Sports Betting Odds Explained
There will be betting odds regardless of the sport you want to bet on. From an NFL game to a tennis match betting, we all have to evaluate odds before making a wager. We'll dive into the ins and outs of betting odds below.
What is the '+' sign?
The "+" sign before betting odds indicates the underdog in the matchup. You can think of sports odds like this: The number associated with "+" odds is how much you'll win with a successful $100 wager.
What is the '-' sign?
The "-" sign before betting odds indicates the favored team. If NFL betting odds, for example, are listed at -120, you'd need to wager $120 to win $100.
What do 5-1 betting odds mean?
If you see betting odds of 5-1, these are fractional odds. Interpreted as American Odds, this is the same as +500. At 5/1 odds, you'll win $5 for every $1 you wager, assuming the bet is successful.
How do I read odds 100 to 1?
With 100 to 1 odds, you'll win $100 per $1 wagered on a successful bet. Translating 100 to 1 odds to American Odds, this would be +10000, a massive underdog bet.
Examples of Reading Odds for a Moneyline Bet
Moneyline bets are the most straightforward bet as you pick which team you think will win.
Let's look at some examples of different formats of moneyline odds below.
- 🏈 Kansas City Chiefs: +140. If you bet $100 and win, you get $140.
- 🏒 St. Louis Blues: -150. If you bet $150 and win, you get $100.
- 🏀 Oklahoma City Thunder: -350. Bet $350 to win $100.
- ⚾️ Kansas City Royals: +210. Bet $100 to win $210.
Examples of Reading Odds for a Parlay Bet
A parlay wager takes into account all of the betting odds from the games you choose and combines them. However, there are longer odds added because each contest you add must be successful for the ticket to be deemed a winner with a parlay.
Let's use the moneyline odds above: Chiefs +140, Blues -150, Thunder -350, Royals +210. The 4-Leg Parlay Odds would be +1494. Bet $100 to win $1,494.
Examples of Reading Odds for a Prop Bet
Prop bets are some of the most exciting ways to wager on sports. The most popular types of prop bets are player props. Instead of one layer of odds, there are odds for whether the player exceeds or falls short of the line given.
For example, if Chiefs QB Patrick Mahomes has a passing touchdowns line of 2.5 in the Super Bowl, the over could have NFL odds of +100 while the under is -120. You'll first decide how many touchdowns he'll throw and bet accordingly. If you think he'll throw three TDs, bet the over at +100. If you think he'll throw two TDs, bet the under at -120.
Negative Odds vs Positive Odds
Negative odds are represented with a "-" sign, and the number shown is how much you need to wager to win $100. For positive or "+" odds, you'll win the amount associated with those odds with a successful $100 bet.
A team with negative odds is favored in the matchup or futures bet. For example, if you see a college sports team like the Missouri Tigers with negative odds, they're the favorite in the game. If the odds are -150, they have a 60% chance to win based on the odds, and you'll win $100 if you successfully bet $150.
A team with positive odds is the underdog in the matchup. Let's look at the Kansas City Royals for example. If they're +1.5 on the point spread against the Miami Marlins and +105 on the moneyline, you'll get $105 with a successful $100 wager if they win the game outright or lose by only one run.
What Are Decimal & Fractional Odds?
Odds can be presented in a few different ways. American odds, decimal odds, and fractional odds all show the same thing, just represented differently.
|Example||American Odds||Fractional Odds||Decimal Odds|
|Chiefs to win vs Bengals||-135||20/27||1.64|
|Blues to win vs Predators||+150||3/2||2.5|
|Thunder to win vs Grizzlies||+133||4/3||2.33|
|Royals to win vs Reds||-145||69/100||1.69|
Fractional odds are a measurement of betting odds most often used in the United Kingdom and Ireland. These are represented as "5/1" or "100/1." This odds presentation dates back to the early days of horse racing betting in the UK and Ireland.
It's a simple way of showing how much money you'd win per $1 wagered. If you look at fractional odds and the top number is smaller than the bottom number, such as 1/2, you'll win half of whatever you wager. If you have 1/2 odds and you bet $10 and win, you'd get $5 from the win.
Odds can also be listed in decimal format. These are also known as European odds or continental odds. They are meant to be mathematically simple.
Odds of 2.00 show that you'll double your wager, and 33.00 means you'll win 33x your wager. 2.00 decimal odds are American Odds of +100, meaning if you wager $100 and win, you'll get another $100.
As you go up in decimal and odds start at, for example, 33.00, the American odds are always one digit behind, so that it would be +3200. At 55.00, it would be +5400.
Calculating Winnings with American Odds
You'll commonly see American Odds when betting online in Missouri. These use plus and minus signs. With negative odds, the number associated shows how much you need to wager to win $100. The positive sign shows how much you'll win with a successful $100 wager.
Of course, you can bet less than $100, but that's the easiest way to demonstrate how the odds work out.
Calculating Implied Probability with American Odds
While we see negative and positive odds, what does this mean regarding probability? Good question.
The equation is slightly different between the two types. Here's how probability is calculated:
- 📈 Positive Odds: 100 / (Positive American Odds + 100)
- 📉 Negative Odds: (Negative American Odds) / (Negative American Odds + 100)
Here's how the math works out with real numbers:
- +200 Odds: 100 / (200 + 100) = 0.3333 or 33.3%
- -200 Odds: 200 / (200 + 100) = 0.6667 or 66.7%
Calculating Winnings with Decimal Odds
Calculating winnings with decimal odds is quite simple. Simply multiple your stake times the decimal odds.
