Odds 200 To 1
Getting action on a game can add a thrill factor that is hard to find in any other aspect of life. Making some money while doing it, well, it doesn’t get much better than that. But what happens when you jump onto your favorite sportsbook and they bombard you with a series of numbers (odds) which are meant to represent the chances of your team winning, when all it really looks like is math on steroids!
If this is how you feel when your trying to place a wager, read on. The following is a simple guide on how to read sports odds and give yourself the best chance of taking home some cash.
If $10 is bet at odds of 3/1, the potential profit is $30 ($10 x 3) and the total returned is $40 ($30 plus the $10 stake). Implied Probability. Odds correlate to probability. A 4/1 bet is expected to win one in every five attempts, therefore the probability is 20%. Odds Conversion Table. Using the +120 odds, it shows us that a $100 bet on that outcome would pay out $120 in profits. Again this can easily be converted into smaller or larger size bets. A $10 bet on +120 odds would pay out $12 in profits. Examples: Below is an example of NFL betting odds taken from an online betting site. Odds-On: A term used for a strong favorite to win, when to have to actually spend more to win. A horse priced at 1/3 is odds on. Long Odds: This is an underdog bet, but if you win you’ll receive many multiples of your stake back. A horse priced at 50/1 is long odds. Short Odds: This is a high chance to win, but you will only make a small.
What does +200 mean? +200 is a specific set of odds attached to a given sports event. These are in the form of ‘American’ odds’. The +200 represents the amount a bettor would win if they had wagered $100. A profit of $200 and a total payout of $300. Other types of odds are Decimal and Fractional.
What Types of Odds Do Sportsbooks Use?
Globally sportsbooks use one of three types of odds:
- American
- Fractional
- Decimal
There are positives and negatives in the use of all of them. One thing is for sure, if you are going to bet on sport, you will run into one of these odds formats and you NEED to know how to read, understand and eventually capitalise on them.
This article will focus heavily on American odds.
How to Read American Odds
The basis of American odds is that they reflect two different aspects to the bet:
- in the case of the underdog: how much money a gambler will win if they bet $100,
- in the case of the favorite: how much a gambler needs to bet to win $100.
Quite a big difference between the two, and definitely a little tricky to navigate at first.
The following is an example of the moneyline market using American Odds, which was offered by a sportsbook during the NBA playoffs
Note:As the Portland Trail Blazers are the home team they are listed second in this market. Interestingly in many international or offshore sports the home team is listed first. Perhaps in this case the home court advantage is what has led the sports books to install the Trail Blazers as the favoured team.
We can tell Portland has favoritism as the odds have a minus sign at the front. Any time a team has minus sign out front, the bettor knows they will be receiving less than a 2 – 1 payout figure. In fact in this case, to win $100 wagering on the Trail Blazers you would need to stake $128.
In this particular example, the Oklahoma City Thunder are the outsider or underdog as they have odds with a plus sign at the front (plus money). This means if you bet $100 on OKC then you would collect $105 profit, a total return of $205.
Clearly the bookmakers considered the game to be potentially close and therefore odds were reasonably tight. As it turned out the Trailblazers dominated the second half and ran out convincing winners 114 – 92. Moneyline bettors who took Portland, go to bed with a tidy profit. In actual fact the margin of victory is irrelevant as the Moneyline requires just one condition be met, a win.
How to Do the American Odds Math?
Despite the American odds looking confusing at first sight, the underlying math is not too difficult. Having said that it could be much more user friendly.
Another key point to remember is that American odds do not include the original stake in the calculation. They only reflect the profit from the wager. The original stake needs to be added to reflect the total payout or total return figure.
Referring back to the previous example the following math applies:
The issue with this way of reporting odds is that the bettor has to do more than one level of calculation themselves. While it’s all fairly straightforward it does affect the user experience negatively.
How are American Odds Different to Decimal Odds?
The decimal odds system, which is being increasingly used by sports bookmakers across the globe, removes the extra step of calculation required by the bettor when American Odds are in use. It is a much simpler method to offer odds on the identical market and immediately gives a total return or payout figure by using one simple multiplication.
The NBA example used earlier in the article using decimal odds would read as follows:
The payout calculation is where the ease of decimal odds is highlighted:
Underdog:
Favorite:
It is clear that the decimal method is a much simpler way for sport bettors to calculate their potential winnings than than the American odds system.
