In American sports betting, the industry standard is the use of the plus sign and the minus sign. These signs can tell a bettor a lot about the outcome of their bet, but that's just a little teaser. There's way more to take into consideration as a sports bettor. If the odds are minus (–), then that amount of money must be wagered to win $100. –150 means you must bet $150 to win $100.) If the odds are plus (+), that amount of money would be.
Reading sports betting odds can seem complicated at first glance.
-110
11/10
1.91
What do they all mean?
All of the above numbers represent different ways to display betting odds, however they all represent the same thing.
All betting odds represent the implied probability to win a bet. The way that number is displayed is where things can differ.
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Types of Betting Odds
There are three main ways to display betting odds:
- American
- Decimal
- Fractional
Each of the odds formats represent a chance of winning, just displayed in a different way.
Most sports betting sites will give you the option in how you display your sports odds, so it is important to understand how to read them.
-110
11/10
1.91
What do they all mean?
All of the above numbers represent different ways to display betting odds, however they all represent the same thing.
All betting odds represent the implied probability to win a bet. The way that number is displayed is where things can differ.
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Types of Betting Odds
There are three main ways to display betting odds:
- American
- Decimal
- Fractional
Each of the odds formats represent a chance of winning, just displayed in a different way.
Most sports betting sites will give you the option in how you display your sports odds, so it is important to understand how to read them.
All sports betting types will have odds attached to them: point spread, money line, total, futures, props, and more.
How to read American odds
In the United States, it is standard to use the American odds format (shocking!). Each bet will always have a plus (+) or minus (-) in front of a number greater than 100.
Take for example how the following moneyline bet odds would be displayed for the following sporting event:
Chicago Bears -196
Washington Redskins +170
Since this is a moneyline bet, these odds represent the implied probability each team has to win the game.
American odds can be broken down into two categories: favorites and underdogs.
How do Plus and Minus odds work?
Favorites Odds
When a bet is a favorite, it means the implied probability (win percentage) is greater than 50%. Favorites will always have a minus (-) sign and will always be 'negative odds'. Ex: -150.
Favorite odds can be read as 'to win $100'.
Meaning if the odds of a bet were -150, you would need to bet $150 to win $100. Note that you do not need bet in $100 increments.
This same ratio would apply to different bet sizes: Bet $15 to win $10, bet $1.50 to win $1, etc.
If you were to read betting odds of -150 out loud, you would say 'minus one fifty'.
Underdog Odds
The other side of American odds are underdogs. Underdogs have an implied probability of less than 50%.
Underdog odds are always represented with a plus sign (+) in front of the number and will always be 'positive odds'. Ex: +150.
Underdog odds are interpreted different than favorites. Underdog bets are betting $100 'to win' whatever the odds are.
In the +150 example, you would bet $100 to win $150. Again, you can bet any amount you would like. It doesn't have to be $100. Ex: bet $10 to win $15, bet $1 to win $1.50, etc.
How to read decimal odds
Decimal odds are the easiest odds type to interpret. They are used by most people outside of America, most notably Europe. The Decimal format are also the easiest odds type to convert to an implied win percentage.
Decimal odds tell you what your return will be given your bet amount (or 'stake').
For example, if you bet $10 on the New York Knicks to win at odds of 2.25, your return (or 'total payout') would be $22.50 if they won.
Return does not take into account your original bet amount. Therefore your profit, or 'to win' amount, would be $12.50 ($22.50 return – $10 wager).
Note that the return aspect is the key difference between Decimal and American odds. The Decimal format will tell you your return, while the American format will tell you your 'to win' amount.
How to read fractional odds
Fractional odds are simply decimal odds represented as a fraction. For example, 3/1 odds are the decimal equivalent of 4.
The biggest difference between fractional and decimal is that fractional tells you the potential profit while decimal tells you the return.
Going back to the previous example, a $10 bet at 3/1 odds would represent $30 in profit.
A $10 bet at the equivalent odds of 4 in decimal format would return $40. Subtracting your $10 bet from the return would give you your profit of $30.
Fractional odds can be read as the first number being the potential profit while the second number is the amount you will need to risk for that profit.
For example, fractional odds of 23/20 would represent a bettor needing to risk $20 in order to profit $23.
Sports Betting Explained
Fractional odds are most common in horse racing and futures markets.
Related: Find more sports betting guides here
Point spread betting is the most popular form of sports betting. The vast majority of sports wagers use a point spread thanks to the popularity of football and basketball. Even though this type of betting is so popular, it may take awhile to understand.
