Decoding the Mystery: How Are Odds Calculated?
Curious about how odds are calculated in the US? This article dives into the intricacies of odds calculation and provides a comprehensive explanation.
If you've ever placed a bet or participated in any form of gambling, you may have pondered over the question: how are odds calculated? Understanding the mechanics behind odds calculation can be a game-changer in making informed decisions. In this article, we will explore the fascinating world of odds calculation and shed light on how bookmakers determine the probabilities of various outcomes.
How Are Odds Calculated? Demystifying the Process
- Probability-Based Approach
Bookmakers use a probability-based approach to calculate odds. They assess the likelihood of a particular outcome and then convert it into odds. The more likely an event is to occur, the lower the odds offered, and vice versa.
- Mathematical Formulas
Behind the scenes, bookmakers utilize mathematical formulas to calculate odds accurately. They consider various factors, such as historical data, team or player performance, and other relevant statistics. These formulas help them establish a fair representation of the probabilities involved.
- Market Forces
Bookmakers also take into account market forces when calculating odds. The amount of money
How are the betting odds calculated
Unveiling the Mechanics: How Are Betting Odds Calculated in the US?
Delve into the intricacies of calculating betting odds in the US, exploring the expert methodology behind them. Gain insights into the informative and easy-to-understand process that underpins these calculations, demystifying the realm of sports betting.
Betting odds serve as the cornerstone of the sports betting industry, acting as vital metrics that determine the potential returns and risks associated with placing wagers. For bettors in the US, understanding how these odds are calculated is essential to make informed decisions and maximize their chances of winning. In this comprehensive review, we will unravel the expert methodology behind calculating betting odds in the US, shedding light on this intricate process.
Understanding the Basics:
Before delving into the calculations, it is crucial to understand the fundamental concepts that underpin betting odds. In the US, odds are typically presented in three different formats: decimal, fractional, and moneyline. Decimal odds present the total amount a bettor will receive for every unit wagered, while fractional odds express the potential profit relative to the stake. Moneyline odds, on the other hand, depict the amount that needs to be wagered or won on a $100 basis.
Calculating Probability
How are football betting odds calculated
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How are betting odds calculated?
How Are Betting Odds Calculated? A Comprehensive Guide to Understanding Odds in the US
SEO Meta Description: Curious about how betting odds are calculated in the US? This article provides a detailed explanation, covering the various factors involved in determining odds for different types of bets.
Have you ever wondered how bookmakers come up with the odds for sports betting? The calculation of betting odds is a complex process that involves analyzing a range of factors to determine the likelihood of a particular outcome. In this article, we will delve into the world of betting odds and shed light on how they are calculated in the US.
How Are Betting Odds Calculated? The Basics
To comprehend how betting odds are calculated, it is essential to understand the fundamental concepts. Let's explore three key components:
Probability:
- Bookmakers assess the probability of an event occurring, such as a team winning a game or a player scoring a goal.
- They use a range of statistical analysis, historical data, and expert opinions to estimate the likelihood of different outcomes.
- Probability is expressed as a decimal, fraction, or percentage.
Implied Probability:
- Implied probability refers to the bookmaker's prediction of the likelihood of an event occurring.
- It
How to generate betting odds
How to Generate Betting Odds: A Comprehensive Guide for US Gamblers
Learn how to generate accurate and reliable betting odds for a successful gambling experience in the US. Find out the essential steps and tools required in this comprehensive guide.
Are you an avid gambler looking to enhance your betting strategies? One crucial aspect of successful gambling is the ability to generate accurate and reliable betting odds. Whether you prefer sports betting or casino games, understanding the odds can significantly improve your chances of winning. In this comprehensive guide, we will explore the steps and tools required to generate betting odds effectively. So, let's dive in and learn how to generate betting odds like a pro!
Understanding Betting Odds
Before diving into the process of generating betting odds, it's essential to understand what they represent. Betting odds reflect the probability of an event occurring and the potential payout associated with it. In the US, odds are commonly expressed in three formats: American, Decimal, and Fractional. It's crucial to familiarize yourself with these formats to interpret and calculate odds accurately.
Steps to Generate Betting Odds
- Gather Relevant Data:
- Collect comprehensive data on the event or game you wish to calculate odds for.
