Reading sports betting odds can seem complicated at first glance.

-110

11/10

May 22, 2020 In sports betting, how much a team wins by is usually all that matters. The most popular way to bet for the two most popular sports, basketball and football, is with the point spread, also known. 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.

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.

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”.

Spread Betting Explained

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.

Fractional odds are most common in horse racing and futures markets.

Related: Find more sports betting guides here

As a fan, you don’t care if your team wins by a point or 100. A win is a win, though that 100-point win would be a little easier on the nerves.

How To Read Betting Odds

In sports betting, how much a team wins by is usually all that matters.

Plus And Minus In Sports Betting Calculator

The most popular way to bet for the two most popular sports, basketball and football, is with the point spread, also known as the “side.” Most baseball, hockey and soccer bets are on the moneyline, which is betting on a team to win straight up with adjusted odds. Football and basketball have moneyline bets available too, but most people will take the point spread.

The concept can be a bit confusing if you’ve never dabbled in sports betting before.

Why bet with the point spread?

The point spread was created to attract more action on a game. When the San Francisco 49ers are expected to blow out the Arizona Cardinals, it’s not enticing to lay $300 to win $100 on a moneyline. But when the 49ers are 11-point favorites and each side is -110 odds? That’s much easier.

In that example, the 49ers are spotting the Cardinals 11 points before the game starts, at least for bettors. The 49ers have to win by 12 or more points to cover the spread. If the Cardinals win or lose by 10 or less, that side wins the bet. If the game lands on 11, like a 21-10 49ers win, it’s a push and all bets are refunded. If you see a -11 that means that team is favored, and +11 means you’re taking the underdog.

Nothing sharpens your math skills better than trying to figure out how big your lead as a bettor is if you have a 22.5-point basketball underdog that is losing 90-72.

The problem with the point spread can be when a team — which really doesn’t care that you bet the favorite at -11 — has a 14-point lead but gives up a meaningless score at the end to win by only seven points. They’re still happy with the win. You, as a bettor, are not.

Plus And Minus In Sports Betting

Point spreads lead to bad beats

The most infamous example of a bad beat with the point spread probably came in the 2004 Final Four at the NCAA men’s basketball tournament.

Duke was a 2.5-point underdog against UConn. The Huskies rallied late and took a 79-75 lead on a free throw with 3.2 seconds left. The game itself was over; Duke couldn’t score twice in a few seconds. But Duke guard Chris Duhon pulled up for a running 3-pointer just over the half-court line and banked it in at the buzzer. Duke lost 79-78, but bettors who had Duke and 2.5 points won. March Madness is a huge event for bettors, and reports at the time estimated that Duhon’s “meaningless” shot resulted in a $30 or $40 million swing in Nevada. UConn players celebrated at the final buzzer. UConn bettors doubled over in pain. That’s the difference between betting the moneyline and the point spread.

Baseball and hockey have point spreads too, the “run line” in baseball and “puck line” in hockey. It’s generally 1.5 with odds adjusting accordingly. Taking a big baseball favorite at -1.5 runs can make the odds more palatable. Of course, betting the New York Yankees at -1.5 to bring down the odds from -190 to -110 isn’t too fun when they win 4-3 and you don’t cash a bet.

Betting on the point spread is the most common way to wager on sports. And the first time you take a favorite that wins the game but doesn’t cover the spread, you’ll understand every bettor’s heartbreak.