The question “How do you read NFL football odds?” can be answered in two different ways. One response would answer to the nuts and bolts of the question, explaining those actual slates of numbers. The other would be to attempt to explain, as we do in the United States, the deeper meaning in those numbers the online bookmakers provide.

Considering a few relevant examples will help us consider both questions.

All lines except for those on pointspread (or handicap) bets may be presented in any of three ways: fractional, decimal and American. Fractional is the classic 3/1 format; decimal format shows you the payout based on 1 unit out to two decimal points, so 3.00 for the previous example; American style shows the payout on 100 units, so the current example would be +300 in this format.

The very basic proposition bet in all of NFL betting is of course wagering on the Super Bowl winner. Currently last year’s finalists, the Indianapolis Colts and the New Orleans Saints, are the favorites to win Super Bowl XLV at 8/1 (8.00, +800) and 9/1 (9.00, +900), respectively, by PaddyPower bookmakers.

How do you read these particular odds? These numbers mean simply, “It’s too far in advance of the season, which begins in September, to make a realistic call so we’re going with the default choices.” You can also wager on each division winner and the conference winners at most sports betting websites, but such bets in June are strictly for loyalists.

The most popular NFL bets week to week are the pointspread and over/under lines. These are represented by a plus or minus followed with a number of points. The favorite always receives a negative number, the underdog is positive. This bet works the same way as a handicap in golf, so taking the underdog means adds points to the result of the game; in a close game, the underdog often “wins” at the bookmaker.

Over/under lines represent what the oddsmaker believes will be the total number of points scored by both teams in the game. Pick the over if you think the final score will add up to more than the bookmaker’s line, under for less.

At BetUS, odds are actually already posted for week one in the NFL. In the Oakland Raiders-Tennessee Titans game, the Oakland Raiders are the underdog with a +7 pointspread and there’s an over/under of 41 points.

How do you read these NFL football odds? Well, Oakland at +7 means the bookies figure the Raiders to be just as awful as they have been for seven seasons now, while the 41 over/under indicates that this game will be about as exciting as most fans would expect. You can bet on it.

Legislation is being pushed all over the United States in favor of all kinds of gambling in order to raise state revenues. Delaware is one state currently in hot pursuit of the industry, but a recent bid for sports gambling was just rejected by the U.S. Supreme Court.

Bloomberg Business Week: Delaware Sports Gambling Bid Rejected by High Court

The U.S. Supreme Court refused to give Delaware broader authority to sponsor sports gambling, and left intact a ruling that allows multi-game bets on National Football League contests while barring other wagers.

The justices rejected an appeal by Delaware Governor Jack Markell, whose state is 1 of just 4 that can offer sports gambling under a 1992 federal law. The rebuff means Delaware can only offer 1 aspect of its sports-wagering plan — parlay betting on 3 or more NFL games. Markell wanted to offer single-game betting as well as wagering on other sports.

Nevada is the only state that allows widespread sports gambling.

The Assosciated Press: High court turns down Delaware over sports betting

The U.S. Supreme Court rejected a Delaware appeal which sought to expand its sports betting lottery beyond professional football on Monday. Justices denied Delaware’s petition for judicial review without comment, and left limits on sports betting in Delaware to multi-game, or parlay, bets on NFL games.

The court declared that the state’s new sports betting lottery must be similar to the betting scheme used in a failed 1976 NFL lottery which allowed Delaware to be 1 of only 4 states to receive exemptions from the federal ban.

Despite losing the appeal, Delaware still maintains a competitive gambling advantage over neighboring states by being the only state east of the Rocky Mountains in which wagering on the NFL is legal.

Reuters: Supreme court rejects Delaware sports betting appeal

The Supreme Court on Monday rejected a Delaware appeal that argued the state should be allowed to offer a new sports betting lottery to generate revenue to help ease its record budget deficit. The justices let stand a 1992 federal ruling by a U.S. appeals court that prohibits Delaware from offering betting on individual games in all major sports, without comment.

The North American professional leagues for baseball, basketball, football and hockey and the National Collegiate Athletic Association (NCAA) all argued that Delaware’s sports lottery plan violated the 1992 law.

The Professional and Amateur Sports Protection Act, prohibits betting on sports. Exceptions were granted to Delaware, Nevada, Montana and Oregon because they previously ran sports betting operations.

Delaware had expected at least an estimated $17 million in revenues from the sports betting plan in the 2010 fiscal year to help close the state’s budget deficit.

Attorneys for the professional sports leagues and the NCAA told the Supreme Court the appeal should be rejected. They said the estimated $17 million in sports gambling revenue represented a trivial percentage of the state’s $3.1 billion budget.