Mastering Baseball Betting: A Step-by-Step Guide on How to Read Baseball Odds

11 min read
Jul 11, 2024, 11:48 AM
Author
Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief
Last Updated: Sep 12, 2024, 12:33 PM

Introduction to Baseball Betting

Fans at Baseball Game

Major League Baseball is one of the most popular sports for sports betting. As one of the most statistics-driven sports, baseball offers unique opportunities and challenges for bettors. Mastering MLB betting requires understanding how to read  various type of odds, making informed wagers, and employing effective strategies.

One of the first steps to bet on baseball is to familiarize yourself with baseball betting lines. These lines provide the foundation for all wagers, including money line odds, run lines, and totals. A typical baseball betting example might involve betting on the Yankees to win a game at -150 odds, meaning you need to wager $150 to win $100 if the home team is ahead.

Understanding how to read money line odds is crucial for new bettors. This knowledge allows you to evaluate the risk and potential reward of each bet accurately.

Another essential aspect of betting on baseball is calculating baseball parlay payoffs. Baseball parlays allow bettors to combine multiple bets into a single wager, potentially increasing their payouts. For instance, you might place a parlay involving up to ten teams, with each team needing to win for the parlay to pay out. Mastering the calculation of baseball parlay payoffs can significantly enhance your betting strategy and potential returns.

Baseball parlays can offer higher rewards but come with increased risk. Combining multiple bets requires each selection to win, emphasizing the importance of thorough research and informed decisions.

What is Baseball Betting?

Baseball betting involves placing bets on the outcome of baseball games. This can range from simple bets on which team will win a game to more complex bets on specific player performances or in-game events. With its long season and numerous games, baseball provides many opportunities for bettors to engage and potentially profit from their knowledge and predictions.

When you bet on a baseball game, you can choose from a variety of betting MLB lines. The most straightforward is the straight bet, where you pick a team to win the game. To be valid, the team's probable pitcher must start the game, ensuring that the bet is based on the expected matchups.

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In straight bets, understanding the impact of probable pitchers is crucial. A change in the starting pitcher can significantly alter the game's dynamics and the odds.

Another common type of bet is the money odds bet, where baseball odds are expressed in terms of how much you need to wager to win a certain amount. For example, if you see -150, you must wager $150 to win $100 if your chosen team wins.

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Money odds reflect the sportsbook's assessment of a team's chances. Negative odds indicate a favorite, while positive odds denote an underdog.

In more complex bets, you might engage in parlay wagers, combining two team parlay bets or multiple others into one. For instance, a four team parlay requires each team to win for the parlay to pay out. Calculating parlay payoffs can be intricate, but it significantly enhances potential returns.

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Team parlays offer higher payouts but come with increased risk. Ensure all included teams win to secure the payout.

For those interested in point spreads, betting the run line is an appealing option. In run line bets, the favorite must win by a specified number of runs, while the underdog can either win outright or lose by fewer runs than the spread. Extra innings count in run line bets, adding another layer of excitement and complexity.

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When betting the run line, always consider how extra innings might affect the final score. They can turn a narrow win into a comfortable cover or vice versa.

Another intriguing aspect of baseball betting is wagering on the final score. Whether through over/under bets or exact score predictions, understanding team dynamics and game conditions is vital. Display and wagering sheets provide detailed information on these bets, helping you make informed decisions.

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Extra innings count in final score bets, making them unpredictable. Stay informed about teams' performance in extended play to improve your betting strategy.

Lastly, knowing how the final score falls within various betting categories helps. Whether it's run line, point spread bets the payoff, or other options, being informed and strategic can significantly boost your betting success.

How to Read Baseball Odds

Group of people reading odds

At the heart of baseball betting lies the concept of odds. Odds represent the likelihood of an event occurring and determine how much you can win from a bet. There are three primary formats for displaying odds: American, fractional, and decimal. In the context of baseball, American odds are most commonly used.

