With the legalization of sports betting in an increasing number of states, finding odds on games no longer necessitates a trip to Las Vegas. In Illinois specifically, several leading operators are available.

So, how do the figures in Illinois measure up against those in Vegas? Are the betting odds in Illinois favorable? How can one determine if the odds are just? Numerous questions arise when discussing sports betting odds, and we’re here to deliver the solutions.

Consider this as your backstage pass to understanding how odds are created. Our aim is to enhance your knowledge about this significant yet frequently misinterpreted subject.

What are sports betting odds? 

Sportsbooks that are legal and regulated offer a secure environment for bettors to place wagers on sporting events. They provide odds for all available betting options for each competition.

The odds indicate the probability of a particular outcome according to the oddsmakers, and they also reveal the payout that bookmakers will give for successful bets. To grasp the concept of the odds board, let’s examine a typical listing for a bet on an NFL game:

Team	Point Spread	Moneyline	Total
Minnesota Vikings	+2.5 (-110)	+120	O 49.5 (-110)
Chicago Bears	-2.5 (-110)	-140	U 49.5 (-110)

Reading from left to right, you’ll see a sequence of numbers that represent the odds and lines for three types of bets: point spreads, moneylines, and totals. In this particular instance, the Bears are favored by 2.5 points and are on the moneyline in a game where the predicted total is 49.5 points.

This indicates that Chicago is the favored team, as evidenced by the negative numbers associated with it. In sports betting, favorites have negative odds while underdogs have positive ones. When it comes to the spread and total, numbers are provided for both the benchmark set by oddsmakers and the actual betting odds.

The types of wagers listed will differ, but odds will be provided for all, including props and futures bets. Once the odds are first made public, the figures will shift. We will discuss why this occurs.

How do sportsbooks set lines?

Every sportsbook employs a team tasked with establishing the lines. The individual supervising this process is commonly known as the oddsmaker. In order to determine the numbers, the sportsbook relies on a multitude of data, along with computers and unique algorithms.

Simply put, every element that could influence the result of a competition is considered in the equation. For example, in the NBA, factors such as the defensive efficiency of both teams are included. In contrast, in the NHL, recent statistics on the number of shots each team has allowed are considered.

Moreover, all conceivable subsidiary factors are also considered, which may encompass injury risks, possible weather problems, and home-field advantage. Once everything is assembled, the data points are meticulously examined.

This leads to a conclusion that the oddsmaker utilizes to establish lines, which undergoes a comprehensive evaluation. When the odds team is satisfied with the outcomes, figures are officially made public, and betting commences.

Main types of odds in sports betting

Sportsbooks in Illinois provide betting odds for a variety of sporting events. The most frequently betted on sports include:

• College basketball
• College football
• Boxing
• Golf
• MLB
• NASCAR
• NBA
• NFL
• NHL
• Soccer
• Tennis
• UFC

If you’re interested in placing a bet on a major game or event, you can find available odds at sportsbooks. For fans of less popular sports, you can usually find betting markets at Illinois sportsbooks. The offerings might differ, but here’s a rough guide of what you can expect to find:

• Australian rules football
• Cricket
• Cycling
• Darts
• International sports
• MMA
• Motorsports
• Rugby
• Snooker
• Table tennis
• Volleyball

Apart from a broad spectrum of sports, each contest on the schedule also comes with numerous bet types to sift through. Here’s a brief rundown of some of the main types of bets available.

Moneyline

A moneyline represents one of the simplest bets available. All you have to do is decide which team you believe will be victorious, be it the favorite or the underdog. Let’s consider a hypothetical scenario:

Cincinnati Reds +110

Chicago Cubs -130

Point spread

Bookmakers will set up a point spread that must be taken into account when making decisions. You have the option to select the favored team minus the points or the underdog team plus the spread. Here’s an illustration:

Detroit Pistons +2.5 (-110)

Chicago Bulls -2.5 (-110)

Totals

A totals bet is based entirely on the total number of points scored in the game. Sportsbooks establish a baseline, and you can then choose to bet over or under this benchmark.

Over 5 (-110)

Under 5 (-110)

Props

A prop or proposition bet offers an extra gambling option for games and events. Numerous prop bets are based on the statistical achievements of specific players. Here’s an example for clarity:

How many rushing plus receiving yards will David Montgomery have?
Over 79.5 (-135)
Under 5     (+115)

Live betting

You can place live bets in real-time while the action is happening. This is a rapidly changing market where odds and offerings fluctuate based on the events occurring on the field or court. Here’s an illustration:

What will be the result of this power play?
Power play goal for Blackhawks -140
Penalty kill for Red Wings +120

Futures

A futures bet can be placed on an event that will occur in the future, like the winner of the Super Bowl. You can also place futures bets on events like the total wins of an MLB team.

