One of the most frequent questions from sports bettors is this: Where can I find the best odds?
There’s no set answer for each event on the docket, but you can quickly zero in on the top numbers by shopping around.
Our customizable live odds feed does the heavy lifting for you by displaying the real time numbers from leading operators across the industry. You can see how it works down below, and be sure to check back often for the latest sports betting odds.
Compare the latest odds: Moneyline, spread and totals
Understanding how sports betting odds work
When you’re new to sports betting, the odds board can seem a little confusing. There are tons of numbers to digest, and it can sometimes look like there’s no rhyme or reason attached. We’re here to tell you that there absolutely is a method to the madness.
Sports betting odds are one of the most valuable pieces of intel that you can digest as you get set to handicap games and events. Beyond telling you which side is favored and which one is the underdog, there’s a whole lot more to see here.
In this guide to sports betting odds in Michigan, we’ll walk you through all of the ins and outs. We’ll explain why the numbers move, how you can figure out payouts and implied probability from the odds, and much more. Let’s begin by looking at the top spots for odds here in MI.
When are sports betting odds released?
Once sportsbooks have sorted through all of the data and factors that can impact an event, they’ll release the betting odds to the public. The actual timeframe for when they come out will vary by sport, but here’s a ballpark guide to use for reference.
- Football: NFL and College Football odds will come out well in advance of the next set of games. You may see some odds come in as the current slate is winding down, while virtually all numbers will be out no later than the day after the week’s games are wrapped up.
- Baseball, Basketball, Hockey, and Soccer: For sports in which teams play more than once per week – MLB, NBA, NCAAB, NHL, MLS – odds and lines will be out either the night before a contest or no later than the day of.
- Golf, Tennis, UFC, and Nascar: Odds for outright winners in the individual sports will come out well in advance of the next event. As the event draws near, you’ll see additional odds offered for other bet types.
- Futures: Odds for these markets are released in the offseason, sometimes as soon as the current campaign is wrapping up. Additional futures odds for the various sports will be released as the year moves along.
If there’s a delay in the release of odds for an upcoming game, then the sportsbook is most likely waiting on a key piece of information. Generally, it would be something that could have a direct impact on the lines such as an injury to a key player.
How do you read a sports betting line?
You can find the latest odds for all of the upcoming games using sportsbook apps in Michigan. The overall appearance may vary, but the average listing for a game will look something like this.
|Detroit Lions||+4 (-114)||+172||O 53 (-114)|
|Minnesota Vikings||-4 (-106)||-205||U 53 (-106)|
Next to the two team names are the odds for three of the biggest bet types: point spread, moneyline, and total. In this matchup, the Vikings are favored by four points over the Lions. Minnesota is also favored on the moneyline in a game with a projected total of 53 points.
When you look at the point spread line, the side with the negative number is the favorite. The positive number points to the underdog, while the numbers in parentheses are the actual odds you’ll get when you place the bet.
On the moneyline, it’s also negative for favorites and positive for dogs. The totals bet — also known as an over/under — will have a benchmark number and odds to choose from on both sides of the equation.
Why do sports betting odds change?
Once the odds are released, there’s a good chance you’ll start seeing some movement in the numbers. This will continue right up until game time. Basically, online sportsbooks will adjust the numbers in response to the betting action that has come in.
For example, if a lot of the early money comes in on one side, Michigan sportsooks will likely respond by making that side less appealing while bumping up the attractiveness on the other side. If that doesn’t lead to the desired result, the book may tweak the numbers again.
The ultimate goal is to find the right mix that attracts near equal action on both sides. This isn’t always possible, so there will be games in which the operator winds up lopsided on one side. When this happens, they could take a big hit if the public money happens to be right.
When researching games that you want to bet on, it’s important to take the time to shop around and see what the odds are in different spots. You may find more appealing numbers elsewhere, but you’ll never know if you don’t take the time to look.
Sports betting odds by bet type
We’ve covered how the odds work for the three main bet types on team-based sports, but there’s a whole lot more to the betting menu. Here’s a quick look at how the odds work for some of the other more popular ways to bet on sports.
