Las Vegas is the reference for anything gambling related. And it’s obviously no different when it comes to sports betting. Las Vegas betting odds usually set the lines for sportsbooks all over the country. But if you are wondering how exactly do Las Vegas odds work, then don’t worry – we’ve got you covered. In this betting guide, we will go through everything you need to know about Las Vegas betting odds.
The state of Nevada has offered sports betting since 1949. Even after the 1992 Professional and Amateur Sports Protection Act, NV continued to provide legal sports betting. Las Vegas has always been the reference within the industry, and it remains this way as legal sports betting continues its expansion across the US.
Whether it’s a regular season game or the Super Bowl, Las Vegas betting odds are used to determine betting lines for all sportsbooks online. That also applies to all different betting markets.
In order to understand how Las Vegas betting odds work, you first need to understand how to read them. Betting odds are usually presented in three different formats.
How to Read American Odds: As the most popular format for Las Vegas betting odds, American odds indicate how much money you can make with a $100 bet. At +200 odds, you are going to win $200 for every $100 bet. Negative odds indicate how much you need to bet to win $100 in profit. At -200 odds, you would need to bet $200 in order to win another $100.
How to Read British Odds: Also known as fractional odds, it’s most common among British bookmakers. British odds indicate how much you are going to profit. Placing a bet on 2/1 odds would give you $2 for every $1 bet.
How to Read Decimal Odds: This format is common across European bookmakers outside the UK. Decimal odds indicate your total payout, which consists of your original bet and the profit. A $1 bet with odds at 2.5 would result in a $2.50 payout. In order to find out the profit, you need to subtract your initial wager from the total payout.
Las Vegas online sportsbooks also offer a wide range of betting markets. The most common betting markets are moneyline, over/under, point spreads, futures and proposition bets.
Moneyline Bets: This one is by far the most popular market. In a moneyline bet, you are wagering on the outcome of a match.
Over/Under Bets: This is the second most common format at sportsbooks. In over/under, you are placing a bet on whether the game’s total points go over or stay under the line set by the bookmaker.
Point Spread Bets: A?point spread is a slightly different way to bet in the outcome of a match. In this case, each team is given a handicap, which is negative for the favorite and positive for the underdog. In order to cover the spread, the favorite must win by a margin larger than its handicap. The underdog, on the other hand, will cover the spread if it loses by a margin smaller than the handicap, or if it simply wins by any margin.
Future Bets: Just as the name suggests, you are wagering on a future event. Wagering on the champion is the most common type of future bet, but you can also place bets on individual awards such as the MVP.
Proposition Bets: If you don’t want to wager on the outcome of a match, then prop bets are the way to go. They aren’t necessarily related to the result. Instead, prop bets refer to in-game events or individual stats for players.
Now that you already have a good idea about what Las Vegas betting odds are and how they work, it’s time to check out some useful tips.
Always compare odds between different bookmakers. While most sportsbooks will usually agree on the favorite and the underdog, the odds may vary between them. By comparing the odds of different sportsbooks, you will be able to find out which ones offer the best payouts and therefore increase your winnings.
Wager on different betting markets. There is always a chance to win big in a match without necessarily having to bet on the moneyline. Check out all the betting markets available for each game and you are guaranteed to find competitive odds.
Weigh risk and reward. Keep in mind that bookmakers set long odds for events that are unlikely to happen. As tempting as winning a big fortune with a single bet can be, remember that you are wagering on an unlikely probability. Short odds have a more guaranteed return, but offer much smaller payouts. Find out which betting style suits you best and stick to it.
Here are some examples of how Las Vegas odds set the lines for sportsbooks.
The Buffalo Bills were +600 favorites at Super Bowl LVI opening odds. This means that a $100 bet can win $600.
For week 1 of the 2022 NFL season, the Indianapolis Colts carried the shortest odds at -450. It means that you would need to bet $450 to get $100 in profit. The Colts opened as 7.5 points favorites over the Houston Texans, with -110 odds for the point spread.
Josh Allen was the early favorite to win the MVP prize. The Bills quarterback led the competition with +900 opening odds.
