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If you’re going to bet on sports, you need to understand the odds before you put any cash down. There’s no way for you to know the risk involved in your particular wager or the potential payoff unless you know how betting odds work. If you’re looking for the best odds at an online sportsbook, be sure you check out Bovada.

1. What Does 7 To 1 Odds Mean Spiritually
2. What Does 7 To 1 Odds Means
3. What Does 7 To 1 Odds Mean
4. What Does 7 To 1 Odds Mean Median

It’s essential to understand that odds are a determination of how a specific event may play out. They are not saying that the event will end in the manner predicted. They predict the likelihood of an outcome.

Those wagering on the favored team usually do so at a disadvantage, while those wagering on the underdog are given an edge. Sportsbooks do this in an attempt to even out the bets so that there’s an equal amount of cash placed on each team.

When wagering, you’ll find that there are three basic ways that odds are listed:

Decimal = (Negative US odds + 100) / Negative US odds. Let's calculate the example above; we staked 100$, and we ignore the minus (-). ( 120 + 100 ) / 120 = 1.83. Fractional Odds. This is also known as UK Odds. It is too easy to understand and calculate. The mentality is: Profit/Stake. For example, a bookie offers 5/4 for a team to win a game. The betting odds for a fight usually look something like this Mike Tyson (-320) Evander Holyfield (+210) Favorite Betting. In this example, Mike Tyson would be the favorite in the fight. And his odds for the fight are -320, which is the same as 3.2-1. So for every $3.20 you bet on Mike Tyson you would profit $1 if he won.

Enter the odds in any format and click Convert

• The only part that might be tricky is the odds, but understanding the money line means you understand baseball betting odds. Remember these 4 things about the money line and you will be equipped to at least understand how the wagering of baseball works: 1. Minus means favorite. Plus means underdog.
• What Do The Odds Mean? American Odds always use a baseline value of $100. For favorites you are always risking the money to win $100, and with underdogs you risk $100 to win the amount. A -135 favorite means you must risk $135 to win $100 from the sports book. So you either lose $135 or win $100, or push.
• Fractional odds are some of the most simple to understand, as they present your potential winnings as a fraction of the money you stake: while the denominator represents the amount bet, the numerator is the amount your stake will yield in a winning bet. For example, odds of 1/1 mean you’d get a return of $20 for a winning $10 bet.

What Does 7 To 1 Odds Mean Spiritually

Odds Conversion Guide

To convert decimal odds to fractional, subtract 1.00 and then find the nearest whole integers (so 3.75 - 1.00 becomes 2.75/1, or 11/4).

To convert moneyline odds to decimal, if the moneyline is positive, divide by 100 and add 1. If it is negative, divide 100 by the moneyline amount (without the minus sign) and add 1.

To convert fractional odds to decimal, divide the first figure by the second figure add 1.00 (so 11/4 = 2.75, then add 1.00 = 3.75).

Fractional Odds

• Used mainly in the UK and in international horse racing. Becoming less popular online.
• Tell you the amount of profit relative to your stake if you win your bets.
• For example, if you bet £10 at odds of 3/1, you receive £30 profit if you win.

Decimal Odds

• Common around the world but especially in Europe. Standard on betting exchanges such as Betfair.
• Convey the total amount you will receive if you win, including the return of your stake.
• For example, if you bet £10 at odds of 3.75, you will receive £37.50 in total if you win.

Moneyline Odds

• Used by most US bookmakers.
• Based on a straight single bet (on a single outcome, without a points spread)
• If the moneyline is positive, the amount quoted is the amount you would win on a $100 bet.
• If it is negative, the amount quoted is what you would need to bet to win $100.

American

U.S. odds are reflected in the moneyline or line. They’re expressed in whole numbers with the number for the favored team showing a minus and the number for the team that is not favored having a plus in front of it.

