What does +800 mean in wagering? An in-depth guide for new bettors

Hey there! As a seasoned sports bettor, I know moneyline odds can seem confusing at first for new gamblers. But have no fear, I‘m here to walk you through what +800 and other moneyline numbers mean, and provide some tips for strategic betting.

The Basics: What do plus odds indicate?

In sports betting, a plus symbol like +800 indicates an underdog bet that will pay out the amount shown if it wins. So +800 means you‘ll net $800 profit on a $100 bet if your underdog comes through.

The bigger the plus number, the bigger the underdog due to the higher potential payout.

Conversely, minus odds like -150 indicate the favorite. The number shows how much you need to bet to win $100.

Let‘s compare some common moneyline odds:

See how the payout goes up for bigger underdogs. Now let‘s get into strategy…

Moneyline vs Spread: When to bet on underdogs outright

Betting big underdogs on the moneyline can reap huge payouts, but it‘s riskier than point spread bets.

So when is it smart to put money on David beating Goliath? Here are my tips:

• When Goliath has a key injury affecting performance
• When there are bad weather conditions favoring the underdog
• When it‘s a rivalry game where upsets are more common
• When you have inside info that the underdog will overperform

As an Oregon Ducks fan, I remember betting on our +800 moneyline against undefeated Ohio State in the 2015 college football championship. With my insider fan knowledge, I knew our fast offense could keep pace with Ohio State‘s stacked roster. And I won big on that upset!

Of course, underdogs don‘t always win. But calculated moneyline bets on big underdogs is one of the best ways to get huge payouts. Just don‘t make it a habit!

Calculating your payouts: A simple formula

To figure out potential payouts, there‘s a simple trick – just divide the moneyline odd by 100.

So for +800, dividing 800/100 shows you‘ll get $800 profit on a $100 bet if you win. Let‘s practice on some other odds:

• +300 means $300 payout on a $100 bet
• +250 means $250 payout on $100 bet
• -150 means bet $150 to profit $100

This works for any size bet. A $1000 wager on +800 would pay $8000 if your team pulls the upset.

Here are some examples of total payouts on different bets:

As you can see, moneyline bets pay the same regardless of your wager size. Now let‘s dive deeper into moneyline strategy and how to spot betting value.

4 tips for finding value in moneyline odds

Point spreads even out the competition, but moneylines more directly reflect each team‘s chance to win. This creates opportunities to find value by analyzing why some underdogs have better upset odds than their chances warrant. Here are 4 of my strategies:

1. Compare implied win probability

You can calculate implied odds using the moneyline. Here‘s the formula:

Implied probability = 1 / (moneyline odd/100)

So for +800, that‘s:

1 / (800/100) = 1 / 8 = 12.5%

While the true odds of an underdog winning could be more like 1 in 5. That‘s value!

2. Track line movement

Moneylines fluctuate leading up to games. If a +250 underdog moves to +150 it means they have better than expected odds. Pouncing early on mispriced lines is crucial.

3. Find overvalued favorites

The most mispriced lines are often on cellar dweller teams overvalued by their name/brand, like the Dallas Cowboys. Fade the public perception!

4. Capitalize on situational edges

As noted earlier, leverage injuries, weather delays, and other situational factors that tilt games in underdogs‘ favor.

How bookmakers set and adjust moneyline odds

Behind those enticing payouts, bookmakers build in their house edge based on deep data analytics. Here‘s how they set and move lines:

• Power ratings – Complex models that factor team strengths, matchup styles, coaching, injuries and other variables. Used to set initial odds.

• Betting market – As money pours in, odds shift to balance bets on both sides. Limits their risk.

• Injury reports – Key injuries that downgrade performance substantially will skew the lines.

• Sharps vs. public – "Sharp" pros get the best numbers early. Sportsbooks adjust when most bettors back popular teams.

Grappling with the house edge is the biggest challenge facing bettors. But by making savvy bets, line shopping at multiple books, and jumping on mispriced odds early, we can gain an advantage. It‘s a game of inches!

Now I‘m curious…

Have you ever made a risky moneyline wager on a big underdog?

I still remember the butterflies in my stomach watching that Ohio State game rooting for our Ducks as 17 point underdogs! sports betting brings a thrill like no other when you have skin in the game.

Let me know if you have any other moneyline questions. I‘m always happy to chat betting with friends, whether rookie or pro. Just remember to gamble responsibly – it‘s meant to be fun entertainment and wins feel twice as sweet when you‘re not betting the rent money!

Thanks for reading and best of luck with your future wagers,

Terry