Understanding odds is also incredibly essential when first learning how to bet on Edmonton Oilers games. Basically, odds are a way to indicate the likelihood of an event occurring, as well as the amount of money you could win if the bet results in a win.
Sportsbooks typically display odds in American format, where the favourite would carry a negative value and the underdog would have a positive value. The negative number indicates the amount you would need to bet to win $100, while a positive number indicates the potential payout on a $100 wager.
To begin, let’s start with the longest type of sports bet you can make that requires an insane amount of patience and foresight - a Stanley Cup futures bet. If you ever see Edmonton Oilers betting lines that read something like “+400”, this shows that you could win $400 for every $100 you bet on the Oilers to win the Stanley Cup, assuming they go all the way. Remember that the higher the number next to the plus sign, the less likely it is that the Oilers will come out on top.
Another important thing to keep in mind is that you don’t have to bet exactly $100, this is just the easiest way to read the lines and understand the payout structure. The payout on a winning bet will be scaled proportionally to the amount you placed on the bet. So, if you bet just $50 and the odds for the Edmonton Oilers to win the Cup were at +400, you would win $200 instead of $400.
The same goes for player prop bets. If you see a line that reads something like “Connor McDavid (anytime: +175” that means that if McDavid scored a goal at any point during the game (other than in a shootout), you could potentially win $175 on a $100 bet, resulting in a $275 payout.
When it comes to betting on a single game, the moneyline will always feature a positive and negative number. As previously noted, the negative number is always given to the team most likely to win. However, in some rare cases where the teams are evenly matched, it is possible for both teams to have a negative number. In that case, the team with the higher number would be considered the favourite and is expected to win.
Finally, let’s talk a bit more about puck line betting. When you see Edmonton Oilers odds that read “Edmonton Oilers -1.5 goals: +225,” this means that for you to win your bet, the Oilers would need to win by at least two goals in order to earn a payout. Keep in mind that betting markets like the puck line and over/under, have a second set of odds associated with them, known as the vig or juice, which is the cost of placing a bet.