American Odds: These odds are presented as either positive (+) or negative (-) numbers. Positive odds indicate how much profit you would make on a $100 bet, while negative odds indicate how much you need to bet to make a $100 profit.

For example:

  • +150: A $100 bet if Chicago wins would get $150, meaning you would receive $250 in total (your original $100 plus $150 profit).
  • -150: You would need to bet $150 to win $100, receiving $250 in total (your $150 stake plus $100 profit).

How to Read Baseball Odds

Reading odds requires familiarity with the key betting lines and understanding what each represents. Here's a step-by-step guide:

  • Money Line: This is the simplest form of baseball betting, where you bet on which team will win the game. The odds will show a favorite (with negative odds) and an underdog (with positive odds).
  • Run Line: Similar to point spread betting in other sports, the run line is typically set at +/- 1.5 runs. The favorite must win by at least two runs, while the underdog must either win outright or lose by only one run.
  • Totals (Over/Under): This bet involves wagering on the total number of runs scored in a game by both teams combined. Oddsmakers set a number, and you bet on whether the actual total will be over or under that number.

Types of Baseball Bets

Baseball offers a variety of unique betting options beyond the standard money line, run line, and totals bets. Here are some interesting and diverse types of baseball bets that can add excitement to your wagering experience:

  • Player Props: Player prop bets focus on individual player performances rather than the outcome of the game. These bets are popular because they allow you to leverage specific player knowledge.
  • Home Runs: Bet on whether a specific player, such as Aaron Judge of the New York Yankees, will hit a home run in a game. For example, you might see odds like:
    • Aaron Judge to hit a home run: +300
    • Aaron Judge not to hit a home run: -400
  • Strikeouts: Wager on the number of strikeouts a pitcher will have. For instance, betting on Jacob deGrom of the Texas Rangers to have over or under 7.5 strikeouts in a game might offer odds like:
    • Over 7.5 strikeouts: -110
    • Under 7.5 strikeouts: -110
  • Hits, Runs, and RBIs: Bet on a player’s combined total of hits, runs, and RBIs. For example, you could bet on Mookie Betts of the Los Angeles Dodgers to have over or under 2.5 combined hits, runs, and RBIs in a game.
  • Team Props: Team prop bets focus on specific team performances and events within a game.
  • First Team to Score: Bet on which team will score first in a game. For example, in a game between the Boston Red Sox and the Toronto Blue Jays, you might see odds like:
    • Red Sox first to score: -120
    • Blue Jays first to score: +100
  • Total Team Runs: Wager on the total number of runs a team will score. For instance, betting on the Houston Astros to score over or under 4.5 runs in a game might offer odds like:
    • Over 4.5 runs: -110
    • Under 4.5 runs: -110
  • Winning Margin: Bet on the margin by which a team will win. For example, you might bet on the San Francisco Giants to win by 1-2 runs, 3-4 runs, or 5+ runs.

Unique Betting Types

  • Inning Bets: Wager on outcomes within specific innings. For example, you can bet on which team will lead after the first inning, or whether there will be over or under 1.5 runs scored in the third inning.
  • No Runs First Inning (NRFI): Bet on whether any runs will be scored in the first inning. For example:
    • No runs in the first inning: -130
    • Runs in the first inning: +110
  • Grand Salami: Bet on the total number of runs scored in all MLB games on a given day. This type of bet aggregates the scores of all games, providing a broader scope of betting.
    • Series Bets: Wager on the outcome of a multi-game series between two teams. For example, betting on the New York Mets to win a three-game series against the Philadelphia Phillies.
    • Futures Bets: Bet on long-term outcomes, such as which team will win the World Series, or which player will win the MVP award. For instance:
    • Chicago wins the World Series: +600
    • Shohei Ohtani to win AL MVP: +350

Baseball Parlay Payoffs

Parlays involve combining multiple bets into one, increasing potential payouts but also the risk. All selections in the parlay must win for the bet to pay out. All of the legal baseball sportsbooks offer Parlay Bets.

What are Parlays and How Do They Work?

