When you see a number like -120 in sports betting, you’re dealing with what’s known as American odds. This figure represents the amount you need to bet to win $100.
So, in this case, if the odds are -120, you would need to bet $120 to win $100.
How does this affect your betting strategy?
If you’re confident that the betting outcome will go your way, then staking more money – in this case, $120 to win $100 – might seem like a good idea.
However, it’s also important to remember that betting is always a risk, and losses are possible.
A Real-World Example
Let’s consider a real-world example to make this clearer.
If you place a $100 bet on a team with -120 odds and that team wins, you’ll get your original $100 back plus an additional $83.33 in winnings.
This calculation is based on the formula: winnings = (your stake / absolute value of the odds) * 100.
When should you consider this type of bet?
You should consider this type of bet when you have a strong belief or knowledge that the outcome will go in your favor.
Remember, odds of -120 mean the team or player you’re betting on is favored to win, but it’s not a guarantee.
Finding the most profitable odds
You can find some of the most profitable odds by using odds comparison tools.
These tools help you compare odds from different bookmakers to find the best value.
One such tool is OddsJam, which offers a wide range of features to help you maximize your profits from sports betting.