- Consider factors such as team/player performance
How are vegas odds calculatred
How Are Vegas Odds Calculated in the US: A Comprehensive Guide
Meta Tag Description: Discover the intricacies of calculating Vegas odds in the US. This expert review provides insightful information, explaining the process in an informative and easy-to-understand manner. Learn how Vegas odds are determined and gain a deeper understanding of the betting world.
When it comes to sports betting, Las Vegas has long been the pinnacle of excitement and anticipation. At the heart of this thrilling world are the famous Vegas odds, which serve as the foundation for determining betting lines and potential payouts. In this comprehensive review, we will delve into the process of how Vegas odds are calculated in the United States. We aim to provide expert insight, informative details, and an easy-to-understand explanation of this captivating process.
Understanding the Basics:
Before we explore the specifics of calculating Vegas odds, it is crucial to grasp the fundamental concept behind them. Vegas odds, also known as betting lines or point spreads, represent the probability of an event occurring and determine the potential payout for bettors. These odds are created by oddsmakers, experts who analyze various factors to ensure fairness and accuracy.
Factors Considered:
- Team Statistics: To determine odds for a particular sporting event, oddsmakers assess the performance
How odds are calculated
Unlocking the Mystery: How Odds Are Calculated?
Curious about how odds are calculated? In this article, we delve into the intricacies of odds calculation, decoding the process behind determining probabilities in the United States.
Have you ever wondered how bookmakers are able to set odds for various events? How do they calculate the chances of a particular outcome occurring? Understanding how odds are calculated is crucial for both avid bettors and those who simply want to grasp the fundamentals of gambling. In this article, we will demystify the process of odds calculation and shed light on the methodology behind determining probabilities in the United States.
How Odds Are Calculated: The Basics
To comprehend odds calculation, it's essential to first grasp the concept of probability. Probability refers to the likelihood of an event happening, expressed as a decimal, fraction, or percentage. Bookmakers use probability to set odds, which ultimately determines the potential payout for a winning bet.
- Assessing Probability:
Bookmakers employ a range of methods to assess the probability of a specific outcome. These methods can vary depending on the sport or event being wagered upon. Some common factors considered include historical data, team or player performance, injuries, weather conditions, and expert analysis.
Frequently Asked Questions
How are bet odds calculated
Understanding How Bet Odds are Calculated: A Comprehensive Guide
When it comes to sports betting, understanding how odds are calculated is essential for making informed decisions. This guide aims to simplify the process and shed light on the factors that determine bet odds. By grasping the concept of odds calculation, you can enhance your betting strategy and increase your chances of success.
I. Importance of Bet Odds Calculation:
- Enhances Decision-Making: Knowing how bet odds are calculated allows you to assess the probability of an outcome accurately. This empowers you to make informed decisions when placing bets.
II. Factors Influencing Bet Odds Calculation:
- Probability: The likelihood of an event occurring plays a crucial role in determining odds. Higher probability is reflected in lower odds, while lower probability leads to higher odds.
- Historical Data: Bookmakers analyze past performance, head-to-head records, and statistical data to assess the chances of specific outcomes. This information influences the odds calculation.
- Market Demand: The betting market's demand for a particular outcome can impact odds calculation. If a large number of bettors favor one outcome, odds may be adjusted to balance the bookmaker's liability.
III. Methods of Bet Odds Calculation:
- Fractional Odds: Commonly used
How are odds calculated for betting
How are Odds Calculated for Betting in the US: A Comprehensive Guide
Meta Tag Description: Discover the intricacies of odds calculation for betting in the US. This expert review provides informative insights on how bookmakers determine odds, ensuring an easy-to-understand explanation that will enhance your betting experience.
When it comes to sports betting, understanding how odds are calculated can significantly impact your chances of success. In this comprehensive review, we will delve into the realm of odds calculation for betting in the US, shedding light on the key factors that bookmakers consider. By the end of this article, you will have a solid understanding of how odds work, empowering you to make informed betting decisions.
Understanding Probability:
Before we delve into the calculation process, it's crucial to grasp the concept of probability. In the world of sports betting, probability refers to the likelihood of a particular outcome occurring. Bookmakers use probability as a foundation for determining odds.
