point spread or over/unders. In this particular example, the odds board did not show a vig for the point spread or over/under. The standard vig is -110 on these bets. This means that a player who bets on Cowboys -8 or Chiefs +8 will have to bet $110 to return a profit of $100. The same vig applies to both sides of the over/under.
If the math to figure out how the -110 vig works is too difficult, the rule of thumb is that sportsbooks take 10% of the winnings from each bet. However, you don’t have to be a math expert to succeed at sportsbook games. Remember that the cashier at the bookmaker will always show you what you have to win before you finalize your bet.