How to Read Sports Betting Odds (Complete Beginner’s Guide)

 

If you’re new to sports betting, the first step to becoming confident (and profitable) is learning how to read odds. Odds tell you two things: the likelihood of an outcome and how much money you could win. This guide breaks it down in simple terms so you’ll never be confused at the sportsbook again.

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1. The Three Main Types of Odds

American Odds (Moneyline Odds)

• Favorites are shown with a minus sign (–).

  • Example: –150 means you must bet $150 to win $100.

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• Underdogs are shown with a plus sign (+).

  • Example: +200 means a $100 bet wins $200.

💡 Think of it this way: Minus = how much you need to risk. Plus = how much you can win.

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Decimal Odds (Popular in Europe & Online Betting)

• Example: 2.50 odds

• Formula: Bet x Odds = Payout

  • A $100 bet at 2.50 = $250 total payout ($150 profit).

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Fractional Odds (Common in the UK & Horse Racing)

• Example: 5/1 (“five-to-one”)

• Formula: Bet x Numerator / Denominator = Profit

  • A $100 bet at 5/1 = $500 profit + $100 stake back.

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2. Converting Odds into Implied Probability

Odds don’t just show payouts — they reveal how likely oddsmakers think something is to happen.

• American Odds Example: –150

  • Formula: 150 / (150 + 100) = 60% chance

• Underdog Example: +200

  • Formula: 100 / (200 + 100) = 33% chance

👉 This helps you spot value bets where your analysis gives a team a better chance than the odds suggest.

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• Moneyline Bet: Betting on who wins.

• Spread Bet: Betting on a margin of victory. (Example: Lakers –6.5 must win by 7+)

• Over/Under (Totals): Betting on combined points, goals, or runs.

• Prop Bets: Player or team-specific outcomes (e.g., “Connor McDavid to score 2+ points”).

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4. Quick Odds Cheat Sheet

Odds	American	Decimal	Fractional	Implied Probability
Favorite	–200	1.50	1/2	66.7%
Even Odds	+100	2.00	1/1	50%
Underdog	+300	4.00	3/1	25%

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5. Final Tips for Beginners

✅ Start small — understand odds before chasing big parlays.
✅ Use odds calculators to check payouts quickly.
✅ Always compare sportsbooks — lines can vary and boost your edge.

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Conclusion

Learning how to read sports betting odds is the foundation of smart wagering. Once you know how to interpret moneylines, spreads, and implied probabilities, you’ll have the winning edge to spot underdog opportunities, take advantage of hot odds predictions, and make sharper picks.