Factors Considered in Odds Calculation:
Team/Player Form: Bookmakers analyze teams' or players' recent performance to assess their chances of winning. Factors such as past results, injuries, and key player availability play a significant role in determining odds.
Historical Data: Bookmakers examine historical data, including head-to-head
How betting odds are calculated
Understanding the Intricacies of Calculating Betting Odds in the US
Meta Tag Description: Dive into the world of sports betting in the US and gain a comprehensive understanding of how betting odds are calculated. Explore the expert insights behind this intriguing process and unravel the secrets of the betting industry.
Betting odds lie at the very heart of the gambling industry, providing a framework for determining the likelihood of a particular outcome in a sporting event. In the United States, where sports betting is gaining immense popularity, understanding how these odds are calculated is essential. This expert review aims to shed light on the intricate process of calculating betting odds, providing informative insights that are easy to understand for both beginners and seasoned bettors alike.
Understanding Probability:
Before delving into the calculation of betting odds, it is crucial to comprehend the concept of probability. Probability is essentially a numerical representation of the likelihood of an event occurring. In the context of sports betting, it helps determine the potential outcomes of a match or event.
Calculating Implied Probability:
Implied probability refers to the likelihood of an event happening as derived from the betting odds. To calculate the implied probability, one must convert the odds into a percentage. This can be achieved using the following formula:
Implied Probability (%) = 1
What does plus 200 odds mean?
What do +7 odds mean?
What is the payout for 500 to 1 odds?
How are Vegas odds determined?
What is the formula for calculating odds?
How accurate are Vegas odds?
What is the format for Vegas odds?
How do casinos calculate odds?
- 9/1 can be calculated as 1 / (9 + 1) = 0.10 – There is a 10% chance that the event will happen.
- 4/1 can be calculated as 1 / (4 + 1) = 0.20 – There is a 20% chance that the event will happen.
How do sportsbooks determine odds?
How accurate are sportsbook odds?
How do sportsbooks make live odds?
Why do sportsbooks have different odds?
What does 3 to 1 odds mean?
What does odds of 10 to 1 mean?
How do you calculate odds of anything?
Do odds add OR multiply?
FAQ
- How are bet winnings calculated?
- In order to calculate your potential payout you simply multiply your stakes (the amount of money you wagered) by the odds. For example, if you bet $100 on the Pistons beating the Knicks at 2.25 odds, your total potential payout would be $225 ($100 x 2.25).
- What is the formula for calculating bets?
- Fractional odds represent the potential profit in relation to the bet. Fractional odds are shown as a fraction, i.e., 3/1 or 5/2. To calculate the odds, the formula is Denominator / (Denominator + Numerator). Example: 2 / (2 + 5) = 0.285 (or 28.5 %).
- What does a +7 bet mean?
- The underdog If the spread is set at +7, the underdog must either win the game outright or lose by fewer than seven points in order to cover. For the favorite to cover, they must win by more than seven points.
- What does a +200 money line mean?
- What Does a +200 Money Line Mean? A +200 money line would mean that if you placed a $100 bet, you would win $200. It also tells you that the team is not expected to win, as it is the underdog in the game.
- How do you create betting odds?
- For fractional odds, the equation is denominator/(denominator + numerator) x 100. A horse that is 7/2 would be calculated as 2/(7 + 2) x 100. That equals 22.22, meaning a team or horse that's 7/2 has an implied win probability of 22.22 percent. Finally, we've got decimal odds, which have the simplest equation.
- How do they calculate betting odds?
- Multiplying the fractional odds by your wager shows what profit you would collect. For example, 3/1 odds mean you profit three times the amount you wagered. A $1 bet at 3/1 would pay out $4 in total, or a $3 profit and your $1 original wager. Conversely, 1/3 odds mean you profit a third of what you wagered.
- How do you make sense of betting odds?
- Whereas negative (-) odds tell you what you have to bet on the favorite to win $100, positive (+) odds tell you how much you'll win for every $100 you wager on the underdog. So, a team with odds of +120 would payout $120 for every $100 wager.
- How do you place odds in betting?
