Las Vegas Odds & Betting Lines Explained

Las Vegas Odds & Betting Lines Explained

Las Vegas is the reference for anything gambling related. And it’s obviously no different when it comes to sports betting. Las Vegas betting odds usually set the lines for sportsbooks all over the country. But if you are wondering how exactly do Las Vegas odds work, then don’t worry – we’ve got you covered. In this betting guide, we will go through everything you need to know about Las Vegas betting odds.

 

Las Vegas Betting Odds Explained

 

The state of Nevada has offered sports betting since 1949. Even after the 1992 Professional and Amateur Sports Protection Act, NV continued to provide legal sports betting. Las Vegas has always been the reference within the industry, and it remains this way as legal sports betting continues its expansion across the US.

 

Whether it’s a regular season game or the Super Bowl, Las Vegas betting odds are used to determine betting lines for all sportsbooks online. That also applies to all different betting markets.

 

In order to understand how Las Vegas betting odds work, you first need to understand how to read them. Betting odds are usually presented in three different formats.

 

  • How to read American odds: the most popular format for Las Vegas betting odds. American odds indicate how much money you can make with a $100 bet. At +200 odds, you are going to win $200 for every $100 bet. Negative odds indicate how much you need to bet to win $100 in profit. At -200 odds, you would need to bet $200 in order to win another $100.

 

  • How to read British odds: also known as fractional odds, it’s naturally most common among British bookmakers. British odds indicate how much you are going to profit. Placing a bet on 2/1 odds would give you $2 for every $1 bet.

 

  • How to read decimal odds: this format is common across European bookmakers outside the UK. Decimal odds indicate your total payout, which consists of your original bet and the profit. A $1 bet with odds at 2.5 would result in a $2.50 payout. In order to find out the profit, you need to subtract your initial wager from the total payout.

 

Las Vegas sportsbooks online also offer a wide range of betting markets. The most common betting markets are moneyline, over/under, point spreads, futures and proposition bets.

 

  • Moneyline bets: this one is by far the most popular market. In a moneyline bet, you are wagering on the outcome of a match.

 

  • Over/under bets: the second most common format at sportsbooks. In over/under, you are placing a bet on whether the game’s total points go over or stay under the line set by the bookmaker.

 

  • Point spread bets: a point spread is a slightly different way to bet in the outcome of a match. In this case, each team is given a handicap, which is negative for the favorite and positive for the underdog. In order to cover the spread, the favorite must win by a margin larger than its handicap. The underdog, on the other hand, will cover the spread if it loses by a margin smaller than the handicap, or if it simply wins by any margin.

 

  • Future bets: just as the name suggests, you are wagering on a future event. Wagering on the champion is the most common type of future bet, but you can also place bets on individual awards such as the MVP.

 

  • Proposition bets: if you don’t want to wager on the outcome of a match, then prop bets are the way to go. They aren’t necessarily related to the result. Instead, prop bets refer to in-game events or individual stats for players.

 

Las Vegas Betting Odds Tips

 

Now that you already have a good idea about what Las Vegas betting odds are and how they work, it’s time to check out some useful tips.

 

  • Always compare odds between different bookmakers. While most sportsbooks will usually agree on the favorite and the underdog, the odds may vary between them. By comparing the odds of different sportsbooks, you will be able to find out which ones offer the best payouts and therefore increase your winnings.

 

  • Wager on different betting markets. There is always a chance to win big in a match without necessarily having to bet on the moneyline. Check out all the betting markets available for each game and you are guaranteed to find competitive odds.

 

  • Weigh risk and reward. Keep in mind that bookmakers set long odds for events that are unlikely to happen. As tempting as winning a big fortune with a single bet can be, remember that you are wagering on an unlikely probability. Short odds have a more guaranteed return, but offer much smaller payouts. Find out which betting style suits you best and stick to it.

 

Las Vegas Betting Odds Examples:

 

Here are some examples of how Las Vegas odds set the lines for sportsbooks.

 

  • The Buffalo Bills were +600 favorites at Super Bowl LVI opening odds. This means that a $100 bet can win $600.

 

  • For week 1 of the 2022 NFL season, the Indianapolis Colts carry the shortest odds at -450. It means that you would need to bet $450 to get $100 in profit. The Colts opened as 7.5 points favorites over the Houston Texans, with -110 odds for the point spread.

 

  • Josh Allen is the early favorite to win the MVP prize. The Bills quarterback led the competition with +900 opening odds.

Pros and Cons of Las Vegas Betting Odds

 

Pros:

 

  • Las Vegas sportsbooks online offer a variety of betting markets.

 

  • Nevada was the first state to offer legal online sports betting in the US, and has drawn in many different bookmakers.

 

Cons:

 

  • Betting odds can get tricky for beginners.

 

  • Although there is some variation from one bookmaker to another, the odds are usually similar between different operators.

 

Conclusions

 

Odds are essential to betting, and learning how to read and deal with them is the first thing a new bettor needs to do. Find a format you feel comfortable with. Understand what you can win and how much you are risking, as weighing risk and reward is part of the betting basics. Compare the odds between different sportsbooks when possible, but keep in mind that the variation between them is usually small. Las Vegas betting odds keep the world of sports betting moving, and you will soon become familiar with them.


FAQs Las Vegas Odds & Betting Lines

1. What Are Las Vegas Odds?

Las Vegas odds are the betting lines set by Las Vegas sportsbooks, which are usually the reference for other bookmakers across the US.

2. Can you gamble online in Las Vegas?

Yes, you can gamble online in Las Vegas. Nevada was the first state to offer legal online sports betting back in 2010.

3. How to read Las Vegas betting odds?

Las Vegas betting odds are usually written in the American format. Positive odds indicate how much you can win with a $100 bet, while negative odds indicate how much you need to bet in order to make $100 in profit. As an example, +110 odds mean that a $100 bet would win you back $110, while -110 odds indicate that you would need to bet $110 in order to win another $100.

4. How to place a bet in Las Vegas online?

In order to place bets in Las Vegas sportsbooks online, you must be physically located in the state of Nevada. You must be at least 21 as well in order to create an account. After creating your betting account at your favorite online sportsbook, you can choose which event to wager on and place your bets.

5. How do betting Las Vegas odds work?

Betting odds indicate how likely an event is to happen and its respective payout. If a team is listed at +500 odds to win a championship, then you would win $500 for every $100 bet if that team does end the season on top.

 

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