Chicago Cubs Betting Odds 2023
Cubs betting is a great way to add a little more excitement when watching this MLB season. Are they going to take home the Commissioner’s Trophy this year and make Illinois proud? Check out how the Cubs’ odds stack up against other MLB teams this season to make the smartest betting decisions. Let’s hope you get to bet on Cubs to win World Series this year!
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Cubs Odds to win the World Series
While the Dodgers are the predicated favorites to win the 2022 World Series, the Chicago Cubs should not be overlooked. The Cubs last won the World Series in 2016 but received a Central Division title just last year in 2020. Whether you’re new to MLB betting or a seasoned expert, it’s always a good idea to look at the team’s history. This will give you a general impression of the Chicago Cubs World Series odds.
|MLB World Series Winners Odds|
Chicago Cubs World Series title years:
Will 2022 be next on the list?
Let’s keep our fingers crossed for Cubs fans that they can keep up the momentum and qualify for the World Series in 2022.
You should always monitor more than one sportsbook as the Chicago Cubs World Series betting odds may differ from site to site. Sportsbooks also offer different incentives in order to get you to sign up. So be sure to shop around to find the most attractive offers for you when you decide to bet on the Cubs to win the World Series.
Cubs Betting Odds
The Cubs’ betting odds depend on a number of factors such as team statistics and any important updates regarding players or management. This season, they are competing against the Milwaukee Brewers for the top spot in the NL central. Things are looking quite well for the Cubs this season if they can keep it up. Should the Cubs’ betting odds change at any point during the season, rest assured that we will keep our numbers updated.
This way, you always have the latest numbers to work with when deciding how to place your bets.
|Odds to Win NL Pennant|
|Los Angeles Dodgers||+330||TBA||TBA|
|San Diego Padres||+475||+475||+475|
|New York Mets||+475||+475||+480|
|NL Central Odds|
|St. Louis Cardinals||+500||+500||+500|
How to read Cubs betting lines
A betting line is commonly associated with a “point spread”. Betting on a line makes it more interesting for fans to place bets on either the favorite or the underdog. This is because rather than betting on the winner, fans get to bet on a margin of victory for a particular game. Let’s say you like the Chicago Cubs odds and want to bet on them in a game against the Milwaukee Brewers. Here’s an example of what this would look like:
- Milwaukee -8.5 and Chicago +8.5
This would mean that Milwaukee is the favorite to win the game, and they must win by at least 8 points for your wager to be considered a winning bet. With this style of betting, you can still be considered to have placed a winning bet even if your team loses. In this example, if you bet on the Cubs, and they lost by 8 points or fewer, this would still be considered a winning bet.
Let’s take it one step further. When betting on the Chicago cubs, you will likely find three different odds formats: American, Decimal, and Fractional. We’ll take a quick look at each one.
This type of betting format is the one most commonly found in the US. It’s also known as US odds or moneyline odds. When betting on the Cubs v Milwaukee you may see something that looks like this:
- +8.5 (-115)
This means that you would need to bet $115 in order to have a chance at winning $100.
This type of sports betting is the most common way to bet in the world. In fact, the only two countries that do not favor this type of betting are the UK and Ireland. Decimal odds tend to be a popular choice because they are easier for people to understand when compared to fractional or American odds. For example, let’s say you want to bet on a game between the Cubs and Pirates and you see something that looks like this:
- Cubs: 2.75
- Pirates: 1.4
This means that in order to calculate your winnings, you multiply the amount of money you want to bet by the decimal and then subtract your original bet. So, if you bet $100 for the Cubs to win this game, your winnings would be calculated like this:
- ($100×2.75) — $100 = $175
This type of betting is most commonly seen in the UK and Ireland. Fractional odds will indicate the net total you could win by taking the amount of risk into account. For example, you want to bet on a game, and you see that the Chicago Cubs odds look like this:
- Cardinals: 5/1
- Cubs: 1/5
This would mean that if you bet $20 on the underdog, the Cardinals, you would multiply your wager by 5, which means you win $100 + your money back, for a total of $120 if they win. Whereas if you bet $20 on the favorite, the Cubs, you would only win a profit of $4.
Another important concept in sports betting is implied probability. This concept is used to express the probability of an expected outcome while taking the bookmaker margin into account. You can convert each of the aforementioned odds formats into implied probabilities. In fact, knowing how to convert them will be useful in helping you to assess the potential value of a market. This is vital in making sure you get the most out of your money. However, don’t let probability stop you if you like to go with your gut feeling or bet on the underdog.
To convert American odds into implied probabilities, use the following formula:
For negative odds:
- Negative American odd / (negative American odd + 100) x 100
For positive odds:
- 100 / (positive American odd + 100) x 100
If we use the numbers from the Cubs v Milwaukee example above:
- (-115) / (-115 + 100) x 100 = 53.5
This means that the Cubs have a 53.5% chance of winning.
To convert decimal odds into implied probabilities, use the following formula:
- (1/ decimal odd) x 100
Taking the Cubs v Pirates example above:
- (1 / 2.75) x 100 = 36.4
This means that the Cubs have a 34.6% chance of winning.
To convert fractional odds into implied probabilities, use the following formula:
- Denominator / (denominator + numerator) x 100
Using the Cubs v Cardinals example:
5 / (5 + 1) x 100 = 83.3
This means that the Cubs have an 83.3% chance of winning.
No matter which type of betting you prefer, sports betting can be a fun way to enhance the entertainment value of watching a game or following your team’s progress during the season. The more you bet, the easier it will become to understand the formulas and how to best apply them when betting.