- Betting odds are the ratio between the amount staked by the bookies and the bettor, so 7/1 means the bookies stake seven times the amount the bettor has wagered. If the bettor wins; their predicted outcome materialises; they will take seven times their bet from the bookie (in this case).
- Are betting odds computer generated?
- OddsTrader has betting odds from all of the best online sportsbooks like Bet365 (check our Bet365 Review) and BetRivers (check our BetRivers Review), as well as a database of stats. The picks you will find are the outcome of thousands of computer-generated simulations using that information.
- How are sports betting odds determined?
- 1) Team/player Performance: Bookies closely analyze the performance of teams and players involved in a particular event. They assess recent form, past results, and overall skill levels. Stronger teams or players are likely to have lower odds, reflecting their higher chances of winning.
- What is the formula for sports betting?
- For favorites, it's odds/(odds + 100) x 100. So if a team is -200 it would be 200/(200 + 100) x 100. That equals 66.66, meaning the implied win probability of a -200 favorite is 66.7%. That means a -200 favorite has to win 66.7% of the time or better for it to be profitable long-term.
- How do sports betting odds work for dummies?
- The number that follows the negative symbol (the odds) reveals how much to bet for every $100 you want to win. For example, as explained above, if the team you're betting has -110 odds, you need to wager $110 to win $100. If your team has -150 odds, you must risk $150 to win $100.
- What is the math for betting odds?
- American Odds To calculate “-” odds, divide 100 by the odds, then multiply that quotient by the amount you bet. For example, suppose you want to calculate how much profit a $50 bet on the Dodgers would yield. First, divide 100 by 135 (without the “-”), which yields 0.74.
- What is the formula for odds in betting?
- For fractions greater than 1, the formula is as follows: (fractional value) * 100 = American odds. For fractions less than 1, the formula is as follows: -100 / (fractional value) = American odds.
- What do the odds +/- mean in betting?
- A plus (+) represents longer odds, in which case you'll win more for your wager, while a minus (-) means you're betting on a more likely outcome (as deemed by the sportsbook) and will win less when you emerge victorious. For example, $100 on +110 odds wins you $110, while $110 on -110 odds wins you $100.
- How do you explain odds?
- In probability theory, odds provide a measure of the likelihood of a particular outcome. They are calculated as the ratio of the number of events that produce that outcome to the number that do not. Odds are commonly used in gambling and statistics.
- Who decides sports betting odds?
- Bookmakers (bookies) are the masterminds behind odds setting in sports betting.
- How accurate are sports betting odds?
- It is found that the point spreads and totals proposed by sportsbooks capture 86% and 79% of the variability in the median outcome, respectively. The data suggests that, in most cases, a sportsbook bias of only a single point from the true median is sufficient to permit a positive expected profit.
- How do bookmakers calculate odds?
- To calculate odds, bookmakers consider two main elements: the probability of an event outcome occurring and the probability of punters wagering on that certain outcome. It is only by balancing these elements that odds become profitable.
