Millions of football fans bet on NFL every season. While many do it for fun, others consider it a money-making activity and have since ventured into it professionally. Either way, if you’d like to wager on NFL games, you must learn how the odds work.
Well, chances are that you know that odds are what will help you determine your chances of winning a bet. But do you know how they work in NFL? Most importantly, are you aware of the different types of NFL odds? If you don’t, continue reading to learn more.
How NFL Odds Work
NFL games have a payout structure that revolves around odds, allowing bettors to determine if a particular match is worth wagering. This usually depends on the relationship between the stake and the expected outcome. Odds, in other words, is the price bettors pay to win a particular amount of money on a bet.
Betting sites and sportsbooks post odds payout based on 100 measures. For instance, if your favorite team’s odds are negative (-), you must bet the indicated amount to win $100. So, if the odds are -$300, to win $100, you must wager $-300.
On the other hand, positive (+) odds indicate the payout you’ll receive when you bet $100. For example, if an underdog’s odds are +$250, wagering on it puts you in a position to win $100.
Types of NFL Odds
To understand NFL odds, you must be familiar with the common types of NFL bets, which include:
As the name suggests, a point spread allows you to wager based on the number of points a team will win or lose by. Usually, with this type of betting, the favored team has a negative spread and vice versa. The standard odds in point spreading are -110. That means you need $110 for a $100 payout.
Bettors who want to wager on an NFL team likely to win a game use moneyline bets. This is one of the most straightforward options and easy to work around. For instance, if you find a favorite with odds of -150, to win $100, you have to wager $150.
Over/under bets incorporate odds based on a projected number of points set by oddsmakers. So, if you choose over/under bets, you have to wager on whether the total score will be more or less than the one specified by the oddsmaker. If you think game points will exceed the projected number, you wager on over, and vice versa.
Futures betting allows you to wager on NFL games that will happen in the future. For instance, you can use futures to bet on your favorite team winning the Super Bowl. The main difference between this type of betting and the others is futures bets don’t involve games or events that occur the same day the bet is placed.
Before You Bet
Before risking your money, familiarize yourself with how NFL odds work. That is key in facilitating informed decision-making and minimizing losses.
This article has introduced you to the basics of NFL betting odds. But it hasn’t covered every minute detail. Increase your knowledge base by reading recommended sports betting books, watching video tutorials, and reviewing relevant material.
As always, good luck, and bet responsibly.
