- How To Calculate Vegas Odds Payout
- Las Vegas Odds
- How To Calculate Vegas Odds Ncaa Basketball
- How Does Vegas Calculate Odds
- How To Calculate Vegas Odds For Today
Our Bet Calculator allows you to automatically calculate the Payout for any given combination of Stake and Odds, including Multiples. Enter the Stake and Odds for your bet and the Bet Calculator will automatically calculate the Payout. Add Odds for Multiples. Las Vegas NFL odds for every game on the schedule with the latest line moves. Stay up-to-date with the Vegas NFL odds with our tracking tools in order to have the latest odds and information to make the most informed NFL betting decisions possible.
I need to calculate the payout % of a slolt. Actually, any slot, if I can do it for one, I'll be fine for the others.
I decided to start with simulating a 5 x 3 slot machine, with reels of 32 positions. At the end, I'll need to calculate the payout of a slot with reels of 127 positions.
I'm not sure of the match invovled, so to validate the math, I decided to use a perl script (with 5 nested loops) to validate that the calculations are correct (hence the 32 positions, with 127, I pretty sure the script would time out).
My problem is that the script gives me 1015 ways to get 4 'A' and the math gives me 1013 ways to get 4 'A'.
The math I use to get to 4 'A' is as follow.
32 positions per reels.
reel 1: 1 A and 1 wild
reel 2: 2 A and 1 wild
reel 3: 1 A and 1 wild
reel 4: 2 A and 1 wild
reel 5: 2 A and 1 wild
The symbols have to line up from left to right.
So, the math should be (1 + 1) * (2+1)*(1+1)*(2+1)*(32-2-1) = 1044
and I should take out the times when I get 4 'W' right, 1*1*1*1*31 = 31
So 1044 - 31 = 1013.
Is that correct?
Once I confirm the odds of each result, I'll be able to calculate the payout %.
Thanks
My problem is that the script gives me 1015 ways to get 4 'A' and the math gives me 1013 ways to get 4 'A'.
The math I use to get to 4 'A' is as follow.
32 positions per reels.
reel 1: 1 A and 1 wild
reel 2: 2 A and 1 wild
reel 3: 1 A and 1 wild
reel 4: 2 A and 1 wild
reel 5: 2 A and 1 wild
The symbols have to line up from left to right.
So, the math should be (1 + 1) * (2+1)*(1+1)*(2+1)*(32-2-1) = 1044
and I should take out the times when I get 4 'W' right, 1*1*1*1*3129 = 29
you cant use 31 for the 5th reel because you didn't use 31 for the 5th reel in the initial counting of 4 Aces
So 1044 - 29 = 1015.
Is that correct? now it is
Once I confirm the odds of each result, I'll be able to calculate the payout %.
Thanks
Fixed your post.
[(1+1)*(2+1)*(1+1)*(2+1) - 1*1*1*1]*(32-2-1) = 1015
4 Wild might translate (for payout purposes) into 5 of a kind, based on the result of the fifth reel.
I'll have to adapt for the cases where 4 Wilds will pay more than 5 of another kind because of having 4 initial wilds.
Now that I know how to count them properly, thanks to the next posts, I have to tackle this part.
Thanks.
Is there a separate pay for 4 Wild, if not, is the pay for 4A greater than the pay for anything else except 5A? If so, then 4 Wild is effectively the same thing as 4A, if A is the highest paying symbol w/ no separate pay for 4 wild.
After more work on my problem, I realize that what you said here is pertinent for one of the problems I am now facing. (wich I can't crack, ... yet).
For us to have a common ground, I'll comment on the Atkins Diet slot by the Wizard.
Based on the number of symbols on the reels, the number of times I can get 4 Bacon is
[ ( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) - ( 1 * 1 * 1 * 1)]*(32-3-1) = 20,972.
But the Wizard reports, as per his enumeration script, 20,832.
After looking at the payouts, I realized that in some cases, 3 Atkins pays more than 4 of a Kind (for example 4 Bacon).
Hence, I have to calculate the number of times it is possible to get AtkinsAtkinsAtkinsBacon where the fifth reel is not Atkins and not Bacon and remove that from 20,972.
So, I figured this would be 1*1*1*4(number of bacon on 5th reel)*(32-3-1) = 140
Now it works, 20,972 - 140 = 20,832.
So, all proud that I had figure this part out ... I went and did the same things for all the 4 of a kinds and can match all of the number from the wizard.