How are betting odds calculated
How do you calculate winnings on odds? | In order to calculate your potential payout you simply multiply your stakes (the amount of money you wagered) by the odds. For example, if you bet $100 on the Pistons beating the Knicks at 2.25 odds, your total potential payout would be $225 ($100 x 2.25). |
What does 15 to 1 odds mean? | What does odds of 15/1 mean? If you were to bet $10 on 15/1 odds you would receive $150.00 in profit if this outcome won. The implied win probability of 15/1 odds is 6.25%. If you'd like to see the implied win probability of other odds values you can check our Moneyline Converter. |
What does minus 250 odds mean? | Each player is assigned odds based on their perceived likelihood of winning, with the favorite having lower odds and the underdog having higher odds. For example, if Novak Djokovic is favored to win a match with odds of -250, it means that a $250 bet on Djokovic would pay out $100 if he wins. |
How do bookmakers determine odds? | 1) Team/player Performance: Bookies closely analyze the performance of teams and players involved in a particular event. They assess recent form, past results, and overall skill levels. Stronger teams or players are likely to have lower odds, reflecting their higher chances of winning. |
How do you calculate odds? | To convert from a probability to odds, divide the probability by one minus that probability. So if the probability is 10% or 0.10 , then the odds are 0.1/0.9 or '1 to 9' or 0.111. |
What do 5 1 odds mean? | Example #1: A horse that wins at 5-1 will return $5.00 for every $1.00 wagered. If you had placed the minimum bet of $2 on that horse to win, your payoff will be: $10 (5 x 1 x $2) + your original bet of $2 – for a total of $12. |
What are 7 to 2 odds? | So odds of 7-2 mean that for every $2 invested, the punter gets $7 profit in return. This means when you bet $2, the total return if the bet is successful is $9. Similarly, if a horse is at even money (ie 1-1), it's $2 profit for every $2 invested, or a total return of $4. |
How do you know what odds to pick in sports betting? | Negative numbers signify the favorite on a moneyline bet. The negative number indicates how much you'd need to bet to win $100. If there's a positive number, you're looking at the underdog, and the number refers to the amount of money you'll win if you bet $100. |
How do odds work in sports betting? | Odds of 7/5 mean you'll win $7 for every $5 you wager on the A's. Conversely, the Rangers' odds of 5/8 mean you need to wager $8 to win $5 on Texas. Another way to look at it: If the first number is larger than the second, you're betting on the underdog for a higher potential payout. |
How do you decode betting odds? | Betting odds are the ratio between the amount staked by the bookies and the bettor, so 7/1 means the bookies stake seven times the amount the bettor has wagered. If the bettor wins; their predicted outcome materialises; they will take seven times their bet from the bookie (in this case). |
How are sports odds determined? | 1) Team/player Performance: Bookies closely analyze the performance of teams and players involved in a particular event. They assess recent form, past results, and overall skill levels. Stronger teams or players are likely to have lower odds, reflecting their higher chances of winning. |
How do you calculate odds of winning in sports? | For American odds, the equation is different for favorites and underdogs. For favorites, it's odds/(odds + 100) x 100. So if a team is -200 it would be 200/(200 + 100) x 100. That equals 66.66, meaning the implied win probability of a -200 favorite is 66.7%. |
How do sporting bet odds work? | Odds of 7/5 mean you'll win $7 for every $5 you wager on the A's. Conversely, the Rangers' odds of 5/8 mean you need to wager $8 to win $5 on Texas. Another way to look at it: If the first number is larger than the second, you're betting on the underdog for a higher potential payout. |
How accurate are sports odds? | It is found that the point spreads and totals proposed by sportsbooks capture 86% and 79% of the variability in the median outcome, respectively. The data suggests that, in most cases, a sportsbook bias of only a single point from the true median is sufficient to permit a positive expected profit. |
How is betting odds calculated? | Decimal odds represent the amount that is won for every $1 that is wagered. For instance, if the odds are 3.00 that a certain horse wins, the payout is $300 for every $100 wagered. |
How are betting odds generated? | To form their book, the bookmaker would assign a probability to every result. The probability would add up to 100%. To make a profit, bookies would then introduce a 5-10% “vig,” or “juice” on every price. As long as the bookmaker balanced its bets, it meant a guaranteed profit for them. |
How do betting odds work for dummies? | Sports Betting Odds for Dummies Higher odds suggest an event is less likely to occur but carries the promise of a hefty payout if it does happen. Conversely, lower odds indicate something is more likely to occur but will yield a smaller payout. |
How do you calculate the odds of winning a bet? | Money Line odds or American odds For example, if the American odds are +200, this means that you would win $200 if you bet $100. For positive odds, the formula is: 100 / (Money line odds + 100). For negative odds, the formula is: Money line odds / (Money line odds + 100). |
- How do you calculate payout odds?
- – To calculate your potential payout on an underdog, all you need to do is multiply your stakes (the amount of money you wagered) by the value resulting from the moneyline odds divided by 100. Put simply: Potential profit = Wager x (Odds/100).
- How do odds work in math?
- Odds are used to describe the chance of an event occurring. The odds are the ratios that compare the number of ways the event can occur with the number of ways the event cannot occurr. The odds in favor - the ratio of the number of ways that an outcome can occur compared to how many ways it cannot occur.
- How do you figure out betting odds?
