Learning how to read betting odds is a critical step to finding success as a sports bettor. Some believe this is a difficult task, but with a little time investment and some practice, reading odds can become second nature. Among other things, understanding odds helps determine bet sizes, payouts, and how to discover (and exploit) value in a betting line. New bettors can learn from the following breakdown how to read and understand betting odds.

What is the Vigorish?
Vigorish (also known as “vig” or “juice”) is the name given to the amount charged by the sportsbook for taking your bet. Think of it as the casino’s cut for the service it provides. Vig amounts vary from sport to sport and wager to wager, and it’s not always easy to determine the vig from reading the odds.

Implied Probability
Implied probability is the expected chance of an outcome as determined by bookmakers, and it’s shown using odds. For serious bettors who want to assess the potential value of a bet, it’s paramount to convert odds into implied probabilities. If you give a team a 60% chance of winning, but that team’s implied probability of winning is 40%, you theoretically have an edge over the sportsbook.

What does it Mean When Odds are Negative?
Odds with a negative (-) symbol indicate the betting favorite. The number that follows the negative symbol (the odds) reveals how much to bet for every 100 naira you want to win.

What does it mean when odds are positive?
A plus (+) sign signifies the underdog when odds are presented. A negative (-) odds tells you what you have to wager on the favorite to win 100 naira, whereas a positive (+) odds tell you how much you will win if you bet on the underdog.

What Does a Pick’em Mean?
The term pick’em in sports betting refers to a game or match that has no favorite or underdog. In this case, both sides are considered equal and there is no point spread listed. On the odds board, you can spot pick’em games one of two ways.
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