A few minuters later, moving to the 5 of kind, crash and burn. I can figure out the correct number all the way down to cheese, using this method, but not Bacon and Mayonaise.
Since 4 Atkins pays more than 5 Bacon, I need to do ( 5 Bacon ) - (5 bacon where the first 4 are Atkins)
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - ( 1 * 1 * 1 * 1*1) = 2999 ways to get 5 Bacons.
Now remove the number of time it's actually 4 of a kind (so remove AtkinsAtkinsAtkinsAtkinsBacon) is 1*1*1*1*3 = 3
Hence, I should have 2,999 - 3 = 2,996 BUT the wizard is getting 2,976.
What am I doing wrong?
English is not my best language, so please excuse the grammar and syntax of what is to follow.
I need to calculate the payout % of a slolt. Actually, any slot, if I can do it for one, I'll be fine for the others.
I decided to start with simulating a 5 x 3 slot machine, with reels of 32 positions. At the end, I'll need to calculate the payout of a slot with reels of 127 positions.
I'm not sure of the match invovled, so to validate the math, I decided to use a perl script (with 5 nested loops) to validate that the calculations are correct (hence the 32 positions, with 127, I pretty sure the script would time out).
My problem is that the script gives me 1015 ways to get 4 'A' and the math gives me 1013 ways to get 4 'A'.
The math I use to get to 4 'A' is as follow.
32 positions per reels.
reel 1: 1 A and 1 wild
reel 2: 2 A and 1 wild
reel 3: 1 A and 1 wild
reel 4: 2 A and 1 wild
reel 5: 2 A and 1 wild
The symbols have to line up from left to right.
So, the math should be (1 + 1) * (2+1)*(1+1)*(2+1)*(32-2-1) = 1044
and I should take out the times when I get 4 'W' right, 1*1*1*1*31 = 31
So 1044 - 31 = 1013.
Is that correct?
Once I confirm the odds of each result, I'll be able to calculate the payout %.
Thanks
Hello slotcalculator, Sorry to bust your bubble but slots are different from back in the day. But to answer your question on your own, simply walk behind a slot tech when he is working on a machine and you will see the percentage labeled there.
Here in Canada the OLG (Ontario Lotto & Gaming Commission) has them all set to 85% Payout in most Canadian Casino's
and every machine nowadays reset RNG after every pull.
Back in the day, we were able to sit at a slot machine and crouch down just a little bit and look inside the machine showing at the top right side (Total In) (Total Out) counters and on many Blazing 7 Machines, standing in front of the machine approx eye level you notice a small 1/4' x 4' clear glass window which displayed the counters.
This allowed anyone to record the amount going in and out of the machine, seeing if paid out or ready to payout utilizing the 85% law.
They are now removed. I don't want to get into detail but something in todays machines called Co-Processors or eprom chip or something like that I don't want to mention were placed in around 1998-2000 resetting machines after every pull.
'Please note that my threads & posts are strictly for Educational purposes only and I do not care if you choose to Win or Lose your money. '
'Sometimes, Its not about the money, Its about being able to say yea, It can be done, and claim victory. That's Genius!!!'
'There is a range of views among mathematicians and philosophers as to the exact scope and definition of mathematics.'
How To Calculate Vegas Odds Payout
A few minuters later, moving to the 5 of kind, crash and burn. I can figure out the correct number all the way down to cheese, using this method, but not Bacon and Mayonaise.
Since 4 Atkins pays more than 5 Bacon, I need to do ( 5 Bacon ) - (5 bacon where the first 43 are Atkins because 3 Atkins are also worth 50 as well as subtracting out 4 Atkins because they are worth 500)
What am I doing wrong?
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - ( 1 * 1 * 1 * 1*1) = 2999 ways to get 5 Bacons.
Now remove the number of times four Atkins Appear with 5th reel bacon:
1*1*1*1*3 = 3
Now remove the number of times three Atkins Appear with 4th reel bacon and 5th reel either bacon or Atkins:
Las Vegas Odds
1*1*1*5*(3+1) = 20So now we have:
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - 1 - 3 - 20 = 2,976
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - ( 1 * 1 * 1 * 1*1) = 2999 ways to get 5 Bacons.
Now remove the number of times four Atkins Appear with 5th reel bacon:
1*1*1*1*3 = 3
Now remove the number of times three Atkins Appear with 4th reel bacon and 5th reel either bacon or Atkins:
1*1*1*5*(3+1) = 20
So now we have:
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - 1 - 3 - 20 = 2,976
Damn, if I had another eye, I'd be a cyclop.
