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Understanding sports betting odds is crucial in making informed wagers. Not only do the odds predict the outcomes of bets, but they also tell you how much money you stand to win by correctly placing the bets as well.
Our guide reveals how to understand odds in betting, including how to read American, decimal, and fractional odds. It also covers topics including probability, implied probability, and the Vig.
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Sports Betting Odds Basics
The best way to explain sports betting odds is that they serve two purposes at once: they describe how likely an outcome is, and how much you can win if you correctly bet on that outcome. Put another way, they describe both the risk and reward of a bet.
- Short Odds: Higher probability, lower payout
- Long Odds: Lower probability, higher payout
- Even Odds: 50/50 probability, roughly even payout
When the odds are short the outcome is more likely, but the payout is also smaller. Conversely, long odds are less likely outcomes that pay out more money when successfully wagered on.
Short odds are considered good value bets by many bettors, as they’re more likely to gain the bettor a profit, even if it’s a small one.
What Are the Three Types of Odds in Betting?
Most sportsbooks display betting odds in three formats: American, Fractional, and Decimal. There are other ways as well, but these are the three most common. All three odds types display the same information in a different way. Understanding all three can help you read odds no matter if you’re betting on the moneyline, point spreads, props, or any other wager type.
It’s also worth mentioning that many sites let you change the odds format, usually at the top or bottom of each page.
Understanding American Betting Odds
American odds use plus (+) and minus (-) numbers to describe how likely an outcome is, and how much you stand to win by correctly placing the wager. The numbers are based on $100 bets.
- A bet with -110 odds means you’d need to bet $110 to win $100
- A bet with +110 odds means that you’d win $110 on a $100 bet
The lower the number, the more likely an outcome is, which means a lower payout. And the higher a number is, the less likely the outcome, and the higher the payout, as a result. A good sports betting tip to keep in mind is simply that the favorites are listed with lower numbers, while the underdogs are listed with higher numbers.
Understanding Fractional Betting Odds
Fractional odds show how much profit you stand to win vs. the wager. Short odds have a fraction less than 1/1, while long odds have a fraction greater than 1/1.
- 1/2 odds mean that you’d win $1 for every $2 you bet
- 2/1 odds mean that you’d win $2 for every $1 you bet
The fraction’s value represents how much you win for each unit wagered. They are most often seen in U.K. based sportsbooks.
Understanding Decimal Betting Odds
Decimal odds display the total payout returned for every dollar wagered, including your initial stake. They’re probably the easiest format to read, as you simply multiply your bet by the decimal number.
- 1.67 odds means that you’d take home $167 on a $100 bet
- 3.00 odds mean you’d take home $300 on a $100 bet
It’s common to find decimal odds used in European sportsbooks.
The Three Types of Betting Odds Compared
Here is the same bet displayed in the three most common betting odds formats so you can see what they look like side by side.
| Odds Type | Amount Wagered | Short Odds Example | Short Odds Total Payout | Long Odds Example | Long Odds Total Payout |
|---|---|---|---|---|---|
| American | $100 | -150 | $166.67 ($66.67 profit) | +200 | $300 ($200 profit) |
| Fractional | $100 | 2/3 | $166.67 ($66.67 profit) | 2/1 | $300 ($200 profit) |
| Decimal | $100 | 1.67 | $166.67 ($66.67 profit) | 3.00 | $300 ($200 profit) |
Odds vs. Probability
Odds and probability both predict the chances that an outcome happens, but they aren’t the same: probability focuses on “how likely” an outcome is, while odds translate that same likelihood into potential payouts.
Probability is the actual chances of something happening and is shown as a percentage. For example: a flipped coin has a 50% chance of landing on heads, and a 50% chance of landing on tails.
Sports betting isn’t as black and white as a coin flip, however, so oddsmakers translate a version of probabilities into odds. Odds not only describe how “likely” an outcome like a win or a points spread being covered are, they also affect how much money you win if you successfully place the wager.
Probability vs. Implied Probability
Since probability of sports outcomes aren’t as cut and dry as coin flips, implied probability is used by oddsmakers at sportsbooks to determine the chances that certain events do or don’t happen.
If oddsmakers predict that a particular team has a 75% chance of winning a game due to the lineup, offensive/defensive efficiency, and other factors, they might list the odds of that team winning at -300. You’d need to bet $300 to win $100. since that team would be heavily favored to win.
Conversely, if oddsmakers give the underdogs a 25% chance of winning they may give the team +300 odds; so successfully betting $100 on that team would win you $300.
The Vig
The Vig (short for vigorish, and sometimes called the “Juice”) is a fee that oddsmakers build into betting odds to ensure they make a profit on every wager they accept, whether it wins or loses. The easiest way to explain the Vig is with a 50/50 event, like flipping a coin.
