In sports betting, odds are the numbers that dictate how much you stand to win based on the amount you wager.
When you see a “+500” odds, it means that if you bet $100, you stand to win $500.
This scenario is also referred to as 5-to-1 odds, which means that if your bet wins you will be paid out five times the amount you played on the bet.
How does this affect your betting strategy?
With odds like +500, your betting strategy may take on a new dimension.
Why? Because these odds are usually associated with underdogs or less likely outcomes. That said, winning such a bet could result in a handsome payout.
However, it’s important to remember two things:
- Higher potential rewards often come with higher risks. Just because the payout is big doesn’t mean it’s likely to happen.
- Betting should always be done responsibly, regardless of the odds or potential payout.
Real-world Example: A $100 Bet
Let’s look at a real-world example for better understanding. Say you place a $100 bet on an underdog team with +500 odds.
If the underdog pulls off an upset and wins, you’ll receive $500 in winnings. Add that to your original $100 bet, and you walk away with $600. Not too shabby, right?
When should you consider this type of bet?
Betting on +500 odds might be a good idea when you have a strong hunch that an underdog is going to upset the favorite.
It’s also worth considering if you’re willing to take on more risk for the chance at a bigger payout. Remember, though, always bet responsibly!
Finding the Most Profitable Odds
The most successful bettors don’t just pick winners – they also find the best odds.
By using tools like OddsJam to compare odds across different platforms, you can maximize your potential earnings.
Use the right betting tools and do your homework so that you can make bets that have profitable odds!