Sports Betting Odds Explained: A Complete Guide for Bettors

For example, +200 signifies the amount a bettor could win if wagering $100. If the bet works out, the player would receive a total payout of $300 ($200 profit + $100 initial stake). If you decide to bet on the Chiefs—the team that, according to the bookmaker, has a higher probability of winning the game—you would need to bet $760 to win $100. If the Chiefs are victorious, you will win $100, for a total payout of $860 (initial stake of $760 + profit of $100). Betting odds tell us the implied probability of the outcome of a game as well as how many money we will win or lose.

Three Main Types of Betting Odds Worldwide

Welcome to our comprehensive guide on understanding sports betting odds. Negative numbers (in American moneyline odds) are reserved for the favorite on the betting line and indicate how much you need to stake to win $100. Conversely, positive numbers are attached to the underdog and refer to the amount you could win if you bet $100. You stand to make more money on positive odds, but the chances of a win are lower.

• Follow our simple steps to learn to use the odds to your advantage.
• For example, if your odds are 3/2, where 3 is the numerator, and 2 is the denominator.
• The added 0.5 points is referred to as the “hook” and shows there’s no possibility for a push.
• If you’re new to sports betting, understanding how odds work is crucial.
• The Flyers are slight underdogs but still managed to get +1.5 goals on the puck line.

Points Spreads

The moneyline focuses solely on the outcome of a game or event, with odds indicating the potential profit or loss. In contrast, the spread involves handicapping one team to make the betting contest more even, where odds reflect the point spread between the teams. In the realm of sports betting and gambling, futures odds refer to the odds assigned to events that will occur in the distant future. In the next couple of sections, we will delve into the most popular betting markets as each type of sports betting has its own nuances. We will provide an overview of how odds are typically displayed for each sport, the most popular betting options and key information to consider when betting on these sports.

Ultimately a sportsbook wants 50% of the bets on each side of a game so that they can simply make money on the juice. Knowing how to calculate potential payouts using betting odds is essential for managing your bankroll and setting realistic expectations. The potential payout is the total amount you stand to win from a successful bet, including the original stake. By understanding how odds correspond to potential winnings, you can make educated decisions on the amount you want to wager and assess the risk-reward ratio of different bets.

NFL moneyline

The ones we work with will generally list decimal as the second most popular option after American odds. The favorite will carry negative odds (-), while the underdog will have a plus sign (+) next to their name. A key part of knowing how to read betting odds is assessing the implied probability. Otherwise known as capping, bookmakers have various strategies to determine the odds, such as reviewing statistics and tactical analysis.

Finally, if you ever need to convert between odds formats and/or probabilities, there are plenty of tools to help – including our very own odds converter and probability calculator. Alex, a ten-year iGaming industry veteran and Managing Editor at BettingTools specializes in sports betting and betting tools. He also provides insightful reviews, ensures the accuracy of all offers, and maintains content quality helping you make informed choices. Conversely, if you thought the Clippers had a good chance of pulling the upset, a winning bet of $50, $100, or $300 would result in a profit mostbet of $63, $126, or $378, respectively. Keep in mind that moneyline bets simply entail picking the team you think will win outright, unlike a point spread bet where the margin of victory matters.

People often assume that betting odds are a direct representation of the likelihood of something happening, but that isn’t necessarily the case. This format is rarely used in the UK, and British bettors are therefore unlikely to want to use it – but it never hurts to have a basic understanding of how these things work. For example, in the Mavericks-Clippers NBA game discussed earlier, the implied probabilities were 60% and 44%, respectively. Armed with this knowledge, it would then be up to the handicapper to agree or disagree and bet accordingly. Even a 60% probability of winning still leaves the door wide open for the result to go the other way, and in this game, that is exactly what happened.