Another downside to using American odds is that they are almost unusable when working with parlay betting. A parlay or multiplier is where a bettor takes classic bet types and parlays several of these into one wager. In order to multiply the individual odds to create the parlay payout figure, the moneyline is first converted to decimal odds. Highlighting the extra step of math sportsbooks require bettors to do when they solely offer odds in the American format.
It is hoped that one day soon most sports books will offer decimal odds instead of American odds. As legalized sports betting explodes in popularity across the US and more mobile sports betting platforms come online, it is hoped that at the very least, functionality to switch between types of odds is added to all betting apps. After all, sports betting is about entertainment, and user experience should be the number one focus from all corporate bookmakers.
How to Identify Sportsbook’s Margin When Using American Odds
Sportsbooks clearly need to make money to continue to operate and therefore it is understandable that they will take a cut along the way. Understanding when that cut is too large is critical in giving yourself the best chance of turning a profit.
When dealing with American odds on 50/50 markets like total points or point spread the margin is quite simple to recognise.
For example the market on an NBA game may be offering an over/under points total of +/-214.5 points.
In this market, without any bookmaker edge, the odds would read +100 for each option. That is a doubling of the bettors money based on the market essentially being a coin flip. $100 invested would return a profit of $100. Clearly this is not the case in reality. If you spot a market like this through a sportsbook promotion (a rare occasion), then load up!
The sportsbook is only offering -110 meaning a bettor would need to invest $110 to return a profit of $100. This equates to approximately a 4.5% margin (vig) for the book. To be profitable long term the bettor would have to correctly pick this market 53% of the time. A tall order.
Some books will offer a smaller vig, for example -108 but others will be less generous and wind their margin out to numbers like -112. These numbers are often seen in live betting markets due to the greater perceived risk the sportsbook take on with live markets.
It is best, as a rule, to avoid markets where the market is skewed too far in the favor of the book.
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Before you hit the confirm bet button on your mobile sportsbook make sure you are fully aware of what price you are actually buying. While American Odds can at times be confusing there is still an art to spotting and cashing in on value. Best of luck!
Good Luck and as always, gamble responsibly!
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 represent the likelihood of an outcome occurring. In sports betting, each team is assigned odds that represent the likelihood of them winning the game. When the odds for two teams are even, meaning 1 to 1, it means that each team is equally as likely to win the game. If Team A is assigned 2 to 1 odds, it means Team B is twice as likely to win. If Team A is assigned 10 to 1 odds, it means Team B is ten times as likely to win.
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?
In a betting line between two teams, the team expected to win, or favorite, will have minus or negative odds. This means for every dollar wagered, you will earn less than a dollar if your bet wins. The team expected to lose, or underdog, will have positive or plus odds. This means for every dollar you wager, you will gain more than a dollar if your bet wins.
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.
Thankfully, you can view your potential winnings on each bet before placing it at an online sportsbook. That said, it is beneficial to understand the betting odds.
Moneyline Bets
Definition of bet: A moneyline bet is a wager on which team will win the game outright. Both the favorite and the underdog are given odds to win the game. 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
Definition of bet: A spread bet is a wager on which team will cover the spread or point spread.
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 |
|---|---|
| Over 7 (-115) | In order to win $100, you must bet $115 on the overall combined run score to be higher than 7 |
| Under 7 (-110) | In order to win $100, you must wager $110 on the total combined run score to be less than 7 |
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
Decimals odds are used more commonly in parts of Europe. When using decimal odds, the underdog has the higher of the two numbers, while the favorite has the lower of the two. To calculate decimal odds, you can use the following equation.
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.
In conclusion, American odds are almost always displayed at any United States sportsbook, while fractional and decimal odds are almost always displayed at any sportsbook outside of the United States. Check out our Guides Page to see where sports betting stands in your state!
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.
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.
Odds 20 To 1
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?
American Betting Odds Calculator
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?
A parlay bet is a group of spread, moneyline, or total bets combined into one bet to increase the payout odds. In order for the parlay to win, each separate bet has to win. Parlay odds offer bigger payouts than normal odds because they are riskier since each individual bet has to win.
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 |
Methodology
1000 To 1 Odds
For the BettingBuck.com annual best online sportsbooks review published in 2020, a total of 2,300 data points were collected over six months and used to score sportsbooks. Additionally, odds data was collected for each sportsbook on over 1,400 bets to give each sportsbook a comparative odds ranking.
4 1 Odds Payout
Sports betting sites were scored across seven core categories to computer an overall rating: total number of sports and bets offered, odds, live betting features, mobile apps, educational resources, ease of use, and current bonuses.
Learn more about how we test.