These are wagers you can place on outcomes that won’t be known until down the road, such as the winner of the Super Bowl or an over/Under on the Detroit Tigers regular season win totals.
When there’s a range of choices involved, the odds will be presented in descending order in list form. If it’s a bet with just two choices to consider, then the odds will look like what you see in a standard moneyline bet.
Prop betting odds
Props are additional betting opportunities that you’ll be able to explore for each game and event. They’re basically like side wagers on things that might happen, and many of them will revolve around individual performances.
For props with two choices, the odds will look like what you’ll find in moneyline bets. Props that have several choices attached will resemble a futures market bet with the selections listed in descending order with the favorites on top.
Live betting odds
You’ll be able to bet live as the action unfolds in real time. This is a very fast-moving market. Odds and offerings can change in an instant, but mobile apps from leading sportsbooks are up to the task.
There are bet types that might look like a standard game listing, some that will resemble two-sided props, and others with several choices. In short, the odds will look similar to what you’ll see elsewhere, but they’ll naturally vary by bet type.
How sports betting odds work for different sports
As you gain more experience with betting odds and have additional exposure to them, it’ll all start to become awfully familiar. In a bid to help shorten the curve even further for you, let’s take a look at some examples using several of the major sports.
Odds on the NFL
From the first game of the regular season straight through to the Super Bowl, every NFL game on the docket will attract plenty of betting action. Each bet type receives its fair share of attention, but the point spread generates a great deal of the buzz at NFL betting sites.
- Green Bay Packers -4.5 (-115)
- San Francisco 49ers +4.5 (-105)
For this matchup, the Packers are favored by 4.5 points at odds of -115, while the 49ers side can take the points at odds of -105. Point spread odds start at a base of -110 at most operators, so we can take this as a sign that most money has been heading to the Green Bay side.
Odds on NBA
From spreads to props and live betting, there are plenty of different ways to get in the game when betting on the NBA. One of the most popular wager types that brings plenty of bettors to the window is Over/Under bets.
- Over 5 (-110)
- Under 5 (-110)
The oddsmakers have set the bar at 209.5. If you choose the Over, then 210 points or more need to be scored for a winning bet, while Under bettors want to see 209 points or less. For example, 110-100 works for the Over, but it adds up to a miss on the Under.
Odds on MLB
The lengthy MLB season translates into lots of different betting opportunities to consider each day. Live betting is a great way to remain engaged as the action plays out, while the moneyline is a big needle mover for each contest. Here’s an example of MLB odds in action on the PointsBet Michigan sportsbook app:
- Detroit Tigers +140
- Chicago Cubs -120
For this game, the Cubs are favored over the Tigers, which we can tell by the direction of the odds. On the moneyline, keep an eye on the span between the odds for clues on how close Michigan sportsbooks perceive the matchup to be.
Odds on NHL
All of the standard main bet types are available for NHL games, but the spread is handled differently here. Known as a goal line, it’s typically set at the same number of 1.5 for each and every game on the docket. Here’s what that looks like when looking at NHL odds.
- Detroit Red Wings +1.5 (-112)
- Chicago Blackhawks -1.5 (-108)
If you bet on the Blackhawks, they’ll need to win by two goals or more for a winning bet. Betting on the Red Wings side means the game needs to keep it closer than that or to win the game outright. At some operators, you’ll also find alternative goal lines such as 0.5 or 2.5.
How betting lines work on other sports
No matter what you plan to bet on with sports, there will be odds attached. For golf, you’ll see odds on the winner of the event and various head-to-head matchups posted by oddsmakers. It’s a similar story with tennis, and there will be plenty of other bet types for both sports too.
The most popular UFC and boxing bets revolve around which side will win, and there will naturally be odds on both sides. NASCAR odds can be found on the winners of the races and various props, among other things.
When it comes to niche sports – think cricket, rugby, table tennis, etc. – sportsbooks will have lines up on all the events they feature. In short, if you’re placing a bet at a legal and regulated sportsbook, there will be odds attached.
