How To Read The Moneyline Odds
Arguably the most important and basic element of not just NFL betting, but sports betting in general, is undeniably being able to read and understand odds. After all, odds convey the most important piece of information to any bettor, whether they be Doc Holiday or Joe Six Pack; how much money they stand to win should their bet hit.
When wagering on the NFL, the difference between making an informed bet and uninformed bet (read: a bad bet) rests solely on the bettor’s understanding of odds and bet types. Needless to say, given that money is at stake, knowing how to read and understand NFL odds at BetOnline is a prerequisite to successful NFL betting. However, luckily for the uninitiated, this short explanation will help shed light on a subject that is deceptively simple.
Here's how to read sports betting odds. We cover moneyline, point spreads & over/under betting. Find out how odds are determined and change over time. If you're new to betting learning how to read betting odds can be a minefield. Learn how to become an expert at online-betting.me.uk. How to read american, decimal, and fractional odds. In sports betting, you must be able to read and understand odds to know what you're betting on.
How to Read Odds
As mentioned, odds are the language in which sportsbooks convey what the potential payout on any given bet is. While there are many different ways to bet on the NFL, the odds are expressed in the same way across every bet type.
In the US, odds are more often than not written in a format known as “moneyline” odds (also known as “American” odds). This system is identified by the positive (+) and negative (-) signs, which denote the underdog and the favorite, respectively.
The most important piece of information here for any bettor to know is that the negative sign corresponds to the amount a bettor needs to wager in order to win $100. Similarly, the positive sign corresponds to the potential payout a bettor can win by wagering $100. It’s that straightforward.
For the sake of brevity, let’s take an example…
Say you’re looking to bet on the moneyline between Detroit Lions vs the Green Bay Packers (don’t worry, we’ll cover what moneyline bets are later). The Lions are listed at odds of +155, while the Packers are listed at odds of -175. Straight away, we know the Lions are the underdogs (to the surprise of absolutely no one), while the Packers are the favorites.
Knowing what we know, a $100 bet on the Detroit Lions to win will pay $255.00 ($155.00 in profit plus the original wager of $100.00, also known as the “outlay”). In the same vein, a $100 bet on the Packers to win would yield a payout of $157.14 ($57.14 in profit plus the $100 outlay).
While math is admittedly less fun than sports betting, the two are indeed bedfellows. However, don’t fret! For those bets with nice, round odds, calculating the potential payout is easy. For those bets with more complicated odds, there are no shortage of free payout calculators that are easy to use.
For you gluttons for punishment, on the other hand, the calculations are as follows:
For favorites: Divide the odds by 100 and multiply the result by your wager amount. In our example, the calculation would be (155/100)x100=$155.
For underdogs: Divide 100 by the odds and multiply the result by your wager amount. In our example, the calculation would be (100/175)x100=$57.14.
Types of Bets and What Their Odds Mean
As mentioned above, before diving into the many different ways one can wager on the NFL, we first need to know how to read odds and what they mean. Now that we’ve crossed that bridge successfully, it’s time to see how those odds are applied to various bet types.
While there are many different ways to bet on the NFL, we will focus on the standard betting choices such as moneylines, point spreads, and totals. Additionally, we will also cover popular bet types such as propositions (props), futures, and parlays.
Moneylines: In as few words as possible, NFL moneyline bets are simply wagering on a particular team to win a game. Using our example above, wagering on the Detroit Lions to beat the Packers at odds of +155 is an example of a moneyline bet. However, what happens in the event of a tie? Should the game result in a tie, the bet is known as a “push” and you’re refunded your wager in full.
Spread betting: One of the most popular and famous ways to bet on the NFL is to bet on game point spreads. For those who don’t know, point spreads are the “line” that bookmakers set as the number of points they believe the favorite team will win by. In order for a bet on the favorite team to hit, that team must win by more points than the line is set at (known in industry jargon as “covering the spread”). Alternatively, for a bet on the underdog to win, that team must either win the game outright or lose by less than the line.
