There is an ever-increasing number of people who bet on football in the National Football League (NFL). Each week, millions of Nigerians place their bets with top sportsbooks in the NG, using the wager type they desire such as football futures odds, NFL same-game parlays, and NFL props.
As well as having so many different types of wagers available during the Super Bowl, it is one of the best days to be a bettor because you can take advantage of so many different types of wagers.
NFL odds are generally in flux due to several different reasons including betting actions placed on teams as well as injuries, making it imperative that you monitor the NFL odds board regularly to give yourself the best chance of placing the best possible NFL bets. In addition, NFL odds can also help give you an advantage if you participate in NFL survivor pools and NFL pools at your workplace. Below are a few other sports betting terms related to NFL football that may prove useful to you:
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NFL sports betting terms:
Alternate lines: All football games will have some alternate line options so that different Sports Books can show alternative spreads and totals with different betting odds from initial opening lines (e.g., if one team is 6-point favorite, typically other books will have that team at an alternative 10-point winning margin).
American Odds: This is typically used in the NFL and is based on one type of American Money Line Casino (money line) and indicates the amount of money that you need to put up to win 100 (the favorite) versus the amount of 100 to win if you wager on an underdog team (underdog). This is one of three major types of betting odds.
Closing Line: The last set of odds prior to the start of the match is when they open (again) at will. These live odds will fluctuate after game play starts and usually stay that way until a final is announced.
Consensus line: Consensus means that all or most of all major sources have placed a bet on an equal basis for point spread. In the case above, if team A is beloved by 7, then this signifies there are many resources placing bets on team A's side of the point spread.
Decimal Odds: Decimal odds come from Europe and indicate how much profit will come from placing a minimum wager. This is referred to as one type of betting odds.
The Favourite: In sports betting, the favourite is the club/team seen as likely to win outright. On spreads and the money line; the favourite's odds will appear with a minus symbol next to them.
Fractional Odds: Odds created for punters are assigned the name "fractional odds" and are used to represent the amount a wager of a certain value will return depending on how the wager was placed.
Futures: Futures are very popular in sports betting because of their overall popularity for current events and also the length of time future events take to occur. Because futures have such long time frames for their outcomes to occur, sportsbooks will frequently assess futures odds on the day before a major event (i.e., championship, league) occurs.
Home Field Advantage: Team with home-field advantage can give some teams a better chance of winning than teams without it because they may have a louder-than-normal stadium atmosphere or a location in a difficult-to-reach city. Example; a team favourite on the money line at home would still be making more money than if they played the same/equal team away from home.
The "Hook" in betting is a half-point that can fix the score of an NFL game; thus, it ensures that no 2 teams will ever finish with the same score!
The "Juice" is what an oddsmaker gives to themselves and is built into the opening odds.
American odds use juice to indicate the team marked as the favorite; as opposed to underdogs; which have a much lower number. The odds dictate which team will win the game with no regard to how many points they scored!
An "Oddsmaker" sets an initial price for the games to be played. Some oddsmakers will make an opening price based on the opinion of market participants (origination), and others will copy other established odds in the marketplace.
In the NFL; one of the primary odds used is called the "Over/Under"; it is an estimate of the total number of points scored by both teams during the course of the game.
Pick’em – A Pick'em is a type of bet in which the two teams involved have equal chance of winning. A Pick'em does not have a favorite or an underdog because the odds do not provide a designated favorite or underdog.
Spread – A spread is created by assigning a certain number of points that will improve the chances for the underdog team. In a spread scenario, the favorite will have a negative spread (-7), while the underdog will have a positive spread (+7).
Underdog – Every NFL game has an underdog unless the game is labeled as a Pick'em. A team's status as an underdog is determined by the betting line assigned to them (i.e., the underdog will have a positive number as part of the betting odds).
FAQ
What are the types of NFL betting odds?:
The three main types of betting odds are Moneyline, Fractional, and Decimal. These are just alternative formats of showing the same odds (payout) for the same event. The odds shown can also be converted to a percentage to show the chance of winning from the result that will occur.
How do I know which team is favored?
The favorite will always have a negative number (on their moneyline or spread) while the underdog will always have a positive number (on their moneyline or spread). For example, if Team A is -6.5, they are considered a favorite. Team A would cover their spread (win) if they win by at least 7 points. If Team B is +6.5, they would cover their spread (lose) if they lost by 6 points or less.
Who sets the NFL odds?
Originally, the odds are determined and set by the oddsmakers/bookmakers/sports traders. After people start betting, they will adjust the odds according to what is going on with those that are betting on them (the public). The odds can also change because of different circumstances like an injury or changing weather.
Why can I not find football odds for a game?
Sportsbooks will typically remove games from their betting boards when news occurs that could affect the line, such as star player injuries or venue changes. Oddsmakers typically will re-open that betting line a few hours later depending on how heavily the news impacts the game. Sportsbooks freeze the line until they can reopen it, so that they do not take substantial bets based on a betting line that is likely to change.
What is the total?
In this sense, the term "over/under" is often used interchangeably with the total points some team (or both teams) will score in the game. For example, if the total over/under for a game were to be 45.5 points, then if there are 46 points scored, the total would be over, and if there are 45 or fewer points scored, the total would be under. Over/under odds are also available for proposition bets such as how many yards a player will have receiving in the game.
