Unlocking The Odds: A Guide To Understanding NFL Betting Odds
If you want to understand NFL betting odds, you’re in the right place! NFL betting is a fun hobby, especially for experienced bettors. They genuinely enjoy the sport, and at the same time, they get pumped up for the bets they have placed, especially when the odds offer a hefty amount of money.
The odds are essential in NFL betting, for they serve as a guide in the bettors’ decision-making. With that said, it is imperative to learn how to understand odds to guide you on each bet you want to place. It may seem daunting at first, but it is actually easier than you could be thinking. To show you further, take your time and read below the types of NFL betting and how to understand their odds.
Odds In Futures Bet
In the futures bet, you will be placing a bet on a future outcome that is still about to conspire. Typically it will take months before you realize if your bet will win or not. With that said, you will select your bet based on the odds placed on each team. To identify which team is the favorite and which team is the underdog is to look at the odds placed on them. The lower the odds, the stronger the team. The higher the odds, the weaker the team.
Say, for example, the Dallas Cowboys is the top favorite to win the Super Bowl, which has +400 odds placed on them (earn $400 for every bet of $100), while the Buffalo Bills are on the lowest rank on the list with +13000 odds placed on them (earn $13,000 for every bet of $100).
If you choose to bet on the Buffalo Bills, you will have the chance to win a hefty amount of $13,000 or every $100 bet. But the downside is that they have the least probability of winning the Super Bowl. But if you opt for the Cowboys to win, you will have the chance to earn $400 per $100 bet but with a higher winning chance this time.
There are different types of events that the futures bet is applied in the NFL. Each of the teams has odds placed on them in each of these events. Examples of these events are Rookie Of The Year Futures, MVP Futures, Division Championship Futures, Super Bowl Winner Futures, etc.
With that said, there are many opportunities that you can wager because there are various events in the futures bet. As long as you know how to read the odds in the futures bet, the only thing you need to be concerned about is the best prediction you should make.
Odds In Moneyline Bet
One of the popular forms of betting in the NFL is the moneyline. To make a wager in the moneyline bet, you should learn how to understand the odds. Moneyline odds are easy to understand. You either choose the favorite team or the underdog team. If you wager on the favorite, you can win $100 for every odd placed on them. But if you wager on the underdog, your $100 can earn more money than wagering on the favorite.
Say, for example, the odds for the Dallas Cowboys is -150 (a minus sign indicates that they are the favorite) and the odds for the Buffalo Bills is +450 (a plus sign implies they are the underdog). If you place your bet on the Dallas Cowboys, you need to shell out $150 (-150) to earn a $100 profit. But if you place your bet on the Buffalo Bills and win, your $100 wager will be multiplied by 4.5 (or +450) and win big money of $450 and earn $350 profit.
Let’s do another example. A +350 odd is placed on the Baltimore Ravens, which means they are the underdog. And a -200 odd is placed on New York Giants, meaning they’re the favorite. If you wager on the favorite, you need to place a $200 bet to earn a $100 profit. But if you chose to wager on the Ravens and win, your $100 will become $350 (hence, the +350 odds).
Odds In Totals Bet
Another kind of popular betting which requires odds is the totals or over/under bet. The oddsmaker will set a number (either number of wins or score number). In this case, we’ll use the number of wins.
At the same time, they will also set an odd. After this, you will choose if the team’s total wins will be above (over) or below (under) the number of wins that the oddsmaker set.
For example, the oddsmaker will set 9 victories that the Buffalo Bills will garner for the whole season. They will then set an odd of -110 for the over side and +120 for the under-side. You will now try to predict if the Bills will gain over 9 wins or under 9 wins. If you wager on the over, you can earn $100 for every $110 bet (-110). But if you wager for the under, you can win $120 (+120) for every $100 bet.
Takeaway
Learning NFL betting odds is key when you are engaging in NFL betting. Though some bookmakers (or oddsmakers) may have different set-ups, rules, or variations in every type of betting, what’s important is that you are now able to piece together and understand NFL betting odds and how they are applied.
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