How to Read Sportsbooks Odds
Key Takeaways
What Are Odds?
The most important part about odds (aka ‘lines’) is that they tell you the amount of money you will receive if your bet wins. In the image below, all of the numbers in blue are the odds for each bet.
American odds are always tied back to $100. A positive number indicates how much money you will win on a $100 bet. A negative number indicates how much you need to bet to win $100. The team with the positive odds is often referred to as the underdog, and the team with the negative odds is called the favorite.
A $100 bet on the 49ers who are the underdog at +124 profits $124. The total payout would be $224, this includes the original $100 bet. The original bet amount is called the stake. A $146 bet on the Eagles who are the favorite at -146 profits $100. The total payout would be $246, but that includes the $146 stake. It is easy to determine winnings when betting $100 on an underdog or betting an amount that matches the negative odds on a favorite. What if you want to bet other amounts? Let’s find out how to calculate our winnings.
Payout Calculation for Negative Odds
Winnings = (Wager Amount * 100) / Odds
If you bet $45 on the 49ers at -146, you can solve for our winnings by using the formula above.
Winnings = (45 * 100) / 146
Winnings = 4,500 / 146
Winnings = $30.82
Therefore, if you wagered $45 at -146, the winnings would be $30.82 on top of the $45 stake being returned, which would put the total payout at $75.82.
Payout Calculation for Positive Odds
Winnings = (Wager Amount * Odds) / 100
If you bet $65 on an underdog that is +124, you would solve it like this.
Winnings = (65 * 124) / 100
Winnings = 8,060 / 100
Winnings = $80.60
Therefore, if you wagered $65 on an underdog at +124, the winnings would be $80.60 on top of the $65 stake being returned which would put the total payout at $145.6.
Minimum Odds Requirements
Many sportsbooks and betting promotions include minimum odds requirements you must meet in order to qualify for certain bonuses or free bets. For instance, if a sportsbook states you need to place wagers at minimum odds of -120, you won’t be able to fulfill the requirement with extremely short-priced favorites like -300 or -400. Minimum odds of -120 means you cannot place a bet on any team or outcome that is a heavier favorite than -120 (for example, -150 or -300). The odds have to be -120 or greater (e.g., -110, +150).
Example
- Qualifies: A bet on a team at -110 meets the requirement because -110 is greater than -120.
- Does Not Qualify: A bet on a team at -250 would fail the requirement because -250 is a heavier favorite than -120 (meaning you must risk more to win $100).
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What Does -200 or Longer Mean?
You may also see a restriction indicating the odds must be -200 or longer for a bet to be valid for a promotion. But what does -200 or longer mean? It is the same thing as minimum odds, just worded differently.
Example
- Qualifies: A bet on a team at -190 meets the requirement because -190 is greater than -200.
- Does Not Qualify: A bet on a team at -250 would fail the requirement because -250 is a heavier favorite than -200 (meaning you must risk more to win $100).
