Understanding Sports Odds
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Fortunately, understanding sports odds isn't that tough once you figure it all out. Before we look at the details of things there is one thing to keep in mind - your job as a sports bettor is to. The odds for a game are based on a $1 per 1 moneyline point. On a Vegas odds scoreboard, the moneyline odds are usually to the furthest right. A minus ('-') before the number indicates that the team is a favorite, whereas a plus ('+') indicates that the team is an underdog. Once a game is scheduled and it’s odds are posted, the bets are going to start coming in. Now, it’s in the sports book’s best interest to keep the bets as even as possible. This is why oddsmakers give you a pay out at -110. Understanding the Vig or Juice. That’s a $110 dollar bet to win $100. Take the favorite and give the points.
If there’s one thing you know, it’s sports. You’ve been making friendly bets with your buddies for years, and almost always come up a winner. But do you really understand odds in sports betting?
Sports betting odds can be tricky to understand at first, especially since you may see the odds posted in more than one way.
From plus/minus to decimal, to fractional — how is anyone supposed to know how to place the best bets?
Don’t sweat it, we’ve got you.
In this guide, we’ll explain everything you need to know about how to understand odds in sports betting, and how you can start creating your own odds.
Understanding Sports Odds: What Are They?
So, you want to place a bet on the upcoming match but you’re not sure how to get started.
First things first, you have to understand the odds to know which bets are worth the risk. We’ll touch more on that in the sections below.
Secondly, you need to know that there are a variety of formats for which odds are displayed, such as:
- American (plus/minus)
- Decimal Odds
- Fractional Odds
All of them are easy to understand, and we’ll show you in the upcoming sections of this article.
Lastly, odds are used to calculate the implied probability of a particular outcome in any sporting event.
Once you have a solid understanding of how the odds work, you’ll be able to determine which bets offer the best payouts and how much money you are willing to wager.
Sports Odds Explained: American Odds
If you don’t know how to calculate sports betting odds, don’t worry, you’re not alone.
The most common type of sports odds used in North America is American Odds, which uses a plus/minus system for calculating payouts.
Below, we’ll answer your question: how are odds calculated in sports?
We’ll start with the American way, and give you some betting odds examples so you know exactly what you’re looking at the next time you want to make a wager.
But first, it’s important to know what odds are designed to do.
- Odds flag potential bettors as to the implied probability of the bet
- Odds announce the payout you could win if you bet on that outcome
However, odds can be influenced by more than the events that are relevant to the outcome of the game or match.
Many traditional sportsbooks are known for manipulating the odds in their favor and factor in how much the book is charging for you to place your bet. You may hear fellow wagerers refer to this cut as the “juice”, “vig”, or “cut.”
How Does Plus/Minus Work in Sports Betting?
When you see +130/-240 (or any other three-digit combination) you know you’re dealing with American odds.
The plus or minus indicates whether you’re betting on the favored team or the underdog.
A negative number on the betting line implies the favorite, and exactly how much you have to bet to walk away with a $100 payout.
Positive numbers belong to the underdog, and let you know how much you’ll win if you bet $100.
For example:
| American Odds | Team | Odds | |
| The Game | Vikings | -130 | Favorite |
| Packers | +260 | Underdog |
How Do You Understand Odds in Sports Betting With American Odds?
Using the above example, calculating your odds look like this:
To win $100 on the Vikings (favorites), you would need to wager $130. If you bet $100 on the Packers (underdogs), you’d be paid out $260 in addition to receiving your $100 bet back.
Calculating Payouts
Let’s say you don’t want to bet $100 of your money — we get it, that can add up.
Many people prefer to place a series of smaller bets on multiple games to get the most out of the experience.
Winning two and losing one can be more appealing than losing it all in one shot.
With the above example, let’s calculate the odds of betting the underdog with only $10, instead of $100.
Using the +260 odds on the Packers, a $10 bet would payout $26 in profits, plus the return of your original $10 bet for a total of $36 back in your pocket.
In most cases, the sportsbook you’re betting with will do the calculations before you even place the bet.
