Betting Odds Explained: How to Read Betting Odds in the US November 2025

Betting odds tell us everything about a wager. The amount of money you can win, the likelihood of a certain outcome, and the amount of risk you're taking are all displayed by betting odds aka the price.

There are three primary forms for odds:

• American Odds - Used in the USA
• Decimal Odds - Used in Europe and the Rest of the World
• Fractional Odds - Used in the UK

Reading odds correctly is crucial whether you're betting on an NBA or NFL game, a Premier League matchup or any other sports betting wagers you wish to place and even for sportsbook promos.

Betting Odds Explained – US/American Odds

In the United States, sportsbooks betting odds are typically shown in the American format. These odds are centered around a $100 base value and appear with either a minus (-) or plus (+) sign.

• If your bet wins, you get the profits and your stake back so this must be factored into any potential payouts from a wager. Your stake is always returned to you on a winning bet.

Understanding this system is the foundation of smart sports betting. It not only tells you how much you could win but also hints at the bookmaker’s view of a team’s chances.

Favourites (Minus Sign)

Negative odds ( with a - sign) means the team is the favorite. The number shows how much you must bet to win $100.

Underdogs (Plus Sign)

Positive odds (with a + sign) means the team is the underdog. The number in front of the sign denotes how much you would win if you were to bet $100

American Odds Made Easy

American or US odds, as they’re commonly known, are the most popular type of pricing in the United States on both sports betting apps and sites. While they might seem tricky at first, they’re easy to master once you know what to look for. Here's how to identify the favorite and underdog in a flash:

• Underdogs: Odds that indicate how much you may win on a $100 wager are shown by a plus sign.
• Favorites: The odds of winning $100 are indicated by the betting odds with a - sign.

Take note that every successful bet returns the profit plus the original stake.

For Underdogs (+):

• Winnings = (Stake × Odds) / 100
• Example: A $100 bet @ +110
• Math: (100 × 110) / 100 = $110
• So: $110 Winnings + $100 Stake = $210 Payout

For Favorites (−):

• Winnings = (Stake / Odds) × 100
• Example: A $100 bet @ -150
• Math: (100 / 150) × 100 = $50
• So: $50 Winnings + $100 Stake = $150 Payout

How to Read Betting Odds (US) – NBA Betting Example

Using a real-world example from a popular US sport, let's examine how American odds operate. Let's say the NBA season begins with the Golden State Warriors against the Philadelphia 76ers. The odds might be as follows: If any of the terms below confuse anyone, fear not our sports betting glossary has all the answers.

• Philadelphia 76ers @ +155
• Golden State Warriors @ -180

Here’s what that means:

For the 76ers (Underdogs) @ +155:

• Winnings = (Stake × Odds) / 100
• Example: A $100 bet @ +155
• Math: (100 × 155) / 100 = $155
• So: $155 Winnings + $100 Stake = $255 Payout

For Warriors (Favorites) @ -180:

• Winnings = (Stake / Odds) × 100
• Example: A $100 bet @ -180
• Math: (100 / 180) × 100 = $20
• So: $20 Winnings + $100 Stake = $120 Payout

How US Betting Odds Work – Superbowl Betting Example

Now that we understand the fundamentals of US betting, let's apply them to a real-world scenario. Consider the Kansas City Chiefs vs. Philadelphia Eagles Super Bowl game from the previous year, which saw Philadelphia win handily: Eagles 40, Chiefs 22. Let's examine the moneyline odds, which are utilized while placing bets on the game's clear winner:

• Kansas City Chiefs @ -120
• Philadelphia Eagles @ +200

We can rapidly determine the possible payments for both favorites and underdogs using these odds.

Favorite: Kansas City Win @ -120

• Stake: $120
• Profit: $100
• Total Winnings: $220 (Stake + Profit)

Underdog: Philadelphia Win @ +200

• Stake: $100
• Profit: $200
• Total Payout: $300 (Stake + Profit)

Naturally, we know that most people are not betting $100 on every event or play. Let’s look at a lower stake—say, $5—to see how American odds work at smaller levels.