Parlays allow you to bet on multiple games or outcomes simultaneously. For example, you might combine a money line bet on the Yankees, a run line bet on the Dodgers, and a totals bet on the Cubs game. If all your picks win, the payout is significantly higher than if you had placed each bet individually. However, if any selection loses, the entire parlay bet loses.

Live Betting On MLB Games

Live betting, also known as in-play betting, allows you to place bets on mlb odds while a game is in progress. This dynamic form of betting offers unique opportunities but also requires quick thinking and a deep understanding of the game.

What is Live Betting and How Does it Work?

Live betting involves wagering on events as they unfold during the game. Odds fluctuate in real-time based on the current state of play, offering chances to capitalize on changing circumstances, such as a key player getting injured or a team rallying from behind.

Mastering Baseball Betting: Tips and Strategies

To become proficient in baseball betting, consider these expert tips and strategies:

  • Do Your Research: Stay informed about team performance, player statistics, injuries, and other relevant factors. Websites like Baseball Reference and FanGraphs provide comprehensive data.
  • Manage Your Bankroll: Learn how to set a budget for your betting activities and stick to it. Avoid chasing losses and bet within your means.
  • Shop for the Best Odds: Different sportsbooks may offer slightly different odds. Compare them to ensure you’re getting the best value for your bets.
  • Understand the Venue: Certain ballparks are more conducive to high-scoring games due to their dimensions and weather conditions. Factor this into your totals bets.
  • Consider Starting Pitchers: A team’s starting pitcher can heavily influence the outcome of a game. Pay close attention to their form and matchups.
  • Bet Sober and Stay Objective: Emotional betting can lead to poor decisions. Stay analytical and avoid betting on your favorite team out of loyalty.
  • Track Your Bets: Keep a record of your bets to analyze your performance over time. This can help you identify strengths and areas for improvement.
<p>Sol has over 20 years of experience in writing for diverse industries including sports, gambling, regulation, technology, and startups. As the Editor-in-Chief at RG, Sol brings a wealth of knowledge and expertise to the role, focusing on delivering transparent, evidence-based content grounded in thorough research. Sol's mission is to empower readers to enjoy gambling responsibly and make informed decisions, enhancing their overall experience through insightful and engaging content. Under Sol's leadership, <a href="https://www.rg.org">RG</a> prioritizes the highest standards of integrity and reliability, ensuring that all information provided is accurate and trustworthy. Sol's dedication to transparency and research-based writing helps create a responsible gambling environment where readers can truly benefit from the content. This commitment to excellence has positioned RG as a leading source of information in the gambling industry.</p><p><strong>Experience:</strong></p><ul><li>Over 20 years in writing and editing across multiple industries</li><li>Former head of regional innovation at BMO Financial Group</li><li>Senior Writer, Online Casino Reports</li></ul>
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Meet our Authors

Paruyr Shahbazyan began his business career in 2000 as a private entrepreneur. Over thirteen years, he developed a deep understanding for business and leadership, laying a solid foundation for his professional journey.

In 2013, Paruyr stepped into the sports and betting industry as the founder and president of Bookmaker Rating. This online mass media platform, which he led until 2020, focused on providing in-depth analysis and insights in sports betting, earning a reputation for its quality content. 

Continuing his innovative approach in 2022, Paruyr co-founded Azuro, a decentralized betting protocol. This venture showcases his dedication to integrating advanced technology in the evolving landscape of sports betting. Through these diverse experiences, Paruyr has continuously influenced and shaped the betting industry, driving new trends and setting high standards.

 ExperienceYear
Engaged in private entrepreneurship2000-2013
Founder and President at Bookmaker Rating, an online platform focused on sports and betting2013-2020
Co-founder at Azuro, a decentralized betting protocol2022

"Innovation in sportsbetting comes from a deep understanding of both technology and the human element of sports." 