You’ll know the exact payout before you confirm your bet.
Calculating Implied Probability
If you’ve started to research exactly how sports betting works, then you’ve probably heard the term “implied probability”.
The odds are what suggest a particular outcome in any match, and the implied probability refers to the prospect of that outcome.
To calculate the implied probability you need to convert the odds into a percentage.
The reason you’d want to calculate the implied probability is to determine if the estimated probability of a match you wish to bet on is different from the sportsbook so that you can adjust your bet accordingly.
Remember, that all odds available at a sportsbook include the “juice” or “cut” so you’ll need to factor that in, as the implied probability of every conceivable outcome of a match is going to be above 100%.
This is called overround, and it’s the reason you should remove the “juice” from betting lines before calculating what the oddsmakers actually expect the outcome to be.
Sports Odds Explained: Decimal Odds
Of the three types of odds you’ll come across, betting with decimal odds are the easiest to learn.
Decimal style odds are typically used in Europe, but many Sportsbooks default to American odds. However, you should be able to set the preference to any betting style.
Decimal odds look like this:
| Decimal Odds | Teams | Odds | Favored |
| The Match | Toronto Blue Jays | 2.10 | Underdog |
| New York Yankees | 1.40 | Favorite |
How Do You Understand Odds in Sports Betting With Decimal Odds?
Calculating your potential winnings with decimal odds is easy. All you have to do is multiply the amount of money you’re wagering with the odds attached to the team you’re betting on.
For example:
| Your Bet | The Odds | Winnings |
| $30x | 1.40 (New York Yankees) | = $42 |
| $30x | 2.10 (Toronto Blue Jays) | = $63 |
Calculating Implied Probability
Calculating your implied probability is a valuable tool to determine if a wager is worth the risk.
Using our example above, we’ll determine implied probability using the following formula: 1 / Decimal odds
With the above example, the Toronto Blue Jays implied probability of winning is:
1 / 2.10 = 47.6%
And the New York Yankees implied probability of winning is:
1 / 1.40 = 71.4%
In this case, the New York Yankees have a much higher probability of winning, and therefore the safer bet… unless you know something we don’t.
Sports Odds Explained: Fractional Odds
Fractional odds are most commonly used in the UK and can typically be seen when placing bets on horse races.
They’re sort of funny looking odds, but when you understand what they mean, they are really easy to calculate.
How Do You Understand Odds in Sports Betting With Fractional Odds?
Let’s say you want to bet on a horse in the Breeders’ Cup Classic.
You open up your betting app and see strange-looking figures such as 8/3 or 1/2 (which, by the way, we would say “eight to three” or “one to two”).
So, how do you calculate these odds?
Simple.
The number on the left (8) tells you how many times the oddsmaker expects the related outcome to fail. And the number on the right (3) dictates how many times the outcome should succeed.
So, what does this mean for your pocketbook?
Calculating Payouts
Calculating your payout for fractional betting is really quite easy.
Multiply your bet by the numerator (or top number), then divide the result by the denominator (bottom number).
For example, if you place a $50 bet on 8/3 odds the calculation would look like this:
(50 x 8) / 3 = $133.33 (a total of $183.33 coming your way).
Or if you placed your $50 bet on the 1/2 odds, then the calculation would look like this:
(50 x 1) / 2 = $25 (for a total of $75 in your pocket).
Calculating Implied Probability
Figuring out the implied probability for fractional bets can be done fairly easily.
Let’s say your horse of choice has 8/3 odds on him, this means that out of 11 races (8+3) your horse is expected to win eight times. Pretty good right?
Now divide the number of times he’s supposed to win by the number of races on the roster and you get your implied probability: 8 / 11 = 72.7%
Remember though, it costs money to play, so anytime you’re calculating odds, whether American, decimal or fractional,the outcomes when added together will always equal more than 100%… that’s the “vig” or the “cut” we’ve been talking about.
What is a Push?
A push — while not related to odds — can directly affect your payout so we thought it was worth mentioning here.
