Odds Converter
Inter-convert between American odds, Decimal odds, and Implied Probability
American Odds |
Decimal Odds |
Implied Probability (%) |
Why American Odds are Nicer for Hedging
When you’re looking to hedge a bet, you’re looking for odd pairs that have the lowest LINE GAP.
– A perfect, zero line gap, would be something like +110/-110, or +230/-230 – These are incredibly rare, but we can try to get close
– Line gap is a measure of how much the casinos will make off of your bets
American Odds allow us to easily gauge the line gap of a bet at a glance
Example:
You are planning to wager $200 on the CIN Reds Moneyline in Draftkings (American Odds: +195) because doing so might get you a $50 casino credit.
Now you can browse for the best hedging option (placing a Moneyline bet on STL Cardinals)
Screenshot taken from Action Network’s Odds Displayer (Great for Line Shopping!)
| Other “Hedging” Sportsbook | American Odds | Line Gap | Required Hedge ($) | Expected Loss ($) |
|---|---|---|---|---|
| Pointsbet or Unibet or Bet365 | -240 | 45 | $416.47 | -$26.47 |
| BetMGM or Caesars | -250 | 55 | $421.43 | -$31.43 |
| Fanduel | -245 | 50 | $418.99 | -$28.99 |
| Draftkings (another account) | -230 | 35 | $411.21 | -$21.21 |
| Betrivers | -225 | 30 | $408.46 | -$18.46 |
I used the Optimal Hedge Calculator to get these values
As you can see, the lower the line gap, the less we have to hedge, and the lower our expected loss. In this case, we should chose to hedge this bet on Betrivers, and pay the ~$19 to obtain the $50 casino credit