Betting Odds Explained. What is Chance? Betting School Image Outside of gambling, chance is more commonly referred to in percentage terms. If you toss a. We explain how to read and understand sports betting odds. ExplainBettingOdds. com shows you how Vegas betting odds work and we explain the types of Point Spreads Explained · Over/Under? · NHL Betting Odds Explained · Pleasers. How to Read Odds. If you bet on sporting events, you must be able to read odds and understand what they mean. Furthermore, you need to quickly calculate the. Notice that point spreads adjust the score for the favorite team. All of the worlds leading experts work for the big casino companies in Las Vegas, and all of them work together to set the ods for different sports. Edit Related wikiHows WH. To calculate the total potential payout, you have to add your original stake. Fractional betting odds are the easiest to understand. Screen Reader users press Enter to select a Limit by Category. Therefore, a wager on his winning would have very low odds; a wager on his opponent winning would sporting odds explained much higher odds.