US Gambling Odds with a $5 Stake

Favorite: Kansas City @ -120

• Math: ($5 ÷ 120) × 100 = $4.17 profit
• Total Payout: $4.17 + $5 = $9.17

Underdog: Philadelphia @ +200

• Math: ($5 × 200) ÷ 100 = $10 profit
• Total Payout: $10 + $5 = $15

So, whether you’re betting big or small, understanding how to read sports betting odds helps you measure potential returns. With American odds, the key rules to remember are

• Favorites (-): How much do you need to stake to win $100
• Underdogs (+): How much you’ll win if you bet $100

Gambling Odds - Football Preview

Thanksgiving and football are a tradition, and despite false claims of Lions rookie Tate Ratledge sought the family holiday off, the Detroit Lions will still participate in their 86th Thanksgiving NFL game.

NFL Thanksgiving Games

Action kicks off at Ford Field at 1 pm ET, where NFC North rivalries are heating up. With Chicago currently in the lead, the Bears, Lions, and Packers all vie for the division win.

The Packers narrowly edge out the Lions due to a tie, but this game will significantly impact divisional rankings. Coaches Dan Campbell and Matt LaFleur know the importance of winning the division for a playoff bye, making this a high-stakes game.

Dallas prepares to host their 58th Thanksgiving game, riding high from a victory over Philadelphia. The Cowboys are set to face the Kansas City Chiefs, currently enduring their most challenging season in years.

Patrick Mahomes, Andy Reid, and Travis Kelce face a pivotal moment in reclaiming their dynasty. With a 6-5 record and only one close game win, the Chiefs face a crucial turning point.

Dak Prescott leads the hopeful Cowboys, yet the team's weak defense remains a concern. It leaves room for Mahomes and the Chiefs to potentially dominate and steal the win.

Thursday Night Football

The Cincinnati Bengals face the Baltimore Ravens in this Thursday Night Football encounter—a game that could have been thrilling. Without Burrow, with Flacco stepping in, the Bengals find themselves at 3-8.

The Ravens deal with setbacks from losing Lamar Jackson, hurting their record. However, they top the AFC North amidst the Steelers' and Browns' poor performances; a win keeps them in the lead. The Bengals seek improvement but risk compromising their rebuild with too many wins.

Betting Odds Explained Decimal – European Odds

Decimal odds are the easiest format for new bettors to understand. Popular in Europe, Canada, and Australia, these odds show you exactly how much your total payout will be, including both your profit and your original stake.

Here’s how it works:

• You multiply your stake by the decimal number to get your total return.
• There’s no need to break out formulas or ratios—just a quick calculation and you’re done.
• So if the odds are 3.00, a $10 bet returns $30 total (that’s $20 profit + $10 stake).

Favorites and Underdogs with Decimal Odds

Decimal prices also make it easy to spot favorites and underdogs:

• Numbers under two: 1.25, 1.5, 1.66 = Favorites
• Numbers over two: 2.35, 3.50, 5.90 = Underdogs

The lower the decimal, the more likely the sportsbook thinks that team is going to win, and the less you’ll earn for betting on them. Let’s see how this looks in a live sports setting.

How do betting odds work (Decimals) – NBA Betting Example

Let’s shift over to the NBA for this one. Consider a major matchup between the Boston Celtics and the New York Knicks. The odds might be as follows:

• New York Knicks @ 1.57
• LA Lakers @ 1.57

Favorite: New York Knicks @ 1.57

• Stake: $20
• Total payout: $20 × 1.57 = $31.4
• Profit: $11.40

Underdog: LA Lakers @ 2.00

• Stake: $20
• Total payout: $20 × 2.00 = $40.00
• Profit: $20.00

Let’s break this down again with a smaller, $5 wager to show the simplicity of decimal odds.

Boston Celtics @ 1.57

• $5 × 1.57 = $7.85 total (profit: $2.85)

New York Knicks @ 2.00

• $5 × 2.00 = $10 total (profit: $5)

Decimal odds are often favored by beginners because they require just one quick multiplication. Simply glance at the number to determine which team is the favorite without using plus or minus signs.

