Betting on the NFL can be an incredibly thrilling experience, with tons of fantastic games across the season, all culminating in those final Super Bowl bets. Of course, if this is something you’ve not done before then it’s important to understand NFL betting odds and how they work.
Here at Gambler Saloon, we’re here to help and below you’ll find all you need to know about calculating the odds for NFL betting markets…
How To Calculate NFL Betting Odds
Calculating NFL odds are relatively simple. Across the USA’s top betting sites you’ll usually find markets being displayed with American odds values. These are among the easiest to read of the three common odds formats, with fractional odds and decimal odds found more frequently in Europe.
The most common markets in NFL betting are Moneyline and pointspread, with odds then correlating to them.
The Moneyline market is a bet on the winner of an NFL game. You’ll often find the odds looking something like this:
Indianapolis Colts: -136
Chicago Bears: +112
The way American odds work is based upon a player winning $100 for any given bet.
The favorite in any market will have a minus sign in the odds. So in this case, the favorite would be the Indianapolis Colts. What the minus odds represent is the money you need to bet in order to win $100.
Therefore, with odds of -136, you must place $136 in order to win $100, which would give you a total return of $236. You can then use this to calculate your winnings for the stake you wish to place.
For example, you’d win $10 and earn a $23.60 return on a $13.60 wager. Double that and you’d stand to win $10. A $1.36 bet on the Colts would see you win $1 if the outcome was a winning one.
A bet on an outcome that has a plus sign represents how much you will win if you place a $100 bet. You’ll find odds with a plus sign more often on the underdogs and are much easier to calculate.
In this instance, a $100 bet on the Chicago Bears would win you $112, giving you a total return of $212. Therefore, if you bet $10, you would win $11.20, while a $1 bet would give you a win of $1.12.
By breaking it down, you can then calculate how much you would win by multiplying 1.12 by your stake. It would be the amount you win, alongside your stake.
Of course, most sportsbooks such as 888Sport and Bet365 will tell you how much you stand to win when you enter your stake into your betslip. Many online sportsbooks will also offer betting calculators. These can also be used to calculate your odds if you are looking to bet on multiples or parlays.