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The Basics of Sports Betting: Understanding Implied Odds

When it comes to online sportsbooks, it can be overwhelming to navigate the various numbers and terms used. As a beginner sports bettor, it's essential to understand what each column means to make informed decisions. In this article, we'll break down the basics of implied odds and how they relate to sports betting.

Implied odds are the prices offered by sportsbooks for each team to win a game. A minus number (-) indicates the favorite to win, while a plus number (+) indicates the underdog. For example, a minus 258 implied odds for the Phillies to win means that you'll pay $258 for every $100 you bet on them to win.

The key takeaway is that minus numbers represent favorites, while plus numbers represent underdogs. To illustrate this, let's consider a matchup between the Washington Nationals and the Phillies. If you bet $100 on the Phillies to win, you'll receive a payout of $138.75. However, if you bet $100 on the Nationals to win, you'll receive a payout of $310.

Sportsbooks set accurate implied odds for each matchup to ensure they make money over the long term. These odds can be converted into percentages, revealing the actual chances of each team winning. For instance, a plus 180 money line for the Guardians gives them a 35.71% chance to win, while a minus 218 money line for the Rays gives them a 68.55% chance to win.

Vig or juice is the additional percentage added to each bet, which ensures sportsbooks remain profitable. Think of it like a restaurant tip – you're paying a small percentage to the sportsbook for each bet you make.

To remove Vig from implied odds, you can use a fair odds calculator. This will reveal the true odds-to-hit, which should equal 100%. For example, using the calculator on a plus 180 money line for the Guardians gives them a 35.0% chance to win, while a minus 218 money line for the Rays gives them a 65.75% chance to win.

In summary, implied odds are the prices offered by sportsbooks, while fair odds are the actual chances of each team winning. Understanding the difference between these two concepts is essential for making informed decisions when betting on sports.