- Fractional odds explained They're essentially simple math: Dividing one number by another and then taking that sum and multiplying it by your bet amount. If the larger number is being divided by the smaller number, such as 3/1, then the odds will pay out more than the original bet risked.
- How do betting companies calculate odds?
- To calculate odds, bookmakers consider two main elements: the probability of an event outcome occurring and the probability of punters wagering on that certain outcome. It is only by balancing these elements that odds become profitable.
- How much do I win if I bet $100 on odds?
- The odds indicate how many times your stake will be multiplied in your total payout. For example: A $100 bet at 1.50 odds will pay out $150 ($50 profit, plus your $100 stake).
- How are sports odds calculated?
- For an underdog, the equation is 100/(odds +100) x 100. So a +150 underdog would be calculated as 100/(150 + 100) x 100. That equals 40, meaning a +150 underdog has an implied win probability of 40 percent. For fractional odds, the equation is denominator/(denominator + numerator) x 100.
- Which odd is likely to win?
- For example, if the odds of a football team winning a match are 1/2, it means the bookmaker considers it more likely that they will win than not. On the other hand, if the odds against a team winning are 2/1, it means the bookmaker considers it less likely that they will win than not.
- How do they come up with betting odds?
- Oddsmakers will set the lines according to the implied probability of either outcome happening. The sum of the probabilities exceeds 100%, as sportsbooks take a small cut on both sides of a line. Second, sports betting odds dictate how much money a bettor needs to wager to make a certain profit.
- How do you predict betting odds?
- Implied probabilities are calculated based on the odds of an event occurring. To calculate the implied probability, bettors have to simply divide 1 by the odds. For example, if a team has odds of 2.50, the implied probability would be 0.40 (1/2.50). This means that the team has a 40% chance of winning the game.
- How do I work out betting odds?
- How are betting odds calculated. Betting odds are calculated by the probability of something happening. For example, if the odds are 4-1 this suggests there is a 1 in 5 chance of winning (4+1), or calculated as 1 / (4+1) = 0.2 which means there is a 20% chance of the outcome happening.
- Which odds are most likely to win?
- Low odds bets have a higher probability of winning, but the potential payout is relatively low. High odds bets have a lower probability of winning, but the potential payout is much higher.
- How are betting odds calculated?
- Multiplying the fractional odds by your wager shows what profit you would collect. For example, 3/1 odds mean you profit three times the amount you wagered. A $1 bet at 3/1 would pay out $4 in total, or a $3 profit and your $1 original wager. Conversely, 1/3 odds mean you profit a third of what you wagered.
- What is the formula for betting football?
- For favorites, it's odds/(odds + 100) x 100. So if a team is -200 it would be 200/(200 + 100) x 100. That equals 66.66, meaning the implied win probability of a -200 favorite is 66.7%. That means a -200 favorite has to win 66.7% of the time or better for it to be profitable long-term.
- What does +7 mean in football odds?
- The underdog If the spread is set at +7, the underdog must either win the game outright or lose by fewer than seven points in order to cover. For the favorite to cover, they must win by more than seven points.
- Why is book making illegal?
- A bookmaker is a misnomer. It is not illegal to make books, but it is illegal to receive bets on agreed upon odds. A bookmaker, sometimes called a “bookie” or “turf accountant,” takes bets from individuals and then pays out or collects money based upon what his book says about who-owes-who what amount of money.
- How do sports odds change?
- A number of factors can affect odds but the primary drivers for these changes are: New Information - Team selection, injury news etc. Market confidence - More information drives more liquidity in the market. Money - Where the money is going determines which way the odds move.
- How can I calculate betting odds?
- Fractional odds represent the potential profit in relation to the bet. Fractional odds are shown as a fraction, i.e., 3/1 or 5/2. To calculate the odds, the formula is Denominator / (Denominator + Numerator). Example: 2 / (2 + 5) = 0.285 (or 28.5 %).
- What does the +1.5 odds mean for sports betting?
- A +1.5 spread is commonly seen in baseball betting, the standard “runline” for MLB. This spread means the underdog must win outright or lose by exactly one run to cover the spread. Alternatively, a -1.5 spread means that the favorite must win by at least two runs. Many baseball games are decided by fewer than two runs.