When looking at betting odds, you’ll often see numbers with plus and minus symbols in front of them. These indicate how likely an outcome is to occur, and show the potential payout if you bet on that outcome. Understanding how plus and minus odds work is key to betting successfully.
The Basics of Plus and Minus Odds
Odds with a minus symbol (-) are for the favorites or expected winners. The number indicates how much you need to bet to win $100. For example, -200 odds means you need to bet $200 to win $100. The lower the number, the bigger the favorite.
Odds with a plus symbol (+) are for underdogs or unlikely winners. The number indicates how much you would win if you bet $100. For example, +150 odds means if you bet $100 you would win $150. The higher the number, the bigger the underdog.
Fractional vs. Decimal Odds
You may also see odds presented as fractions or decimals:
- -200 = 1/2 = 0.5
- +150 = 3/2 = 1.5
The fractions show the ratio of the amount won to the amount bet. With -200 odds the ratio is 1/2, meaning for every $2 bet you win $1. With +150 odds the ratio is 3/2, meaning for every $2 bet you win $3.
Decimal odds show the total return on a $1 bet, including your original stake. At -200 odds a $1 bet returns $0.50 profit plus the $1 stake, so 0.5 total. At +150 odds a $1 bet returns $1.50 profit plus the $1 stake, so 1.5 total.
Implied Probability
Odds also represent implied probabilities – the chance of an outcome occurring based on the odds. To calculate this:
- For negative odds, divide the number by itself plus 100. E.g. -200/300 = 0.667 = 67% chance
- For positive odds, divide 100 by the number plus 100. E.g. 100/250 = 0.400 = 40% chance
So -200 odds mean a 67% implied probability, while +150 odds mean a 40% implied probability. The higher the odds, the lower the implied probability.
Payout Calculations
Here are some examples to show how payouts are calculated with plus and minus odds:
| Odds | Bet | Potential Payout |
|---|---|---|
| -200 | $200 | $100 profit + $200 stake = $300 total |
| +150 | $100 | $150 profit + $100 stake = $250 total |
| -110 | $110 | $100 profit + $110 stake = $210 total |
| +300 | $100 | $300 profit + $100 stake = $400 total |
These examples show that the higher the plus number, the more you stand to win per dollar bet. And the lower the minus number, the less you need to risk to win $100.
American vs. Decimal Odds
There are a few key differences between American plus/minus odds and decimal odds:
- American odds are based on a $100 reference, while decimal odds are based on a $1 wager.
- Decimal odds show total potential return, American odds focus just on profit.
- Decimal odds are more common worldwide, American odds are mostly used in the US.
Despite these differences, it’s easy to convert between the two:
| American Odds | Decimal Odds |
|---|---|
| -110 | 1.91 (calculated by -110/100 + 1) |
| +260 | 3.6 (calculated by 260/100 + 1) |
Moneyline Odds vs. Point Spread
With moneyline odds like +150 or -200, you simply pick the outright winner. Point spread odds adjust the margin to make games more even.
For example, a point spread of -7 means that team must win by over 7 points to “cover the spread.” Odds like -110 are common for spreads as they imply about a 52.4% chance of that team covering.
Where to Find Plus and Minus Odds
You’ll see plus and minus odds offered at all legal sportsbooks, both online and in casinos. Odds generally look something like:
| Team/Outcome | Odds |
|---|---|
| Chicago Bulls | -240 |
| Denver Nuggets | +190 |
Comparing the plus and minus odds quoted for each team or outcome is one of the quickest ways to assess which one is favored to win a betting proposition.
Line Shopping for the Best Odds
Different sportsbooks will offer different odds on the same event. Line shopping refers to comparing the odds at various books to find the most favorable bets. Some key tips:
- Shop early – opening lines often differ significantly.
- Follow line movements – drastic shifts may reflect new information.
- Don’t just chase plus money – make sure it reflects value.
- Consider underdog plus odds vs. favorites at pick ’em.
Finding the best plus or minus odds number for your bet can make a big difference in your payout and profit over time.
Betting Odds Take Time to Learn
If you’re new to sports betting, plus and minus odds can seem confusing. Don’t worry, with some practice you’ll quickly get used to reading them and determining good value bets. Keep these tips in mind:
- Minus odds = favorites, plus odds = underdogs.
- The bigger the number, the bigger the underdog or payout.
- Low minus odds have high implied probabilities.
- Odds can be represented as fractions or decimals too.
- Shop lines for your best price on a wager.
Learning to read sports betting odds opens up an exciting new hobby with plenty of winning potential. So pay attention to those plus and minus signs, as they hold the keys to sports betting success.
Conclusion
In summary, plus and minus odds are how betting lines are expressed in the US. The + and – symbols indicate underdogs and favorites, while the numbers reflect the implied probabilities and potential payouts. Converting between American and decimal odds is straightforward. Line shopping, understanding moneylines vs. spreads, and getting experience with reading odds takes time. But once you have a solid grasp of plus and minus odds, you’ll be able to bet on sports much more confidently and strategically.
