The Latest NBA Odds
When betting on NBA odds, there are a lot you should think about. The knowledge about where to find the best NBA betting lines and how the odds works, are a few of them.
Here we take you through the process of the different type of odds that’s available on the betting sites. Also we have an in depth analysis how the calculations are made and how to calculate your payouts.
Where to find the best betting odds and lines for NBA in Pennsylvania
If you want to bet on the NBA markets, then you want to be using the best sportsbooks available online. The NBA odds most of the times differ between the different betting sites.
So it’s important to choose the sportsbook with best odds and the type of betting lines you want to bet on.
The below operators in Pennsylvania are amongst the best for betting on NBA online.
Types of NBA Odds
American odds, also known as US odds or money line odds, are popular in the US. The odds for the favored teams are indicated by a minus sign, giving punters an indication of the amount they need to stake to win $100.
For the underdogs, the odds are indicated by a plus sign. It shows the amount won for every $100 wagered. American odds will be shown as a whole number either positive or negative, e.g. Chicago Bulls – 500.
How to Calculate Probability for American Odds
These odds have two types of odds that require calculations: the positive and the negative.
Let’s take the following odds:
Chicago Bulls -500
Toronto Raptors +350
The calculator to convert negative odds is:
Negative odds / (Negative odds + 100) * 100 = probability
The probability for the Bulls to win would be:
500/(500+100)*100 = 83..3%
For positive American odds it is:
100 / (positive odds + 100) * 100 = probability
The probability for the Raptors to win would be:
100 / (350 + 100) * 100 = 22.2%
Formula on How to calculate payouts
To demonstrate how to calculate payouts, we’re going to use the odds for Toronto Raptors listed above. If you divide the amount in the money line by 100, it will show you how much profit you will win for every $1 that you bet.
In this case, it would be 350/100 = $3.50.
So for every $1 that you bet, you will get paid $3.50 for correct predictions.
If you want to work out how much you will win, multiply the size of the bet by the amount you will get per $1. If you bet $20, multiply it by the $3.50, and you will get a profit of $70. For a bet of $250, you would generate a profit of $875.
Fractional odds are more challenging to understand and read than decimals. It’s one of the reasons that they are not used often in NBA betting lines.
It indicates how often, in a specific amount of trials, a particular outcome is expected. To calculate the number of trials, you need to add the two numbers together. So if the odd is 2/1, you add the number to get to 3.
Then you look at the denominator (In this case “1”) to see how often the desired outcome will result from those trials. If the denominator is the smaller of the two numbers, it shows that the team is an underdog or has less than a 50/50 chance of winning.
The opposite is true, so when the denominator is larger, then the indication is that the team is a favorite and has more than 50% chance of winning.
For example, study the fractional odds below:
Golden State: 5/2
We can make the following observations:
- Oklahoma City is the favorite because the denominator, three, is larger than the numerator, one.
- The figure indicates that out of every four (1+3) games they play, they are expected to win three.
- On the other hand, Golden State is only expected to win twice out of every seven games they play.
How to Calculate Probability based on Fractional Odds
There is a standard formula that bookies use to make probability calculations.
The implied probability of an outcome = Stake/Wager ÷ Total Payout
If we use an example of Golden State to defeat Oklahoma City at fractional odds of 8/13, then the calculation looks as follows:
Probability = 8 ÷ 13 = 61.5% (The higher the number, the greater the likelihood of the desired outcome)
How to calculate payouts with Fractional Odds
People tend to start getting a glazed look in the eyes when trying to calculate fractional odds payout. It’s actually quite a simple process. Let’s use Golden State’s odds from above, which are 5/2, and follow the steps below:
- Divide the fraction. 5/2 = 2.5
- Multiply the stake by the above number, so if you’re betting $20, it would be $20 x 2.5 = $50. This is your potential profit.
