Sports Betting Odds Explained: How They Work in Sports

Use our sports betting odds calculator to quickly see your profit and risk based on all three odds types. Calculate odds in a flash to help you confidently decide whether to bet or not. Paddy Power maintains this tradition beautifully, displaying fractional odds that immediately convey the risk-reward relationship. These odds connect modern betting to centuries of wagering tradition, particularly evident during major horse racing events like the Grand National.

In the world of sports betting, having access to accurate and efficient tools is essential for making informed decisions and maximizing potential profits. Two popular types of indispensable tools that assist sports bettors in understanding and navigating betting odds are betting odds calculators and betting odds conversion tools. Tennis betting odds are usually presented in decimal, fractional or moneyline formats. Decimal odds, for example, could be 2.25, indicating you could win $2.25 for every $1 wagered. Negative odds indicate the amount of money you need to wager to win $100.

Moneyline/American Odds

By monitoring team or player performance, you can gauge the potential outcomes of a game and identify value bets. The moneyline is the most basic form of sports betting—just pick who will win. There is no point spread or margin involved, and the odds are displayed in the American style (such as -150 or +200). Additionally, a lot of online sportsbooks allow you to change your settings between American, decimal, and fractional odds. Fractional odds—also known as UK odds—are commonly used in the United Kingdom and by some US-facing sportsbooks. They’re displayed as a fraction, such as 5/1 or 1/2, and show bettors how much they’ll win relative to their stake.

Betting Odds Explained

• So, odds of 2/1 will equate to 3.00 in decimal odds, which in turn, yield a 33.3% chance of an outcome happening.
• If one bookmaker has the outcome at 2/1, whereas another has it priced at 4/1, the value lies with the latter site.
• If you win the first bet, you can then use the winnings on the second bet, essentially building your bankroll.
• Here, the Lightning are the short favorites, so if you backed the Buffalo Sabres with a $100 wager, and they won, you would make $145 in profit.

Let’s break this down again with a smaller, $5 wager to show the simplicity of decimal odds. Take note that every successful bet returns the profit plus the original stake. Even small differences in odds can impact your profit over time, especially if you place bets regularly. Underdog odds will have a plus sign in front of the amount, showing how much every $100 winning stake gets. The odds show every dollar won for every dollar invested, taking into consideration the total payout, stake included. On the other hand, these odds mean that betting on one of the other two teams might bring a more financially tempting prize.

The aim of fractional odds is to show how much profit you’ll make off a stake. The figure on the left of the “/” is your potential profit, and the figure on the right is your stake. The mobile revolution has democratized sports betting, making it accessible worldwide while maintaining the mathematical principles that govern all odds formats. Implied probability converts odds into percentage chances, revealing potential value bets. When your calculated probability exceeds the implied probability, value exists. Bet365 typically offers competitive margins on Premier League matches, while specialized American sportsbooks might have higher vigs on international sports.

Based on these odds, Ohio State is expected to win about 70% of the time. All U.S. sportsbooks default to what we call “American odds” — which are centered around winning or risking $100. One set is for the underdog, and one is for the favourite to win. Selecting decimal or fractional odds is a matter of personal preference and which is easier for you to understand. When landing a sportsbook winner, it’s important to remember you also get your stake back. Suppose you’re considering a bet on Arsenal to win the UEFA Champions League at odds of 10/1.

Most seasoned punters would already know how to read these odds, but we’ll still give you a small overview. We also gave some in-depth analysis on how to understand the kinds of odds, how to read them and what each of them means. Not all sportsbooks use the same odds format, and sometimes it can get complicated trying to understand what the odds mean while simultaneously placing a bet. The best betting sites allow you to change how the odds are displayed on their betting website and app, putting you in complete control. You can also usually click on the event title to find additional odds.

It can be useful to calculate the probability of a bet landing before parting with your hard-earned cash or free bets. Learn all about Sports Betting Odds and how they work with our expert’s insightful guide to understand gambling odds in September 2025. Simply put, an underdog is the ‘thing’ – whether that be a sportsperson, team, horse or otherwise – that is less likely to win. The underdog is the opposite of the favourite; this is the team, horse or fighter that is regarded as the more likely victor.

The odds for favorites are preceded by a minus sign, showing the amount you need to stake to win $100. Figuring out the payouts is where decimal odds can get tricky, but you’ll soon learn a little trick that will make these very easy to understand. The higher the percentage, the better chance you have of winning. Bettors therefore need to strike what they feel is a comfortable balance between likelihood and risk. Decimal odds (aka “European odds,” “digital odds,” or “continental odds”) are popular in continental Europe, Australia, New Zealand, and Canada.

If the Chiefs are victorious, you will win $100, for a total payout of $860 (initial stake of $760 + profit of $100). Understanding different odds formats, including American, decimal, and fractional odds, is crucial for making informed betting decisions. Among the betting terms, sports betting odds and understanding the stake casino types should be your primary focus. There are usually three types of odds that are commonly used at most offline or online sportsbooks. Many new and experienced bettors alike overlook the importance of research when making wagers. If our sports bets explained guide can teach you anything, it’s that taking the time to study games, players, and outcomes can significantly impact your chances to win.