How do Sports Odds Work?
Sports odds represent the contract between the gambler making a bet and the casino or sportsbook. In particular, the odds specify the return you would make should the side you selected actually win the contest. Unfortunately, you usually lose your entire bet if your side loses the competition. Sports odds themselves are typically set by a person, know as an odds-maker, book-maker or bookie. Increasingly, however, odds are set by complex computer models that analyze previous performance to make predictions on the outcome. Traditional odds are usually expressed as a ratio, such as 4-1, which means that for every dollar you bet on the underdog, you will get $4 in return if your side wins. You can also bet on the favorite, but the return is significantly lower.