How many regular-season wins for the Chicago White Sox?
Over 5 (-115)
Under 5 (+105)

There are several methods to bet on sports, including making more unusual bets such as teasers, parlays and round robins.

However, the odds and offerings can differ from one operator to another. The figures won’t be identical for every event open for betting. For instance, DraftKings Sportsbook in Illinois may provide better odds on a particular game than FanDuel, and the opposite could be true for another game.

As you prepare to place your bets, make sure to compare prices at legal operators in Illinois. Developing a habit of line shopping is beneficial as it can sometimes lead to finding better prices on contests.

Does Las Vegas have the best sportsbook odds?

For years, legal sports betting necessitated a trip to Las Vegas. However, this is no longer the case for many people today. Several states, including Illinois, have now legalized sports betting.

Vegas essentially monopolized sports betting, thus, the figures it produced were considered the ultimate benchmark. Although Vegas’ sportsbooks odds still warrant respect and consideration, they are no longer the sole guide to follow.

Operators of sportsbooks in states where gambling is legal provide odds and lines that are similar to those available in the west. Even though you can check out what the oddsmakers in Vegas are saying, you should be aware that you’ll probably find similar figures here in Illinois.

Do odds get set the same way for all sports?

Regardless of the type of competition, the fundamental principle of sports betting odds remains the same. However, each sport comes with its own unique set of factors that are taken into consideration.

Consequently, the way odds are determined varies from one sport to another. For instance, what influences the odds in the NFL is quite distinct from what factors into a UFC fight.

Oddsmakers at the highest level of sportsbook incorporate every possible influence on a competition into an equation when determining the odds. The factors that will affect the outcome can differ according to the sport, which naturally results in variations in the process of setting the odds.

Although odds may not be established identically for each sport, the method of interpreting them remains the same. When there are two options, the negative side signifies favorites, while the positive numbers represent underdogs.

Why do odds change in betting?

The odds for sports betting are not static. Once the initial numbers are made public, betting commences. If public money starts to show a specific preference, the odds can be adjusted to mirror this activity.

When a sportsbook publishes odds for a game and a surge of bets is placed on one side, the book becomes unbalanced for that match. This is an undesirable scenario for the sportsbook, so they will adjust the odds in an effort to balance the situation.

This procedure can persist until the event commences, and seeing multiple shifts following the initial release is not unusual. In conducting your research, comparing the opening lines with the current numbers is beneficial for grasping how the market has transitioned.

If you notice that one side becomes more appealing than it was at the start, this typically indicates that the initial bets were placed on the opposing side. If the odds on both sides subsequently become more competitive, this suggests that the wagers have been fairly balanced.

What is an odds algorithm?

Oddsmaking teams utilize an odds algorithm as a tool when establishing the numbers. This algorithm collects all data and variables that could influence a result. With the help of computers, oddsmakers examine the information to determine the most probable outcome.

The team will scrutinize the outcomes and make necessary adjustments if additional information comes up later. After the evaluation is finished, the oddsmakers will finalize the betting lines and make them available to the public to start betting.

The compilation and analysis of data involves a considerable list of information. Here are some of the aspects examined for several major sports:

• NFL: Rushing yards gained and allowed by teams.
• NBA: Ratio of assists to turnovers and accurate shooting percentage.
• MLB: Previous performance of the starting pitcher against the current opponent.
• NHL: Shots taken and received.
• Golf: Previous performance on the current course for all participating golfers.
• Tennis: Performance of a player against current and comparable opponents.
• Recent Results and Performance on Current Track: NASCAR
• UFC: Comparing Fighter Performance Against Shared Opponents

To put it simply, an odds algorithm is like a cooking pot. All the elements are added into it, and the algorithm’s role is to produce a finished product. Of course, the oddsmaking team supervises the process to ensure that the end result is palatable.

Which Illinois betting sites have the best odds?

When you start searching for the best sports betting odds, you’ll find that many leading operators offer similar odds on major games and events. Seeing the same favorites and underdogs listed across different platforms is not unusual.

Upon closer examination of the figures, you may notice slight variations. For instance, you might find a more favorable price for an NFL game you are interested in at PointsBet Sportsbook compared to Bet Rivers Sportsbook.

When lines are first released, many books will fall within the same range. If there are outliers, the betting public will react until the market stabilizes at that point. Remember, the numbers will fluctuate in response to betting activity.

There is no definitive evidence to suggest that one operator in Illinois sets superior lines compared to others. The ultimate objective for all operators is to establish an effective market that draws a considerable amount of activity. Attention is consistently given to line setting across all cases.