Betting Odds Explained Fractional – UK 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.

• The first number (the numerator) tells you how much profit you’ll make.
• The second number (the denominator) is the amount you need to stake to earn that profit.
• So, odds of 10/1 mean that for every $1 you stake, you’ll get $10 profit plus your original $1 back—$11 total.

Spotting Favorites and Underdogs

Fractional odds also make it easy to see the favorite and underdog:

• If the first number is bigger than the second (e.g. 5/1), that team is the underdog.
• If the second number is bigger than the first (e.g. 1/3), that team is the favorite.

These odds are often used in horse racing and soccer, but you may also find them offered on big US games. Let’s look at how they work using the same Super Bowl example from earlier.

How to Read Betting Odds (Fractional) – NFL Betting Example

Let’s go back to the Buffalo Bills vs Baltimore Ravens, but now view it through the lens of fractional odds. Instead of American odds, the same lines might be offered like this:

• Buffalo Bills @ 5/6
• Baltimore Ravens @ 2/1

Here’s how those would play out:

Favorite: Buffalo Bills @ 5/6

• For every $6 staked, you’d win $5 in profit
• Stake: $12
• Winnings: $10 profit + $12 stake = $22 returned

Underdog: Baltimore Ravens @ 2/1

• For every $1 staked, you’d win $2 in profit
• Stake: $10
• Winnings: $20 profit + $10 stake = $30 returned

Let’s take another example from the NBA this time—say, the Boston Celtics vs. Denver Nuggets- betting $20 this time:

• Celtics @ 4/7 (favorites)
• Nuggets @ 5/2 (underdogs)

Favorite: Celtics @ 4/6

• For every $6 you bet, you get $4 in profit.
• So if you bet $20, that will be 20 × 4/6 = $13.33 profit
• Total payout: $13.33 Winnings + $20 Stake = $33.33 Payout

Underdog: Nuggets @ 5/2

• For every $2, you get $5 in profit.
• So for a $20 bet, you’d earn $50 profit
• Total payout: $50 Winnings + $5 stake = $55 Payout

With fractional odds, it’s all about how much you need to bet to earn back a return. But if the fractions are confusing, many US sportsbooks allow you to switch odds formats in your account settings.

Additionally, a lot of online sportsbooks allow you to change your settings between American, decimal, and fractional odds.

After dissecting each of the main odds formats, let's examine how odds represent chance in more detail and how knowing this may help you identify value in your wagers.

Betting Odds Probability Explained

We can go a bit farther now that you understand how to read American, fractional, and decimal betting odds. These odds are typically used to calculate the likelihood that a wager will win.

Probability in sports betting is the chance that an event will occur. This possibility is reflected in the odds used by sportsbooks, where shorter odds indicate a higher chance of an event playing out and longer odds indicate less likelihood of an occurrence. Understanding how to determine implied probability from odds is beneficial for bettors since it:

• Can suggest whether a bet is worth the risk
• Spot when sportsbooks may undervalue or overvalue a side
• Make more informed picks when choosing between close matches. Odds format uses its simple formula to work out the implied probability. Don’t worry—it’s easier than it sounds.

Why Implied Odds Matters for Bettors

By converting odds into probability, you can:

• Compare your odds with what the sportsbook believes
• Identify value bets where you think the chance of success is higher than the implied odds
• Avoid bets that look flashy but are priced against you

This is how sharper bettors spot good lines and make smart wagers over the long run—not just by knowing teams, but by knowing the numbers.

US Gambling Odds Probability Explained

With American odds, the math depends on whether the wager is on a favorite (-) or an underdog (+).

For Favorites (-):

• Favorites Formula: Probability (%) = Odds / (Odds + 100) × 100
• Example: @ -300
• Math: 300 / (300 + 100) × 100 = 75%

For Underdogs (+):

• Underdogs Formula: Probability (%) = 100 / (Odds + 100) × 100
• Example: @ +400:
• Math: 100 / (400 + 100) × 100 = 20%

So in the examples above:

• A -300 favorite has a 75% implied chance to win
• A +400 underdog has a 20% implied chance to win

Fractional Betting Odds Probability Explained

For Fractional odds, the formula is also quite easy—just flip the fraction into numbers and plug them in. There is only one piece of math for it handily.

