What if both odds are negative?

Hey there! As a fellow sports betting enthusiast, I know negative odds can seem confusing when you‘re first getting started. So let‘s walk through what it means when both teams have negative odds, and some smart strategies around betting on negative line favorites.

Defining negative odds

First things first – negative odds tell you how much you need to wager to profit $100 on a winning bet. The negative number is the amount you need to bet to win 100 bucks.

For example, odds of -120 mean you need to put $120 down to get back $100 in profit. Plus you‘d receive your original $120 bet back as well for $220 total.

Negative odds always indicate the favorite. But it gets interesting when both sides are negative!

What if both teams have negative odds?

Occasionally the sportsbook decides the matchup is too close to call and makes both teams favorites with negative odds.

For instance in a big football rivalry game between two highly ranked teams, you might see:

• Team A -105
• Team B -115

This means the sportsbook sees it as basically a coin flip. Neither team has a clear edge to justify one being a bigger favorite.

In this case, an upset win by the "underdog" doesn‘t really pay out much more since their odds are also negative. You don‘t get a big payout for picking the dog here.

These scenarios are rare, but can happen when two talented, closely matched opponents face off.

Historical odds and payout data

To illustrate just how rare it is for big underdogs to pull off upsets, check out this table of the biggest payouts on underdog winners:

As you can see, 3 events over 50+ years of modern sports betting. So while betting on an underdog with +2000 odds or something similar is enticing, it‘s exceedingly rare for them to actually pull off the upset.

Tips for effectively betting negative odds

Okay, so now that we‘ve covered what negative odds mean and how both teams can have them, let‘s get into strategy for betting on negative line favorites.

Shop for the best price

The first tip is always search for the best odds! Compare the lines across multiple sportsbooks, as negative odds can vary significantly.

One book may have Team A as a -175 favorite, while another has them at -155. That difference adds up over time, so line shop to maximize value.

Hedging your bets

An easy strategy is hedging by betting on both teams. This ensures you at least break even by winning one bet and losing the other. Just make sure there‘s a difference in the odds for a guaranteed profit.

Identify true favorites

Don‘t assume the negative odds favorite will win just because the sportsbook says so. Do your own research on teams, matchups, injuries, trends and other factors to find favorites with value.

Wait for line movement

Keep an eye on how the odds shift closer to game time. If a big favorite goes from -180 to -150, it signals professional bettors see value due to the oddsmakers overadjusting.

Sprinkle in some dogs

While it‘s smart to mostly bet favorites, every dog has its day. Small bets on dogs with high upside at +1500 or more can pay off big long run. Just don‘t go overboard chasing middle-of-the-pack +500 dogs.

Hope this helped explain what‘s going on when sportsbooks hang negative odds on both teams! It essentially means they see it as a toss up.

There‘s definitely an art to finding value with negative line favorites – it‘s a game of inches and incremental edges. But that‘s what makes sports betting so fun! Let me know if you have any other questions.

Cheers,
Terry