Thanks
Damn, if I had another eye, I'd be a cyclop.
Thanks
When I was first learning to do this, I made many similar mistakes. Definitely can be frustrating. It's generally why it's recommended doing 5 nested loops and evaluating each combination via computer program.
Kansas City Chiefs (-250), Las Vegas Golden Knights (-110), Toronto Raptors (+125) – the chances are that you've come across these sorts of options in your sports betting journey. If you don't know what these numbers mean, you're not the only one.
A large number of betting newbies have no idea what the figures are representing. If you want to learn, you're at the right place. We're now going to show you how Vegas odds work. We will also explain the process of making the odds. We're even going to show you how to use this knowledge to your advantage.
What Are Vegas Odds?
Vegas odds a.k.a. American-style odds are the ones you will see in the land-based sportsbooks across Nevada. Caesars, Wynn, Golden Nugget – all these bookies are using the Vegas odds format.
The trouble is that they may seem strange to the inexperienced eye. However, everything becomes clear once you learn more about them. So, how do Vegas odds work?
These odds come in the form of three-digit numbers, which can either be positive or negative. If the number is negative, it means that the team is the favorite. If it's a positive number, it's the opposite. If the number on each potential outcome is -110 (or sometimes -105), it means that each team has an equal chance of winning.
The big question is how can you use these odds to figure out how much money you're going to cash in if your bet wins? That's the question we're going to answer next.
How You Calculate Vegas Odds?
You calculate your potential win based on whether the odds come as a positive or a negative number. If the odds are positive, e.g., +150, it practically means that this is how much you can profit if you bet $100.
Let's say you want to bet Justin Gaethje at Vegas odds of +150. If you put, $100, you're going to make a net profit of $150 if he wins. But, what if you'd like to bet a different amount?
In that case, you need to use the following formula:
Vegas Odds/100 x Your Stake
How To Calculate Vegas Odds Ncaa Basketball
So, let's say you wish to put $70 on Gaethje, your potential net profit is calculated by dividing his odds by 100, then multiplying the number with 70.
Use your calculator and you will see that 150/100 x 70 equals 105. That is how much you will make if Gaethje wins. Note that $105 is your net profit, while you'll also get your $70 stake back. So, your total win would be $175 on a $70 bet.
An important thing to remember is that the aforementioned formula only works if odds are displayed as positive numbers. If the number is negative (e.g., -150), you need to go with a different formula. In that case, this is what you got to use:
Your Stake/Vegas Odds x 100
This is because, with Vegas odds, the negative number represents the amount of money you need to bet in order to win $100. So, if the odds are -150, you will have to bet $150 to get a net profit of $100.
Is There a Simpler Alternative?
Vegas odds are traditionally used in land-based sportsbooks across Nevada. It's been like that for decades, and when online sports betting became legal in other US states, most operators decided to embrace this format.
The same was the case with offshore sportsbooks that cater to American customers, with one important difference – BetOnline.ag, MyBookie.ag, SportsBetting.ag, and many other bookies let the players decide on the odds format.
So, if you find Vegas odds too complicated, you can always use decimal odds in offshore sportsbooks. How they work is that your stake is multiplied by the odds. The result you get is your gross profit (your net profit + your stake). For example, if the odds on Tampa Bay Buccaneers are 1.65 and you wish to bet $90, your potential win is $148.5.
Who Sets the Odds in Vegas?
/cdn.vox-cdn.com/uploads/chorus_image/image/34597267/124andersonsilvavsvitorbelfort.0.jpg "How")
- How To Calculate Vegas Odds Payout
- Las Vegas Odds
- How To Calculate Vegas Odds Ncaa Basketball
- How Does Vegas Calculate Odds
- How To Calculate Vegas Odds For Today
Our Bet Calculator allows you to automatically calculate the Payout for any given combination of Stake and Odds, including Multiples. Enter the Stake and Odds for your bet and the Bet Calculator will automatically calculate the Payout. Add Odds for Multiples. Las Vegas NFL odds for every game on the schedule with the latest line moves. Stay up-to-date with the Vegas NFL odds with our tracking tools in order to have the latest odds and information to make the most informed NFL betting decisions possible.
I need to calculate the payout % of a slolt. Actually, any slot, if I can do it for one, I'll be fine for the others.
