As more states legalize sports betting, it is no longer necessary to travel to Las Vegas to find odds on games. In Illinois, there are multiple top operators to choose from.

How do the statistics in Illinois compare to those in Vegas? Are the betting odds in Illinois advantageous? How can one discern if the odds are fair? When it comes to sports betting odds, many inquiries emerge, and we are here to provide the answers.

Think of this as your exclusive pass behind the scenes to learn how odds are formulated. Our goal is to improve your understanding of this important but often misunderstood topic.

What are sports betting odds? 

Legal and regulated sportsbooks create a safe space for bettors to place wagers on sports events, offering a full range of odds for every betting option in each competition.

The odds provided by oddsmakers show the likelihood of a specific result occurring and also show the potential payout for winning bets. To understand how the odds board works, let’s take a look at a standard listing for a wager 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)

When reading from left to right, you will notice a series of numbers indicating the odds and lines for point spreads, moneylines, and totals. For this specific scenario, the Bears are favored by 2.5 points and are on the moneyline in a game with a projected total of 49.5 points.

This suggests that Chicago is the preferred team, as shown by the negative numbers linked to it. In sports betting, favorites are represented by negative odds, while underdogs have positive odds. The spread and total also include numbers for both the benchmark set by oddsmakers and the actual betting odds.

The types of bets available may vary, but odds will be offered for all, including proposition bets and futures bets. Once the odds are initially released, they may change. We will explain the reasons for these fluctuations.

How do sportsbooks set lines?

Each sportsbook has a dedicated team responsible for setting the betting lines, with the head of this team typically referred to as the oddsmaker. To establish these lines, the sportsbook utilizes a variety of data sources, as well as computer programs and specialized algorithms.

In essence, all factors that could impact the outcome of a competition are taken into account. For instance, in the NBA, elements like defensive efficiency for each team are factored in, while in the NHL, recent data on shots allowed by each team is considered.

Additionally, all potential contributing factors are taken into account, including risks of injury, potential weather disruptions, and the advantage of playing at home. After gathering all relevant information, the data points are carefully analyzed.

As a result of this process, the oddsmaker uses the conclusion to set lines, which are then carefully reviewed. Once the odds team is happy with the results, the numbers are officially released to the public, and betting begins.

Main types of odds in sports betting

In Illinois, sportsbooks offer betting odds on a wide range of sporting events, with the most popular betting options typically being:

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

If you want to place a bet on a big game or event, you can check the odds at sportsbooks. Illinois sportsbooks usually offer betting markets for less popular sports. While the offerings may vary, here is a general idea of what you can expect to find.

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

In addition to a wide variety of sports, each event on the schedule offers a multitude of betting options to consider. Here is a quick overview of some of the primary types of bets you can place.

Moneyline

The moneyline is a straightforward bet where you simply choose the team you think will win, whether they are the favorite or the underdog. Let’s imagine a hypothetical situation:

Cincinnati Reds +110

Chicago Cubs -130

Point spread

When placing bets, bookmakers will establish a point spread that should be considered. Bettors can choose to bet on the favored team with points deducted, or the underdog team with points added. For example:

Detroit Pistons +2.5 (-110)

Chicago Bulls -2.5 (-110)

Totals

A totals bet involves predicting the total number of points scored in a game. Bookmakers set a certain number as a baseline, and bettors can wager on whether the final score will be higher or lower than this amount.

Over 5 (-110)

Under 5 (-110)

Props

A prop bet provides an additional betting opportunity for games and events, often focusing on the individual performance of specific players. For instance, you may bet on the statistical accomplishments of a particular player to add excitement to the game.

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

Live betting

You have the option to place live bets as the action unfolds in real-time. This dynamic market is constantly shifting, with odds and options changing based on the events taking place on the playing field. To better understand, consider the following scenario:

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 is a wager placed on an upcoming event, such as predicting the Super Bowl winner or the total wins of a specific MLB team.

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

There are multiple ways to place bets on sports, with options including more unconventional strategies like teasers, parlays, and round robins.

Nevertheless, the odds and offerings may vary between different operators. The figures will not be the same for every event available for betting. For example, DraftKings Sportsbook in Illinois might offer better odds for a specific game than FanDuel, while the situation could be reversed for another game.

