How Do NHL Odds Work?

NHL odds are determined by the sportsbooks. They set lines based on both public perception and their own internal calculations.

Introduction

NHL odds are set by sportsbooks in order to encourage betting on both sides of a matchup. The favorite is usually indicated by a minus sign (-) and the underdog by a plus sign (+). The larger the difference in NHL odds, the more lopsided the matchup is expected to be.

The moneyline is the most common type of NHL bet. To win a moneyline bet, you simply need to pick the team that you think will win the game. The odds for each team are set by the sportsbook and reflect each team’s relative probability of winning.

Favorites will have negative NHL odds (e.g. -200) and underdogs will have positive NHL odds (e.g. +150). A bet on a -200 favorite would require you to risk $200 to win $100, while a bet on a +150 underdog would allow you to win $150 for every $100 that you bet.

How NHL Odds are Created

NHL odds are created by oddsmakers who take into account a number of factors when coming up with the lines. These factors can include team performance, injuries, and international events. The oddsmakers will then create lines that they think will encourage betting on both sides.

The Overround

NHL odds are made by oddsmakers. These are the professionals who set the betting lines. Their goal is to make sure that the sportsbook has a healthy profit margin built into every game. In order for them to do this, they add what’s called an “overround” to each game.

The overround is simply the sum of all the betting odds for a particular game, expressed as a percentage. So, if the odds for Team A to win are 1.5 and the odds for Team B to win are 2.5, then the overround would be 1.5 + 2.5 = 4, which expressed as a percentage would be 400%.

The overround exists because the oddsmakers want to make sure that there is always action on both sides of every bet. They do this by ensuring that the total amount of money wagered on each side is roughly equal. This guarantees that no matter who wins, the sportsbook will always make a profit.

Probability

Understanding how NHL odds are created starts with knowing a bit about probability. Probability is a branch of mathematics that deals with the likelihood of something happening. In the case of NHL betting, probability is used to figure out the chances of a particular outcome occurring.

NHL odds are usually presented in one of two ways: fractions or decimals. Fractional odds are most popular in the United Kingdom and are presented as 4/1, 3/2, etc. Decimal odds are more popular in Europe and are presented as 1.50, 2.00, etc.

The way odds are presented doesn’t affect how they’re calculated, but it does affect how much you stand to win if your bet is successful. With fractional odds, you calculate your winnings by multiplying your stake by the numerator (the first number) and then dividing by the denominator (the second number). So, if you bet $100 on a team at 4/1 odds and they win, you would win $400 ($100 x 4 = $400).

With decimal odds, you calculate your winnings by multiplying your stake by the decimal Odds and then subtracting your stake. So, if you bet $100 on a team at 2.00 odds and they win, you would win $100 ($100 x 2 = $200 – $100 = $100).

The probability of an event occurring can be expressed as a percentage or as odds. For example, the probability of flipping a coin and it landing on heads can be expressed as 50% or 1/2 (one in two chance).

How to Use NHL Odds

NHL odds are a way for sports bettors to get an idea of how likely an event is to occur. The odds are expressed as a number, which can be either positive or negative. A positive number means that the event is more likely to occur, while a negative number means that the event is less likely to occur.

Moneyline

One of the most common bets in hockey is the moneyline, which is a bet on which team will win the game outright. NHL moneylines work a little differently than other sports because there is no point spread. The favorite will always have a minus (-) sign in front of the odds, while the underdog will have a plus (+) sign. Here is an example:

New York Islanders (-200) vs. Dallas Stars (+170)

In this example, the Islanders are the favorite and the Stars are the underdog. If you bet $100 on the Islanders, you would need to risk $200 to win $100. If you bet $100 on the Stars, you would risk $100 to win $170.

Puck Line

The puck line is the most popular way to bet on hockey, and it’s similar to betting the spread in other sports. The puck line is set at 1.5 goals for the favorite and -1.5 goals for the underdog. That means you’re betting that the favorite will win by two or more goals, or that the underdog will lose by less than two goals (or win the game outright).

Futures

In futures betting, you are wagering on the likelihood of an event happening at some point in the future. The most common bet in futures is to wager on which team will win the Stanley Cup at the end of the season. However, you can also bet on individual player awards (like the Hart or Art Ross Trophy), regular season records, and even which teams will make the playoffs.

The odds for futures bets are usually expressed as moneyline odds. For example, let’s say the Tampa Bay Lightning are +1200 to win the Stanley Cup. That means that for every $100 you bet on them, you would win $1,200 if they were to lift Lord Stanley’s Mug. On the other hand, a team like the Pittsburgh Penguins might be -600 to win it all. In this case, you would need to bet $600 to win $100.

Conclusion

NHL odds can be confusing to newcomers. However, once you understand how they work, they can be a useful tool in helping you make predictions about games. Remember that odds are not set in stone and can change over time, so it’s important to stay up-to-date on the latest information.