Difference between revisions of "Underdog"

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In sportsbetting the '''underdog''' of a given event is the side of the market that is perceived as having a less likely chance of winning. Often abbreviated ''dog'', the underdog carries a positive [[point spread]] and yields a [[plus money]] return on the [[moneyline]]. The other side of the same market with a greater perceived chance of winning is known as the [[favorite]].
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In sportsbetting the '''underdog''' is the side of a betting market that has a smaller perceived chance of winning. Often abbreviated ''[[dog]]'', the underdog carries a positive [[point spread]] and yields a [[plus money]] return on the [[moneyline]]. The other side of the same market with a greater perceived chance of winning is known as the [[favorite]].
  
 
== Underdog moneyline ==
 
== Underdog moneyline ==
  
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Underdogs are perceived as having a lower chance of winning relative to the favorite yielding a larger potential return when betting on their outright victory. [[American odds]] format displays underdog moneylines with positive numbers. A team with +200 odds of winning carries a 33.3% [[implied probability]] and yields a $200 profit on a $100 initial risk.
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As underdogs are perceived as having a lower chance of winning relative to the favorite their [[moneyline]] yields a larger return. [[American odds]] format displays underdog moneylines with positive numbers. A team with +200 odds of winning carries a 33.3% [[implied probability]] and yields a $200 profit on a $100 initial risk (for a total return of $300).
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In the example below the Baltimore Ravens are the underdog. They have +160 moneyline odds which carry a 38.5% implied probability. A $100 initial risk would yield a $160 profit for a total return of $260.
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{| class="wikitable" style="text-align: center; margin: auto;"
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|- style="background-color:#eaecf0;"
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|colspan="2"|'''Team'''
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|'''Spread'''
 +
|'''Total'''
 +
|'''Moneyline'''
 +
|-
 +
|[[File:Patriots.png|25px]]
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|New England Patriots
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| -3.5 (-110)
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| Over 44.5 (-110)
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| -180
 +
|-
 +
|[[File:Ravens.png|25px]]
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|Baltimore Ravens
 +
| +3.5 (-110)
 +
| Under 44.5 (-110)
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|style="background-color:#E2FFD3"| +160
 +
|}
  
 
== Underdog spread ==
 
== Underdog spread ==
  
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In order to balance the perceived skill discrepancies between competing teams a point spread is used. The underdog being viewed as the weaker team is given a positive spread. The points they are given are applied to the final score in order to determine if the bet wins. A bet on an underdog's point spread will win if they either win outright or lose by a margin smaller than the spread.
  
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Using the same example as before the Baltimore Ravens have a +3.5 point spread with -110 odds. A bet on the Ravens spread would win if they either win the game outright or lose by 1-3 points. Because the point spread is being used to balance the perceived ability of both teams the betting odds are normally equal around -110. This means a $110 risk would yield $100 profit for a total return of $210.
  
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== Example ==
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{| class="wikitable" style="text-align: center; margin: auto;"
 +
|- style="background-color:#eaecf0;"
 +
|colspan="2"|'''Team'''
 +
|'''Spread'''
 +
|'''Total'''
 +
|'''Moneyline'''
 +
|-
 +
|[[File:Patriots.png|25px]]
 +
|New England Patriots
 +
| -3.5 (-110)
 +
| Over 44.5 (-110)
 +
| -180
 +
|-
 +
|[[File:Ravens.png|25px]]
 +
|Baltimore Ravens
 +
|style="background-color:#E2FFD3"| +3.5 (-110)
 +
| Under 44.5 (-110)
 +
| +160
 +
|}

Latest revision as of 20:55, 1 January 2020

In sportsbetting the underdog is the side of a betting market that has a smaller perceived chance of winning. Often abbreviated dog, the underdog carries a positive point spread and yields a plus money return on the moneyline. The other side of the same market with a greater perceived chance of winning is known as the favorite.

Underdog moneyline

As underdogs are perceived as having a lower chance of winning relative to the favorite their moneyline yields a larger return. American odds format displays underdog moneylines with positive numbers. A team with +200 odds of winning carries a 33.3% implied probability and yields a $200 profit on a $100 initial risk (for a total return of $300).

In the example below the Baltimore Ravens are the underdog. They have +160 moneyline odds which carry a 38.5% implied probability. A $100 initial risk would yield a $160 profit for a total return of $260.

Team Spread Total Moneyline
Patriots.png New England Patriots -3.5 (-110) Over 44.5 (-110) -180
Ravens.png Baltimore Ravens +3.5 (-110) Under 44.5 (-110) +160

Underdog spread

In order to balance the perceived skill discrepancies between competing teams a point spread is used. The underdog being viewed as the weaker team is given a positive spread. The points they are given are applied to the final score in order to determine if the bet wins. A bet on an underdog's point spread will win if they either win outright or lose by a margin smaller than the spread.

Using the same example as before the Baltimore Ravens have a +3.5 point spread with -110 odds. A bet on the Ravens spread would win if they either win the game outright or lose by 1-3 points. Because the point spread is being used to balance the perceived ability of both teams the betting odds are normally equal around -110. This means a $110 risk would yield $100 profit for a total return of $210.

Team Spread Total Moneyline
Patriots.png New England Patriots -3.5 (-110) Over 44.5 (-110) -180
Ravens.png Baltimore Ravens +3.5 (-110) Under 44.5 (-110) +160
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