If you want to wager $100 and the decimal odds are 2.00, multiply 100 x 2.00 and get $200, which is the final payout.
If the wager is $50 and the odds are 3.00, you'd get $150 (50 x 3).
Calculating Implied Probability with Decimal Odds
To calculate implied probability with decimal odds, follow this formula: (1 / Decimal Odds) x 100
So, if the decimal odds are 4.00, here's what you get: (1 / 4.00) x 100 = 25%
How do I Read a Sports Betting Line?
Reading a sports betting line depends on the type of wager. With a moneyline bet, you're looking for the odds listed as negative (-) or positive (+). These are the odds on either team to outright win the game.
For a point spread, look at the number after the sign. If the team you bet on is -6.5 on the point spread, that team must win by seven points or more. These point spread bets also have odds, typically around -110, which show the payout on either team to cover the given spread.
Total bets are a line the expected point total for the game (for example, 47.5). You can wager on whether the combined score will go over or under that number. The odds are also at or around -110.
How Do I Read A Betting Line for Other Bets?
All bets have betting lines, but they don't all look alike. For prop bets, you're deciding whether or not a player will go over or under the stat in question, then bet on it with the odds in mind.
For example, Chiefs tight end Travis Kelce may have his receiving yards line set at 72.5. The "over" odds could be listed at -120, and the under at +110. You'll decide which side to bet, wager, and get paid according to the betting odds.
Do Lines Always Stay the Same?
No, lines don't always stay the same. Lines can change throughout the day leading up to the game. Point spreads and totals typically stay the same.
Since lines move so often, you should make your wager when you feel comfortable.
Why do Sports Betting Lines Move?
Sports betting lines move for numerous reasons, including past performances, new injuries, or weather. These are things to be aware of between games that you wager on.
When are Sports Betting Lines Released?
Sports betting lines are released daily. Lines are released quickly after a game has ended.
For example, NFL lines for future games are sometimes released prior to or shortly after the games from that week are played.
Why Are Odds Important In Sports Betting?
Odds are important because they not only show how much money you'll get paid, but they also show your potential value.
For example, even if you think the Chiefs will beat the Jets at -600 odds, there's still a chance of a K.C. loss, so wagering $600 per $100 in winnings might not be worth it on the off chance they do lose. Anything can happen in sports, after all.
How To Calculate Sports Betting Payouts
To calculate payouts, keep in mind the odds plus your wager. For example, if you bet $100 on +100 odds, you'll get $200 back—$100 from your original wager and $100 in winnings.
Let's take an example with an $80 wager on +250 odds. The 250 is divided by 100 to get 2.5, which you multiply by $80 to get $200. So, at +250, you'll get a payout of $200 on an $80 bet: $80 × (250 / 100) = $200.
Negative Odds Payouts
The easiest way to think of negative odds payouts is that the number after the minus sign is what you need to bet to get $100.
Positive Odds Payouts
For positive odds payouts, the number after the plus sign is the amount you'd get on a successful $100 wager.
Comparing Odds at Different Missouri Betting Sites
Comparing odds among all legal sportsbooks in Missouri is the best way to ensure you get the highest payouts. Also known as odds shopping, this method allows you to decide what you want to bet and browse to find the best odds for your situation.
What Should I Look for With Sports Betting Lines and Odds?
- ✅ Value: Based on your analysis of each game, finding odds that represent the best payout is important. For example, -108 means a bigger payout than -120.
- ✅ Odds Shopping: Look at all legal online sportsbooks in Missouri to see the best odds for the bet you want to make.
- ✅ Promotions and Bonuses: Some online sportsbooks in will have various Missouri sportsbook promos that can enhance odds for larger payouts.
Get the Best Betting Odds for Missouri Sports Bettors
Regardless of the sport you want to bet on in Missouri, you now have the tools to understand odds. It's important to be aware of team trends and injury news so you can gauge value and know your potential payout.
As you dive into betting in Missouri, bookmark this page as your go-to guide for understanding how betting odds work in the state.
Missouri Sports Betting Odds & Lines FAQs
Betting odds in Missouri work like anywhere else. The negative odds show the favorite, and the positive denote the underdog. The "-" odds show how much you need to wager to win $100, whereas the "+" odds show your payout with a successful $100 wager.
Online sportsbooks in Missouri would determine the betting odds in the state. However, since sports betting is not yet legal in Missouri, no one is setting betting odds there. You would have to check the odds at sportsbooks in a state with legal sports betting.
Yes, betting lines will surely shift in Missouri, as they do everywhere else shift almost constantly leading up to the start of the game or matchup. However, sports betting is not yet legal in Missouri, so there are no betting lines to shift.
NFL football and MLB baseball will tend to have the best odds in Missouri. NFL betting and baseball betting will no doubt have great odds in Missouri, with the Chiefs, Royals, and St. Louis Cardinals playing in town. Missouri bettors will have to wait to cash in on these odds.
Las Vegas does not necessarily have better odds than Missouri sportsbooks will have. Many online bookmakers and Las Vegas have similar odds, so you're not missing out on much by not being in Sin City. We'll have to wait and see how the odds eventually compare.
Graduating from the University of New Hampshire with a BA in Journalism, Richard has written for notable sports outlets such as Bleacher Report. Now with BetMissouri.com, Richard is able to combine his sports and gambling interests to spend time exploring online sportsbooks and casinos.