What are Betting Odds?
Betting odds represent the likelihood of you winning a bet and how much you earn if you win. Sportsbooks use betting odds to represent the probability of an event or events occurring.
A betting odd that indicates a high probability means that you are more likely to win than not, and vice versa. There are three types of betting odds:
- Fractional betting odds (4/1)
- Decimal betting odds (4.0)
- Moneyline betting odds (+100)
Betting Sites with best odds in New Jersey
This section lists the sites with the best odds in New Jersey. Although we cannot guarantee that you will find the best odds at all times on these sites, you can rest assured that they offer the best opportunities more often than their counterparts.
Caesars New Jersey Sportsbook
Caesars is one of the best sites with high odds. They provides customers with promotions, a sizable welcome bonus, and competitive odds across various betting markets.
They also routinely offers odds boosts – for example, you might receive a 100% profit boost, which doubles your profit.
BetMGM New Jersey Sportsbook
As a player you can expect a great experience, a sizable welcome bonus, and competitive odds on various weekly games.
FanDuel New Jersey Sportsbook
FanDuel Sportsbook offers various attractive odds to new and existing customers. You can find boosted odds in the “Boosts” tab under the “Popular” section.
You will find various boosted odds on numerous games across different markets that are updated daily.
The boosted odds cover player and game props, cross-sport parlays, and more. As a bonus, they also lists both the baseline and the boosted odds to show the value of the boost.
Unibet New Jersey Sportsbook
Unibet is known for providing gamblers with competitive odds. Its odds are not always the highest, but it consistently appears at the top of the rankings when its odds are compared to competing sportsbooks.
They allow you to choose what format your odds are displayed, whether American, decimal, or fractional format.
Customers is also offered promotions occasionally that boost the odds for any game you select. The promotions could be odds boosts or profit boosts that give you a greater profit if you win the bet.
How do betting odds work?
Betting sites with best odds provide attractive odds for both sides of a bet to allow all users to bet on games.
Sites determine their odds using various means, but their primary goal is to provide odds that accurately reflect the possibility of each result occurring.
The type of betting odds you will encounter depends on where you reside. British sportsbooks typically use fractional odds, European sportsbooks use decimal odds, and American sportsbooks uses American odds.
Although many sites allow you to view odds in a format you are familiar with, it is important to understand each one and how it works.
Fractional odds are displayed as two numbers separated by a slash, for example, 3/1. This fraction indicates the likelihood of an event and how much you will win if you place a bet on the game.
The formula for calculating fractional odds is Probability (%) = B/(A+B). For a 3/1 betting odd, A= 3 and B = 1.
Using this formula, the probability of winning a bet on a game with 3/1 odds is:
3/1: B/(A+B) = 1/(3+1) = 0.25 = There is a 25% chance that the event will happen.
Furthermore, the first number (3) indicates how much money you can make on a $1 bet. So, if you place a $10 bet on a game with a 3/1 odd, you will make $30 in profit since it yields 3x the amount you bet.
Generally, any fractional odd with a larger first number than the second one (i.e. 6/1, which means you’ll win $6 for every $1 bet) are odds against, meaning the event is less likley to happen.
On the other hand, fractional odds with a smaller first number than the first one (i.e. 1/9, which means you’ll win $1 for every $9 bet) are odds-on, which means the event is more likely to happen.
Decimal odds are much easier to understand than fractional odds. Unlike fractional odds, which only represent your winnings (minus your stake), decimal odds include the stake.
The formula for calculating decimal odds is (odds * stake) – stake.
Using this formula, the winnings for a game with 9.0 odds and a $5 bet will be:
(9.0 * $5 stake) – $5 stake = $40 total winnings.
American odds are expressed in the format -100 or +140. The negative sign indicates who the favorites are, while the positive sign indicates the underdog.
The formula for calculating positive American odds is: stake x (odds/100)
The formula for calculating negative American odds is: stake x (100/odds)
If a sportsbook assigns a +150 odd to a particular team, you will win $150 for every $100 you bet, winning a total of $250. You earn more since the underdog is less likely to win. A $50 bet on a +150 odd will yield:
$50 x (150/100) = $75 profit
If a sportsbook assigns a -150 odd to a particular team, you will win $100 for every $150 you stake. You earn less since the favorites are more likely to win than the underdogs. A $30 bet on a -150 odd will yield:
$30 x (100/150) = $20 profit
Why do betting odds change?
Betting odds change constantly, so there is no cause for concern.
Even the betting sites with best betting odds change their odds due to the influence of certain variables, like bettor activity and news reports leading up to the game.
The primary reason betting odds change is that sportsbooks must maintain a balance to secure their interests.
Don’t forget that sportsbooks are profit-driven companies, not charity organizations. To this end, they aim to make a profit regardless of which team wins the game.
Sportsbooks achieve this by balancing the bets flowing to teams A and B.
For example, if $1 million in bets have been placed on team A and team B only has $600,000 in total, the sportsbook will adjust the odds to give team B more attractive odds and push the total betting pool to the $1 million.
Once the game is over, the sportsbook takes a small percentage of the $1 million bet on team A for itself (known as the house rake/juice) and pays the rest as winnings to the bettors who bet on team B.
Asides from betting behavior, the following variables can influence a change in betting odds:
- Injuries: Sportsbooks will adjust the odds to reflect the new reality if a key player gets injured in the days leading up to a game.
- News stories: Since viral news stories affect bettors’ behavior, sites with high odds will adjust the odds to account for the effects of important news stories.
How to use high odds
Using the best sites with high odds is not enough reason to rest easy. Follow these steps to maximize your winnings:
- Use various sportsbooks: never stop shopping for a better sportsbook. Although established sports betting sites are more reliable, newer sites are eager to grow their subscriber count, so they may be willing to offer more lucrative promotions and odds.
- Do your research: leveraging high odds is only possible if you make educated bets. Do your research to develop an in-depth understanding of the sports, players, and teams you will be betting on.
It may be impossible to know how bettors are betting on any particular betting site, but extensive research can help you predict how betting odds might change and which sites are the best sites with high odds for any particular game.
Frequently Asked Questions (FAQ)
We recommend you to always compare odds between at least two sites before placing your wager.