Fractional Odds Formula:

• Probability (%) = Denominator / (Denominator + Numerator) × 100

For Favorites (Bottom Heavy):

• Example: 4/5
• Math: 5 / (5 + 4) × 100 = 55.56%

For Underdogs (Top Heavy):

• Example: 6/1
• Math: 1 / (1 + 6) × 100 = 14.29%

So in this case:

• 4/5 odds suggest a 55.56% chance
• 6/1 odds implies a 14.29% chance

Decimal Gambling Odds Probability Explained

Decimal odds are the most straightforward when calculating probability, with just a single and supremely simple bit of math.

Formula:

• Probability (%) = 1 / Decimal Odds × 100

For Favorites (Under 2):

• Example: 1.40
• Math: 1 / 1.40 × 100 = 71.43%

For Underdogs (Over 2):

• Example: 2.75
• Math: 1 / 2.75 × 100 = 36.36%

So with decimal odds:

• 1.40 odds imply a 71.43% chance of winning
• 2.75 odds imply just a 36.36% chance

Betting Odds Explained – Common Bet Types

Since you have a firm grasp on how betting odds operate, next we’ll look at the kinds of bets you will encounter. With US sportsbooks, there are various events to place bets on, including scores, margins, statistics, and even player performance, in addition to winners and losers.

Here are the most common types of bets that new and experienced bettors alike encounter.

Moneyline Odds

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).

For instance, you would have to wager $120 to win $100 if the New York Knicks were favored by -120 to defeat the Miami Heat. If the Heat win, a $100 wager would provide a $110 profit if they are +110.

Pros: Simple and direct

Cons: Favorites offer lower returns

Totals (Over/Under)

When you place an Over/Under wager, you're forecasting the game's overall number of points rather than choosing a team.

Example:

• The Clippers vs. Blazers game has a total set at O/U 224.5 points.
• If you bet the over, it means both teams must score 225 points or more for your bet to be successful.
• And if you bet the under, the combined score of both teams needs to be 224 points or less.

Pros: Great when you have a read on game tempo or defense.

Cons: A close finish to the line can be a nail-biter

Spread (Point Spread)

Spread betting is about the margin of victory. The underdog was awarded extra points to even out the playing field. This is denoted with a number, as shown in the example below

Example:

• The Atlanta Falcons -4.5 vs the Los Angeles Rams
• If you bet on the Falcons, they need to win by 5 or more points.
• If you bet on the Rams, they need to lose by 4 or less (or win outright) for your bet to be successful.

Pros: More balanced odds between teams

Cons: Winning the game isn’t always enough to win the bet

• What does spread mean in betting? Our expert breaks it down here

Parlays

A parlay is when multiple bets are combined into one bet slip. All of the bets have to be successful for the parlay to pay out.

Example: You place a parlay on:

• Dallas Cowboys to win
• Saquon Barkley Anytime TD
• Jalen Hurts Over 200 Passing Yards

If just one leg fails, the entire bet loses. But if all hit, your payout is much higher than betting them separately.

Pros: Big payouts on small stakes

Cons: High risk—all picks must win

Props

Prop bets are bets within the game. It doesn’t depend on the final score of the game, but rather on little things like how many goals or points a player will score, corners taken by a team, and so on.

Examples:

• How many passing yards for Aaron Rogers?
• How man corners will PSG get in the second half?
• Will the first goal in a Chelsea game be scored in the first 32 minutes?

Highlights: Entertaining, targeted, and ideal for fans who are player-focused

Cons: High variance in expected outcomes.

Anyone who wants to wager well must comprehend these popular bet types. Knowing what you're betting on and why gives you the advantage, whether you're sweating a multi-leg parlay or supporting a favorite on the moneyline.