Here is a moneyline for football:

This betting line favors the Colts. Indy is listed at 2:1. That means for every $2.00 bet the payout would be $3.00. That includes the $2.00 you wagered plus a profit of $1.00. If you take the Bears, the odds would be 1:4. On a $1.00 bet Chicago, which is the underdog, would pay a total of $5.00. That includes the $1.00 bet and the $4.00 payout.

The bettor always gets a bigger payout when they assume a greater risk. The more the risk, which would reflect the unlikely chance of something happening, the more you profit if the bet is won. Consider that a team that’s listed at -200 has a 66.66% chance of winning, while a team at +400 has a 20% chance of victory.

Fractional

Fractional odds, which are also known as English odds, are a bit easier to understand. If the same NFL game were listed using the fractional system it would look like this:

With this type of listing, the first number in the fraction, the numerator, is the amount you would wager and the second number, the denominator, is the payout amount. The payouts and risk in this example are exactly the same as that in the American example, with the Colts paying a $1.00 profit for every $2.00 bet and the Bears offering a $4.00 profit for every $1.00 wagered.

Decimal

You’ll find decimal odds used most often in Europe and for this reason they are known as European odds. These may be the most confusing to American bettors because the math is hidden.

Once again using the same example from the NFL, the decimal odds would be displayed in this manner:

What Does 7 To 1 Odds Means

In this system, the smaller the number the less risk involved and the better the chances are that a team will be victorious. To understand how much you will win, you would multiply the amount wagered by the betting line.

In this example, on a $1.00 bet on Chicago you would get back a total of $5.00 and on a $2.00 bet on the colts, you’d realize $3.00. As you can see, regardless of the format of the betting lines, the payout is the same.

Odds are Skewed

Betting odds can be given in various ways. The important thing to understand is they’re not “real.” They are skewed to ensure that the sportsbooks make a profit.

Built into the odds is the sportsbook’s commission, which is silently collected on every bet. In real life, the Colts probably have less of a chance of winning and should pay more while the Bears are even more likely to lose than the odds reflect and should also pay more.

Those are the basics to understanding odds. If you’re an American bettor, then chances are you’ll be using the U.S. version. Europe or other parts of the world, you’re going to encounter the two other types of listings.

Understanding Payouts

There are a few important aspects of sports betting payouts that you must understand in order to ensure that you’re able to take full advantage of wagering opportunities and to successfully manage your bankroll.

First we’ll take a look at some basic odds and related payouts and then we’ll consider some of the finer aspects of the payout.

You must be able to read the odds listed in order to understand how much you will make on a bet. The amount of cash that you make, your profit, is your payout. Some sports bets, such as those involving a point spread, usually pay approximate odds of 1:1. That means for every dollar wagered, you’re going to get that dollar plus another buck if you win your wager.

Here’s a look at the three ways of expressing odds that you’ll usually find listed for a favorite.

Each of these expressions of odds represents the same wager and payout. For every $2.00 bet, you win a dollar, making the total amount of cash you get back $3.00 ($2.00 bet + $1.00 payout = $3.00 return).

These are an example of the type of odds given for a team that’s not favored.

These odds tell you that for every $1.00 you bet, you’re going to get $2.00 back. The payout on this sports bet is $2.00 ($1.00 bet + $2.00 payout = $3.00 return)

Notice that you get the same amount of cash back on both bets but that you actually make double on the second wager. Never confuse “return,” which is the total amount of cash you get back when you win, with “payout,” which is actually how much you make. When it comes to sports betting you’re biggest concern is how big the payout is in relationship to how much you wagered.

The Commission

One element that many new bettors are not aware of is the commission that is paid by gamblers to bookies or sportsbooks. The commission is often referred to as vig, vigorish or juice.

This part of sports betting is important because it alters your payout, lessening it. Here’s the way it works. Vig can be readily seen in point spread betting and when you bet on the favorite using the moneyline.

Although the spread odds expressed in sports betting are 1/1, they are really approximately 1/1.10.

