What are odds?
Odds represent the likelihood of an outcome occurring. When odds are set by our oddsmakers, the game or event is analyzed thoroughly and the most probable outcome influences how much juice or vig a certain team may be given. Past scores and future odds are strongly related.
Odds are represented in the chosen format you select on the sportsbook – you can choose from American, Decimal and Fractional odds depending on your preference. American odds are most popular in North America, Decimal are popular in Europe and Fractional odds tend to be popular worldwide. Each shows you the same odds, but in a different format – it’s all in the one that’s easiest for you to understand.
Favored vs Underdog
In each setting, there will be a favored team and an underdog team. The favored team’s odds will be represented by a negative symbol in both moneyline and point spreads usually, especially if you choose American odds. The negative symbol (-) is a quick and easy indicator of the favored team, and with point spreads, it will show you how many points a team will need to win by. With moneyline American odds, the negative number will show you what you’d have to bet to win $100 as well.
An underdog team will be represented by a positive symbol (+) and this is the traditional indicator of a team that is less likely to win the game, and with point spreads, how many points they are allowed to lose by. With moneyline betting, the positive number will also show you what you would win on a $100 wager.
When it comes to wagers like totals or props, there are usually two options and the odds will be associated with the likelihood of winning, they won’t have an effect on the total or anything that would affect the prop bet. Usually these betting types don’t have the inflated odds that you’d see on a moneyline wager, so you can expect odds that range from (-130) to (+115) more often than not.