I decided to start with simulating a 5 x 3 slot machine, with reels of 32 positions. At the end, I'll need to calculate the payout of a slot with reels of 127 positions.
I'm not sure of the match invovled, so to validate the math, I decided to use a perl script (with 5 nested loops) to validate that the calculations are correct (hence the 32 positions, with 127, I pretty sure the script would time out).
My problem is that the script gives me 1015 ways to get 4 'A' and the math gives me 1013 ways to get 4 'A'.
The math I use to get to 4 'A' is as follow.
32 positions per reels.
reel 1: 1 A and 1 wild
reel 2: 2 A and 1 wild
reel 3: 1 A and 1 wild
reel 4: 2 A and 1 wild
reel 5: 2 A and 1 wild
The symbols have to line up from left to right.
So, the math should be (1 + 1) * (2+1)*(1+1)*(2+1)*(32-2-1) = 1044
and I should take out the times when I get 4 'W' right, 1*1*1*1*31 = 31
So 1044 - 31 = 1013.
Is that correct?
Once I confirm the odds of each result, I'll be able to calculate the payout %.
Thanks
My problem is that the script gives me 1015 ways to get 4 'A' and the math gives me 1013 ways to get 4 'A'.
The math I use to get to 4 'A' is as follow.
32 positions per reels.
reel 1: 1 A and 1 wild
reel 2: 2 A and 1 wild
reel 3: 1 A and 1 wild
reel 4: 2 A and 1 wild
reel 5: 2 A and 1 wild
The symbols have to line up from left to right.
So, the math should be (1 + 1) * (2+1)*(1+1)*(2+1)*(32-2-1) = 1044
and I should take out the times when I get 4 'W' right, 1*1*1*1*3129 = 29
you cant use 31 for the 5th reel because you didn't use 31 for the 5th reel in the initial counting of 4 Aces
So 1044 - 29 = 1015.
Is that correct? now it is
Once I confirm the odds of each result, I'll be able to calculate the payout %.
Thanks
Fixed your post.
[(1+1)*(2+1)*(1+1)*(2+1) - 1*1*1*1]*(32-2-1) = 1015
4 Wild might translate (for payout purposes) into 5 of a kind, based on the result of the fifth reel.
I'll have to adapt for the cases where 4 Wilds will pay more than 5 of another kind because of having 4 initial wilds.
Now that I know how to count them properly, thanks to the next posts, I have to tackle this part.
Thanks.
Is there a separate pay for 4 Wild, if not, is the pay for 4A greater than the pay for anything else except 5A? If so, then 4 Wild is effectively the same thing as 4A, if A is the highest paying symbol w/ no separate pay for 4 wild.
After more work on my problem, I realize that what you said here is pertinent for one of the problems I am now facing. (wich I can't crack, ... yet).
For us to have a common ground, I'll comment on the Atkins Diet slot by the Wizard.
Based on the number of symbols on the reels, the number of times I can get 4 Bacon is
[ ( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) - ( 1 * 1 * 1 * 1)]*(32-3-1) = 20,972.
But the Wizard reports, as per his enumeration script, 20,832.
After looking at the payouts, I realized that in some cases, 3 Atkins pays more than 4 of a Kind (for example 4 Bacon).
Hence, I have to calculate the number of times it is possible to get AtkinsAtkinsAtkinsBacon where the fifth reel is not Atkins and not Bacon and remove that from 20,972.
So, I figured this would be 1*1*1*4(number of bacon on 5th reel)*(32-3-1) = 140
Now it works, 20,972 - 140 = 20,832.
So, all proud that I had figure this part out ... I went and did the same things for all the 4 of a kinds and can match all of the number from the wizard.
A few minuters later, moving to the 5 of kind, crash and burn. I can figure out the correct number all the way down to cheese, using this method, but not Bacon and Mayonaise.
Since 4 Atkins pays more than 5 Bacon, I need to do ( 5 Bacon ) - (5 bacon where the first 4 are Atkins)
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - ( 1 * 1 * 1 * 1*1) = 2999 ways to get 5 Bacons.
Now remove the number of time it's actually 4 of a kind (so remove AtkinsAtkinsAtkinsAtkinsBacon) is 1*1*1*1*3 = 3
Hence, I should have 2,999 - 3 = 2,996 BUT the wizard is getting 2,976.
What am I doing wrong?
English is not my best language, so please excuse the grammar and syntax of what is to follow.
I need to calculate the payout % of a slolt. Actually, any slot, if I can do it for one, I'll be fine for the others.