Here’s why:

When you place a $1.00 point spread wager, you place the dollar bet plus 10%. Thus, you would place $1.10 on a team to win $1.00. You get back your original bet, $1.10, and the one-dollar payout. But if this were a true 1/1 wager, your payout would be $1.10. What happens to the 10 cents? That’s the sportsbook’s commission.

The same can be seen with the -110 moneyline. In order to win $100 on that moneyline, you must put up $110. The way bookies make their commission on the moneyline is they charge more than they should to bet on the favorite and undercut the payout on the underdog. Thus, the vig is often hidden, but it is there.

Managing Your Bankroll

It’s important that you learn how to manage your sports betting bankroll and that means keeping track of all wagers, loses and payout. When looking at a potential payout always consider the risk involved in the bet and what percentage of your bankroll you’re willing to commit to that bet. Never risk more than 5% of your bankroll on a bet.

Understanding the payout in relationship to the amount of money risked and the total return is important to be able to manage your bankroll and sports betting business.

What Does 7 To 1 Odds Mean

When Is It Too Late to Make a Bet?

When is it too late to make a bet? When the game is over. But the more complex answer has to do with how much you have to wager, what your objective is and how much you’ve lost or won.

Here are some guidelines that will help you decide when you should wager on props when the odds are becoming more favorable, diminishing odds, and when you should bet on propositions whose odds are going up or expanding:

Diminishing

There are various times when you should play props whose odds are going from being long shots to sure shots. With a diminishing odds bet, the chance of the prop being a winner is becoming more certain. Bets in this category range from 2-1 to 1-4.

Play these in the following situations:

• You’re way ahead and wagering numerous units.
• You’re behind and wagering one unit at a time.
• The game is near the end and you’re ahead. Bet one to three units.
• You’re ahead and want to preserve winnings. Bet one unit.

The above situations are all designed to make sure that you limit your loses. Along with wagering on bets that offer you low odds, make sure you bet on props about which you feel confident. The point is to give yourself the best chance of winning.

Expanding

As odds expand and go higher so do the payouts. Although commonsense tells you that these wagers are getting progressively more difficult to win, there are times that you should utilize them.

• You are way ahead and want to try to make a big score. Use only one or two units.
• It’s near the end of the game and you’re even. Go for a big play, big payout bet using one unit to try to put yourself over the top.
• The team with expanding odds is actually on a role. (It can happen).
• Bet on the defense if there are expanding odds on its side and it needs to make a big play. Use one unit.

Betting on these scenarios isn’t as foolhardy as you might think since you are limiting how much you’re going to wager, lessening your loses. Stay away from tossing a lot of cash on a bet that has expanding betting lines. If you don’t, you may see your cash diminish quickly.

The thing to remember about live sports betting is that as the game goes on and things change, the odds will also change. As they do, you can take advantage of them in various ways. Also, be careful not to bet too much.

Learn More About Strategy

Point spread betting is the most popular form of sports betting. The vast majority of sports wagers use a point spread thanks to the popularity of football and basketball. Even though this type of betting is so popular, it may take awhile to understand.

The point spread is sometimes known as an equalizer for sportsbook operators. All teams aren’t created equally, so sportsbooks can create a point spread for a game so that each team playing has an almost even chance of winning the game. In a way, the point spread will even the field for both teams.

The point spread gives a reason for bettors to risk money on both teams. The better team playing in the game is considered favorite. They have to win by the point spread offered by the sportsbook. The favorite in a game is listed as being minus (-) the point spread.

The worse of the teams playing in the game is called the underdog. The bettor wins if this team wins the game outright or loses by an amount smaller than the point spread. The underdog in a game is listed as being plus (+) the point spread.

Let’s use this past Super Bowl between the Tampa Bay Buccaneers and Kansas City Chiefs as an example.

Using this example, the Chiefs were 3-point favorites over the Buccaneers. The Chiefs needed to win by 4 or more points to cover the spread.