Totals: Also known as “Over/Under” bets. Odds on these bets refer to whether the combined score of the game will be over or under an amount set by the bookie. Using our example from above, say the score of the Lions vs. Packers is set at 48. If you select the “Over,” you are wagering that the score will be above 48. Conversely, if you select the “Under,” you are wagering that the score will be under 48.
Proposition bets: Also known as “prop” bets, these bets are wagers on the occurrence of a particular event in a given game. Props can be made on either entire teams or on individual players and odds reflect these events. In terms of the NFL examples can include a safety, interceptions, the longest rush, passing yards, and more.
Futures: Spoiler alert, futures bets are bets made on any event that will take place at some point in the future. Similar to prop bets, futures bets can be made on both entire teams (winning the Super Bowl, AFC, or NFC for example) or on individual players (MVP, Defensive Player of the Year, or Rookie of the Year for example). Due to the fact that the outcomes of these bets are only known at a later point in time, odds for such bets can be much higher than other standard betting types.
Parlays: Parlay bets are compound wagers made up of two more individual bets. These bets can either be for the same game or spread across multiple games! Additionally, they can also include combinations of moneylines, spreads, and totals bets. However, in order for a parlay to win, all legs of the wager must hit. If even one bet misses, the entire bet is lost. In terms of odds, each constituent bet has its own odds. However, when listed together in the same bet slip, the odds are compounded exponentially…along with the potential payouts. As such, the odds of hitting large parlays (four or more bets) are generally quite low, yet can pay out massively for even small bets such as $10 or $20.
Regardless of one’s bet type, it is vital to understand your chances of winning and what your potential payouts can be. In order to get the best value possible however (and more importantly, the best payouts possible!) it is highly recommended to shop around and compare odds on all your bets before you place them.
Understanding how to read odds is crucial to betting on sports. This guide will teach you how to read odds for moneyline, total, and spread bets. We will be looking at American, decimal, and fractional odds, which are three different ways of writing the same odds.
What are Odds?
Odds represent the likelihood of an outcome occurring. In sports betting, each team is assigned odds that represent the likelihood of them winning the game. When the odds for two teams are even, meaning 1 to 1, it means that each team is equally as likely to win the game. If Team A is assigned 2 to 1 odds, it means Team B is twice as likely to win. If Team A is assigned 10 to 1 odds, it means Team B is ten times as likely to win.
Odds are typically expressed with a positive or negative sign in front of them and are not written as 2 to 1 or 3 to 1.
How do Plus and Minus Odds Work?
In a betting line between two teams, the team expected to win, or favorite, will have minus or negative odds. This means for every dollar wagered, you will earn less than a dollar if your bet wins. The team expected to lose, or underdog, will have positive or plus odds. This means for every dollar you wager, you will gain more than a dollar if your bet wins.
The table below shows an NHL game where the Boston Bruins are favorited to beat the St. Louis Blues.
| Team | Odds | Amount Wagered | Total Payout |
|---|---|---|---|
| Boston Bruins | -150 | $1 | $1.67 ($1 bet + .67 cent won) |
| Boston Bruins | -150 | $10 | $16.67 ($10 bet + $6.67 won) |
| St. Louis Blues | +130 | $1 | $2.30 ($1 bet + $1.30 won) |
| St. Louis Blues | +130 | $10 | $23 ($10 bet + $13 won) |
American Odds
American odds are what you will see displayed on almost every sportsbook. Just like the metric system, dates, and miles per hour (mph), Americans do things differently when it comes to betting odds. Take a look at this standard slate of betting odds from for an MLB game.
| Team | Spread (Runline) | Moneyline | Total |
|---|---|---|---|
| Chicago White Sox | +1.5 (-115) | +140 | Over 9.0 (-120) |
| Los Angeles Angels | -1.5 (-105) | -120 | Under 9 (-105) |
The first thing you will notice when reading odds will be that:
- Odds have either a plus or minus in front of them
- Odds are in terms of 100
Betting Odds are written in terms of 100 as an industry standard. The easiest way to think of the plus and minus signs is as follows. If it is a plus, you will receive more than a $100 payout on a $100 bet. If it is a minus, you will have to bet more than $100 to win a $100 payout.
