How to Read Betting Odds: A Complete Beginner’s Guide
So you want to bet on Big 12 football but the numbers look like hieroglyphics. We get it. We’ve all been there.
This guide is going to break down everything you need to know about reading betting odds — the spreads, the totals, the moneylines, the juice. By the end, you’ll understand exactly what those numbers mean and how to use them.
I’m writing the educational parts. Jake is adding commentary. That’s probably for the best. — Mike
I’m here to make sure this doesn’t become a math textbook. — Jake
The Three Main Bet Types
Before we get into the numbers, let’s cover the three most common ways to bet on a football game.
1. Point Spread (ATS) — Betting on the margin of victory
2. Moneyline (ML) — Betting on who wins, straight up
3. Over/Under (O/U) — Betting on total points scored
Most betting lines you’ll see include all three. Here’s what a typical line looks like:
Texas Tech -7 (-110) BYU +7 (-110) O/U 52.5
Don’t panic. We’re going to explain every part of this.
Point Spreads: The Most Common Bet
The point spread is the great equalizer. It’s how oddsmakers create a 50/50 proposition between two teams of different skill levels.
In our example above:
– Texas Tech -7 means Tech is favored by 7 points
– BYU +7 means BYU is the underdog by 7 points
If you bet on Texas Tech -7, Tech needs to win by MORE than 7 points for you to win. If they win 28-21 (exactly 7 points), that’s a “push” — you get your money back.
If you bet on BYU +7, you win if BYU wins outright OR loses by fewer than 7 points. So if the final score is 28-24 (Tech by 4), BYU +7 wins.
Quick tip: When someone says they’re “taking the points,” they mean they’re betting on the underdog with the spread. — Jake
Common Spread Scenarios
Let’s say you bet $100 on Texas Tech -7. Here’s what happens at different final scores:
| Final Score | Margin | Your Bet Result |
|---|---|---|
| Tech 35, BYU 21 | Tech by 14 | WIN (Tech covered) |
| Tech 28, BYU 24 | Tech by 4 | LOSE (Tech didn’t cover) |
| Tech 28, BYU 21 | Tech by 7 | PUSH (get money back) |
| BYU 24, Tech 21 | BYU wins | LOSE |
This is why you’ll often see spreads at half-point numbers like -7.5 or +3.5. It eliminates the possibility of a push. — Mike
What “Covering” Means
When someone says a team “covered,” it means they beat the spread.
If Texas Tech was -7 and won 35-24, they won by 11. Since 11 is more than 7, Tech “covered.” If Tech won 28-24, they won by 4 — they didn’t cover.
You’ll hear bettors say things like “Tech covered but didn’t win me any money.” That means they bet on BYU. — Jake
Moneyline: Just Pick the Winner
The moneyline is the simplest bet — you’re just picking who wins the game. No spread, no points. Just the winner.
But because some teams are better than others, the payouts are different. That’s where the numbers come in.
Reading Moneyline Odds
Here’s a typical moneyline:
Texas Tech -275 BYU +220
Negative numbers (-275) indicate the favorite. The number tells you how much you need to bet to win $100.
– To win $100 on Texas Tech, you’d need to bet $275
Positive numbers (+220) indicate the underdog. The number tells you how much you’d win if you bet $100.
– If you bet $100 on BYU and they win, you’d profit $220
The bigger the favorite, the bigger the negative number. The bigger the underdog, the bigger the positive number. — Mike
When to Use Moneyline
Moneyline bets make sense when:
– You think the underdog will win outright (you get better value than taking the points)
– You think the favorite will win but might not cover a big spread
– You’re doing parlays and need outright winners
I love underdog moneylines. Nothing beats cashing a +300 ticket on a team nobody believed in. — Jake
Your win rate on those bets suggests you should stop taking them. — Mike
Worth it for the rush. — Jake
Over/Under (Totals): Betting on Points Scored
The over/under — also called “the total” — is a bet on the combined score of both teams.
If the total is set at 52.5 and you bet the over, you need the combined score to be 53 or more. If you bet the under, you need 52 or fewer.
It doesn’t matter who wins. It doesn’t matter what the margin is. Just the total points.
Example
O/U 52.5
If the final score is Texas Tech 31, BYU 24, the combined total is 55. The over wins.
If the final score is Texas Tech 24, BYU 21, the combined total is 45. The under wins.
What Moves Totals
Totals are set based on:
– The offensive and defensive efficiency of both teams
– Weather (wind and cold lower totals)
– Pace of play (fast teams push totals higher)
– Injuries to key offensive players
This is my favorite bet type. I love overs. UCF games went over 75% of the time this year. Free money. — Jake
Jake’s over bias is well-documented. His under win rate is significantly higher than his over win rate. — Mike
Unders are boring. I’d rather lose on an over than win on an under. — Jake
This is why Jake shouldn’t manage your money. — Mike
Understanding the Juice (Vig)
Remember that (-110) next to the spread? That’s the “juice” — also called the “vig” — and it’s how sportsbooks make money.
At -110 odds, you need to bet $110 to win $100. That extra $10 is the house’s cut.
If you win, you get back your $110 plus $100 in winnings = $210 total.
If you lose, you lose your $110.
Why This Matters
Because of the juice, you need to win more than 50% of your bets to break even. At -110 odds, the break-even point is about 52.4%.
