In sports betting, odds are used to reflect the likelihood of an event happening.
If you see a negative number like -200, it signifies the favorite in a game. Essentially, it means that you’d need to bet $200 to win $100.
But why would anyone want to bet more money than they stand to win, you may ask?
Well, that’s because betting on the favorite, although less profitable, generally carries less risk.
The lower potential winnings reflect the higher probability of this event happening.
How Does This Affect Your Betting Strategy?
Understanding what -200 odds mean is important to help you develop an effective betting strategy.
It can help you assess risk vs. reward. Betting on -200 odds means you’re quite confident in the outcome, but you’re also accepting a lower payout in return for this reduced risk.
It’s all about finding the balance that works for you.
A Real-World Example
To help you better understand, let’s consider a real-world example. Suppose you place a $100 bet on a team with -200 odds.
If your team wins, you’ll get your initial $100 back along with $50 in winnings, totaling $150.
So, while the profit might not be huge, remember that the odds were in your favor and even though the odds are in your favor it doesn’t mean you’re going to win every bet.
When Should You Consider This Type of Bet?
Considering a -200 bet largely depends on your risk tolerance and confidence in the outcome.
If you’re pretty sure about your pick and are willing to accept a smaller payout for a higher chance of winning, then this type of bet could be a good fit for you.
Maximizing Profits with Odds Comparison Tools
One way to boost your potential profits is by comparing odds across different sportsbooks, also known as line shopping.
This allows you to spot the most favorable odds and place your bets accordingly.
Even slight differences in odds can add up over time, so it’s worth taking a few moments to compare before you bet.
One sports betting tool that is perfect for doing this is OddsJam.
OddsJam is more than just an odds comparison tool it also features like bet tracker, line watcher, arbitrage calculator, and a lot more other things to help you make the best decisions when placing your bets.