Sports Betting Odds, Explained: Negative Odds vs. Positive Odds
Betting odds perform two functions. They show you the mathematical probability of a particular outcome, and they tell you how much you stand to win if you wager on that outcome and it happens. They can be displayed in various ways, so let’s look at the main bet types and odds. It’s essential that you understand what these odds mean.
The only type of odds that are displayed using plus and minus signs are American odds, which are also known as moneyline odds (named for one of the most popular types of wager).
The good news is that, as you become a more experienced bettor, you will know instantly what they signify.
Positive Odds: What Is the '+' sign?
If you see a plus sign, you are using American odds and the price you see is describing the underdog. The underdog is the less favored option, the side less likely to win a particular game. Because it has a less than even chance of winning, the odds carry a plus rather than a minus. It tells you how much you will win if you place a $100 bet on the outcome.
The odds in this case are easy to understand for novice bettors. That’s because the figure displayed shows how much you will win if you stake $100 on that outcome.
For example, if the Boston Celtics have moneyline odds are +125, you know that you will win $125 for every $100 you wager. You don’t have to stake $100; a bet of $10 will net you a $12.50 profit.
You should also see a plus sign when it comes to parlay bets. When you build your parlay, Vermont sports betting apps should calculate the overall odds for those selections happening. This will almost certainly come with a plus sign, which means you will be able to calculate your total payout. You can check this is accurate by using a betting odds calculator as well.
Negative Odds: What Is the '-' sign?
A minus sign is also used in American odds and it is applied to the price for the favorite. It tells you how much you have to stake if you want to make a $100 profit on your bet. So, the bigger the number is after the minus sign, the more you have to wager—but the more likely that you win, in the eyes of the sportsbook.
If the New England Patriots have -150 moneyline odds to win the Super Bowl, you need to wager $150 to win $100. You don’t have to stake that much; these odds tell you that if you put down $15, you will win $10, plus your returned stake.
You will also see minus odds on a point spread bet and on total bets. Once the sportsbook has set the spread to level the odds, you should see odds of -110/-110 either side. It should be similar for the over/under options on your totals bet. In each instance, you would need to stake $110 to win $100.
How To Calculate Sports Betting Payouts
You need two factors to calculate your payout on any bet, so that you know how much profit you will make on a winner: your stake and the odds.
đź’µ Negative Odds Payouts
Negative odds display how much you have to stake to generate a return of $100. So you will have to divide your stake accordingly to calculate your return.
If you stake $200 on a wager at -200, you will win $100, plus your $200 stake, for a total payout of $300.
đź’µ Positive Odds Payouts
Positive odds payouts are easier to calculate. The odds display what you will win for a $100 stake.
So if you wager $100 at +200, you will win $200 plus your stake for a total return of $300.
Examples of Reading Odds & Lines
If you want to be a more successful sports bettor, you will have to become adept at reading lines. There is no substitute for experience here. The more lines you read and understand, the more comfortable you will become with the concept of odds and what they mean.
Usually, when you click on one particular game at a sportsbook, the first three sets of odds you see will be the moneyline, the point spread and the total. The odds about each of the two teams will be displayed against those sections. Let’s take each of these in turn, plus some other common bet types.
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Moneyline Bet The moneyline is the most straightforward type of sports wager you will find on a betting coupon. You will see a simple choice; you're picking one side to outright win.
If the New England Patriots are -175 for their next NFL game, for instance, they are the favorites and you will have to wager $175 to win $100. Don’t forget that you get your stake back as well.
A 3 way moneyline has an additional line listed for a tied outcome. -
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Point Spreads Check how big the point spread is. In most MLB and NHL betting, this will be 1.5 either way. Then look at the odds for each side, which should be close to -110 each way, once the spread has been applied. -
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Totals (or Over/Under) Bets For totals bets, you’ll see a U and an O, standing for "Under" and "Over." If you think more points will be scored in total than what the sportsbook predicts, go with the Over. Again, the odds for each of the two teams should be close to the industry standard of -110/-110. -
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Parlay Bet Parlay bets are extremely popular, not least because they offer the prospect of a big win in return for a small stake. You cover several selections and the odds multiply as they each win.
