Ex: When I flip a coin, it is just as likely that I flip heads as tails. The odds are equal, or one to one. Ex: If there is an 80% chance of rain one day, then there is a 20% chance it will not rain as well. The odds are 80 to 20. Otherwise put, it is four times more likely that it will rain than stay sunny. Because circumstances may change spontaneously, odds may change as well. They are not an exact science.

Whoever has the highest odds is considered the “favorite. " If the odds are low, it means that event is not likely to occur.

The “longer the odds,” or the less likely, the more money you could win.

Action: A bet or wager of any kind or amount. Bookie: Someone who accepts bets and sets odds. Chalk: The favorite. Hedging: Placing bets on the team with the high odds, and the low odds, to minimize loss. Line: On any event, the current odds or point spreads on the game. Wager: The money you pay, or risk, on an outcome or event.

To determine profit, multiply the amount you bet by the fraction. If I spend $15, then my profit for winning is $9 (15 x 3/5). Ex. If I successfully bet $15 on a horse with 3/5 odds of winning, the payout would be $24 ($15 + [15 x 3/5])

If you have a hard time with fractions, then see if there is a larger number on top then on bottom. If so, that team/horse is not expected to win. When you bet for the underdog, it is called betting “against the odds. " For example, if odds are 3/1 for the Cowboys this Sunday, then it is three times more likely that they will lose than win. Odds of 3-1 indicate that if you bet $100, you will win $400, the original amount of your bet plus the profit. Odds of 1-3 will win you $33 on a $100 bet, or $133.

Ex: Dallas Cowboys, -135; Seattle Seahawks, +135. This means the Cowboys are the favorites, but pay out less money if a bet on them wins. Try out an online to check your math when you first get started. Soon enough it will be second nature, but for now ask a friend or search for a calculator that fits your betting needs.

If you bet $200, you will make twice as much profit. To calculate how much profit you make per dollar spent, divide the amount you are going to spend by 100. Multiply this number by the moneyline to see your potential profit. If I spend $50, I will make . 5 (50/100) of the moneyline if I win. On +135 odds, I would make $67. 50 profit off of a winning bet. Ex: If I spend $250 on the Seahawks (+135), I would earn $587. 50 ($250 + $135 x [$250/$100]) if they win.

To calculate profit, divide 100 by the moneyline to find out the profit made per dollar spent. If the moneyline is -150, then you will make $. 66 for every dollar you bet (100/150). Ex: If the New York Giants are favored to win -150, and I spend $90, I would make $150 total ($90 + $90 x [100/150]).

If the favorite wins by the spread exactly, it is called a “push” and all bets are refunded. In the example, if Boston wins 88-84, then it is a push and no one collects a profit. If you see “half-odds” (a 4. 5-point spread, for example), this is to make a “push” impossible. When the spread is small, moneyline bets are often better since the spread does not indicate a clear underdog. [1] X Research source

On a vig of -110, I must bet $110 to make a $100 profit. Continuing the example above, say I placed $110 on Boston, and they win 96-90 on a 4-point spread. Because they won by the spread, I would make $210 ($110 + $100). Sometimes there are different vigs for each team. A line from before might look like this: Boston -6, -125; New York +6, -110. This means you have to bet $125 on Boston to earn $100 because there is less risk betting on Boston.

If the O/U is 198. 5 points and you bet over, then any combined score from 199 points and up will pay out. If the score is exactly what the bookies set, then the bet is a push and everyone gets their money back.

Make sure to check this with your bookie first, however.