Las Vegas sportsbooks online offer a variety of betting markets.
Nevada was the first state to offer legal online sports betting in the US, and has drawn in many different bookmakers.
Betting odds can get tricky for beginners.
Although there is some variation from one bookmaker to another, the odds are usually similar between different operators.
Odds are essential to betting, and learning how to read and deal with them is the first thing a new bettor needs to do. Find a format you feel comfortable with. Understand what you can win and how much you are risking, as weighing risk and reward is part of the betting basics. Compare the odds between different sportsbooks when possible, but keep in mind that the variation between them is usually small. Las Vegas betting odds keep the world of sports betting moving, and you will soon become familiar with them.
Nevada legalized sports betting back in 1949, and for many years bettors had to go to the sportsbook every time they wanted to check a line or place a bet. The first sports betting app was released in 2010, but in 2012 is when things really changed. Since then, what used to seem like quite the novelty is now a very popular and simple way to bet sports in Las Vegas. As a broad estimate, the sportsbooks believe that now somewhere between 25 and 50% of the action that comes in is through their apps.
William Hill released its app in Nevada in 2012. Since that time more than ten other apps have been created in Las Vegas, allowing sports bettors an amount of flexibility to shop around for lines and specific wager types comparable to going around casino to casino. Only now instead of having to do a ton of time-consuming legwork, bettors can always find the best price available without having to stand up. Which also means no more waiting in long lines and no more threats of losing a winning ticket.
Though the Lass Vegas online casino landscape is in a constant state of flux, here is who you can choose from and how you may use them. All apps can be downloaded from your phone, are available from your smartphone or tablet, and are supported by Android and iOS.
– Boyd Gaming aka B-Connected (Sports and Horses). Available at Aliante, Cannery, The California, Suncoast, Sam’s Town, The Orleans, Gold Coast, Fremont, Main Street, Jokers Wild, Eldorado, and Eastside Cannery.
– Caesars (Sports and Horses). Available at Planet Hollywood, Bally’s, Paris, The Cromwell, Flamingo, The LINQ, Rio, Caesar’s Palace, and Harrah’s.
– Golden Nugget.
– PlayMGM. Available at Monte Carlo, Aria, Bellagio, Excalibur, Circus Circus, Luxor, The Mirage, MGM Grand, New York-New York, and Mandalay Bay.
– NV Sports. Available at South Point and Rampart.
– CG Technology. Available at Cosmopolitan, Hard Rock, The Venetian, The Palazzo, Tropicana, The M, Palms, and Silverton.
– Station Casinos (Sports and Horses). Available at El Cortez, Fiesta Henderson, Fiesta Rancho, Greer’s, Barley’s Casino, Wild Wild West, Wildfire Casinos, Red Rock, Green Valley Ranch, Sunset Station, Texas Station, Boulder Station, Palace Station, and Santa Fe Station.
– Treasure Island.
– Westgate Superbook.
– William Hill. Available at The D, SLS, Tuscany, Hooters, Plaza, Downtown Grand, Binion’s, Four
– Queens, Ellis Island, and Silver Sevens.
As per usual you must be 21 to sign up but note that every app uses geolocation software to determine where you are because you may only bet within the state of Nevada. When outside Nevada you can’t log in with most of the apps but with NV Sports and William Hill you still can. If you are betting very close to the state line if say you are in Primm or Lake Tahoe, you are also liable to run into some location issues.
The signup process is straightforward and simple although you must go in person. You need to bring a valid photo ID or a social security card and fill out a bunch of paperwork. It all can be processed within 10 or 20 minutes.
Minimum deposits typically start around $100. In some cases, like with Caesars or Westgate Superbook, the minimum is $100 but only $50 for future deposits. Some of the casinos may offer deposit bonuses for your first one. Be sure to ask about that when signing up. Any time you wish to fund your account you must also do it in person.