Before placing your bets, be sure to compare prices at legal operators in Illinois. Getting into the habit of line shopping can be advantageous, as it may result in discovering better prices for contests.

Does Las Vegas have the best sportsbook odds?

Legal sports betting used to require a journey to Las Vegas, but now many people can participate without traveling thanks to the legalization of sports betting in several states, including Illinois.

Vegas once dominated the sports betting market, making its figures the standard benchmark. While Vegas’ sportsbook odds are still respected, they are no longer the only source to rely on.

Sportsbook operators in states where gambling is legal offer odds and lines that closely resemble those found in the western states. While you can compare with the numbers from Vegas, it’s important to note that you will likely find similar figures in Illinois.

Do odds get set the same way for all sports?

No matter the type of competition, the basic concept of sports betting odds stays consistent. Yet, each sport has its own specific factors that are considered when setting the odds.

Therefore, the method of determining odds varies between different sports. For example, the factors that influence odds in the NFL are different from those that affect a UFC fight.

Top-tier oddsmakers in sportsbooks consider all potential factors that could impact a competition when calculating the odds. These factors can vary depending on the sport, leading to differences in how the odds are determined.

While odds may vary between sports, the interpretation method remains consistent. In a two-option scenario, negative numbers indicate favorites and positive numbers indicate underdogs.

Why do odds change in betting?

Sports betting odds are not fixed; they can change based on public betting activity. After the initial odds are released, betting begins. If there is a noticeable trend in public betting towards a certain outcome, the odds may be adjusted to reflect this.

If a sportsbook releases odds for a game and receives an overwhelming number of bets on one side, the book becomes imbalanced. This is not ideal for the sportsbook, so they will modify the odds to try and restore balance.

This process may continue until the event starts, and it is common to see several changes after the initial launch. When conducting research, comparing the initial figures with the current ones can help understand how the market has evolved.

If you see one side becoming more attractive than it was initially, it likely means that the initial bets were placed on the other side. If the odds on both sides then become more even, it indicates that the bets have been evenly split.

What is an odds algorithm?

Oddsmaking teams rely on an odds algorithm to help them set the numbers. This algorithm takes into account all relevant data and variables that could impact the outcome. Using computer analysis, oddsmakers carefully review this information to predict the most likely result.

After reviewing the results, the team will make any needed changes based on new information that may arise. Once the evaluation is complete, the oddsmakers will set the final betting lines and release them to the public for betting to begin.

Compiling and analyzing data requires examining a wide range of information. The following are some key aspects that are analyzed for various major sports:

• NFL: Teams’ rushing yards gained and yards allowed.
• NBA: Efficiency measured by assist-to-turnover ratio and shooting accuracy.
• Major League Baseball: Past performance of the starting pitcher versus the current opposing team.
• NHL: Shots attempted and faced.
• Golf: Evaluating the past performance of all participating golfers on the current course.
• Tennis: Evaluating a player’s performance against both current and similar opponents.
• NASCAR’s latest results and performance on the current track.
• Comparing fighter performance in the UFC against shared opponents

In simple terms, an odds algorithm functions much like a cooking pot. All the necessary ingredients are combined within it, and the algorithm works to create a final outcome. The oddsmaking team oversees this process to guarantee a satisfactory end product.

Which Illinois betting sites have the best odds?

As you begin your quest for the top sports betting odds, you’ll notice that numerous top operators provide comparable odds for major games and events. It’s common to see the same favored teams and underdogs listed on various platforms.

After a more detailed analysis of the numbers, you may observe some minor differences. For example, you could discover a better price for a NFL game you’re interested in at PointsBet Sportsbook as opposed to Bet Rivers Sportsbook.

When odds are initially posted, numerous books will offer similar lines. Any outliers will prompt the betting public to adjust until the market reaches a stable point. It’s important to keep in mind that the numbers will change in reaction to betting trends.

There is no concrete evidence that proves one operator in Illinois consistently sets better lines than others. The primary goal for all operators is to create a competitive market that attracts a significant amount of activity. Line setting is carefully monitored in all cases.

Another factor to consider is that one gambler may see a number as favorable or unfavorable in a game, while another bettor may have a different perspective. Ultimately, it comes down to your own interpretation of the odds on the betting lines.

Are sports betting odds always fair?

