What does “dog” mean in sports betting?
Explore the meaning of “dog” in sports betting and discover how arbitrage betting can help secure guaranteed profits.
What does “dog” mean in sports betting?
In sports betting, the term “dog” refers to the underdog, or the team or player expected to lose the contest.
Underdogs typically have higher payouts due to their lower chances of winning, making them attractive yet riskier bets for many bettors.
Arbitrage betting removes the guesswork by allowing bettors to secure profits regardless of which side wins, including when betting on dogs.
Definition and Usage of “Dog” in Sports Betting
The term “dog” is shorthand for underdog in sports betting. It describes the competitor deemed less likely to win by oddsmakers and the betting public. Betting on the dog generally offers higher odds, reflecting the increased risk associated with their perceived lower chance of victory. This terminology is used across many sports including football, basketball, baseball, and more.
- •“Dog” means underdog, the less favored competitor.
- •Bets on dogs offer higher potential payouts.
- •The opposite term is “fav” or favorite.
💡Example of a Dog in Football
If Team A is favored to win with odds of -150, and Team B is the dog with odds of +130, betting on Team B could yield a $130 profit on a $100 bet if they upset Team A.
Why Bettors Choose to Bet on Dogs
Bettors may choose dogs for several reasons: they perceive value in the odds offered, they believe the underdog has a better chance than the market suggests, or they are looking to maximize potential payouts. However, betting on dogs is riskier since underdogs lose more often. Arbitrage betting can help bettors avoid this risk by leveraging differences in odds across bookmakers.
- •Higher payouts attract risk-tolerant bettors.
- •Underdogs can offer value if markets underestimate them.
- •Risk of loss is greater compared to favorites.
💡Betting on an Underdog with Value
If an underdog’s odds shift from +200 to +150 due to new information, a bettor might see this as decreased value and choose to avoid betting solely on the dog.
Betting $100 at +150 odds returns $250 total (profit of $150).
Challenges of Betting on Dogs
Betting on dogs comes with challenges such as greater unpredictability and the temptation to chase higher payouts without proper analysis. Many bettors struggle with balancing risk and reward. Arbitrage betting solves this by taking the risk out of the equation, guaranteeing profit by placing offsetting bets on both the dog and the favorite when odds allow.
- •Higher chance of losing the bet.
- •Emotional bias towards big payouts.
- •Difficulty in accurate risk assessment.
💡Risk of Chasing Underdogs
A bettor consistently betting on dogs without strategy can quickly lose bankroll if the underdogs fail to win as expected.
Odds Formats and How They Reflect the Dog
Odds formats such as American, decimal, and fractional express the implied probability and payout differently but all clearly show which team is the dog. American odds use a positive number for dogs (e.g., +200) indicating the profit on a $100 bet. Understanding these odds is crucial to evaluating dog bets and determining when arbitrage opportunities exist. Tools like ArbitUp simplify these calculations by automatically detecting profitable arbitrage scenarios.
- •American odds use positive numbers for dogs.
- •Decimal odds above 2.0 typically indicate an underdog.
- •Fractional odds reflect profit relative to stake.
💡Converting American Odds for Dogs
American odds of +300 mean a $100 bet returns $400 total ($300 profit).
Profit = (Odds / 100) * Stake = (300 / 100) * 100 = $300
How Arbitrage Betting Enhances Dog Betting Strategies
Arbitrage betting allows bettors to place simultaneous bets on both the dog and the favorite when discrepancies in odds arise between bookmakers. This strategy guarantees a profit regardless of the outcome, eliminating the risk typically associated with betting on dogs. While manually calculating these opportunities can be complex, software like ArbitUp automates the process, making it accessible and efficient.
- •Arbitrage removes risk by covering all outcomes.
- •Profit is guaranteed when odds discrepancies exist.
- •Automation tools simplify complex calculations.
💡Arbitrage Example with Dog and Favorite
If bookmaker A offers the dog at +150 and bookmaker B offers the favorite at -160, placing bets proportionally on both can lock in a profit regardless of who wins.
Stake on dog = (Total stake * (1 / (1 + (dog odds / favorite odds)))), Stake on favorite = Total stake - Stake on dog
Tips for Successful Betting on Dogs
Successful dog betting requires careful analysis, discipline, and understanding of odds. Bettors should avoid emotional decisions, shop for the best odds, and consider using arbitrage betting to mitigate risk. Using tools like ArbitUp can help identify profitable arbitrage opportunities and manage bets efficiently.
- •Research teams and current conditions thoroughly.
- •Compare odds across multiple bookmakers.
- •Use arbitrage betting to secure profits.
💡Using Odds Comparison and Arbitrage
By comparing odds and placing offsetting bets, a bettor can reduce losses from risky dog bets and potentially guarantee profits.
Common Mistakes to Avoid
- ⚠️Betting on dogs based solely on high payouts without analysis, leading to frequent losses.
- ⚠️Ignoring the implied probability behind odds and overestimating the dog’s chance to win.
- ⚠️Failing to shop around for the best odds, missing opportunities for better value or arbitrage.
- ⚠️Chasing losses by increasing stakes on dogs after previous bets fail.
- ⚠️Not using available tools like ArbitUp to identify arbitrage opportunities and reduce risk.
- ⚠️Misunderstanding odds formats and how they impact potential returns on dog bets.
- ⚠️Neglecting bankroll management, which is critical when betting on higher-risk dogs.
The Power of Arbitrage Betting
Arbitrage betting eliminates guesswork by allowing bettors to lock in guaranteed profits regardless of the outcome, including when betting on underdogs or dogs.
- ✓Removes risk inherent in betting on uncertain outcomes.
- ✓Ensures consistent profits by exploiting odds discrepancies.
- ✓Simplifies complex betting strategies with automation tools like ArbitUp.
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IMPORTANT DISCLAIMER
This content is for entertainment and educational purposes only and does not constitute financial advice. Sports betting involves substantial risk. Only bet with money you can afford to lose. See our Terms of Service for complete legal disclaimers.