- An odds ratio is a relative measure of effect, which allows the comparison of the intervention group of a study relative to the comparison or placebo group. So when researchers calculate an odds ratio they do it like this: The numerator is the odds in the intervention arm. The denominator is the odds in the control or placebo arm = Odds Ratio (OR).
- In betting, odds represent the ratio between the amounts staked by parties to a wager or bet. Thus, odds of 3 to 1 mean the first party (the bookmaker) stakes three times the.
NFL is one of the most popular sports available for gamblers to bet on using the Vegas odds. However, understanding the difference between the odds available at Vegas odds sites such as Caesars Sportsbook is one of the most important factors that gamblers must take into consideration before making their wager. But, what are the biggest differences and what markets can you expect to bet on the NFL using?
What Are The Biggest Differences?
Many gamblers often wonder what the biggest differences between betting on Vegas odds and other sportsbooks are, and one of the most significant differences is the odds. Vegas odds are typically better value for customers, and that can be seen in the example below:
With American odds, the number represented is how much you have to bet to win $100. If the number is preceded with a '+' sign, then you would risk less than $100 to win a wager worth $100. And, the opposite is true when the number is preceded with a '-' where the bettor would have to risk more than $100 just to win $100 of the wager.
- Jacksonville Jaguars +700
- Green Bay Packers -1100
These odds were taken from Caesars Sportsbook, and are better than a number of offshore sportsbooks that we looked at. One offshore sportsbook offered +550 on the Jacksonville Jaguars on the Money Line, and -900 on the Green Bay Packers. As you can see from the odds, that means gamblers betting with Vegas odds would be able to win higher returns when betting on the underdog for this NFL fixture.
However, it depends on the market that you’re betting on. As the spread and over/under total points markets for the same fixture are exactly the same.
These are the odds for those markets with Caesars Sportsbook:
- Jacksonville Jaguars (+13.5) -110
- Green Bay Packers (-13.5) -110
- Over 50 Points -110
- Under 50 Points -110
How To Read Vegas Odds (NFL)
Reading the odds are very straightforward, and we can use the same examples above to explain:
How to Read NFL Odds
If you stake a $10 bet on the Jacksonville Jaguars, then you could stand to win $80 in returns. The returns will be made up with $70 in profit after betting on the odds, while you will also get the $10 back that you wagered.
However, if you opted to bet on the Green Bay Packers, you would get $10.90 in returns on the Money Line. $10 of those returns would be the stake that you placed on the bet, while the $0.90 would be the profit from the odds that you have bet on. Vegas odds in the American format isn’t the only way to read odds, as the leading sportsbooks allow you to change the format to a fractional or decimal layout. You can see below how the odds convert:
Other NFL Markets Available With Vegas Odds
One of the other big differences between offshore and Vegas odds sportsbooks are the number of markets available. Offshore sites will allow gamblers to wager their money on markets such as First Drive Result, Double Result and Winning Margin. These markets aren’t traditionally offered with sportsbooks like Caesars. However, there are other markets that you will be able to find with this sportsbook.
- 1st Half Money Line- Gamblers will be able to bet on the team that will be winning at the half-time break.
- 1st Half Total Points- There is an over/under market focused on the number of points scored in the first half. The site will set the total, and gamblers will bet on whether the number of points scored will be higher or lower.
Should I Sign Up To Take Advantage of Vegas Odds?
Vegas odds are one of the best ways to bet on the NFL action, which means signing up to a site such as Caesars is a no-brainer. You will be able to bet on competitive odds on all the markets that are on offer, while there are excellent promotions that new customers will be able to take advantage of. Understanding Vegas odds is also straightforward, which means that it will appeal to beginners that are wagering their money on the NFL for the first time.
Betting on football is the perfect way to boost the thrill you experience while watching the beautiful game. However, it can be a daunting process for newcomers if you do not understand how to read odds and calculate your potential payout. The best sportsbooks in the business make it as easy as possible for you, but it helps to learn how to read odds and figure out how to maximize your profits.
Fractional Odds
You will often see odds quoted as fractions, such as 2/1, 9/4 and 5/2, particularly in the UK and Ireland. The first number on the left tells you how much profit you stand if you bet the amount on the right. Odds of 2/1 tell you that you will earn a profit of £2 for every £1 you stake. If you bet £10 at odds of 2/1, you will make a £20 profit. You also get your stake back when your bet is a winner, so your return would be £30 in this instance.
If you see odds of 5/2, it means you win £5 for every £2 you stake. This means a £1 stake would earn you a profit of £2.50 and a return of £3.50, while a £10 bet would earn you a profit of £25 and a return of £35. Sometimes you will see a team priced at evens, or even money, which means 1/1. This means a £20 stake would earn you a £20 profit and a £40 return if successful.
If the odds are smaller than 1/1, it is referred to as odds-on. A price of 10/11 is an example of an odds-on market. A £10 stake would earn you a £9.10 profit and a £19.10 return if successful at these odds. You do not double your money, showing the market is odds-on.
Decimal Odds
Many punters prefer to use decimal odds and they are particularly prevalent online. Decimal odds tell you the return you stand to make on a given stake. If you see odds of 1.90, it tells you that a £10 stake would give you a return of £19. If the odds are 2.00, it tells you that a £10 stake would give you a return of £20, and a £100 stake would give you a return of £200. If you see odds of 2.50, a £10 stake would yield a return of £25 and odds of 4.75 would see you get a return of £47.50 from a £10 bet.
Decimal odds include the fact that your stake is returned if your bet wins. Fractional odds of 1/2 are equivalent to 1.50, evens is 2.00, 2/1 is 3.00, 7/2 is 3.50, 100/1 is 101.00 and so on.
American Odds
American odds either start with a plus or a minus. If the price starts with a plus, it tells you how much you would earn from a £100 stake. Odds of +400 would earn you a £400 profit if you stake £100. You do not have to stake £100. You could stake £10 and make a £40 profit, or you could stake £5 and make a £20 profit. Odds of +100 are equivalent to evens (1/1) and 2.00. Odds of +200 are equivalent to 2/1 and 3.00, while odds of +250 are equivalent to 5/2 and 3.50.
If the price starts with a minus, it tells you how much you need to stake in order to win £100. Odds of -120 tell you that you need to bet £120 in order to make a £100 profit. Odds of -250 tell you that you need to stake £250 in order to make a £100 profit. Odds of -250 are equivalent to 2/5 and 1.40. If a set of odds starts with a minus, it is odds-on.
How To Read Betting Odds
Finding the Best Odds
How To Read Betting Odds Ratio Interpretation
Different bookmakers offer different odds on the same market, so you should always shop around for the most attractive prices. You can use an odds comparison service to see which bookmaker has the greatest set of odds on a particular market. For example, Bookmaker A might have 2/1 (3.00) on Arsenal beating Man Utd, while Bookmaker B might have 9/4 (3.25). You would choose Bookmaker B as you stand to make a greater profit if your bet is successful.