Sports Betting Odds - How Do Betting Odds Work?
Welcome to the Sports Betting odds section of Gambling Sites. If you are new to sports betting, please check out our sports betting guide.
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Sportsbooks that take US bets and publish their sign-up terms
These books accept US customers and state the rollover attached to the sign-up offer. Free-bet offers and deposit matches are listed on the same basis so the numbers are comparable line by line.
- 1
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Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 2
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Pros and cons
What works- Crypto cashier for same-day withdrawals
- One account covers the sportsbook and the casino
- Trading since 1994, one of the longest US-facing records
- Headline offer runs to $2,500
Watch for- Needs $100 in to claim the welcome offer
- No free spins attached to the welcome offer
- Short coin list — crypto limited to the majors
- 2
Bovada 9.3Online since 2011 · Sportsbook + poker + casino · Crypto · 10–15 min
Crypto acceptedSportsbookPoker roomFrom $10Curacao licenceCrypto sports welcome: 75% up to $750 with a 5x rolloverWagering 5x · Minimum deposit $10 · Code BTCSWB750Bonus detail
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Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 2
Typical withdrawal: Crypto · 10–15 min. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Crypto cashier for same-day withdrawals
- Sportsbook, poker room and casino share one balance
- Welcome offer triggers from a $10 deposit
Watch for- No free spins attached to the welcome offer
- Short coin list — crypto limited to the majors
- Offer only applies if the code BTCSWB750 is entered on deposit
- 3
BetOnline 9.0Online since 2001 · Sportsbook + poker + casino · Crypto · 3–5 min
Crypto acceptedSportsbookPoker roomFrom $20Panama Gaming Control Board licenceSports welcome: 50% free bet up to $250Minimum deposit $20 · Code FREE250Bonus detail
Welcome offer Sports welcome: 50% free bet up to $250 Minimum deposit $20 Bonus code FREE250 Withdrawals Crypto · 3–5 min Licence Panama Gaming Control Board Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 2
Typical withdrawal: Crypto · 3–5 min. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Crypto cashier for same-day withdrawals
- Sportsbook, poker room and casino share one balance
- Welcome offer triggers from a $20 deposit
- Trading since 2001, one of the longest US-facing records
Watch for- No free spins attached to the welcome offer
- Short coin list — crypto limited to the majors
- Offer only applies if the code FREE250 is entered on deposit
- 4
SportsBetting.ag 8.6Online since 2003 · Sportsbook + poker + casino · Crypto · 10–15 min
4 cryptocurrenciesSportsbookPoker roomFrom $50Panama Gaming Control Board licenceSports welcome: 50% up to $250 in free bets plus 100 free spinsMinimum deposit $50 · No code neededBonus detail
Welcome offer Sports welcome: 50% up to $250 in free bets plus 100 free spins Minimum deposit $50 Bonus code None required Withdrawals Crypto · 10–15 min Licence Panama Gaming Control Board Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 4
Typical withdrawal: Crypto · 10–15 min. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Banks in 4 cryptocurrencies, so withdrawals clear in minutes
- Sportsbook, poker room and casino share one balance
- Trading since 2003, one of the longest US-facing records
Watch for- Needs $50 in to claim the welcome offer
- No free spins attached to the welcome offer
- 5
Sports welcome: 100% up to $200 (crypto) / 50% up to $200 (card)Wagering 10x · Minimum deposit $45 · Code XBCRYPTO100Bonus detail
Welcome offer Sports welcome: 100% up to $200 (crypto) / 50% up to $200 (card) Wagering 10x Minimum deposit $45 Bonus code XBCRYPTO100 Withdrawals Crypto · instant Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 1
Typical withdrawal: Crypto · instant. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Crypto cashier for same-day withdrawals
- One account covers the sportsbook and the casino
Watch for- Needs $45 in to claim the welcome offer
- No free spins attached to the welcome offer
- Short coin list — crypto limited to the majors
- 6
MyBookie 8.0Online since 2014 · Sportsbook + casino · Crypto · 0–1h
3 cryptocurrenciesSportsbookFrom $50Sports welcome: 100% up to $1,000Wagering 10x · Minimum deposit $50 · Code MYB100Bonus detail
Welcome offer Sports welcome: 100% up to $1,000 Wagering 10x Minimum deposit $50 Bonus code MYB100 Withdrawals Crypto · 0–1h Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 3
Typical withdrawal: Crypto · 0–1h. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Crypto cashier for same-day withdrawals
- One account covers the sportsbook and the casino
Watch for- Needs $50 in to claim the welcome offer
- No free spins attached to the welcome offer
- Offer only applies if the code MYB100 is entered on deposit
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Sports Betting Odds Explained
Many people don’t know how to bet on sports, so below, we have done our best to explain how betting odds work. The most common type of sports betting odds used in North America is the American style odds which we explain below.