So if you believe the Boston Celtics, Boston Bruins and New England Revolution will all be successful on the same weekend, you will get a single set of odds—almost certainly with a plus sign—that combines each of those outcomes. -
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Prop Bet Proposition bets, usually known as props, relate to outcomes within a game that are not governed by the overall results. You can place a wager on a huge variety of prop markets in any top sporting event.
When it comes to prop bets, there could be different types of line to read. This is especially true of particularly popular sports like football and basketball, and you can expect to see vast arrays of NFL odds and NBA odds come game day.
When it comes to the scorer of the first goal, point, touchdown, or home run, you’ll find a list of names, each with odds next to them. On simpler markets such as yes-no props (for example, "Will there be a touchdown in the first quarter?"), you’ll just see odds for Yes and No.
For instance, if Byron Buxton has +750 odds to hit the first home run in the next Boston Red Sox game, that means you win $750 for every $100 you stake if he is the first home-run hitter.
What Are Decimal & Fractional Odds?
As well as American odds, there are two other commonly used methods of displaying prices at a sportsbook. These tend to be favored outside the United States, but you can choose your odds format at most sportsbooks if you prefer to use a different way to read betting odds.
Fractional Odds
Fractional odds are an old-school option that are primarily used in the UK and Ireland. They can look confusing to Americans, but the key is to remember to add both sides of the fraction together to work out the probability of the outcome and the potential payout.
Some sets of fractional odds can be particularly baffling; you might see prices such as 85/40, 100/30, or 13/8! So let’s take the simpler example of a soccer match involving the New England Revolution, priced at 2/1 to win. Technically, this means that if the game in question were played three times, the Revolution would win it once, so their odds are 2/1 against.
Calculating Winnings with Fractional Odds
Working out your potential winnings is straightforward if the figure on the right is a 1. You just multiply your stake by the number on the left. So, in the above example, a $10 wager would return $20 plus your $10 stake. If you do see fractional odds with a bigger number to the right, simply divide your stake by that figure, then multiply it by the number to the left.
Let’s take a slightly more complex example to show how you calculate your possible winnings using fractional odds. If you place a $10 wager on a horse in a race that is priced at 7/4, your first step is to divide that stake by the figure on the right, which gives you $2.50. You then multiply it by the number on the left, which makes $17.50. Add your stake and you can see that the expected return from your book is $27.50.
Calculating Implied Probability with Fractional Odds
All sets of odds are, ultimately, a mathematical expression of the likelihood of a certain outcome actually happening. This is called implied probability. When you see the Boston Celtics are 2/1 to win an NBA game, you know the game is not actually going to be played three times. But the implied odds are based on the sportsbook's prediction that, if it were played three times, the Celtics would win once.
You can then compare the sportsbook's opinion to your own about how the game will play out to find value.
Decimal Odds
In most jurisdictions across the world where betting is legal outside the United States, the UK, and Ireland, decimal odds are the preferred odds format. A key difference, which helps to make them popular, is that the number you see includes the stake and makes it easy to work out your payout.
Now that I've covered all three odds formats, here's a comparison across a few different sports:
| Example | American | Fractional | Decimal |
|---|---|---|---|
| Patriots over Jets | -135 | 20/27 | 1.74 |
| Bruins over Sabres | +150 | 3/2 | 2.5 |
| Celtics over Lakers | +133 | 4/3 | 2.33 |
| Red Sox over Yankees | -145 | 69/100 | 1.69 |
Calculating Winnings with Decimal Odds
Working out your payout on a bet using decimal odds is more straightforward than with the other two formats, which helps to explain the worldwide popularity of this system. If the Boston Red Sox are priced at 2.5 to win their next MLB game, for example, you can see instantly that a $10 wager will generate a total return of $25.
Another way of interpreting decimal odds is that they indicate the payout for every $1 wagered. If you compile a three-leg parlay for which the total odds are 6.85, for instance, you can see straight away that your return from a $1 stake will be $6.85. A $10 wager on the same bet will pay out $68.50.
Calculating Implied Probability with Decimal Odds
One of the ways of working out implied probabilities is to convert the likelihood of any result into a percentage.
If the Patriots futures odds to win the Super Bowl are 8.0, that means there is an implied probability of that outcome of one in eight, which translates to a percentage figure of 12.5%.