The exception to these are Station Casinos, PlayMGM, and William Hill. After your initial deposit, Station Casinos will let you reload online. PlayMGM will let you as well, or with the app directly using a prepaid card. With William Hill, your initial deposit must be at a sportsbook, but from then on you can reload at any participating PT’s Pubs, Sierra Gold, or 7-Eleven all throughout Nevada, or you can do it online using a Priority Access prepaid card. Unlike the other apps, William Hill also very conveniently accepts deposits for any amount.
When withdrawing you can, of course, take out as much you want, and they too have to be done in person and only the account signee. They do not have to be done at the casino you open the account at.
With Station Casinos and PlayMGM, same as for deposits you may withdraw to your prepaid card, and William Hill who will also mail you a check. Just call customer service at 702-754-1280 and ask for one, but most players like to be given cash at a sportsbook. CG Technology will also cut a check. Call 702-677-3805.
As many sportsbooks don’t accept wagers less than $10 (although $5 is not unusual), the apps are less strict. William Hill, NV Sports, Station Casinos, and PlayMGM accept $2 and B-Connected takes $1. All the others start at $5.
As the min bets are lowered, so too are the max bets. They vary per player but are usually capped around $3,000 except in Boyd Gaming’s case who only allows up to $500. If you are thinking of going bigger than that you’ll have to talk to the sportsbook operator and it is best to do so the day you’re signing up.
The betting options on the apps are comparable to what you would see in the sportsbook as they are synced up. All your typical point line, moneyline, parlays, parlay cards when available, round robin, teasers, futures, propositions, and matchups are offered. B-Connected and Station Casinos also feature horse racing.
But is live betting offered? Live betting, which is betting on games already in progress has been rapidly gaining popularity the last few years. They have become a standard for online casinos and are heading in that direction for the sportsbooks. On the apps though, some do and some don’t. Westgate, NV Sports, B-Connected, Wynn, and Caesars do not currently have it but that is certainly liable to change at some point. As it stands the Golden Nugget, PlayMGM, Station Casinos, CG Technology, and William Hill already have live betting up and running.
This side of mobile app betting is, of course, the most major deterrent to betting with them. You could win $100,000 in a year betting inside the casinos and Uncle Sam would have no way of knowing about any of it because the casinos don’t make you fill out a form every time you win upwards of $600 on a bet. They can’t because how do they know you aren’t down $20,000 before you did? It’s too much time, effort, and keeping it accurate is just too difficult. That’s why the casinos aren’t required to track how everybody is doing and the same goes for the table games either.
If you are a big-time sports bettor and are looking for ways to save on taxes, you are probably better off staying away from the betting apps because net winning a lousy $600 is considered taxable income. The sportsbooks do not get involved and will not mail you any forms no matter much you win. All of that is on you. The only thing they will do if you ask is they’ll send you a win/loss statement. But regardless there is a paper trail. And in the off chance, you get audited you certainly don’t need the headache of paying penalties and interest for a small win, not to mention the doors that can open for much greater headaches as this permits the IRS to review your entire financial history as far back as they want.
The apps seem to be designed for the casual, hobbyist bettors. That’s why the minimums are so low. The sportsbooks figure they are going to crush, so they might as well make it easier for their casual customers to give them action. And since most casual bettors don’t care if they win or not as they just want to have some entertainment, the apps are a win across the board. The sportsbooks make more money and bettors have a quick and convenient way to have more fun.
This is ultimately the most important matter of all. Gambling is designed to be adrenaline pumping entertainment, but the line between it being that and a full-on addiction can be very thin. Since the app is so easy to use, this naturally increases the likelihood of someone who has the propensity to gamble degenerately to get out of control.
To promote responsible gambling, the sportsbooks provide information to their customers at the sportsbook themselves and on their website including numbers you can call and meetings you can go to regarding problem gambling. There is in-depth information on what it really means to gamble. Meaning that every outcome is always independent of the one before it. As a simple example, just because you toss a coin twice offers no guarantee that it’ll land on heads once.