American Style Sports Betting Odds
Most online sportsbooks will list their odds in what is called “American Odds.” There are a couple different versions of sports betting odds, but these American Odds are the most common odds used. How to read and understand sports betting odds can be a little confusing to beginners, so we have provided an example below using two NFL football teams:
American Odds
- Matchup Odds
- New England Patriots +120
- Pittsburgh Steelers -140
The number shown in the bracket represents the odds. The American Odds have two components to them, the first being the positive or negative sign and the second being the number that follows the sign.
The sign in front of the number indicates whether placing a wager on that outcome will pay out more money than you have wagered or less money than you have wagered. If the odd is negative (-), it means that the outcome is more likely to happen, and placing a bet on that outcome would payout less than the amount you wagered, while a positive (+) odd shows that the outcome is less likely to happen and it would pay out more than the amount you wagered.
The next step is figuring out exactly how much the bet pays out, which is where the numbers in the odds come into play.
A listed odd with a – sign in front of it, such as the -140 in our example above, shows us how much money you would need to wager to win $100. So using the -140 would show us that you would need to bet $140 to win $100 in profits. You can easily substitute the $100 bet for a $10 bet by moving the decimal place over one spot, showing us that you would need to wager $14 to win $10 in profits.
Examples:
A listed odd with a + sign in front of it, such as the +120 in our example above, shows us how much money you would win on a $100 bet. The +120 odds show us that a $100 bet on that outcome would pay out $120 in profits. This can apply to smaller or larger size bets. A $10 bet on +120 odds would pay out $12 in profits.
Examples:
Below is an example of NFL betting odds taken from an online betting site.
In this example, you can see Los Angeles is +130 ($100 bet pays $130 plus your original wager back), and New England is -150 ($150 bet pays $100).
The great thing about betting online is that online sportsbooks will do the calculations for you before you place your bet. You can click on the outcome or team you would like to bet on and then input the amount you wish to wager, and it will show you your potential payout before you confirm your bet.
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Decimal Style Sports Betting Odds
Decimal style odds are used mainly in Europe and are pretty easy to understand. To calculate the decimal style odds, you will need to multiply the amount you wish to wager by the decimal odds shown, and you will get your payout. For example, it may look something like this:
Decimal Odds
- Matchup Odds
- USA 2.40
- Brazil 1.55
If you wanted to place a $10 wager on the USA at 2.40, you would need to multiply your $10 wager by the 2.40 odds (10 x 2.40) to find out that the payout is $24. It is important to realize that with decimal style odds, it includes the amount you wagered, so to find out profits, you would need to subtract your wager ($24 – $10) to find out your potential payout is $14 in profits.
If you wanted to place a $10 wager on Brazil, you would again multiply $10 x 1.55 to find out that you would win $15.50 total or $5.50 in profits.
Decimal style betting odds are straightforward to understand, but you won’t see them displayed in many North American sportsbooks. That said, most online betting sites will allow you to choose the style of betting odds you want displayed, with American odds as the default.
Fractional / UK Style Sports Betting Odds
Fractional (or UK-style) sports betting odds typically involve racing events, but you will often see them used in futures lines for other sports, especially in Europe. The fractional system expresses odds in mathematical ratios or fractions.
An even-money bet is expressed as a 1/1 ratio and is typically just called “even.” The way you pronounce other types of fractional odds is as follows:
- A 3/1 underdog is said as “three-to-one.”
