How to Read Betting Odds

The absolute biggest barrier to entry for any new sports bettor is staring at the odds screen. It looks less like a sports game and more like a highly complex Wall Street trading terminal. It is filled with numbers and symbols. If you do not know exactly how to read these numbers, you are gambling blindly. You won’t know who is supposed to win, you won’t know the cost of the bet, and you will have absolutely zero idea how much money you are actually going to win. Although it looks like complex math, they are actually just three different, very simple ways of expressing the exact same mathematical probability. This article will translate the board for you, explaining the math behind the payouts.

The Moneyline: The Plus and Minus System

If you use an American sportsbook, you will use American odds. This system is entirely built around the absolute baseline number of $100. It uses symbols to show the favorite and the underdog.

• The Favorite (-): Whenever you see a massive minus sign next to a team (e.g., -150), they are the superior team. The number itself tells you exactly how much money you must physically risk in order to win $100 in pure profit. You risk $150 to make $100. Total return is $250.
• The Plus (+) Symbol: The Underdog: The positive number is the weaker team, it tells you this team is the mathematical underdog and is expected to lose. This number tells you exactly how much pure profit you will win if you risk exactly $100. If the odds are +200, a $100 bet will win you a massive $200 in pure profit. Total return is $300.

2. Decimal Odds: How the Rest of the World Bets

If you use an international site, you will almost never see the American plus/minus system. They use the metric system of betting. Decimals are incredibly simple, because you do not have to worry about the base-$100 math.

3. Fractional Odds: The Oldest System

If you use a British bookmaker, or if you play the ponies, you will see fractions: Fractional Odds (e.g., 5/1 or 1/2). Although they seem difficult, the math is basic.

• The Formula: Profit / Stake: The top number is the win. The bottom number is the bet.
• The Example: 5/1 (Five to One): If a horse is listed at massive 5/1 odds, you risk $1 to win $5. If you bet $100 on this horse, you will win $500 in profit.
• The Heavy Favorite: If the fraction is backwards, this is a massive favorite. You risk $2 to win $1. You must bet $100 to win $50.

In conclusion, whether you are looking at a massive -150 in Las Vegas, a 1.66 in Paris, or a 4/6 fraction at a horse track in London, the math is identical. Most massive, high-tech modern betting apps let you change the settings to whichever system your brain naturally processes the fastest. The goal is understanding the cost and the payout. Once you can instantly look at a board and calculate exactly how much money you are risking, and know your payout, you are officially a sports bettor.