When you see a negative number like -500, it represents the favored team or player. But what exactly does -500 mean?
In simple terms, -500 odds mean that if you want to win $100, you need to bet $500. This is because the negative sign indicates how much you need to bet to win $100.
So, if you place a $500 bet on a team with -500 odds and they win, you’ll only walk away with a $100 profit plus your original $500 bet.
How does this affect your betting strategy?
When you’re dealing with a -500 odds, it means the team or player you’re betting on is heavily favored to win. This could affect your betting strategy in several ways.
Firstly, you may feel more confident placing a large bet since the chances of your chosen team winning are high.
However, it’s important to remember that sports outcomes are never guaranteed. While the odds are in your favor, there’s always a risk involved.
Secondly, the potential return on a -500 bet is relatively low. You have to bet a lot of money to make a relatively small profit.
This could be a deterrent if you’re looking to make big gains from your bets.
Putting it into Perspective: A Real-World Example
Let’s say you decide to place a $100 bet on a team with -500 odds.
If the team wins, your total payout would be $120 ($20 profit plus your original $100 bet). It’s not a huge profit, but it’s a profit nonetheless.
When should you consider this type of bet?
You might want to consider betting on -500 odds when you have a strong belief that the favored team will win.
However, given the low potential return, it’s generally best for bettors who are more interested in the fun and excitement of betting rather than making big profits.
Finding the Most Profitable Odds
The key to making money in sports betting isn’t just about picking winners, but also about finding value in the odds.
Using odds comparison tools like OddsJam can help you find the most profitable odds that are in your favor.
No matter what the odds are, there’s always a risk involved in betting, so bet responsibly!