Thankfully, you can view your potential winnings on each bet before placing it at an online sportsbook. That said, it is beneficial to understand the betting odds.
Moneyline Bets
Definition of bet: A moneyline bet is a wager on which team will win the game outright. Both the favorite and the underdog are given odds to win the game. Read the chart below to get started on reading odds for the following game:Green Bay Packers (-150) vs. Detroit Lions (+130)
How To Read The Moneyline Odds Today
| Moneyline Odds | How to Read it | What it Means |
|---|---|---|
| Lions +130 | Lions plus 130 | By betting $100 you will win $130 if the Lions win |
| Packers -150 | Packers minus 150 | To win $100, you must wager $150 on the Packers to win |
Spread Bets
Definition of bet: A spread bet is a wager on which team will cover the spread or point spread.
How to read spread odds for the following game: Los Angeles Lakers +5 (-110) vs. Houston Rockets -5 (-110)
| Spread Odds | How to Read it | What it Means |
|---|---|---|
| Lakers + 5 (-110) | Lakers plus 5 points at minus 110 odds | The Lakers must win the game, or lose by less than 5 for you to win your bet |
| Rockets -5 (-110) | Rockets minus 5 points at minus 110 odds | The Rockets must win the game by more than 5 points for you to win your bet. A tie is a push, meaning you don't win or lose. |
Total (Over/Under) Bets
How To Read A Moneyline
Definition of bet: A total bet focuses on how many points are scored, regardless of who wins the game. After a total point score has been set, bettors can wager on whether the actual score of the game will be over or under the set point score.
How to read over/under odds for the following game:
How To Read The Moneyline Odds Genesis Open
New York Yankees vs. Boston Red Sox Over 7 (-115) Under 7 (-110)
| Total Odds | How to Read it |
|---|---|
| Over 7 (-115) | In order to win $100, you must bet $115 on the overall combined run score to be higher than 7 |
| Under 7 (-110) | In order to win $100, you must wager $110 on the total combined run score to be less than 7 |
Keep in mind for both spreads and totals that if the game ends in a draw for the bet (Yankees 4, Red Sox 3), then you get your bet back but do not win or lose any additional money.
Fractional Odds
Fractional odds are used more commonly in parts of Europe, as well as in horseracing. To calculate fractional odds, you have to do some mental division or enter your desired amount and see what the sportsbook shows as your payout! Here are some odds for a fictitious horse race and how you go about reading them.
| Horse Name | Odds | How to Read it | Your Bet | You Win |
|---|---|---|---|---|
| Laser Focus | 15/1 | Fifteen to one | $10 | $150 |
| American Pride | 7/2 | Seven to two | $10 | $35 (10 x 3.5) |
| Green Eggs | 3/5 | Three to five | $10 | $6 (10 x .6) |
In this race, where we only have three horses, you can see Laser Focus is the underdog, while Green Eggs (no ham) is the favorite. A lot of sportsbooks offer a fractional view if you prefer it to the American odds.
Decimal Odds
Decimals odds are used more commonly in parts of Europe. When using decimal odds, the underdog has the higher of the two numbers, while the favorite has the lower of the two. To calculate decimal odds, you can use the following equation.
Return = Initial Wager x Decimal Value
Example: Let’s say the Arizona Diamondbacks 2.00 are playing the Chicago Cubs 1.90
| Team | Your Bet | Your Return | Your Profit |
|---|---|---|---|
| Arizona 2.00 | $1 | $2 | $1 |
| Chicago 1.90 | $10 | $19.09 | $9.09 |
A lot of sportsbooks offer a decimal view if you prefer it to the American odds.