Even payout odds on a coin flip would pay the same amount for either result since both sides of the coin have an equal chance of landing; let’s say +100 per side. That means you’d win $100 on a $100 bet: even money for even odds. But sportsbooks don’t usually offer even odds.
Rather, most sportsbooks would list the odds of either heads or tails landing at -110. This means that you’d have to risk $110 to win $100. The extra $10 is the Vig that the sportsbook collects as a fee for offering the bet.
Betting Odds FAQs
Minus odds indicate the favorite, and plus odds indicate the underdog. If both teams have minus or plus odds, the one with the lower number is the favorite.
It depends; lower odds come with a high risk but a high reward, while higher odds have lower risk with a lower reward.
-110 means that the bet is close to 50/50 odds, so you’d need to bet $110 to win $100. The extra $10 is the fee that sportsbooks collect for offering the bet.
A longshot is considered less likely to win and is usually shown with plus odds. A favorite is considered more likely to win and is usually shown with minus odds. The team with the lower number is the one the sportsbooks expects to win.
Live betting odds allow you to bet on games as they happen, with odds that quickly update in real time as the action unfolds. This is different than pre-match betting where you can’t make any more wagers once the game begins.
Pushes in sports betting are when neither side of a bet wins and the bettor’s wager is refunded. For example, if the over/under of a hockey game is 6, and the final score is 4-2, it’s a push. Many sportsbooks add half a point (6.5, for example) to betting lines to avoid pushes.
Common Mistakes When Reading Odds
Reading sports betting odds can be confusing at first, particularly if you’re unfamiliar with reading plus (+) and minus (-) odds. It can also be tricky to understand who the favorites and underdogs are, and to assume that bigger numbers mean a better bet.
How Do You Read Plus (+) and Minus (-) Odds?
Minus odds mean the sportsbook sees that particular team or player as the favorite, and plus odds means the team or player is an underdog. Plus and minus odds revolve around $100 bets. If the favorite to win is listed at -150, you’d have to successfully bet $150 to win $100. And if the underdog is listed at +150, you’d win $150 by correctly betting $100 on them.
Are Higher or Lower Odds Better?
Neither higher nor lower odds are better, it all depends on what you’re looking for. Lower odds like +500 come with a high risk: but also with a high reward. Higher odds like -500 come with a lower risk, but the reward for winning the bet is also lower.
What Does -110 Mean in Betting?
-110 in sports betting means that you need to bet $110 to win $100. These odds are common when the outcome of an event is close to 50/50. The extra $10 needed to win $100 is called “The Vig,” or the fee that sportsbooks collect for offering the bet.
What Are Longshots & Favorites?
A longshot is considered less likely to win and is usually shown with plus odds. A favorite is considered more likely to win, and usually shown with minus odds. Simply put: the lower the number, the more the sportsbook expects that team or player to win.
How Do Live Betting Odds Work?
Live betting odds allow you to wager on games as they happen, as opposed to pre-match betting odds that aren’t accepted once the game begins. These wagers have odds that change in real time as the action unfolds. Odds are updated quickly according to events like scoring, injuries, changing weather, and other factors oddsmakers think could affect the outcome.
What is a Push in Sports Betting?
A push in sports betting is when neither side of a wager wins because the final result lands exactly on the betting line. Sportsbooks generally refund bets in the event of a push. For example: if the over/under of a hockey game is 6 and the final score is 4-2, it’s a push. Or if you bet on a -6 spread and the team wins by exactly 6 points, it’s a push.
It’s worth mentioning that many sportsbooks add half points to reduce pushes; so the over under may be 6.5 instead of 6, since you can’t score half points in sports.
Sports Betting Odds Explained
Sports betting odds show the likelihood of an outcome and the payout it offers. The content breaks down American, fractional, and decimal odds, showing how each format presents favorites, underdogs, and total returns.
Key ideas like implied probability, the Vig, pushes, and common odds-reading mistakes help bettors interpret betting lines accurately. For a broader foundation before diving deeper into odds, check out our introduction to sports betting.
80% 80% This score goes to the highest rated sites by experts. Only sites that hold an expert rating of above 85% are given this status.
A green Jackpot Certified score is awarded when at least 60% of expert reviews are positive.
A red Bust score is displayed when less than 60% of expert reviews are positive.
A grayed-out gem means there are not enough expert ratings to produce a score. The gambling site could be new.
A green Jackpot Certified score means that at least 60% of player reviews are positive.
A red Bust score means that less that 59% or less of player reviews are positive.
A grayed-out face means there are not enough player reviews to produce a score.