Legal and regulated sportsbooks aim to attract maximum participation by making betting odds public. If they were to release odds that are significantly different from the general market’s consensus on a game, it would be noticeable.

Instances of that are uncommon. An anomaly may sometimes arise, but the betting market will quickly adjust. If a bookmaker were to suddenly raise the commission taken for processing bets, it would not last long in the current competitive market.

Although legal alternatives are growing quickly, there is still an underground market of offshore betting sites claiming to operate within legal loopholes. There is no valid reason to use these sites, as users may discover that the odds are unfairly skewed compared to regulated sports betting sites.

Fairness in a particular game or event is often a matter of perspective, making it an intriguing aspect of sports betting. When you spot an inaccurate line, it can be a great chance to select the winning side and earn money. On the other hand, if the odds don’t suit you, you can choose to skip the event altogether.

Comparing lines is crucial no matter where you bet. As you become more experienced in sports betting, you’ll notice that reputable shops aim to attract action by setting fair prices rather than causing disruptions.

Why do different sites have different odds?

Changes in betting odds are influenced by market activity. If one betting platform is seeing more action on a particular matchup compared to its competitor, they may adjust their odds accordingly.

In some cases, books may display half-point discrepancies in spreads and totals, especially in extreme scenarios. While the overall market may stay consistent, there is no guarantee that the numbers will remain the same.

Line shopping is essential in sports betting. By comparing odds from different bookmakers, you can uncover inconsistencies that may work in your favor. When you spot these discrepancies in a game you want to bet on, it presents a prime opportunity to make a wager.

How to calculate odds

Before placing a bet on sports, the first step is to carefully examine the odds of the game. After analyzing the odds, the next step is to handicap and decide which team or player is the best option to bet on.

One way to approach traditional two-sided moneyline bets is to convert the odds into implied probabilities. This process may seem complex at first, but there are specific formulas that can streamline it, making it quick and effective. These formulas include using the absolute value of the odds when they are negative.

• If the odds are negative, the implied probability can be calculated as the absolute value of the odds divided by the sum of the odds and 100, then multiplied by 100.
• When odds are positive, the implied probability can be calculated using the formula: Implied probability = 100 / (odds + 100) * 100.

Now, let’s explore the formulas using a typical moneyline bet as our example. In this hypothetical matchup, the Bears will be playing against the Titans with the following odds:

• Chicago Bears +110
• Tennessee Titans -130

In order to calculate the likelihood of the two outcomes as projected by the odds makers, we will need to do some math. Here is the breakdown for each situation:

• The +110 odds for bears can be expressed as a probability of 47.6%.
• The Titans are favored with odds of -130, which translates to a 56.5% probability of winning. This can be calculated by dividing 130 by the sum of 130 and 100, then multiplying the result by 100.

Viewing odds as implied probabilities can be a beneficial strategy, helping you understand the likelihood of outcomes and pinpoint any discrepancies between your analysis and the bookmakers’ predictions.

Numerous seasoned handicappers aim to establish their own point spreads by frequently comparing them to those set by oddsmakers. This process requires dedication and the specific steps involved may differ.

For example, certain advocates propose utilizing yards per play for offense and defense as a means of establishing a benchmark spread in NFL matchups. In the case of wagering on NBA games, the spread calculation could consider recent scoring statistics as well as a variable for home-court advantage.

Additionally, there are several online power ranking systems available that can help calculate a “fair” spread. While these tools can be useful for setting benchmark numbers, it is important to not rely on them for miraculous solutions.

Understanding sports betting odds and mastering effective handicapping techniques is a skill that requires dedication and time. Just like in any other aspect of life, consistent practice, patience, and persistence are key factors in achieving success in this endeavor.

What sportsbooks should I avoid?

Avoid the offshore market and instead seek out bookmakers who are still willing to accept bets on games, though they may charge a fee.

The odds they use could be influenced by general market trends or they could be random numbers. This also applies to the “vig” or juice that is added to bets.

In a legal betting shop, the standard spreads and totals odds usually start at -110. This means that if you bet $110 and win, you will get $100 back. The vig, which is the difference between your winnings and doubling your stake, varies depending on the odds.

While some bookies may follow this principle, it is important to acknowledge that others may have higher fees. Ultimately, it is recommended to steer clear of offshore sites and instead opt for legal and regulated operators.