How to Read Odds

Joey Shadeck

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 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?


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.


Moneyline Bets


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


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

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


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.


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.

Odds Comparison
Odds Comparison

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%

If you think the Chicago Bulls have a 70% chance of winning, then betting on them would be considered a smart bet.

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?


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



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Joey Shadeck


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