In order to place your bets so that you have maximum chance of winning, you need to understand the odds. You have to be proficient at reading the odds so that you can estimate your chances without making any errors in judgment. Speed in assessing the odds is also important so that you are able to place your wagers before the dynamic odds change. One of the reasons that betting odds follow primarily a numerical representation is that the bookmakers have to present a lot of information in a limited amount of space and they expect the bettors to understand the manner in which the odds are represented.

Odds are represented according to the different types, the broad classification; however, is fractional/ decimal/ moneyline. The odds vary with the type of sport and as you learn about the probabilities of an event occurring in a game and study historical success rates, you will be able to make better use of the information displayed on the betting boards. With time, you should be able to place bets after reading the odds and assessing not only the chances of your win but also the kind of edge the house holds on a bet of that kind.

The following examples will help you understand better the manner in which betting odds are read.

Bet Number Team Point Line Total Money Line

101 ABC +200

102 DEF -5 10 -150

The Betting Board above gives the odds for the different types of wagers that you can lay for the given team ABC.

Point Line refers to the Point Spread bets. In the above example, DEF is favored to win over ABC by 5 points. The usual way of representing is to mention the point line next to the favorite team with the points preceded by a (-) sign. So, in this case there are two bets that can be placed. DEF wins by 6 or more points or ABC win/lose by 4 or less points.

Total bets are wagers against the total number of points scored in a game. The bettor can bet over or under the total number of points set by the bookmaker.

Money Line bets involve selecting a winner. In the above example, a $100 wager on ABC will give you $200. If you wish to earn $100 on team DEF, you need to wager $150. This is because team DEF has been marked favorite by the odd setters and since the odds are low on this team, the bookmakers will try and make the bettors pay more for a given bet. With money line betting you can develop your own ideas over time whether it is better to place a wager on the underdog or bet on the topdog.

Before success, comes failure. A few years back, before I had the system for picking bets that I have now, my sports book betting career was on a stomach flipping downturn. I was losing more bets than I was winning, and the ones I was winning through pure chance had a payout so marginal I barely made any money on top of the original bet.

But through careful study, educating myself in the art of odds, the different types of bet, point spreads, money lines, favourites, underdogs, handicapping and all the rest, I managed to level out that downturn, and eventually it became an upturn as my sports book betting moved slowly into profitability.

So what’s the secret? Well, there’s a few foundational rules that you should base your sports book betting decisions on.

#1 – Patience. You can’t, and won’t win every game you bet on. A 100% win-rate is obviously the holy grail of sports bettors, but let’s face the truth and come to terms with the fact it won’t happen. Sports book betting is about juggling the chance of loss with the odds of the payout, and that takes time to master.

Sports book betting is like tournament poker, it’s all about the long game. You might lose one or two bets, but as long as the overall trend is up, you’re winning. So don’t be disappointed if you lose a few bets, and don’t let that affect your decision making. Be patient, diligent and make informed bets according to your system, and the wins will come on their own.

#2 – Value. Your sports book bets should always be good value, based on what you think the odds of the outcome are. For example, if you think the odds of a team winning are 4:1, you shouldn’t bet on odds any less than that or you’re losing value. (This is also a key part of poker… funny how these similarities crop up, isn’t it?)

Before you look around for odds and start wagering with the sports books, decide on what value you’re looking for and only bet when you find it. A lot of people think sports book betting is simply about picking winniners, but in fact getting good value is something that takes a long time to master.

#3 – Easy Pickings. In in doubt, go for the favourite. They’re the favourite for a reason: because they’re more likely to win. While the payouts are lower (because there’s less risk), betting on the favourites can help you maintain a more stable win-rate and boost your overall season performance. Don’t get too carried away though, favourites can be beaten and won’t always win. Be sure to do your due diligence on the game before you place the bet at your sports book.