I decided to start with simulating a 5 x 3 slot machine, with reels of 32 positions. At the end, I'll need to calculate the payout of a slot with reels of 127 positions.
I'm not sure of the match invovled, so to validate the math, I decided to use a perl script (with 5 nested loops) to validate that the calculations are correct (hence the 32 positions, with 127, I pretty sure the script would time out).
My problem is that the script gives me 1015 ways to get 4 'A' and the math gives me 1013 ways to get 4 'A'.
The math I use to get to 4 'A' is as follow.
32 positions per reels.
reel 1: 1 A and 1 wild
reel 2: 2 A and 1 wild
reel 3: 1 A and 1 wild
reel 4: 2 A and 1 wild
reel 5: 2 A and 1 wild
The symbols have to line up from left to right.
So, the math should be (1 + 1) * (2+1)*(1+1)*(2+1)*(32-2-1) = 1044
and I should take out the times when I get 4 'W' right, 1*1*1*1*31 = 31
So 1044 - 31 = 1013.
Is that correct?
Once I confirm the odds of each result, I'll be able to calculate the payout %.
Thanks
Hello slotcalculator, Sorry to bust your bubble but slots are different from back in the day. But to answer your question on your own, simply walk behind a slot tech when he is working on a machine and you will see the percentage labeled there.
Here in Canada the OLG (Ontario Lotto & Gaming Commission) has them all set to 85% Payout in most Canadian Casino's
and every machine nowadays reset RNG after every pull.
Back in the day, we were able to sit at a slot machine and crouch down just a little bit and look inside the machine showing at the top right side (Total In) (Total Out) counters and on many Blazing 7 Machines, standing in front of the machine approx eye level you notice a small 1/4' x 4' clear glass window which displayed the counters.
This allowed anyone to record the amount going in and out of the machine, seeing if paid out or ready to payout utilizing the 85% law.
They are now removed. I don't want to get into detail but something in todays machines called Co-Processors or eprom chip or something like that I don't want to mention were placed in around 1998-2000 resetting machines after every pull.
'Please note that my threads & posts are strictly for Educational purposes only and I do not care if you choose to Win or Lose your money. '
'Sometimes, Its not about the money, Its about being able to say yea, It can be done, and claim victory. That's Genius!!!'
'There is a range of views among mathematicians and philosophers as to the exact scope and definition of mathematics.'
How To Calculate Vegas Odds Payout
A few minuters later, moving to the 5 of kind, crash and burn. I can figure out the correct number all the way down to cheese, using this method, but not Bacon and Mayonaise.
Since 4 Atkins pays more than 5 Bacon, I need to do ( 5 Bacon ) - (5 bacon where the first 43 are Atkins because 3 Atkins are also worth 50 as well as subtracting out 4 Atkins because they are worth 500)
What am I doing wrong?
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - ( 1 * 1 * 1 * 1*1) = 2999 ways to get 5 Bacons.
Now remove the number of times four Atkins Appear with 5th reel bacon:
1*1*1*1*3 = 3
Now remove the number of times three Atkins Appear with 4th reel bacon and 5th reel either bacon or Atkins:
Las Vegas Odds
1*1*1*5*(3+1) = 20So now we have:
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - 1 - 3 - 20 = 2,976
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - ( 1 * 1 * 1 * 1*1) = 2999 ways to get 5 Bacons.
Now remove the number of times four Atkins Appear with 5th reel bacon:
1*1*1*1*3 = 3
Now remove the number of times three Atkins Appear with 4th reel bacon and 5th reel either bacon or Atkins:
1*1*1*5*(3+1) = 20
So now we have:
( 4 + 1 ) * ( 4 + 1 ) * ( 4 + 1 ) * ( 5 + 1 ) *(3+1) - 1 - 3 - 20 = 2,976
Damn, if I had another eye, I'd be a cyclop.
Thanks
Damn, if I had another eye, I'd be a cyclop.
Thanks
When I was first learning to do this, I made many similar mistakes. Definitely can be frustrating. It's generally why it's recommended doing 5 nested loops and evaluating each combination via computer program.
Kansas City Chiefs (-250), Las Vegas Golden Knights (-110), Toronto Raptors (+125) – the chances are that you've come across these sorts of options in your sports betting journey. If you don't know what these numbers mean, you're not the only one.