This is why professional bettors aim for 55-60% win rates. Even a few percentage points above break-even leads to long-term profit.
The juice is why “tailing” random Twitter accounts doesn’t work long-term. Even if they’re at 50%, you’re still losing money. — Mike
Line Movement: Why Odds Change
Lines don’t stay static. They move based on:
– Betting action: If too much money comes in on one side, the book adjusts
– Injuries: A starting quarterback getting hurt moves lines significantly
– Weather: Wind and rain can move totals down
– Sharp money: When professional bettors bet big, books adjust quickly
Opening vs. Closing Lines
The “opening line” is the first number posted. The “closing line” is the final number before kickoff. The movement between them tells a story.
If Texas Tech opens at -6 and closes at -7.5, that means money came in on Tech — the public liked them, or sharps bet them early.
If the line moves the other way (opens -7, closes -5.5), money came in on BYU.
I like betting against public favorites. When everyone loves a team, the line gets inflated. — Mike
I like betting on teams I have good feelings about. — Jake
That’s not a strategy. — Mike
It’s worked sometimes. — Jake
Key Numbers in Football Betting
Certain margins of victory happen more often in football because of the scoring structure (7 points for a TD, 3 for a field goal). The most common final margins are:
3 — The most common margin (field goal difference)
7 — Second most common (one-score game)
6 — TD without the extra point, or two field goals
10 — TD + field goal
14 — Two-score game
When a spread is sitting on one of these key numbers, be careful. The half-point matters.
The difference between -3 and -3.5 is massive. So is -7 vs. -7.5. Never give up a key number without a reason. — Mike
Parlays and Teasers: Advanced Bets
Once you understand the basics, you might be tempted by parlays and teasers. Here’s what they are:
Parlays
A parlay combines multiple bets into one. All of them have to hit for you to win. The payout increases with each leg, but so does the difficulty.
A 2-team parlay at -110 odds pays about +260.
A 3-team parlay pays about +600.
A 4-team parlay pays about +1200.
Parlays are fun. They’re also how sportsbooks make most of their money. — Mike
I hit a 5-team parlay once. Best day of my life. — Jake
You’ve also lost approximately 47 parlays since then. — Mike
Teasers
A teaser lets you move the spread in your favor on multiple games. A standard 6-point teaser turns -7 into -1, or +3 into +9. But all legs still have to hit.
Teasers are most valuable when you’re teasing through key numbers — like moving -8 to -2 (crossing both 7 and 3).
Teasers are one of the few bets where the math can actually favor the bettor. But you have to use them correctly. — Mike
Bankroll Management: The Boring but Essential Part
Here’s the part nobody wants to hear: how much you bet matters as much as what you bet.
The 1-3% Rule: Never bet more than 1-3% of your bankroll on a single game. If you have $1,000 to bet with, that’s $10-30 per game.
Unit Sizing: A “unit” is your standard bet size. Most bettors use 1% of their bankroll as a unit. When you’re confident, you might go 2-3 units. When you’re less sure, stay at 1.
Don’t Chase: If you lose a bet, don’t double your next one to “make it back.” That’s how bankrolls disappear.
This is the most important section and nobody reads it. Please read it. — Mike
I’ve learned this lesson the hard way. Multiple times. — Jake
Putting It All Together
Let’s look at a real line and break down every piece:
Big 12 Championship Game Texas Tech -7 (-110) BYU +7 (-110) O/U 52.5 (-110/-110) Moneyline: Tech -275 / BYU +220
Spread: Tech is favored by 7. Bet Tech -7 if you think they win by 8+. Bet BYU +7 if you think BYU wins or loses by 6 or less.
Total: Oddsmakers expect around 52-53 total points. Over if you think both offenses show up. Under if you think defense dominates.
Moneyline: Tech is a heavy favorite. Bet $275 to win $100 on Tech straight up. Or risk $100 on BYU to win $220 if they pull the upset.
Juice: All bets are at -110, standard vig. You’re paying 10% to the house on every bet.
Common Beginner Mistakes
Before you place your first bet, avoid these traps:
1. Betting too many games. You don’t need action on every game. Find 2-3 strong plays per week.
2. Ignoring the juice. Remember, you need to win 52.4% just to break even.
3. Chasing losses. Bad days happen. Don’t make them worse by betting more.
4. Betting with your heart. Your favorite team isn’t always the best bet. Sometimes fading them is the right play.
5. Not shopping lines. Different sportsbooks have different numbers. A half-point matters.
I still bet with my heart sometimes. I’m working on it. — Jake
He’s not really working on it. — Mike
Final Thoughts
Sports betting is supposed to be fun. It adds excitement to games you’re already watching. But it can also become a problem if you’re not careful.
Set a budget. Stick to it. Don’t bet money you can’t afford to lose. And if you ever feel like gambling is becoming a problem, reach out for help.
Now go check out our Big 12 Betting Guide for specific conference trends, or dive into our team hub pages to see ATS records for every Big 12 team.
Good luck. Bet smart.
— Mike & Jake
More:
- Big 12 Betting Guide
- The Recliner vs The Barstool Explained
- Our Predictions Archive
- All 16 Team Hubs
Gambling involves risk. Only wager what you can afford to lose. If you or someone you know has a gambling problem, call 1-800-GAMBLER.