It is also encouraged to educate yourself on every sporting event you place a bet on so as to maximize your chance of winning it. While the sportsbooks expect to realize a huge profit no matter how much good advice they give, they do it with dignity. Understanding it is imperative to keep their customers las vegas cricket bettingLas Vegas Sports Betting Apps informed about what they’re doing along with many ways to be on the lookout for potential signs of gambling addiction. Like if they do it to block out worry. Or if they will not stop until every dollar is gone, or if they neglect time with their family so they can gamble.
The most important piece that can be offered to help people protect them from themselves is the option of enrolling in the Self-Limit Program. Upon completion of this form, you are voluntarily restricting yourself from being allowed access to any privileges and promotions. When signing up for an app at a sportsbook, inquire to what extent this is offered if it is a concern.
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The sports betting calendar never takes a day off and we’ve got all the major sports betting markets covered on a daily and weekly basis, plus we offer a wide range of coverage on key events across the industry that are listed below.
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Reading betting odds on your standard sportsbook in the US, you’ll probably be looking at American odds. These are negative/positive values that indicate how much a bettor can win based on a $100 bet. There are few key types of bets:
Let’s say you’re looking at two teams competing in a sporting event. Moneyline bets are essentially bets on one thing to happen, usually the team to win.
If the team you want to bet on has -200 odds on the moneyline, they’re the favorite, and you’ll win $50 if you bet $100. (You keep your stake, so you’ll end up with $150 in your pocket if you win.)If the team you want to bet on has +200 odds on the moneyline, they’re the underdog, and you’ll win an even $200 (ending up with $300 in your pocket as your payout).
Totals betting allows you to make money on a team even if they don’t win, and doesn’t look at the individual team’s performance. These bets are also called over/under bets. A sportsbook will set the odds for a preferred total score of points added up by both teams:
If the total is set at 50.5 points, and Team A scores 24 while Team B scores 25, that’s a total of 49. If you bet the under, you’d win. If the total is set at 50.5 points, and Team A scores 26 while Team B scores 25, that’s a total of 51. If you bet the over, you’d win. Most sportsbooks will add that .5 on the end of a total to avoid a push, which is where the total is exactly hit (not over or under).
Spread betting also allows you to make money on a team even if they don’t win. A bookmaker (which is often a robot these days) will set the spread at a sportsbook to be a given number of points. You bet on your team to cover the spread:
If the spread is set at -2.5 and Team A scores 2 points more than Team B, they did not cover the spread. If you took the -2.5 line for Team A, you’d lose this bet, even if Team A won the game! If the spread is set at -2.5 and Team A scores only 3 points more than Team B, they did cover the spread. If you took the -2.5 line for Team A in this case, you’d win the bet! The same is true in reverse: a favorite with a +2.5 spread winning by only 2 points would not cover the spread even if they won the game. A favorite with a +2.5 spread winning by 3 points would cover the spread.
There are other bets available on the best sportsbooks in the US including props. and live markets:
Props are bets that don’t affect the overall outcome of the game. Typically player-specific, bets like this can be “Player to score 3 TDs this game”, “player to get a penalty in the first half”, etc.Live markets can include props and can be bet on as the game is in progress! These bets are an exciting way to make the best use of mobile, online sportsbooks, as betting on live events as they happen used to be impossible! Live betting is tricky, so make sure you’re pretty confident before you put your hard-earned money down on a bet.
Everything. Betting has existed since money has existed, and now legal sportsbooks in the US are offering bets on the Super Bowl, March Madness, the World Cup, the Olympcs, and much, much more. Some jurisdictions even allow for betting on things like the las vegas cricket bettingLas Vegas Sports Betting Apps Oscars and presidential elections!
Las Vegas odds change quickly and VSiN, The Sports Betting Network, keeps you up-to-date with the latest lines and changes. Use the links above to find the NFL odds as well as the latest odds and sports betting lines for every sport.
The Las Vegas odds set the market for sports betting across the world and when NFL odds are posted in Vegas they move the lines for every bettor.
Checking the Vegas odds prior to making your next bet is critical in finding a sports betting edge for the NFL and every sport. Check our live odds regularly to stay ahead of line movements and prepare yourself for your next bet.
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