Entering the world of sports betting can be overwhelming, but understanding sports betting odds is a huge help. Put simply, knowing how odds work is essential to determining payouts and identifying favorites and underdogs. There are three types of odds: American, decimal, and fractional.
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Understanding American Odds: A Guide for NFL Betting
One of the most popular forms of sports betting odds in the United States are American odds, which are also known as moneyline odds. Let’s look at an example of an American odds bet for the NFL. You will see a line for a game like this:
| Team | Odds |
|---|---|
| Washington Commanders | -130 |
| Dallas Cowboys | +150 |
The ‘-‘ in front of the number shows the favorite in the game (Commanders), and the ‘+' in front shows the underdog (Cowboys). It’s easier to explain with a $100 bet example, but you can wager any amount.
In this example:
- If you bet $130 on the Commanders (the favorite), you would win $100 in profit if they win, for a total payout of $230 (your original stake plus your winnings).
- If you bet $100 on the Cowboys (the underdog), you would win $150 in profit if they win, for a total payout of $250 (your original stake plus your winnings).
💡 Pro Tip: Bet more on the favorite to earn smaller profits, or bet less on the underdog to win bigger profits.
One of the unique aspects of American betting lines is that the spread and totals can be incorporated. For example:
| Team | Spread |
|---|---|
| Washington Commanders | -4.5 (-110) |
| Dallas Cowboys | +4.5 (-110) |
Both teams typically have odds of -110 for spread betting, though this can vary slightly. In this example, betting $110 on either team would return $100 in profit if your team covers the spread.
Explaining Decimal Odds: Simple Math for NBA Betting
Decimal odds are more common outside the U.S., though they are sometimes used in U.S. sportsbooks. Here's an example of a decimal odds bet for an NBA game:
| Team | Decimal Odds |
|---|---|
| L.A. Lakers | 1.50 |
| Boston Celtics | 2.50 |
The team with lower decimal odds is the favorite, while higher odds indicate the underdog.
In this example:
- If you bet $1 on the Lakers (1.50), you would receive $1.50 total ($1 stake + $0.50 profit).
- If you bet $1 on the Lakers (1.50), you would receive $1.50 total ($1 stake + $0.50 profit).
💡 Pro Tip: Decimal odds represent the total payout per unit wagered, making them easier to calculate compared to fractional or American odds.
Fractional Odds Explained: Betting Futures Made Simple
Fractional odds are popular in the UK and frequently used for futures betting, such as predicting championship winners. For example:
| Team/Event | Fractional Odds | Potential Winnings |
|---|---|---|
| New York Yankees (World Series) | 9-1 | $90 on $10 bet |
In this case, if you bet $10 on the Yankees at 9/1, you would win $90 in profit (9 × $10) plus your original stake, for a total payout of $100.
Simplifying fractional odds:
- The first number represents your potential profit.
- The second number represents your stake. For example, 11/5 means you would win $11 for every $5 wagered.
Sports Betting Odds Comparison
In Europe, odds are shown as fractions like 10/11, which means for every $11 you bet, you’d win $10 in profit. When converted to American odds, 10/11 equals -110 because both formats reflect the same implied probability (52.4%).
💡 Pro Tip: Most sportsbooks allow you to toggle between odds formats. Understanding each format helps you find the best odds across platforms.
Which Sportsbooks Offer the Best Odds?
Odds often vary between sportsbooks, so it’s important to shop around. Lines can shift based on betting activity. For instance, if most bettors take the under on a total bet, the sportsbook might adjust the total or odds to balance the action.
Some sportsbooks known for competitive odds include Bet365, BetMGM, and Caesars.
What is the Spread?
You often hear the term “cover the spread“ regarding sports betting odds. The spread is commonly used in football and basketball betting. It's the expected number of points a team will win or lose by, set by oddsmakers.
| Team | Spread |
|---|---|
| New England Patriots | -5 |
| Miami Dolphins | +5 |
In this example:
- A bet on the Patriots (-5) requires them to win by at least six points to cover the spread.
- A bet on the Dolphins (+5) wins if they win outright or lose by four points or fewer.
If the Patriots win by exactly five points (e.g., 27-22), it’s a push, and you get your stake back. However, if the spread were -5.5, the Patriots would need to win by six or more points, eliminating the possibility of a push.
💡 Pro Tip: A spread ending in “.5” always ensures a clear winner or loser.
Other Popular Bet Types
The smartest way to bet on sports is to hunt for the best odds. If you can find a value bet in any way, shape, or form, you should consider using it to grow your bankroll. That’s why it’s important to consider a wide range of bet types, such as:
- ✅ Totals (Over/Under): Betting on whether the total points scored in a game exceed or fall short of a set number (e.g., Over 45 points in Giants vs. Eagles).
- 🎯 Proposition bets: Betting on specific player or team outcomes (e.g., Russell Wilson passing yards, first touchdown scorer).
- 📈 Futures: Long-term bets on events like championship winners (e.g., Super Bowl champion).
- 🔀 Parlays: Multiple bets combined (all must win, typically three or more legs).
- 🔥 Live Betting: Betting on an event as it happens, with constantly changing odds.
Totals Example
In totals betting, also called over/under, you bet on whether the combined score of both teams will go over or under a set number:
Example: Giants vs. Eagles (O/U 45 points)
- Bet on “Over”: Combined score must be 46 or more to win.
- Bet on “Under”: Combined score must be 44 or fewer to win.
If the total equals exactly 45 points, it’s a push, and your stake is refunded.
Sports Betting Odds Calculator
A betting odds calculator is a valuable tool for bettors, helping to:
- ✅ Input betting odds (American, decimal, fractional)
- ✅ Calculate potential payouts
- ✅ Especially useful for parlay bets
To Sum It Up
Understanding sports betting odds—whether American, decimal, or fractional—gives you an edge when evaluating bets. These formats are simply different ways of expressing the same probability, so choose the one you prefer. By comparing odds across sportsbooks and exploring different bet types, you can increase your chances of finding value bets and growing your bankroll.