How to Read American Odds: Plus, Minus and What You Win

To read American odds, look at the sign first. A minus number is the favorite and tells you how much you'd have to bet to win $100. A plus number is the underdog and tells you how much a $100 bet would win. So -150 means bet $150 to win $100, and +150 means a $100 bet wins $150. Either way you also get your stake back when you win.

That one rule is sports betting 101, and it covers almost everything you'll see at a US sportsbook. Here's how to apply it to any number, a quick table of common odds, and how to read a full game line with spreads and totals.

The $100 rule: negative odds and positive odds

American odds, also called moneyline odds, are built around $100. That's all the number means:

• Minus odds (favorites): the amount you need to bet to win $100. At -200, you bet $200 to win $100.
• Plus odds (underdogs): the amount a $100 bet wins. At +200, a $100 bet wins $200.
• +100 (even money): bet $100, win $100.

The bigger the minus number, the bigger the favorite: -400 is a heavier favorite than -150. The bigger the plus number, the bigger the underdog: +400 is a longer shot than +150.

You don't have to bet $100, of course. The odds work the same for any amount. At -200 a $10 bet wins $5, and at +200 a $10 bet wins $20.

How to work out what you win

Two simple formulas turn any American odds into a payout:

• Minus odds: profit = stake × 100 ÷ odds. A $30 bet at -150 wins 30 × 100 ÷ 150 = $20.
• Plus odds: profit = stake × odds ÷ 100. A $30 bet at +150 wins 30 × 150 ÷ 100 = $45.

Add your stake to the profit to get the total payout. The $30 bet at -150 pays back $50; at +150 it pays back $75. The bet slip on most sportsbooks, ours included, does this math for you as soon as you type a stake.

Common betting odds and what they pay

The amounts are profit, on top of your stake. The most common number you'll see is -110, the standard price on spreads and totals; our page on what -110 means goes deeper on it, and what +150 means covers a typical underdog price.

What American odds say about probability

Every American odds number is also a probability, the chance the sportsbook gives that side. It's called the implied probability:

• Minus odds: odds ÷ (odds + 100). -150 is 150 ÷ 250 = 60%.
• Plus odds: 100 ÷ (odds + 100). +150 is 100 ÷ 250 = 40%.

This is the most useful way to read odds. A bet is only worth making if you think the real chance is higher than the implied one. If a team at +150 wins more than 40% of the time, it's a good price; if it wins less, it isn't, however big the payout looks.

Add up both sides of a game and you'll get a little over 100%. A -110 / -110 line works out to 52.4% + 52.4% = 104.8%. The extra is the sportsbook's margin, the vig.

How to read a full game line

American odds don't only appear on moneylines. A typical NFL line on a Bet page looks like this:

Read it one column at a time:

• Spread: the Chiefs must win by 4 or more for a Chiefs bet to win; the Bills can lose by up to 3 and still cover. The number in brackets, -110, is the price on either side: bet $110 to win $100.
• Moneyline: just pick the winner. The Chiefs at -180 means bet $180 to win $100; the Bills at +155 means a $100 bet wins $155.
• Total: bet whether the two teams score more or fewer than 47.5 points combined, at -110 either way.

The rule never changes: the sign tells you favorite or underdog, and the number tells you the $100 math. The point spread and the total are the line; the odds next to them are the price.

American odds vs decimal and fractional odds

American odds are used in the US. Most of the world uses decimal odds, which show the total payout per $1, stake included: -150 is 1.67 and +150 is 2.50. In the UK you'll still see fractional odds, where +150 is 3/2 and -200 is 1/2. To convert American odds to fractional odds, put a plus number over 100 (+150 is 150/100, or 3/2) and put 100 over a minus number (-200 is 100/200, or 1/2). They all describe the same price in a different format. If you ever need to switch, our guide to decimal odds to American odds has the formulas and a conversion table.

Mistakes beginners make reading betting odds

• Reading the minus as a loss. -150 doesn't mean you lose $150. It's how much you'd stake to win $100.
• Forgetting the stake comes back. A $100 bet at +150 pays back $250: the $150 win plus your $100.
• Chasing the biggest plus number. A long shot pays more because it loses more often. The price matters more than the payout.
• Ignoring small price differences. -105 and -115 look close, but over hundreds of bets that gap adds up.

Practice reading odds for free

The fastest way to get comfortable with American odds is to use them. Paid2Bet gives you a free balance to bet real lines on the Bet page, and the bet slip shows exactly what each price pays before you place it. For a wider look at spreads, totals and how sportsbooks set their prices, read how betting odds work.

You must be 21 or older to play. Gambling problem? Call 1-800-GAMBLER.