Guide to Sportsbetting on NFL Football, NHL Hockey and Horse Racing
If you’ve ever thought about making sports wager or becoming a consistent sports betting enthusiast, then you need to know how everything works and how everything is calculated. Otherwise you stand no chance. Its not that the casinos are better than you, its just that they know more and things are generally stacked in their favor.
The biggest sports betting worldwide is on NFL football, NBA basketball & NHL hockey and horse racing
Thanks to the expert insight that you’re about to receive you’re going to find out just how these odds and lines are calculated for NFL football, NHL hockey and horse racing.
Here are two examples of NFL and NHL money lines.
New England Patriots -250
Buffalo Bills +300
Pittsburgh Penguins -180
Philadelphia Flyers +175
In the above two examples, you have odds that show + and - signs. In simple terms, the team that has the minus sign is the favorite while the team with the plus sign is the underdog. If you were to bet on the favored Patriots to beat the underdog Bills, it would cost you $250 to win $100. Conversely, if you bet on the Bills, a $1000 wager would net you a sweet, $300 profit.
The same applies to the NHL matchup with Pittsburgh being favored to beat Philadelphia. It would cost you $180 to win $100 if you bet on the Penguins while a $100 wager would net you a $180 return if you bet on Philadelphia and they win.
If you ever want to convert the lines from American to decimal or vice versa, the formula is quite simple. If you’re looking at the lines for an underdog, you take the positive number given for the line and divide it by 100, then add 1. This means that +175 for the Flyers translates to 175 / 100 + 1 = 2.75 for the decimal line.
If you are looking at a favored number, the equation is almost identical except you reverse the position of the line. So rather than dividing 100 into the line, you divide the negative line number into 100. Therefore, the example of -250 for the Patriots translates into 100 / 250 + 1 = 1.4 for the decimal line.
Now, there’s a big difference between spread betting and moneyline betting. With a moneyline wager, you’re simply predicting which team will win any given affair and placing your wager on that team whether it’s the favorite or underdog.
Up until the 1940’s when a man named Charles K. McNeil came along, all NFL betting was based on simple moneyline wagers. But then, McNeil’s created what he called, “wholesaling odds” by attaching point spreads to the games.
This simple act, revolutionized NFL and sports betting overall, as we now know it. For instance, the favored team would have to win by the margin stated in order for a bettor to win or the underdog would have to lose by fewer points than the set figure. For example, in today’s NFL you may see a line that looks like this.
New England Patriots -12 (-110)
Buffalo Bills +12 (-110)
In this scenario, if you like the favored Patriots, they would need to beat the Bills by 13 points or more in order for you to win your wager, while conversely, if you bet on the Bills, you’re getting a dozen points and the Bills would simply have to lose by 11 points or fewer in order for you to cash in.
In the case of a tie or Push, where the Patriots win by the identical 12-point spread your wager and all monies bet are returned.
With NHL betting, you may see a point spread that looks something like this.
Pittsburgh Penguins -1½ (+150)
Philadelphia Flyers +1½ (-130)
In this scenario, if you like the favored Penguins to beat the Flyers by more than 1½ goals (meaning a two-goal win) a $100 wager would bring you back a $150 return. Conversely, if you bet on Philadelphia +1½ goals, it would cost you $130 to win $100.
As far as how the odds are created for both sports, you should know that some sportsbooks base all their lines on their own internal linesmaking and oddsmakers, although the vast majority of sportsbooks rely either solely on oddsmaking services or a combination of external service and their own handicapping.
Remember, the best advice that I can give you for wagering on any sport is that you can simply pick and choose which games and odds you like best. Always identify the games that you feel are offering the best chances for you to make a winning wager and go from there. ‘Over-betting’ can often lead to difficult times and you should remember, this is a business, and businesses are in business for the sole purpose of making money!