- Paruyr Shahbazyan, Founder, RG

 

Principles and Ethics

Paruyr Shahbazyan's core beliefs lie in the power of informed decision-making and integrity in the betting industry. He understands that the foundation of successful betting is not just about odds and predictions, but also about the trust and reliability of the information provided. Paruyr advocates for a betting environment where transparency and knowledge are paramount, ensuring that bettors are well-equipped with accurate data and insights.

Strategic Vision

Paruyr's vision is to revolutionize the sports betting industry through the integration of technology. He sees the future of betting as a blend of traditional sports knowledge with innovative tech solutions, like decentralized protocols, to enhance user experience and fairness. His aim is to create platforms that are not only user-friendly but also uphold the highest standards of ethical betting, contributing to a more responsible and enjoyable betting culture.

Future Perspectives

Looking towards the future, Paruyr envisions a betting landscape that is more inclusive, technologically advanced, and globally connected. He anticipates a significant shift towards more decentralized and transparent betting systems, driven by blockchain technology. Paruyr is committed to being at the forefront of this change, continuously exploring new possibilities and innovations that can redefine what it means to engage in sports betting in a digital world. His focus is on building systems that prioritize user empowerment, fairness, and the global growth of the sports betting community.

 

Sol Fayerman-Hansen
Sol Fayerman-Hansen
Editor-in-Chief

Sol has over 20 years of experience in writing for diverse industries including sports, gambling, regulation, technology, and startups. As the Editor-in-Chief at RG, Sol brings a wealth of knowledge and expertise to the role, focusing on delivering transparent, evidence-based content grounded in thorough research. Sol's mission is to empower readers to enjoy gambling responsibly and make informed decisions, enhancing their overall experience through insightful and engaging content. Under Sol's leadership, RG prioritizes the highest standards of integrity and reliability, ensuring that all information provided is accurate and trustworthy. Sol's dedication to transparency and research-based writing helps create a responsible gambling environment where readers can truly benefit from the content. This commitment to excellence has positioned RG as a leading source of information in the gambling industry.

Experience:

  • Over 20 years in writing and editing across multiple industries
  • Former head of regional innovation at BMO Financial Group
  • Senior Writer, Online Casino Reports
Cristina Varela Galan
Cristina Varela Galan
Problem Gambling Expert

Cristina used to work as a Psychology Assistant in the Bizkaia Pathological and Risky Gamblers Association. She was also part of a research team in Deusto University, specializing in pathological gambling area. While working there, she managed to develop her own project 

 “Exploring the association between emotional regulation, alexithymia, stressful life events and gambling in adolescent and young adult women”.

Nick Ashbourne
Nick Ashbourne
Senior Writer

Nick has been fascinated with sports since he was first taken to a Toronto Maple Leafs game back in 1998, and he's written about them professionally since 2014.

Nick has covered baseball and hockey for outlets like The Athletic, Sportsnet, and Yahoo Sports, and his sports betting expertise has grown since its legalization in Ontario in 2022. 

Between 2022 and 2023 he worked for a betting startup called NorthStar Bets, and in 2024 he contributed to Oddspedia before joining the Responsible Gambler team.

Sergey Demidov
Sergey Demidov
Head of News Department

Sergey has been in sports journalism since 2007 as a reporter, editor, and manager. He has covered the Olympic Games, soccer World Cups, the World Cup of Hockey in 2016, the European championships, the Stanley Cup Finals, IOC events, and many others. Sergey interviewed the sport's greatest athletes, coaches, and executives. Since 2016, he has been an Independent Senior Editor of NHL.com/ru.

Anna Kravtcova
Anna Kravtcova
Problem Gambling Expert

Ph.D. in organizational psychology, an internationally certified psychologist (EuroPsy 2022, Cognitive behavioural therapy of mindfulness 2020, International Society for Emotional Intelligence 2017, Russian Psychological society 2014, American Psychological Association(Society for Industrial and Organizational Psychologist) 2011), speaker of many international conferences (USA, Brazil, Portugal, Czech Republic, Russia, etc.). TEDx speaker.

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