Vegas Odds are often the most common way to bet on all the biggest sporting occasions throughout the year. Whether it be the Super Bowl, the Kentucky Derby or the NBA Finals, you will always find the odds for the latest action. However, gamblers are often left questioning whether they should trust the odds that are shown on these markets as a guaranteed outcome. Does that mean that Vegas Odds are accurate when it comes to all of the major sports?

Odds are simply the way prices and payouts are shown at a horse track. The numbers displayed as 4-7 or 2-5 tell you what you pay and how much you get back if the horse you bet on wins. The first number tells you how much you could win, the second number is the amount you bet. So, if the odds are listed as 2-1, you’ll get $2 for every $1 you bet. Fractional odds, also referred to as British odds, UK odds or Traditional odds, are often used in horse racing. These odds quote the net total which will be paid out to the bettor should they win, factoring in their stake. On the other hand, a gambler backing Manchester United, who have odds of 1/5, will see a payout of just $1 for every $5 bet. The betting odds are one of the most important factors in deciding on whether to bet on a game or not. If you study a UFC fight and determine that Jon Jones has a 60% chance of beating Mauricio Rua, then you’re going to need to find out if the odds are better than that. To think like an oddsmaker, though, you need to first know how he sets his numbers. The initial line, also known as an “overnight line” or “opening line,” is an educated guess of a starting point that oddsmakers believe will get equal action from bettors on both sides.

How Are Betting Odds Set

How Vegas Odds Are Determined

Many gamblers are often amazed at how often Vegas Odds can be, as it is very rare that the odds that point to a clear favourite in the Money Line or Spread are wrong. The oddsmakers often look to industry experts to help them ensure that the best lines are offered, which gives them the best chance of success.

That means that games with a -7 line in the NBA very often see the favoured team by eight points. How this works is by asking a vast number of experts their opinions, before then setting the line at the average number from the answers that the experts have predicted. The Money Line markets are typically the most accurate as these see experts picking between two teams.

This is the especially the case when it comes to sports such as soccer, basketball and American Football. For example, if the Los Angeles Lakers are playing against the Charlotte Hornets, then it is clear that the form, history and head to head record would all indicate a win for the Lakers. That will be shown in the odds that will make the Lakers the clear favourites, which means that there will be no great surprise when the Lakers win the match. However, it isn’t the case for all sports.

More Difficult Sports To Predict

The Money Line for betting on major competitions such as the NBA, NFL and NHL will be accurate more often than not. However, that isn’t the case for all sports. Two of the most valuable sports, according to the odds are horse racing and golf. The biggest reason for this is there are much bigger fields, which means that finding a selection that all experts agree on is much more difficult. Of course, there are still times when the Vegas Odds are correct, as they had Tiz The Law as the -125 favourite to win the Belmont Stakes.

However, they have also been wrong in the past, with Authentic being valued at +450 in the Breeders’ Cup Classic. Golf is typically a sport where there is great value in the Vegas Odds, with a recent example being Tiger Woods. He was valued at +1600 to win the Masters in 2019, which led to one gambler from Wisconsin winning $1.2 million on the selection.

Five Times Outside Vegas Odds Selections Have Won

The accuracy of odds is something to behold, as Vegas odds are typically very accurate. However, there have been examples in the past that show gamblers shouldn’t always side with the selections that are at the top of the betting in the Vegas Odds markets. These are five examples of the odds being upset:

How Do Betting Companies Calculate Odds

• Mine That Bird wins the Kentucky Derby at +5000
• Buster Douglas knocking out Mike Tyson at +4200
• Leicester City winning the Premier League at +500000
• St Louis Cardinals winning the World Series at +99900
• Greece winning the European Championships at +8000