Likewise, the Buccaneers were 3-point underdogs. That means the Buccaneers needed to win the game outright or not lose the contest by 4 points or more. At Chiefs -3, if they won by exactly 3 points, the betting result would have been a “push” and bettors for both sides would have gotten their wagers refunded.

The Buccaneers pulled off the upset, winning by a score of 31-9, and rewarded bettors who backed them at +3.

Point spread betting odds

Point spreads are usually set with -110 odds, but pricing often fluctuates at online sportsbooks. This is the sportsbook operators’ house edge. The odds guarantee the sportsbook operator will see a little money over time. When the odds are set at -110, the bettor must wager $110 to win $100 (or $11 to win $10).

The odds on a point spread are most commonly known as the vigorish or “vig” for the sportsbook. You might hear this small profit margin for the sportsbook called the “juice” by some sports bettors.

Point spread FAQs

What does ‘pick em’ or ‘pick’ mean in NFL betting?

A “pick em” (sometimes seen as “pick”) is when the teams have a point spread of zero, meaning neither team is favored. In this instance, you’re essentially picking moneyline and your bet will be determined on the winner alone.

What does -7 and +7 mean in NFL betting?

A spread of minus-seven (-7) means that a is favored to win the game by a touchdown (technically, a touchdown and the extra point). A team favored by -7 must win the game by eight or more points to win the bet. If the team wins by seven, the result is a “push” and the bet is refunded.

A spread of +7 means the team must win the game or lose by fewer than seven points to win the bet. A loss by seven would result in a push.

What does -3 and +3 mean in NFL betting?

A -3 spread means that the favorite must win by more than a field goal to win the wager. A three-point win would result in a push and the sportsbook would refund the wager.

A spread of +3 means the team listed as the underdog must win the game or lose by fewer than three points to cash the bet. A three-point loss would be graded as a push by the sportsbook and the bet would be refunded.

What Does 7 To 1 Odds Mean Median

Why are point spreads in the NFL so much lower than in college?

In 2019, the Baltimore Ravens led the NFL in point differential per game at +13.7 points; the Miami Dolphins ranked last in the NFL in point differential per game at -11.7. Even Kansas City– known for their explosive offense– had an average point differential in 2019 of just 9.7 points. The net point differential in the NFL is -14.1, or -0.9 points per game. Basically, the talent differential in the NFL is so minute that even mismatched teams often draw games within a score of each other.

NFL spreads are most commonly between one point and four, with six being a heavy favorite and extremes coming out around 15-20 point favors. (For those wondering, the 1941 Chicago Bears hold the NFL record of point differential at +15.7 points per game. Conversely, Ohio State had a +33.1 average point differential in 2019.)

Point spread and odds movement

Sportsbook operators often aim to have equal money on both sides of a point spread. When the money is exactly split the sportsbook operator will see the exact vigorish as their profit margin. If all things are equal over time this will maximize how much money the sportsbook operator can make.

In an effort to have equal money on both sides of a wager, the sportsbook operator will move the point spread to attract money on the side that customers aren’t betting on. The odds for a point spread might change before the actual point spread. There are certain point spread numbers, like 3 and 7 in football, the sportsbook operators would like to avoid moving away from since the final score margin falls on these two numbers most often.

For example, if a lot more money is wagered on the New England Patriots -3, the vig may shift from -112 to -115 and -120 before the line moves to -3.5.

Run and puck lines

Football and basketball games are mostly bet using a point spread. The less popular major sports, baseball and hockey, are mostly bet using a moneyline. In an effort to make baseball and hockey more appealing to point spread bettors, the sportsbook operators offer run and puck lines, respectively.

These alternative lines give point spread bettors a chance to wager on other sports using a more familiar method of betting. Since points (runs and goals) aren’t as easy to come by in baseball and hockey, the odds with the lines may have a wider spread than a football or basketball game.