The point spread is sometimes known as an equalizer for sportsbook operators. All teams aren't created equally, so sportsbooks can create a point spread for a game so that each team playing has an almost even chance of winning the game. In a way, the point spread will even the field for both teams.
The point spread gives a reason for bettors to risk money on both teams. The better team playing in the game is considered favorite. They have to win by the point spread offered by the sportsbook. The favorite in a game is listed as being minus (-) the point spread.
The worse of the teams playing in the game is called the underdog. The bettor wins if this team wins the game outright or loses by an amount smaller than the point spread. The underdog in a game is listed as being plus (+) the point spread.
Let's use the upcoming Super Bowl between the Kansas City Chiefs and Tampa Bay Buccaneers as an example.
Online Casino - Best Casino Games & Slots. Using this example, the Chiefs opened as 3-point favorites over the Buccaneers (currently Chiefs ). The Chiefs need to win by 4 or more points to cover the spread.
Likewise, the Buccaneers opened as 3-point underdogs. That means the Buccaneers would need to win the game outright or not lose the contest by 4 points or more. If the line is Chiefs -3 and they win by exactly 3 points, the betting result is a 'push' and bettors for both sides would get their wagers refunded.
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Point spread betting odds
Point spreads are usually set with -110 odds, but pricing often fluctuates at online sportsbooks. This is the sportsbook operators' house edge. The odds guarantee the sportsbook operator will see a little money over time. When the odds are set at -110, the bettor must wager $110 to win $100 (or $11 to win $10).
The odds on a point spread are most commonly known as the vigorish or 'vig' for the sportsbook. You might hear this small profit margin for the sportsbook called the 'juice' by some sports bettors.
Point spread FAQs
What does ‘pick em' or ‘pick' mean in NFL betting?
A 'pick em' (sometimes seen as 'pick') is when the teams have a point spread of zero, meaning neither team is favored. In this instance, you're essentially picking moneyline and your bet will be determined on the winner alone.
What does -7 and +7 mean in NFL betting?
A spread of minus-seven (-7) means that a is favored to win the game by a touchdown (technically, a touchdown and the extra point). A team favored by -7 must win the game by eight or more points to win the bet. If the team wins by seven, the result is a 'push' and the bet is refunded.
A spread of +7 means the team must win the game or lose by fewer than seven points to win the bet. A loss by seven would result in a push.
What does -3 and +3 mean in NFL betting?
A -3 spread means that the favorite must win by more than a field goal to win the wager. A three-point win would result in a push and the sportsbook would refund the wager.
A spread of +3 means the team listed as the underdog must win the game or lose by fewer than three points to cash the bet. A three-point loss would be graded as a push by the sportsbook and the bet would be refunded.
Why are point spreads in the NFL so much lower than in college?
In 2019, the Baltimore Ravens led the NFL in point differential per game at +13.7 points; the Miami Dolphins ranked last in the NFL in point differential per game at -11.7. Even Kansas City– known for their explosive offense– had an average point differential in 2019 of just 9.7 points. The net point differential in the NFL is -14.1, or -0.9 points per game. Basically, the talent differential in the NFL is so minute that even mismatched teams often draw games within a score of each other.
Sports Betting
NFL spreads are most commonly between one point and four, with six being a heavy favorite and extremes coming out around 15-20 point favors. (For those wondering, the 1941 Chicago Bears hold the NFL record of point differential at +15.7 points per game. Conversely, Ohio State had a +33.1 average point differential in 2019.)
Point spread and odds movement
Sportsbook operators often aim to have equal money on both sides of a point spread. When the money is exactly split the sportsbook operator will see the exact vigorish as their profit margin. If all things are equal over time this will maximize how much money the sportsbook operator can make.
In an effort to have equal money on both sides of a wager, the sportsbook operator will move the point spread to attract money on the side that customers aren't betting on. The odds for a point spread might change before the actual point spread. There are certain point spread numbers, like 3 and 7 in football, the sportsbook operators would like to avoid moving away from since the final score margin falls on these two numbers most often.
For example, if a lot more money is wagered on the New England Patriots -3, the vig may shift from -112 to -115 and -120 before the line moves to -3.5.
Run and puck lines
Football and basketball games are mostly bet using a point spread. The less popular major sports, baseball and hockey, are mostly bet using a moneyline. In an effort to make baseball and hockey more appealing to point spread bettors, the sportsbook operators offer run and puck lines, respectively.
These alternative lines give point spread bettors a chance to wager on other sports using a more familiar method of betting. Since points (runs and goals) aren't as easy to come by in baseball and hockey, the odds with the lines may have a wider spread than a football or basketball game.