A large number of betting newbies have no idea what the figures are representing. If you want to learn, you're at the right place. We're now going to show you how Vegas odds work. We will also explain the process of making the odds. We're even going to show you how to use this knowledge to your advantage.
What Are Vegas Odds?
Vegas odds a.k.a. American-style odds are the ones you will see in the land-based sportsbooks across Nevada. Caesars, Wynn, Golden Nugget – all these bookies are using the Vegas odds format.
The trouble is that they may seem strange to the inexperienced eye. However, everything becomes clear once you learn more about them. So, how do Vegas odds work?
These odds come in the form of three-digit numbers, which can either be positive or negative. If the number is negative, it means that the team is the favorite. If it's a positive number, it's the opposite. If the number on each potential outcome is -110 (or sometimes -105), it means that each team has an equal chance of winning.
The big question is how can you use these odds to figure out how much money you're going to cash in if your bet wins? That's the question we're going to answer next.
How You Calculate Vegas Odds?
You calculate your potential win based on whether the odds come as a positive or a negative number. If the odds are positive, e.g., +150, it practically means that this is how much you can profit if you bet $100.
Let's say you want to bet Justin Gaethje at Vegas odds of +150. If you put, $100, you're going to make a net profit of $150 if he wins. But, what if you'd like to bet a different amount?
In that case, you need to use the following formula:
Vegas Odds/100 x Your Stake
How To Calculate Vegas Odds Ncaa Basketball
So, let's say you wish to put $70 on Gaethje, your potential net profit is calculated by dividing his odds by 100, then multiplying the number with 70.
Use your calculator and you will see that 150/100 x 70 equals 105. That is how much you will make if Gaethje wins. Note that $105 is your net profit, while you'll also get your $70 stake back. So, your total win would be $175 on a $70 bet.
An important thing to remember is that the aforementioned formula only works if odds are displayed as positive numbers. If the number is negative (e.g., -150), you need to go with a different formula. In that case, this is what you got to use:
Your Stake/Vegas Odds x 100
This is because, with Vegas odds, the negative number represents the amount of money you need to bet in order to win $100. So, if the odds are -150, you will have to bet $150 to get a net profit of $100.
Is There a Simpler Alternative?
Vegas odds are traditionally used in land-based sportsbooks across Nevada. It's been like that for decades, and when online sports betting became legal in other US states, most operators decided to embrace this format.
The same was the case with offshore sportsbooks that cater to American customers, with one important difference – BetOnline.ag, MyBookie.ag, SportsBetting.ag, and many other bookies let the players decide on the odds format.
So, if you find Vegas odds too complicated, you can always use decimal odds in offshore sportsbooks. How they work is that your stake is multiplied by the odds. The result you get is your gross profit (your net profit + your stake). For example, if the odds on Tampa Bay Buccaneers are 1.65 and you wish to bet $90, your potential win is $148.5.
Who Sets the Odds in Vegas?
How Does Vegas Calculate Odds
When speaking about Vegas odds, there's another question that pops out – who decides them? Some sportsbooks employ teams of oddsmakers to come up with the odds, while some hire independent companies to do the work for them.
In both cases, the goal is to set the odds in such a way that they attract equal action on both outcomes. This way, the sportsbook is going to make profits regardless of the outcome. As a result, the Vegas odds on the favorite are always negative numbers, while underdogs get positive numbers.
Oddsmakers take into account various factors to decide who's the favorite/underdog. What we're talking about are power rankings, game locations, the form of the teams, and so on. However, this doesn't necessarily mean that Vegas odds equal the true probability.
Using the Odds Knowledge to Your Benefit
The thing about odds is that they change all the time. For example, there might be some big news coming from a team's roster, such as an injury of a key player. You can be sure that the sportsbooks will adjust the odds in that case in order to protect themselves.
Still, the #1 reason why odds change lies in the behavior of the bettors. If the players suddenly start betting on one outcome, the sportsbook will have to react by adjusting the odds. They will move the odds on the outcome in question (e.g., from -128 to -175), while moving the odds against the opposite outcome (e.g., from +108 to +155).
How To Calculate Vegas Odds For Today
This way, they are making sure they aren't going to have to pay out too much money if the favorite wins. At the same time, they are encouraging bettors to put their money on the underdog with the odds more lucrative than earlier.
How can you use this knowledge to your benefit? You can go on an odds hunt. If you compare all the odds available, you will be able to find the best value for your bets. It may be at a Vegas-based sportsbook or it could be at an offshore website, you'll find out only after you've compared them!