In conclusion, American odds are almost always displayed at any United States sportsbook, while fractional and decimal odds are almost always displayed at any sportsbook outside of the United States. Check out our Guides Page to see where sports betting stands in your state!
Why do Odds Matter in Sports Betting?
The odds are essential when selecting a sportsbook because they affect your money. If you choose a sportsbook with poor odds, you will end up wasting money every time you place a bet. Let’s say you bet $10 on the Vikings moneyline at -200 at one sportsbook. If you win your bet, you pocket $5. If you went line-shopping and found the same bet for -175 at another sportsbook, you would pocket $6, $1 more. Understanding betting odds allows you to decipher between good and bad odds.
Look at the odds below offered on five games from the 2019 NFL Season. Odds from five different sportsbooks are shown. You'll notice each sportsbook offers different odds for each game. If you were betting on these games, you would be able to find the best odds for your desired bets. Using this strategy of line shopping will allow you to save money while betting on games.
How to Use Odds to Calculate Implied Probability
Odds can be used to calculate the implied probability of a team winning or losing a game. You can use a simple math equation to understand what the sportsbook thinks the probability of each team winning is. For positive odds, probability = 100/(odds + 100). For negative odds, probability = odds/(odds – 100).
| Team | Odds | Implied Odds of Winning | Implied Percentage |
|---|---|---|---|
| Miami Heat | +130 | 100/(130 + 100) = .4347 | 43.47% |
| Chicago Bulls | -110 | -110/(-110 - 100) = .5238 | 52.38% |
If you think the Chicago Bulls have a 70% chance of winning, then betting on them would be considered a smart bet.
The process is simple, but If you don’t feel like doing the math, use ESPN’s gamecast preview: preview or Action Network’s odds calculator.
Odds FAQ
What does a negative point spread mean?
In a professional sports matchup a point spread is given to each team for sports betting purposes. When a negative point spread is given to a team, it means they are favorited to win the game. When a positive point spread is given to a team, it means they are not expected to win the game.For example, if the Kansas City Chiefs are minus three (-3) against the Los Angeles Rams (+3), then it is expected that the Kansas City Chiefs will win the game and that Los Angeles will lose.
What do odds of +200 mean?
Odds of +200 mean 2 to 1. For every $1 wagered on a team with +200 odds $2 will be paid out. Odds of +200 are greater are offered on teams that are NOT expected to win a game.
How do parlay odds work?
A parlay bet is a group of spread, moneyline, or total bets combined into one bet to increase the payout odds. In order for the parlay to win, each separate bet has to win. Parlay odds offer bigger payouts than normal odds because they are riskier since each individual bet has to win.
Here is an example of a standard parlay payout table based on true odds. What this means is exact payouts are shown for wagers at -110 odds, where a bet of $110 wins you $100.
| Parlay Size | Payouts |
|---|---|
| 2-Team | 2.645/1 |
| 3-Team | 5.958/1 |
| 4-Team | 12.283/1 |
| 5-Team | 24.359/1 |
| 6-Team | 2.645/1 |
| 7-Team | 91.424/1 |
| 8-Team | 175.446/1 |
| 9-Team | 335.852/1 |
| 10-Team | 642.082/1 |
| 11-Team | 1226.701/1 |
| 12-Team | 2342.793/1 |
Methodology
For the BettingBuck.com annual best online sportsbooks review published in 2020, a total of 2,300 data points were collected over six months and used to score sportsbooks. Additionally, odds data was collected for each sportsbook on over 1,400 bets to give each sportsbook a comparative odds ranking.
How Do You Read The Money Line Odds
Sports betting sites were scored across seven core categories to computer an overall rating: total number of sports and bets offered, odds, live betting features, mobile apps, educational resources, ease of use, and current bonuses.
How To Read The Moneyline Odds
Learn more about how we test.