Being aware of the possibility of a push before you place your first bet on a sports match is important.
So, what is a push, exactly? In simple terms, it’s a tie.
You will not see a push on the moneyline when placing bets, so you need to know in advance if it’s an outcome you can bet on. Typically this only applies if you’re betting against the spread or making a totals bet.
If a push occurs and hasn’t been bet on, then you’ll just get your money back, as it’s considered neither a win nor a loss.
A point spread will usually add half a point to each number so that a push can’t happen, but that’s not always the case, so keep your eye on your bets and all possibilities of a push.
What Is ZenSports?
Now, that you know how to figure out odds in betting this is where it gets really interesting.
ZenSports is an online peer to peer betting marketplace that removes the need for a bookmaker, and thus the “vig”, “cut”, or “juice”.
By eliminating the bookmaker, ZenSports can charge 50-90% lower fees than traditional bookmakers do.
On top of saving a lot of money, every customer that uses ZenSports is betting against other sports bettors (not greedy bookmakers), so customers feel good knowing that they’re going up against people that are just like them.
Create Your Own Bets and Odds With ZenSports
How does peer to peer betting work, exactly?
By eliminating the bookmaker, ZenSports has essentially created a marketplace for which every bettor plays a role in creating a fun, decentralized ecosystem for everyone involved.
Here’s a five-step overview of how the ZenSports process currently works:
- Makers create bets. Anyone can create any imaginable sports bet they want with their own terms, payout, and wager amount.
- Takers accept bets. Anyone can accept part of or a whole bet created by a Maker.
- Makers submit the results of the bet outcome. To prevent a Maker from submitting false results, Makers have an escrow fee of 10% of their bet set aside in case of a dispute by the Taker.
- Takers can dispute results. A Taker can dispute any outcome but are required to hold 5% of their bet in escrow aside to prevent the Taker from making false disputes.
- The Marketplace resolves disputes. The Marketplace is incentivized to vote correctly because they will receive half of the losing party’s escrow amount if they vote alongside the majority of the voters. The prevailing party received a full refund of their escrow fee, along with half of the losing party’s escrow fee.
All bets are then paid out accordingly.
ZenSports is the only mobile peer to peer sports betting marketplace, where anyone can create and accept bets around the world without the need for a centralized bookmaker.
The future of online sports betting is here.
Understanding how to read odds is crucial to betting on sports. This guide will teach you how to read odds for moneyline, total, and spread bets. We will be looking at American, decimal, and fractional odds, which are three different ways of writing the same odds.
What are Odds?
Odds represent the likelihood of an outcome occurring. In sports betting, each team is assigned odds that represent the likelihood of them winning the game. When the odds for two teams are even, meaning 1 to 1, it means that each team is equally as likely to win the game. If Team A is assigned 2 to 1 odds, it means Team B is twice as likely to win. If Team A is assigned 10 to 1 odds, it means Team B is ten times as likely to win.
Odds are typically expressed with a positive or negative sign in front of them and are not written as 2 to 1 or 3 to 1.
How do Plus and Minus Odds Work?
In a betting line between two teams, the team expected to win, or favorite, will have minus or negative odds. This means for every dollar wagered, you will earn less than a dollar if your bet wins. The team expected to lose, or underdog, will have positive or plus odds. This means for every dollar you wager, you will gain more than a dollar if your bet wins.
The table below shows an NHL game where the Boston Bruins are favorited to beat the St. Louis Blues.
| Team | Odds | Amount Wagered | Total Payout |
|---|---|---|---|
| Boston Bruins | -150 | $1 | $1.67 ($1 bet + .67 cent won) |
| Boston Bruins | -150 | $10 | $16.67 ($10 bet + $6.67 won) |
| St. Louis Blues | +130 | $1 | $2.30 ($1 bet + $1.30 won) |
| St. Louis Blues | +130 | $10 | $23 ($10 bet + $13 won) |
American Odds
American odds are what you will see displayed on almost every sportsbook. Just like the metric system, dates, and miles per hour (mph), Americans do things differently when it comes to betting odds. Take a look at this standard slate of betting odds from for an MLB game.
