Odds Explained

I get messages all the time from people asking to explain how the odds and lines work for the games.  Here is a quick explanation that I mostly took from bodog.

Point Spreads

The point spread (runline in baseball) is the handicap, or head start, that the linesmaker gives to the underdog. Rather than just winning outright, the favorite must win by more than the point spread ("cover the spread") for bets on the favorite to win.

Let's say the Indianapolis Colts are playing the Arizona Cardinals in the NFL. All signs point to the Colts being the favorite and the Cardinals being the underdog. The linesmaker might decide to give the Cardinals a four-point head start, which would look like this:

Colts -4
Cardinals +4

If you bet on the Colts, you'll win your bet if they win the game by more than four points (i.e., if their score is higher even after you subtract four points from it). If you bet on the Cardinals, however, you'll win your bet if they lose by no more than three points (i.e., if their score is higher after you add four points to it). If the point adjustment results in a tie (in this example, if the Colts win by exactly four points), the wager will be graded "Push" and your money will be refunded. How much you stand to win is determined by the moneyline odds attached to the point spread. When no odds are listed, the line is standard (i.e., -110).

MoneyLines

When you make a moneyline wager, you're betting on the outright winner of the event, without taking the point spread into consideration. There are still favorites and underdogs, but instead of being handicapped or assisted by head starts, the competitors are given odds to win the game or event.

Let's return to the NFL game where the Indianapolis Colts are favorites against the Arizona Cardinals. The odds might look like this:

Colts -150
Cardinals +130

If you bet on the Colts, you'll have to risk 150 to win 100 (or any other variation like 75 to win 50 or 300 to win 200). If you bet on the Cardinals, however, you stand to win 130 for every 100 you wager. If the final score of the game is tied, the wager will be graded "Push" and your money will be refunded except soccer matches where ties lose.

Totals(Over/Under)

The total is the combined scores of both teams involved in an event. Rather than betting on which team will win the event, you can bet on whether the game will go over (o) or under (u) the specified amount - which is why this type of line is also known as an over/under.

For example, suppose the total for the game between the Indianapolis Colts and the Arizona Cardinals is listed as 46. If the Colts end up winning 27-20, the final combined score is 47. If you bet over, you would win. If the final combined score matches the total (in this example, if the combined score is exactly 46), the wager will be graded "Push" and your money will be refunded. Again, how much you stand to win is determined by the moneyline odds attached to the over or under.

I hope this will help people out.  If you still have any questions let me know.