Understanding the Significance of "+" in Betting Odds
In the world of sports betting, the "+" symbol holds great importance, indicating the underdog's chances of winning. Understanding how this symbol works is essential for making informed bets and increasing your chances of success.
What Does "+" Mean in Betting Odds?
The "+" symbol in betting odds represents the vigorish (vig), which is the commission charged by sportsbooks for taking bets. It is expressed as a positive number and represents the amount you would need to stake to win $100. For instance, if the odds for a team to win are +150, it means you would need to bet $150 to win $100.
Calculating Payouts
To calculate the potential payout for a bet with positive odds, follow these steps:
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Divide the bet amount by the vigorish: For example, if you bet $100 on a team with +150 odds, you would divide $100 by 1.5 (or 150/100).
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Multiply the result by 100: This gives you the amount you would win if your bet is successful. In this case, you would multiply $66.67 (100/1.5) by 100, resulting in a potential payout of $6,667.
Importance of "+" Odds
Understanding "+" odds is crucial for several reasons:
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Identifying Underdogs: A team with positive odds is considered the underdog, meaning they are less likely to win according to the sportsbook.
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Assessing Risk vs. Reward: The higher the vigorish, the greater the potential payout. However, it also means that the underdog is less likely to win.
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Exploiting Value: By identifying underdogs with overly high vigorish, bettors can capitalize on value bets where the potential payout outweighs the risk.
Examples
Example 1:
- Team A: -200 (favorite)
- Team B: +160 (underdog)
To win $100 on Team A, you need to bet $200. If you bet $100 on Team B, you could win $160 if they pull off an upset.
Example 2:
- Team C: +400
- Team D: -500
Team C is a significant underdog, as you would need to bet $400 to win $100. Team D is a heavy favorite, as you would only need to bet $100 to win $500.
Tables
Table 1: Common Vigorish Ranges for Underdogs
| Vigorish |
Likelihood of Winning |
| +100 to +200 |
Moderate |
| +200 to +400 |
Low |
| +400 and above |
Very Low |
Table 2: Payout Calculations for Different Vigorish
| Vigorish |
Bet Amount |
Potential Payout |
| +150 |
$100 |
$6,667 |
| +200 |
$100 |
$5,000 |
| +300 |
$100 |
$4,000 |
| +500 |
$100 |
$3,000 |
Table 3: Historical Underdog Success Rates
| Sport |
% of Games Won by Underdogs with +150 Odds |
| Football |
36% |
| Basketball |
28% |
| Baseball |
32% |
| Hockey |
30% |
Stories and Lessons
Story 1:
In the 2019 NCAA Tournament, Virginia Commonwealth University (VCU) pulled off a stunning upset as a +1,200 underdog against Duke. Bettors who wagered on VCU were handsomely rewarded, demonstrating the potential of underdog bets.
Lesson: Underdogs can sometimes prevail, even against overwhelming odds.
Story 2:
A New York Jets fan bet $100 on the team to win Super Bowl LIV at +3,000 odds. Despite the Jets' dismal season, they managed to pull off several upsets in the playoffs. The fan ultimately won $30,000, showcasing the potential for high payouts on underdog bets.
Lesson: Even unlikely outcomes can pay off handsomely in the world of sports betting.
Story 3:
A sports bettor consistently lost money by betting on large underdogs. He realized that the vigorish was too high, and he missed out on value bets by focusing solely on the underdog status.
Lesson: It is important to factor in the vigorish and assess the potential payout before placing bets.
Step-by-Step Approach to Betting on Underdogs
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Research the Teams: Analyze team statistics, player injuries, and recent performances to identify potential underdogs.
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Compare Odds: Shop around for the best odds on the underdog you choose.
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Assess the Vigorish: Determine the amount of risk you are willing to take by considering the vigorish.
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Manage Your Bankroll: Only bet what you can afford to lose, even on underdog bets with high potential payouts.
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Don't Bet Emotionally: Avoid making bets based solely on team loyalty or personal biases.
Pros and Cons of Betting on Underdogs
Pros:
- Potential for high payouts
- Exciting and unpredictable
- Adds an element of challenge
Cons:
- Less likely to win
- Higher risk involved
- Can lead to financial losses
Conclusion
Understanding the "+" symbol in betting odds is crucial for making informed decisions. By identifying underdogs, assessing the vigorish, and exploiting value bets, you can increase your chances of success in the world of sports betting. Remember, even though underdogs are less likely to win, they can provide substantial rewards when they do.
