How to Understand NFL Betting Odds

The purpose of this article is to explain how NFL betting odds work. NFL betting odds can be confusing to the average bettor. This is because there are a lot of numbers and different ways to bet on NFL games. Therefore, this article will explain how NFL betting odds work and what they mean for bettors. 

What Are NFL Betting Odds?

NFL Week 1 odds are out, and the public is already placing their bets. The NFL season is just around the corner, and with it comes a new set of NFL betting odds. Every year, NFL betting odds are released before the start of the season. These NFL betting odds are based on a number of factors, including the strength of each team’s schedule, the team’s performance in the previous season, and any significant changes to the roster or coaching staff. External factors, such as weather conditions and injuries, can also affect NFL betting odds. In addition, NFL betting odds are often released before the NFL draft, allowing bettors to get an early start on placing their bets. Finally, many sportsbooks release NFL betting odds, and bettors can shop around for the best lines. 

NFL odds are subject to change, so bettors should monitor the lines closely and be prepared to place their bets early.

How to Read NFL Betting Odds 

If you’re new to betting on NFL games, you first need to understand the odds. NFL betting odds can be a bit confusing initially, but they’re not too difficult to decipher. Here’s a quick guide to reading NFL betting odds:

  • The point spread is the first thing you’ll see when looking at NFL betting odds. The point spread is the number of points the oddsmakers think will be between the two teams. So, for example, if the point spread is 7 points, then the oddsmakers believe that the favorite will win by 7 points and the underdog will lose by 7 points.
  • The next thing you’ll see is the moneyline. The moneyline is simply a bet on which team will win the game outright, regardless of the point spread. Moneylines are usually expressed as a plus or minus sign, with the favorite denoted by a minus sign and the underdog denoted by a plus sign. For example, if the moneyline is -7, that means you need to bet $7 to win $10 (or vice versa). If the moneyline is +7, that means you need to bet $10 to win $7 (or vice versa).
  • The final thing you’ll see is the total. The total is the number of points oddsmakers believe will be scored in the game by both teams combined. So, for example, if the total is 47 points, that means oddsmakers believe that the two teams will score a combined 47 points.

How to Calculate Your Potential Winnings 

Once you understand how NFL betting odds work, you can calculate your potential winnings. To do this, you’ll need to know the odds, the point spread, and the moneyline.

  • The first step is to calculate the decimal odds. Decimal odds are simply the odds expressed as a decimal number. For example, if the odds are +7, that means the decimal odds are 7.0. 
  • To calculate your potential winnings with decimal odds, simply multiply your bet by the decimal odds. So, if you bet $10 on a team with decimal odds of 7.0, you would stand to win $70 if they won (or $100 if they lost).
  • If you’re more comfortable with fractional odds, you can calculate your potential winnings using those as well. Fractional odds are the odds expressed as a fraction, with the numerator being the amount you stand to win and the denominator is the amount you need to bet. So, if the fractional odds are 7/1, that means you’ll win $7 for every $1 you bet. 
  • To calculate your potential winnings with fractional odds, simply multiply your bet by the numerator and divide by the denominator. So, if you bet $10 on a team with fractional odds of 7/1, you would stand to win $70 (or $100 if they lost).

Familiarizing Yourself With Common Terms and Phrases Used in NFL Betting 

Now that you understand how NFL betting odds work, it’s time to familiarize yourself with some of the common terms and phrases used in sports betting. 

  • You first need to know the difference between a straight bet and a parlay. A straight bet is simply a bet on one team to win. A parlay is a bet on two or more teams, with all teams needing to win for you to win your bet. Parlays are usually more profitable than straight bets, but they’re also more challenging to win. If you’re new to sports betting, it’s best to stick with straight bets until you get a feel for how things work.
  • The next thing you need to know is the concept of a push. A push is when the result of a bet is exactly the same as the oddsmakers predicted. For example, if you bet on a team to win by 7 points and they win by 7 points, that’s a push. If you have a push, your bet is returned to you, and you don’t win or lose any money. A push occurs more often than you might think, so it’s important to be aware of them.
  • Finally, you need to know what vigorish is. Vigorish is the percentage of your bet that the sportsbook keeps as profit. For example, if you bet $100 on a game and the vigorish is 10%, that means the sportsbook keeps $10 and pays out the other $90 to the winner. Vigorish is also known as the “juice” or “vig”.

Now that you know how NFL betting odds work, you’re ready to start placing bets. Remember to shop around for the best lines and be mindful of the vigorish. And most importantly, have fun!

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