The NFL is one of the most watched and loved sports leagues on the planet and has always been subject to bets and wagers.
In recent years, with the striking down of the Professional and Amateur Sports Protection Act (PASPA), more and more American sports fans have been able to peruse the NFL odds and place their wagers.
It’s not just in the United States though where there is huge interest in the NFL betting, there’s a thriving market all across the globe. If you’ve found yourself taking an interest in the betting odds in recent weeks, read on to find out everything you need to know about making your first bet on the NFL.
Let’s Talk Odds
The biggest barrier to getting involved in sports betting is the confusing way in which prices are represented. Depending on where you are in the world, the betting odds will be represented in different ways.
Below are the three main ways in which odds can be represented, along with examples to help you to see how your wager would translate into winnings.
American Odds
If you were to make a bet anywhere in the United States, the odds would be represented using the American system. It is often said by bettors that American odds are the simplest and easiest to understand of all the odds systems.
In this system, the odds are represented on the basis of a wager of $100, with the favourites being represented by a negative which shows you how much money you would need to wager to win $100.
For example, if a team were -500, you would have to wager $500 to win $100. Conversely, underdogs are represented with a plus sign. If you were to wager $100 on an underdog priced at +500 you would win $500.
Not everyone is going around wagering $100 at a time, so if you’re betting a smaller amount you have to scale it down to work out how much you would win.
Fractional Odds
If you’re betting in the United Kingdom you will largely be using fractional odds, which whilst sounding confusing at first, are actually quite easy to understand. In fractional odds, a favourite may be represented as 1/1 (evens) meaning a £100 wager would win £100 if successful.
Conversely an outside could be at odds of 10/1, which would turn your £100 wager into £1000 if it came through.
In rare circumstances when a huge team is playing a minnow, you might see the odds flipped to 1/2 or 1/3 in which case, the number of the right indicates how much you would need to wager to win the number on the left.
Decimal Odds
It is often said that American odds are the simplest and easiest to understand, but that doesn’t necessarily mean it’s right. Decimal odds, most often used by Europeans, are the easiest of all odds to understand.
The decimal odds show how much you would win from a $1 bet. A favourite may be represented with 0.5 odds where an outsider could be shown at 14, it really is that simple.
Still confused? Here’s a handy table to show you how the odds stack up against one another.
| 2023 Super Bowl Winner | American Odds | Fractional Odds | Decimal Odds | Winnings from $100 (excluding stake) |
| Kansas City Chiefs | +600 | 6/1 | 7 | $600 |
| Houston Texans | +9900 | 150/1 | 100 | $9,900 |
Common Bets
Now you understand the way in which odds are represented, it’s time to look at some of the most commonly placed NFL wagers:
Moneyline: Referred to as an ‘outright’ by some, a moneyline bet is a straightforward wager on a game or a tournament. Picking the 2023 Super Bowl winner is a moneyline bet as is picking the winner in a head-to-head NFL clash.
Handicap: If you back the favourite in every clash you will end up in the black in the long run, but because the odds are so skewed towards the favourite, it will be a long process. One way to add extra intrigue to your bet and increase your odds is to add a handicap in to your moneyline bet.
If the Chiefs were coming up against the Texans for example, you might choose to back the Chiefs to win by 12 points – a likely outcome – and increase your odds and therefore your potential winnings.
Totals: One way to really put your NFL knowledge to the test is by betting on the total number of points scored in a particular game. Picking a winner between a highly ranked team and a lowly ranked team is easy, predicting the total points is not.
Like a handicap, totals bets tend to offer better odds than moneyline bets and can be a good way to keep you interested in what would otherwise be a fairly uneventful game