- A 1/2 favorite is said as “one-to-two.”
Like the American system, we calculate the profit using fractional odds but not the total payout. We use the following equation to calculate earnings using the fractional system (a = the first number in the fraction; b = the second number in the fraction):
Amount Wagered * (a/b) = Potential Earnings
Like before, you may add the Amount Wagered to the Potential Earnings to calculate the total amount received upon winning your bet.
Example
When the first number is smaller than the second, that bet is “odds on” or the favorite in the contest. For example, if Manchester City is playing Watford, the former might be a 4/5 favorite. Calculating a winning bet on City would look like this:
$100 * (4/5) = $100 * (0.8) = $80 won
And since you also get back the money you wagered, you cash out $180.
Example
On the other side of that same match-up, when the first number is larger than the second in the fraction, that bet is the underdog. So, Watford’s odds would be represented as 5/4. The equation would work the same way:$100 * (5/4) = $100 * (1.25) = $125 winnings
And since you also get back the money you wagered, your total payout is $225.
How to Calculate Implied Probability
Implied probability is a proven method to determine the percentage of a particular bet hitting. It’s the equivalent of converting odds into percentages. It may seem a little challenging at first, but it can go a long way towards winning a bet. It can help them gain the upper hand on the sportsbooks.
This method varies with each type of odds.
Positive Odds
100/(Positive Odds + 100) = Chance of Winning (Percentage)
Let’s say the New York Jets have +150 odds. We insert their odds into the formula above to give us 100/250. According to the sportsbooks, the Jets have a 40% chance of winning.
Negative Odds
Negative Odds/(Negative Odds +100) = Chance of Winning (Percentage)
The formula changes slightly when we examine the favorite. We insert the Miami Dolphins -175 odds into the “negative odds” spots of the above equation. I should note that we treat the odds as positive numbers. Meaning, it’ll show as “175” as oppose to “-175.” That leads to the Dolphins having a 64% chance of winning.
Decimal Odds
100/Decimal Odds = Chance of Winning (Percentage)
It’s much easier to calculate the implied probability for decimal odds. The bettor divides 100 by their odds. If the Jacksonville Jaguars have 1.31 odds, we will divide 100 by 1.31. That would give the Jaguars a 76.3 percent chance to win. On the other side, the Houston Texans have 3.65 odds, giving them a 27% chance.
Fractional Odds
Denominator/(Denominator + Numerator) = Chance of Winning (Percentage)
Determining the implied probability for fractional odds is a process. First, we must determine which number is the denominator and which is the numerator.
The denominator is always the bottom number. If the Tennessee Titans have 4/5 odds, five would be the dominator. For this formula, it would be 5/(5+4). That gives the Titans a 56% chance of winning their matchup.
Sports Betting Calculator
Even with all the betting odds explained, calculating payouts can be time-consuming and needlessly difficult. Fortunately, we’ve got the tool to make your betting life easier: our sports betting calculator.
Enter the sports betting odds and your staking amount, and the calculator will give you the projected winnings and total payout!
Calculator American Odds: Decimal Odds: Fractional Odds: Implied Odds: Bet Amount ($): To Win ($): Payouts ($):
Frequently asked questions
Why is it important to know different types of sports betting odds?
To be honest, knowing how to interpret the different types of odds isn’t as important anymore, since most online sportsbooks will convert the odds for any event into any style for you. Still, it’s helpful to know what you’re looking at when you see them.
Who decides the sports betting odds for an upcoming sporting event or race?
The bookmakers at each individual sports betting site. They will also use the lines set by top handicappers in Las Vegas as a benchmark for their odds.
What’s the difference between American, decimal, and fractional/UK-style odds?
The differences between the types of betting odds described on this page are merely how they’re each expressed. You can convert one style of betting odds to another and use them interchangeably.
Are the types of betting odds used based on the sport?
Sports betting odds can be expressed in any format for any event. However, the types of betting odds used often depend on the sport or type of wager. For example, races, soccer, and futures odds are often shown in the fractional style. Baseball games usually use moneyline odds.