In sports betting, odds are essentially the reflection of the probability or likelihood of a particular outcome in a sports event.
They indicate the potential return on your bet. Now, when you see a ‘+120’ odd, what does it mean?
When you see odds expressed as a positive number (like +120), it indicates the amount of money you can win by wagering $100.
So, if you place a $100 bet on an outcome with +120 odds, you stand to win $120 in profit.
This applies regardless of the size of your bet – a $10 bet at +120 odds would win you $12.
How does this affect your betting strategy?
Knowing that +120 odds mean you can win $120 on a $100 bet gives you valuable information. It tells you that the outcome is somewhat likely to happen, but not guaranteed.
Imagine you’re considering a bet on a football game where team A has +120 odds.
You’ve done your research, you believe team A has a strong chance to win, and those lucrative +120 odds are tempting. Should you place the bet?
In this scenario, knowing what +120 means could influence your decision. If you’re confident in team A’s chances and you’re comfortable with the potential risk, this could be a profitable opportunity.
Let’s put this into perspective with a real-world example of a $100 bet
Suppose you decide to take a chance on an underdog basketball team that has been performing well recently.
Their odds are at +120. You decide to place a $100 bet on them.
If they win, you’ll walk away with your original $100 plus an additional $120 in winnings. This makes your total payout $220.
But remember, if they lose, you lose your $100 stake.
When should you consider this type of bet?
Generally, you should consider a bet with +120 odds when you believe the outcome is more likely to occur than the odds suggest.
Remember, betting is not just about picking winners, but also about finding value.
If you think the team or player has better than a 45.45% chance to win (which is the implied probability of +120 odds), then you have found a value bet.
Finding the most profitable odds with odds comparison tools
To maximize your potential profits, it’s always a good idea to shop around for the best odds using comparison tools.
Tools like OddsJam can help you find the most profitable odds across different sportsbooks, ensuring that you’re getting the most bang for your buck.
In conclusion, understanding what +120 odds mean can be a game-changer in your sports betting experience.
It’s all about assessing the risk, understanding the potential reward, and making informed decisions with the help of tools and algorithms that remove biases from your betting decisions.