How to calculate sports betting odds payouts
Sports betting odds tell you much more than which side is favored and which one is the underdog. They also reveal how much of a return you can expect to see on winning wagers. There are a few different ways to figure it out. Let’s start with the easy ones.
First up, once you add your bet to the slip and add in your wager amount, sportsbooks will display the potential payout. There are also online handicapping calculators to be found online where you can plug in bet amounts and odds to see the return.
Next, there’s a simple trick to figure returns based on which way the odds are pointing. If odds are positive — such as +150 — that also equals the amount you would get back for a winning $100 wager, which in this case would be $150.
When the odds are negative — such as -120 — it’s telling you how much you would have to bet to get back $100. For this example, you would have to bet $120 for the chance to see a return of $100.
Lastly, there are formulas to follow which help you figure out the return based on the odds and wager type. The calculation is different depending on the way the odds are going.
- Positive odds: Bet Amount*(Odds/100) = Potential profit
- Negative odds: Bet Amount/(Odds/100) = Potential profit
While there are easier ways to find potential returns on your bets, it’s still a good idea to understand how the math works. After a little bit of seasoning, it’ll help you to quickly spot value opportunities on the board just by seeing what the odds say.
How to calculate implied probability from sports betting odds
The odds can also serve as an indicator of what’s more likely to happen. In its simplest form, the favorite is more likely to win over the underdog, at least in the eyes of the oddsmaker that has set the lines.
However, you can go much deeper than that and assign an actual potential winning percentage to each side. Known as implied probability, there are formulas to follow based on the direction of the odds. Let’s run through an example while using the moneyline for an NBA game.
- Detroit Pistons +135
- Chicago Bulls -115
For this game, the Bulls are slight favorites over the Pistons. How likely is it that either side will win? We’ll begin with the favored side and use the following formula.
Odds/(Odds+100) * 100
It’s the odds divided by the sum of the odds plus 100, the result of which is then multiplied by $100. Here’s the formula in action.
- 115/(115+100) * 100
- 115/(215) *100
- 534 * 100 = 53.4%
As you can see, figuring out the implied probability suddenly reveals that the favored side isn’t such a sure thing. Over on the underdog side, the formula is set up differently.
100/(Odds+100) * 100
In this case, we always begin with 100. We then divide that by the sum of the odds plus 100 and multiply the result by 100 to find the probability. Here’s how it works at these odds.
- 100/(135+100) * 100
- 100/(235) * 100
- 426 * 100 = 42.6%
Implied probability is yet another tool that helps to put in perspective the actual strength of favorites and underdogs. As mentioned earlier, there’s a whole lot to glean from the odds board as you continue to gain experience with the numbers and how they work.
How do Michigan sports betting odds compare to Las Vegas odds?
Las Vegas had legal sports betting in the US on lockdown for decades. As such, Sin City served as the first and last word on sports betting odds. There are very talented oddsmakers out in the desert, so you can rest assured that Vegas sports betting odds are always on point.
That’s still the case, but the overall story is different. Now that sports betting has been legalized in a growing number of states, including right here in Michigan, you’ll be able to find great numbers much closer to home.
For example, sportsbooks like DraftKings and FanDuel in Michigan will be right in range with what you would find at Westgate or Circa out in Vegas. You can still see what the talented folks out west have to say, just know that the numbers here at home will do just fine.
What to remember about sports betting odds
For each listed game and event at online and mobile sportsbooks, there will be odds attached. The numbers are set by the in-house oddsmaking team which leans on a wealth of data and the assistance of computers and algorithms to set fair numbers.
After the lines are released, bettors start weighing in. Sportsbooks may adjust the numbers in response in a bid to level out the action, so the initial odds and those you see at the beginning of the contest can often be different.
In today’s legal and regulated environment, bettors can easily shop around to find the best prices on the games they want to bet on. There’s lots of information to be found by digging into the numbers, including potential returns and the implied probability of outcomes.
Sports betting odds can take some getting used to for those new to the game, but practice and experience will help to cut down the learning curve. After a little bit of seasoning, you’ll be able to find information such as which side the public is favoring just by glancing at the odds.