| Team | Spread (Runline) | Moneyline | Total |
|---|---|---|---|
| Chicago White Sox | +1.5 (-115) | +140 | Over 9.0 (-120) |
| Los Angeles Angels | -1.5 (-105) | -120 | Under 9 (-105) |
The first thing you will notice when reading odds will be that:
- Odds have either a plus or minus in front of them
- Odds are in terms of 100
Betting Odds are written in terms of 100 as an industry standard. The easiest way to think of the plus and minus signs is as follows. If it is a plus, you will receive more than a $100 payout on a $100 bet. If it is a minus, you will have to bet more than $100 to win a $100 payout.
Thankfully, you can view your potential winnings on each bet before placing it at an online sportsbook. That said, it is beneficial to understand the betting odds.
Moneyline Bets
Definition of bet: A moneyline bet is a wager on which team will win the game outright. Both the favorite and the underdog are given odds to win the game. Read the chart below to get started on reading odds for the following game:Green Bay Packers (-150) vs. Detroit Lions (+130)
| Moneyline Odds | How to Read it | What it Means |
|---|---|---|
| Lions +130 | Lions plus 130 | By betting $100 you will win $130 if the Lions win |
| Packers -150 | Packers minus 150 | To win $100, you must wager $150 on the Packers to win |
Spread Bets
Definition of bet: A spread bet is a wager on which team will cover the spread or point spread.
How to read spread odds for the following game: Los Angeles Lakers +5 (-110) vs. Houston Rockets -5 (-110)
| Spread Odds | How to Read it | What it Means |
|---|---|---|
| Lakers + 5 (-110) | Lakers plus 5 points at minus 110 odds | The Lakers must win the game, or lose by less than 5 for you to win your bet |
| Rockets -5 (-110) | Rockets minus 5 points at minus 110 odds | The Rockets must win the game by more than 5 points for you to win your bet. A tie is a push, meaning you don't win or lose. |
Total (Over/Under) Bets
Definition of bet: A total bet focuses on how many points are scored, regardless of who wins the game. After a total point score has been set, bettors can wager on whether the actual score of the game will be over or under the set point score.
How to read over/under odds for the following game:
New York Yankees vs. Boston Red Sox Over 7 (-115) Under 7 (-110)
| Total Odds | How to Read it |
|---|---|
| Over 7 (-115) | In order to win $100, you must bet $115 on the overall combined run score to be higher than 7 |
| Under 7 (-110) | In order to win $100, you must wager $110 on the total combined run score to be less than 7 |
Keep in mind for both spreads and totals that if the game ends in a draw for the bet (Yankees 4, Red Sox 3), then you get your bet back but do not win or lose any additional money.
Fractional Odds
Fractional odds are used more commonly in parts of Europe, as well as in horseracing. To calculate fractional odds, you have to do some mental division or enter your desired amount and see what the sportsbook shows as your payout! Here are some odds for a fictitious horse race and how you go about reading them.
| Horse Name | Odds | How to Read it | Your Bet | You Win |
|---|---|---|---|---|
| Laser Focus | 15/1 | Fifteen to one | $10 | $150 |
| American Pride | 7/2 | Seven to two | $10 | $35 (10 x 3.5) |
| Green Eggs | 3/5 | Three to five | $10 | $6 (10 x .6) |
In this race, where we only have three horses, you can see Laser Focus is the underdog, while Green Eggs (no ham) is the favorite. A lot of sportsbooks offer a fractional view if you prefer it to the American odds.
Decimal Odds
Decimals odds are used more commonly in parts of Europe. When using decimal odds, the underdog has the higher of the two numbers, while the favorite has the lower of the two. To calculate decimal odds, you can use the following equation.