If you are more confident than such a number implies that the Pats will win the Super Bowl again, this represents a value bet for you.
Why Do Sports Betting Lines Move?
There are two reasons why lines move and odds change in the countdown to the start of a sporting event:
- âś… New information, such has a change in the weather or a late injury, has impacted the likely outcome.
- âś… There has been a disproportionate amount of money wagered on one side of a market, often with total bets or point spreads.
If the New England Patriots have to cover a seven-point spread, and virtually all bettors are backing them to do so, it might become an eight-point spread as the operator seeks to attract more bets the other way and balance its book.
Are Lines Always the Same?
One of the characteristics of lines and odds that you will soon notice when you start betting is that they do not stay still. It can be fascinating to watch odds change and to try to work out the reasons why a line is on the move.
Odds are never set in stone, and they can move in both directions at bewildering speed, especially on live betting markets when the same odds rarely stay in place for long.
When Are Sports Betting Lines Released?
Unfortunately, there is no hard and fast rule dictating when lines are released. It can depend on the sport, the sportsbook, and even the bet type. It can be really useful to know exactly when lines are released relating to upcoming games. This may be the moment to grab the best value on the market you want to play.
The first line that is released tends to be the point spread early on the day of a game. Props should be available at about the same time, while totals and moneylines should be available a few hours later.
However, there are huge variations out there. FanDuel Vermont and Caesars, for instance, have always been particularly keen to release their lines, and you may see odds 24-48 hours in advance of a game.
Why Are Odds & Lines Important in Sports Betting?
Without odds or lines, there would be no sports betting. Odds are the indicator of the chances of a team winning a game. By comparing the odds of team A and team B, you can tell which is the favorite and which the underdog. Odds also tell you how much you stand to win on a particular wager so that you can work out your potential profit.
Comparing Odds & Lines at Different Vermont Betting Sites
You will quickly notice that different operators in Vermont will carry different odds on the same markets. By opening more than one account, you can be sure of getting the best odds about a particular outcome, as well as finding the best Vermont sports betting promos to maximise those odds.
One of leading sportsbooks in the Green Mountain State is DraftKings Vermont. If DraftKings has the Boston Red Sox at +104 on the moneyline for an upcoming MLB game, and FanDuel is showing a price of +106, you know you will get a bigger return from wagering at the latter, and can place your bet there accordingly.
What Should I Look for With Sports Betting Lines & Odds?
There are several ways you can get the best value and fun out of betting. My top tips are:
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Focus First on Sports You Know Best Don’t place your original wager on a league you have never watched before. Make sure your initial wager relates to a team, or at least a sport, with which you are familiar. -
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Understand How Each Line Works It will not take long to master the different types of bet, but you will feel more comfortable – and you should make more money – if you take the time to learn precisely what those odds mean. -
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Compare Odds Across Sportsbooks There are sometimes major variations between prices; by looking in more than one place, you will get the satisfaction that comes from knowing you’ve got the best odds on the event you want to wager on. -
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Watch the Market If you can see how a line is moving, in response to weight of money or new information relating to the game in question, you might be able to spot a winner in the making.
Get the Best Betting Odds for Vermont Sports Bettors
Once you understand how betting odds work, you are in a good position to move forward and have an enjoyable experience at sports betting sites in Vermont. It can take time to pick up the nuances of betting on sport, but that time is well spent if you feel confident that you know what is going on with odds and lines and the way they move.
If you are betting on your favorite professional sports team for the first time, it may be best to stick to the simpler bet types in the early stages. The moneyline is the easiest to understand, while guessing the total number of points in a game might come naturally to you if it’s a sport or team you know a lot about.
Betting sites, like Fanatics Sportsbook in Vermont, are most likely to carry American odds, but it is worth knowing the differences between that format and alternative systems, namely fractional and decimal odds. Before you know it, you’ll be able to switch seamlessly between the three and really level the playing field in the eternal battle between bettors and sportsbooks.
Vermont Sports Betting Odds and Lines FAQs
Author
Award-winning contributor with decades of covering sports betting and casino gaming around the world, Martin Booth is one of the most trusted voices in online gambling. From Vermont legislative updates to reviews of the best VT sports betting apps, Booth covers the full range of topics for BetVermont.com.
