Learn to Understand the Various Odds Formats When Betting Sports

Having been around for 25 plus years it’s truly amazing to see just how little folks know about how lines/odds work.

Case in point, we’ve had people ask us what -110 means as opposed to +100.  People will often bet a side thinking they will win the amount equivalent to what they bet.

Here is where we have a little confession to make.  With prediction markets gaining in popularity, betting markets often are presented with chance as opposed to the odds.  Those of us at gambling911.com still need to find calculators to translate chance into our preferred odds format.   The good news is there are plenty of websites offering a free betting odds calculator and converter.

We’ll save chance conversions for a rainy day.

Below we will take a look at the various odds formats and the actual payouts.

American Odds

This odds format is most popular in - you guessed it - North America.

The format is actually quite simple to understand, though the number of zeroes can throw folks off.   You will see American odds appearing along side futures and prop offerings.

Let’s take the 2026 Super Bowl as an example.

The Philadelphia Eagles, reigning Super Bowl champs, not surprisingly come in as the +600 favorite.  This means that a $100 bet would pay out $600 or a $10 bet would pay out $60.  For all you high rollers out there, a $1000 bet pays out $6000.  Yes, you get back that initial stake (bet) of $1000, using the latter example.  Your profit is $6000.

This year’s Oscars featured a lot of favorites with the minus sign in front and, in the case of “Best Picture”, “Anora” came in at -200.  We should point out that, in terms of Oscars pricing, that was some pretty good value.  “Anora” did ultimately win the category.  If you were to have wagered $20, you’ve had won $10.  The minus sign indicates more of a risk versus reward.  That $20 is refunded and your profit is $10.

Where things get a bit complicated is with the number of zeroes.  “Dune: Part 2” was listed at +10000.  A $10 bet you simply remove one of the zeroes for a $1000 win.  A $100 bet pays out $10000, adding another zero.  

Decimal Odds

Decimal odds are most popular in Australia, Canada, Europe and New Zealand. Some say this format is easy to understand.  Maybe. We here at Gambling911 are not as familiar with the format.

The team with the higher of the two numbers is the underdog and the team with the lower of the numbers is the favorite. The return can be calculated by multiplying the bet with decimal odds.

Fractional Odds

Fractional odds are sometimes referred to as "British odds," "U.K. odds," or "traditional odds”. If you studied fractions in high school, theses are easy enough to understand when wagering.

5/1 odds translates into a $50 payout for every $10 bet.  You simply take the top number and that’s the payout while the bottom number is the stake or bet amount.   Perhaps it is easier to write as $5 won on a $1 bet.

1/5 means you’d win a dollar for every $5 bet.  Again, that $5 stake is returned just as long as the bet is a winner.   When the top number is smaller than the bottom number, this indicates the risk is much higher than the actual reward.

Moneyline vs. Spreads

The moneyline appears in the American odds format.

An example might be the Memphis Grizzlies playing in Dallas against the Mavericks Friday night.  The moneyline listed for Memphis appeared as -450.  You’d have to wager $450 to win $100 (once again, the $450 is returned just as long as Memphis wins outright and a $100 profit is realized).  Dallas featured a moneyline of +360, meaning a $100 bet pays out $360 should the Mavericks upset.

Spreads allow for a handicap and some insurance.  With the Grizzlies-Mavs game, the number came in at -10 Memphis and +10 Dallas.  You can still win your bet backing the Mavericks provided they lose by no more than 9 points (a 10-point loss pushes). The Grizzlies pay out just as long as they win by more than 10 points.

Spreads typically do not pay even money.  There is what’s known as the vig.  If your bet is $100, the winnings will typically be something between $90 and $100.  In the case of Friday night’s game between Cleveland and Charlotte, the Cavs were priced at -115 and the Hornets at -105.

Don’t Be Embarrassed

Oddsmaking is math.  Sure there are math geniuses out there.  Yours Truly got no greater than a D in high school algebra, so don’t despair.  Maybe if there were bookmaking courses, that grade would have been a B, but for those of us here at gambling911.com there’s still a learning curve when it comes to interpreting odds.