Match odds are priced wagers on the outcome of a single sports event. The oddsmakers at the sportsbook generate the odds based on numerous statistical data and analytics, using complex algorithms to give you the odds on the different possible outcomes of a game. As a bettor, you will read the odds and then determine whether the prices on the wager are worth it, or if you want to take your money elsewhere, looking at alternative betting markets.
Reading match odds is easy and if you are new to match odds betting, it takes no time at all to learn how the odds work. However, optimizing your betting strategy and turning a profit on your sports wagers can take much longer. Understanding the match odds meaning is only the tip of the iceberg here, as the odds on any given game have lots of implications and there are different strategies in which you can make them work for you.
Match Odds Meaning
These are bets on the outcome of a game, and there are no additional requirements aside from predicting how the game will end. In most sports, games end with a winner and a loser. For example, in an NBA fixture between the Atlanta Hawks and the Detroit Pistons, either the Hawks will win or the Pistons.
But then, there are sports in which draws, or ties, are more prevalent. Soccer is one of these sports, and while most games end with one team winning, a good proportion of games can end in a draw. Let’s take a game between Inter Miami and the New York Red Bulls. The game can end with either team winning in regulation time, but if the scores are level, then the game is considered to have ended in a draw. It doesn’t matter if this is a knockout fixture and the game will go to extra time either, as soccer moneylines always relate to what happens in the two halves of regulation time unless otherwise stated.
Additional Terms to Note
As we have now brought up soccer, there are a number of extra betting terms in relation to these “3 different outcome” types of sport. For example, 3-way moneylines. Moneylines are generally 2-way affairs, but in soccer, you will find moneylines that also cover draws. To be fair though, there are also 3-way moneylines in boxing (if the fight goes the distance and the scores are equal, then the fight is considered to end in a draw), but boxing draws are very rare.
3-Way Moneylines
You an also find 3-way moneylines in NHL and other hockey events. These basically refer to the 60-minute line (all three periods), and if the game is level at that time, then the game will go into overtime. You can also get draws in the NFL (before overtime), but these are also extremely rare. As such, the NFL 3-way moneyline tie wagers can come at odds of +5000 or even higher.
1×2 Wagers
Another important term to learn is 1×2 betting. This is also a 3-way moneyline, but it refers to the 3 possible outcomes. 1 is the home team, X is a draw, and 2 is the away team. This abbreviation is used a lot by bettors who are making Half Time/Full Time bets in soccer.
For example, Manchester United hosts Liverpool, and you want to bet on a tie at half time and then Liverpool to win at full time. You are placing an x/2 HT/FT wager. With half time/full time bets, first half draws are quite common even in NFL or NHL. Therefore, the odds will not be as drastically long on draws at the halfway point in NFL or NHL games.
Different Types of Match Odds
Heading back to match odds, it is important to know that there are three different odds formats that sportsbooks use. In the US, we use American odds, which have positive and negative numbers. UK bettors use fractional odds, and in Europe (and the rest of the world), they use decimal odds.
With American odds, negative numbers represent the favorite whereas positive numbers are the underdogs. A negative number basically means “you need to wager this much to win $100”. Odds of -110 mean that you need to place a $110 stake to win $100. Similarly, -200 means you need to place $200 to win $100.
Positive odds, or underdog wagers, are riskier bets, but pay out much better. Here, the positive number represents how much you stand to profit if you wager $100 and win. For example, +110 will win $110 on a $100 bet, for a total return of $210. With +200, you are winning $300 ($200 profit and $100 stake back) on a $100 wager.
Feel free to use our Odds Calculator to test out the potential returns with different American odds. Our calculator also works with decimal and fractional odds, and it converts the odds for you, so you can read the match odds in all three formats. It is especially useful for beginners, but I myself also keep it bookmarked to quickly calculate the potential winnings on my bets. Within minutes, you can nail reading American match odds.
Calculating the Match Odds Value
You can calculate your potential returns on given match odds easily, but determining their value is a bit trickier. While you may have full confidence in the bet winning, remember that you are risking your money, so the returns better be worth it. It may be a matter of just a few cents on each dollar wagered, but these cents can make a massive difference in turning a profit in the long run.
Let’s say that you bet on the NFL’s Kansas City Chiefs to win in their next few games. They will not face any strong opponents in the upcoming weeks, so they will be the heavy favorites in all these next games. Bettors with no strategy will blindly take any odds given on the favorites, and will expect them to win all their next games. They won’t win much betting on the heavy favorite, but the profits will roll in until the Chiefs are given a big upset. And then the small profits will not count, as the lost bet will take those bettors into the minus.
I’m going to crunch up some numbers now. The KC Chiefs are strong favorites to win in their next 6 games. There are two sportsbook to pick from, sportsbook A offering -200 on the Chiefs and sportsbook B offering -180. You will wager $10 on the Chiefs every week, and here is how your overall profit would look if the Chiefs were to win all 6, win only 5, or win only 4 of the upcoming games.
| Match Odds Value Betting | ||
|---|---|---|
| Sportsbook | Sportsbook A | Sportsbook B |
| Odds | -200 | -180 |
| 6/6 Win (Profit) | +$30 | +$33.33 |
| 5/6 Win (Profit) | +$15 | +$17.77 |
| 4/6 Win (Profit) | +$0 | +$2.22 |
Even favorites can stumble, and you must always accept the fact that you are risking your money and there is no guarantee of winning. This is a hypothetical example, but it shows you the importance of value. There are lots of different ways to assess the value of a wager, and plenty of different strategies that you can employ to make the most of the match odds given. The following pages are worth a quick read:
Best Sportsbooks for Match Odds Bets
All sportsbooks offer moneylines on different sports. 3-way moneylines, 1×2 betting, and 2-way moneylines are standard, and you will find them in both the very best betting sites and at the ones that are not so good. The difference here is in the value of the match odds. The sportsbooks I would recommend for US sports fans are DraftKings, BetMGM and FanDuel, as they have the greatest sports coverage and generous betting lines.
But each sportsbook has its own unique features, and exclusive sports bonuses. Everyone has their own preferences when it comes to sports betting, so I would point you towards our guides for more information on what these betting sites have to offer, and that way you should find the one that best suits your needs.