Another aspect to remember is that one gambler’s perception of a good or bad number on a game can greatly differ from another bettor’s viewpoint. Essentially, it all boils down to your personal interpretation of the prices on the lines.

Are sports betting odds always fair?

The aim of legal and regulated sportsbooks when they make betting odds public is to garner as much participation as possible. If they were to publicize odds that are significantly skewed compared to the general market’s opinion on the game, it would be conspicuous.

Occurrences of that are rare. An anomaly might occasionally surface, but the wagering market will promptly respond. If a bookmaker were to outright increase the vig taken for handling wagers, it wouldn’t survive long in the current competitive market.

Despite the rapid expansion of legal alternatives, there still exists an underground market of offshore betting sites that purport to function within some sort of legal loophole. There is no legitimate reason to engage with these sites. Those who choose to do so may soon realize that the odds provided are skewed compared to those at regulated sports betting sites.

The concept of fairness in a specific game or event tends to be subjective. This is one of the captivating aspects of sports betting. If you identify an incorrect line, it may present a prime opportunity for you to choose the right side and make a profit. Conversely, if the numbers are not to your liking, you have the option to forgo the event completely.

It is essential to always compare lines, no matter where you are playing. Once you gain ample experience in sports betting, you’ll realize that reputable shops are not interested in causing disruptions. They set prices that consequently draw action.

Why do different sites have different odds?

Minor variations in betting odds can be attributed to market activity. If one operator receives more volume than its rival on a specific matchup, they might adjust the lines accordingly.

There are also instances where books could show half-point differences in spreads and totals, and this could be more pronounced in extreme situations. However, even though the general market stays within range, it doesn’t necessarily mean the figures will remain identical.

This is where the concept of line shopping comes into play. By taking the time to compare the odds at various bookmakers, you can identify potential discrepancies in some of them. If these discrepancies occur in a game or event that you’re interested in betting on, then you’ve found an excellent opportunity to place your bet.

How to calculate odds

When getting ready to wager on sports, the initial step is to scrutinize the odds of the competition. Once that’s done, the next step involves handicapping and trying to determine which side is the right choice.

A practical approach for conventional two-sided moneyline bets is to convert the odds board into implied probabilities. While it may seem intricate, there are certain formulas that simplify this process, making it swift and efficient. These formulas involve using the absolute value of the odds number when the odds are negative.

• When odds are negative: The implied probability equals the absolute value of odds divided by the sum of odds and 100, multiplied by 100.
• Implied probability = 100/(odds + 100) * 100 when odds are positive.

Let’s now delve into the formulas using a standard moneyline bet as an example. In this hypothetical contest, the Bears are set to visit the Titans with the subsequent odds:

• Chicago Bears +110
• Tennessee Titans -130

To determine the probability of the two results — at least according to the odds setters — we need to perform some calculations. Here’s the breakdown for both scenarios:

• The odds of +110 for bears can be rewritten as: 100/(110+100) * 100 which simplifies further to 100/210 * 100. This equals 476 * 100 and therefore, the probability is 47.6%.
• The Titans have odds of -130. This can be calculated as 130 divided by the sum of 130 and 100, multiplied by 100. This equates to 130 divided by 230, multiplied by 100, giving a final percentage of 56.5%.

Rewording this: Imagining the odds as implied probabilities can be a useful approach. It assists you in contextualizing the overall chances and can aid you in identifying areas where the oddsmakers’ predictions may not align with your findings.

Many experienced handicappers striving to set their own point spreads often compare them with those set by oddsmakers. Achieving this requires effort and the specific steps may vary.

For instance, some proponents suggest using yards per play for and against as a method of determining a benchmark spread in NFL games. When it comes to betting on NBA games, the spread calculation might take into account recent points for and against, along with a factor for home-court advantage.

You can also find various online power ranking systems to calculate a “fair” spread. These systems can serve as valuable tools for establishing benchmark numbers, but don’t anticipate them providing miraculous solutions.

Getting familiar with sports betting odds and how to handicap them effectively is a process that takes time. Much like many aspects of life, consistent practice, patience, and persistence can greatly contribute to reaching your desired outcomes.

What sportsbooks should I avoid?

Stay away from the offshore market. There are still bookmakers available who are willing to accept bets on games, albeit for a fee.

The odds they utilize might be influenced by general market trends, or they could be random figures. This is also applicable to the “vig” or juice that is applied to bets.

At a lawful betting store, the typical spreads and totals odds begin at -110. This implies that if you wager $110 and win, you’ll receive $100 in return. The difference between your winnings and a full doubling of your stake is known as the vig, which naturally fluctuates depending on the odds.

Although some bookies may adhere to this concept, it’s fair to assert that others may charge a higher vig. In essence, similar to considering offshore sites, it’s advisable to avoid them and stick with legal and regulated operators.