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1) In order to calculate the payoff when wagering on the favorite you should add 1 to the favorite price and divide it with the favorite price.
2) In order to calculate the payoff when wagering on the underdog you should add 1 to the underdog price. If you know nothing about sports and you still feel the urge to wager, baseball is the easiest sports to wager on. As opposed to football and basketball, where you are mixed up with the point spreads and other confusing calculations, in baseball betting you simply put your money on the outcome of the game. In addition, the baseball season lasts longer, which means more matches and bigger chances to go home with the winning money. Here is a step to step guide to baseball betting.