- Add the your stake and the profit together, so $20 + $50 = $75
Your total potential payout is $75
Decimal NBA odds represent a multiplier, so you will see them represented in numbers like “1.90” or “2.10”. On a money line, a 1.90 decimal is equal to -110, and a 2.10 decimal is equivalent to +110. The smaller number indicates the favorite, and the larger figure shows the underdog.
You would see the odds displayed next to each team if you’re on an online sportsbook. For example, the odds would look as follows:
- Chicago 151.00
- Dallas 36.00
- LA Lakers 7.50
- Phoenix 501.00
Calculating Probability for Decimal Odds
To calculate the probability, you would need to use the following equation:
(1/ decimal odds) * 100 = implied probability.
If we take the Dallas odds above, the calculation would be: 1/36*100= 2.78%
The probability that the Dallas Mavericks will win the NBA title is 2.78%
How to calculate payouts with decimal odds
To work out how much you will win on your wager with decimal odds, you need to multiply the amount bet by the decimal. If you bet $5 at 1.90 odds, your total win would be $9.50. This amount includes your original bet, so your profit would be only $4.50.
Understanding Odds when betting on basketball in Pennsylvania
NBA odds are figures that reflect the likelihood of a particular occurrence in an event. Odds against this occurrence reflect the possibility that it will not happen.
For example, that a specific team will win the NBA is the occurrence; the odds reflect the bookie’s estimation of how likely that is to happen. The NBA odds are the ratio of the payoff to wager and don’t reflect the probabilities.
Odds in a Money Line
A money line bet is simply a bet placed on a team to win the game. You only have two options, and you’re picking one of the two to win.
Depending on which sportsbook operator you use, the odds will probably be displayed using “American Odds.”
When you study the money line, you will notice that each team has either a positive or negative number allocated, for example, -125 or +150.
The weaker team or the underdog will have positive numbers, and the stronger teams will generally have negative numbers next to them. The larger the favorite, the smaller the payouts, and vice versa.
Point Spread Odds
In basketball, a point spread is relatively simple to understand; you are betting on how many points the team is going to win or lose by. NBA point spread betting lines are recognized by their use of the plus (+) or minus (-) symbols.
Indiana Pacers -7
Toronto Raptors +7
In this case, the Raptors need to win the game or lose by seven or less to cover the spread. The Pacers must win by at least eight points.
Odds in Point Totals
Over-under bets are wagers on the game’s total score for both teams, and whether it will be above or below a certain number. The more unlikely a total score is, the higher the odds.
Future bets are any bets placed on something happening in the future. Most future bets are related to winning a championship. The odds for these bets are set by an oddsmaker, based on potential results.
You can also bet on things like most points taker during a season or if a team will make the playoffs or not.
Unique Odds in NBA
The NBA has something for every punter, and you don’t need to limit yourself and place bets only on the score or the winning team. There are many other markets to take advantage of.
You can place bets on player-specific markets. These include options such as the double-double, which is when a player gets to double figures in two categories.
This is valid if they reach ten or more points in two of the five main statistical categories, namely points, rebounds, assists, steals, and blocks.
When a player hits double figures in three of the five categories, they achieve a triple-double. Usually, the odds listed for these markets are shown as over/under numbers.
The team players have odds listed next to each market available for them for that game.
There are a few options available if you are looking for more exciting markets in the game itself. Even though these are game-related bets, they are still reliant on the players. The All-Star games are probably one of the highlights of the season.
With the Slam Dunk Contest, Three-Point Contest, and Skills Challenge on show, it’s difficult to choose where to place a bet. The interesting with these kind of odds is that it’s very important to have knowledge of the player you bet on.
Further, you really need to know what attitude the player will have during these contests. Are the player taking this very seriously or just for a bit of fun?
This challenging part of the All-Star game lets players show off a variety of skills such as shooting, passing, and dribbling.
It’s one of the most difficult to handicap as many players don’t even make it through the initial obstacle course—all in all, plenty of choices for excited NBA bettors.