Betting on Football
This guide is dedicated to offering a comprehensive understanding of NFL betting.
The landscape of football betting has been transformed significantly since the advent of online sports betting and mobile betting apps, fostering remarkable growth within the industry. The ease and reach of these online platforms have revolutionized the way bettors interact with NFL games, facilitating a broader and more vibrant betting experience.
Within this guide, you will learn about many aspects of NFL betting. It presents the different kinds of bets available, the methodology behind the calculation of betting odds, and an overview of the legal framework surrounding sports betting in North America, with a specific focus on the NFL. Each segment is crafted to provide detailed insights and strategies exclusive to NFL betting, emphasizing the distinct characteristics of wagering in this league. Moreover, we will venture into advanced betting concepts, the pivotal role of technology and data in making informed bets, and the significance of adhering to responsible gambling practices.
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Understanding NFL Odds
Odds are presented differently, typically based on where you are located geographically. Here are the three main odds formats that you can expect to see when betting on the NFL:
American Odds Format (Moneyline Odds)
American odds, also known as Moneyline odds, are characterized by a negative (-) or positive (+) sign. The negative sign indicates the favored team, while the positive sign marks the underdog.
Consider an NFL game with the following odds:
New England Patriots: -500 Miami Dolphins: +350
The negative odds (-500) for the New England Patriots suggest they are favored to win. You would need to bet $500 on the Patriots to potentially profit $100 if they win. Conversely, the positive odds (+350) for the Miami Dolphins indicate they are the underdogs. A $100 bet on the Dolphins will yield a profit of $350 if they come out victorious.
Note: The odds (-500 and +350) are not directly comparable due to the sportsbook's juice, which is their built-in commission.
Decimal Odds Format
Popular in Canada, Australia, New Zealand, and Europe, decimal odds format is straightforward. It shows the total payout per dollar wagered, making it easy to spot favorites and underdogs.
Here is an NFL game with decimal odds:
Dallas Cowboys: 2.50 Green Bay Packers: 1.60
A $100 bet on the Dallas Cowboys at 2.50 odds will potentially return $250 ($100 bet + $150 profit). Meanwhile, a $100 bet on the Green Bay Packers at 1.60 odds would return $160 ($100 bet + $60 profit).
Fractional Odds Format
Used primarily in the UK and Ireland, fractional odds are expressed as a ratio (e.g., 5/1). They indicate the potential profit relative to the stake, with the first number representing the potential profit and the second the bet.
Here is how fractional odds work:
Philadelphia Eagles: 7/2 Seattle Seahawks: 4/5
A $2 bet on the Philadelphia Eagles at 7/2 odds would return $7 profit, making the total payout $9. On the other hand, a winning $5 bet on the Seattle Seahawks at 4/5 odds would yield a profit of $4, for a total return of $9. The Eagles, with higher potential profit, are the underdogs, while the Seahawks, with lower potential winnings, are the favorites.
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