Return = Initial Wager x Decimal Value
Example: Let’s say the Arizona Diamondbacks 2.00 are playing the Chicago Cubs 1.90
| Team | Your Bet | Your Return | Your Profit |
|---|---|---|---|
| Arizona 2.00 | $1 | $2 | $1 |
| Chicago 1.90 | $10 | $19.09 | $9.09 |
A lot of sportsbooks offer a decimal view if you prefer it to the American odds.
In conclusion, American odds are almost always displayed at any United States sportsbook, while fractional and decimal odds are almost always displayed at any sportsbook outside of the United States. Check out our Guides Page to see where sports betting stands in your state!
Why do Odds Matter in Sports Betting?
The odds are essential when selecting a sportsbook because they affect your money. If you choose a sportsbook with poor odds, you will end up wasting money every time you place a bet. Let’s say you bet $10 on the Vikings moneyline at -200 at one sportsbook. If you win your bet, you pocket $5. If you went line-shopping and found the same bet for -175 at another sportsbook, you would pocket $6, $1 more. Understanding betting odds allows you to decipher between good and bad odds.
Look at the odds below offered on five games from the 2019 NFL Season. Odds from five different sportsbooks are shown. You'll notice each sportsbook offers different odds for each game. If you were betting on these games, you would be able to find the best odds for your desired bets. Using this strategy of line shopping will allow you to save money while betting on games.
How to Use Odds to Calculate Implied Probability
Odds can be used to calculate the implied probability of a team winning or losing a game. You can use a simple math equation to understand what the sportsbook thinks the probability of each team winning is. For positive odds, probability = 100/(odds + 100). For negative odds, probability = odds/(odds – 100).
| Team | Odds | Implied Odds of Winning | Implied Percentage |
|---|---|---|---|
| Miami Heat | +130 | 100/(130 + 100) = .4347 | 43.47% |
| Chicago Bulls | -110 | -110/(-110 - 100) = .5238 | 52.38% |
Understanding Sports Odds
If you think the Chicago Bulls have a 70% chance of winning, then betting on them would be considered a smart bet.
Betting Odds Explanation
The process is simple, but If you don’t feel like doing the math, use ESPN’s gamecast preview: preview or Action Network’s odds calculator.
Odds FAQ
What does a negative point spread mean?
In a professional sports matchup a point spread is given to each team for sports betting purposes. When a negative point spread is given to a team, it means they are favorited to win the game. When a positive point spread is given to a team, it means they are not expected to win the game.For example, if the Kansas City Chiefs are minus three (-3) against the Los Angeles Rams (+3), then it is expected that the Kansas City Chiefs will win the game and that Los Angeles will lose.
What do odds of +200 mean?
Odds of +200 mean 2 to 1. For every $1 wagered on a team with +200 odds $2 will be paid out. Odds of +200 are greater are offered on teams that are NOT expected to win a game.
How do parlay odds work?
A parlay bet is a group of spread, moneyline, or total bets combined into one bet to increase the payout odds. In order for the parlay to win, each separate bet has to win. Parlay odds offer bigger payouts than normal odds because they are riskier since each individual bet has to win.
Here is an example of a standard parlay payout table based on true odds. What this means is exact payouts are shown for wagers at -110 odds, where a bet of $110 wins you $100.
| Parlay Size | Payouts |
|---|---|
| 2-Team | 2.645/1 |
| 3-Team | 5.958/1 |
| 4-Team | 12.283/1 |
| 5-Team | 24.359/1 |
| 6-Team | 2.645/1 |
| 7-Team | 91.424/1 |
| 8-Team | 175.446/1 |
| 9-Team | 335.852/1 |
| 10-Team | 642.082/1 |
| 11-Team | 1226.701/1 |
| 12-Team | 2342.793/1 |
Methodology
For the BettingBuck.com annual best online sportsbooks review published in 2020, a total of 2,300 data points were collected over six months and used to score sportsbooks. Additionally, odds data was collected for each sportsbook on over 1,400 bets to give each sportsbook a comparative odds ranking.
Sports betting sites were scored across seven core categories to computer an overall rating: total number of sports and bets offered, odds, live betting features, mobile apps, educational resources, ease of use, and current bonuses.