How To Compare Betting Odds?

Understanding how to compare betting odds is essential for anyone looking to maximize their potential winnings in sports betting. If someone offered you $10 and the other offered $9, you’d take the $10 offer. Sports betting is no different.     You can make more informed decisions once you learn how to compare betting odds. You’ll then be able to increase your bankroll using a better betting strategy. Below, we’ll discuss the entire process of how to compare betting odds. 

What are the Betting Lines and How Do They Work? 

Betting lines indicate an expected outcome of an event using odds and probability. These odds help balance money wagered on both outcomes of the specific event.     There are many different markets that you’re able to wager on, including point spreads, moneylines, totals, and prop bets. However, no matter the market, sportsbooks will look to balance out the amount of money wagered on either side of the outcome to make money for the sportsbook. Therefore, it’s crucial to understand how to intercept betting lines to find long-term success in sports betting.  

Point Spreads 

Point spreads are commonly used in sports like football and basketball. They level the playing field by giving an advantage to the underdog. For example, the Chiefs are -455 favorites to defeat the Patriots. That’s implying the Chiefs have about an 82% chance of winning this game outright.     Many bettors won’t want to lay any money on a -455 odds. Therefore, sportsbooks will use point spreads to appeal to bettors. They’ll move the Chiefs to -9 at -110 odds. Thus, once people grab the Chiefs at -9, they’d need to hope Kansas City wins by more than nine points. On the other hand, people can back the Patriots at +9 and add nine points to their score at -110 odds.   

At -110, each bet has a 52.38% probability to hit. This is a much more even playing field than a -455 (81.98%) and +350 (22.22%). 

Moneylines 

Moneylines are the most straightforward bet. In this market, you must pick who will win the game outright. The odds could be tight or wide, like the above example between the hypothetical game of the Chiefs and Patriots.    A (+) next to the number is positive odds. That indicates the underdog. At +350, the Patriots, in that same example, have just a 22.22% chance of winning. That’s a low probability and why they’re considered the underdog.     Meanwhile, a (-) next to the number is negative odds. That indicates the favorite. For example, -455 means the Chiefs would likely win nearly 82% of the time. They’re favored to win in this scenario.  

Money lines are straightforward bets on which team will win. The odds are expressed in terms of positive and negative numbers. Positive odds indicate the underdog, while negative odds indicate the favorite. 

Totals 

Instead of betting on the team that wins, you can bet on the amount scored in an event. Totals are used in all sports. You can wager if a game total will go Under or Over a specific number.     Let’s stick with the Chiefs-Patriots hypothetical game. Instead of looking at moneylines and spreads, you can look at the total. Let’s say, for this game, the total is at 43, with both sides at -110.     You just have to choose whether the combined score will go Over or Under 43 points.  

Prop Bets 

There are also prop bets, which don’t care for the end-game result. Instead, prop bets are specific events that happen within a game. You can bet on player props or which team will score the first touchdown. Prop bets seem endless on the sportsbooks.    Some bettors only like to bet props because they add excitement and give additional opportunities to win within the specific game.  

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What Odds Formats Exist? 

There are different formats used in sports betting. It ultimately varies depending on the region you’re in. The three main ways to show odds are listed below.  

Decimal Odds 

You will see decimal odds in Europe and Australia. The odds represent the total payout of a bet.     For example, if you’re in Australia and betting on decimal odds and see a 2.50 number, a $100 bet would return $250. If you win the bet, the profit would be $150 because that return includes the initial $100 stake. 

American Odds 

In the United States, American odds are used. A number with a (+) in front of it shows the profit you would make on a $100 bet. For example, at +500, you’d make a $500 profit if the bet won, plus your $100 stake. At +500 odds, you’d return $600.    Meanwhile, seeing a (-) in front of the number indicates how much money you need to bet to win $100. At -350, you’d need to bet $350 to return a profit of $100. 

Fractional Odds 

The other most common format is fractional odds, which has been formally used in the UK. If you see 5/1 odds, you’d win $5 for every $1 bet. Fractional odds are standard in horse racing.  

What Does It Mean When Odds Are Positive? 

If the odds are positive, it shares that the wager would have a below 50% chance of hitting. For example, at +200 odds, the probability is just 33.33% that the bet will hit.     If you grab positive odds, you’re ultimately backing the underdog. These positive odds show the potential for higher payouts because the wager is less likely to hit.  

What Does It Mean When Odds Are Negative? 

If the odds are negative, it shares that the wager would hit more than 50% of the time. For example, at -200 odds, the probability that the bet will hit is 66.67%.    Therefore, if you grab negative odds, you’re backing the favorite. These negative odds will result in a lower payout compared to positive odds because the wager is more likely to hit.  

Compare Odds Across Multiple Sportsbooks 

All sportsbooks are independent of one another. That means not all sportsbooks offer the same odds. This is why you’ll want to compare odds across different sportsbooks to ensure you get the best value for your money. You don’t want to leave potential profit on the table.     Below are some ways that you can compare betting odds. 

• Check multiple sportsbooks: Some recreational bettors only use one sportsbook app. These bettors can do better. Instead, you’ll want to check various sportsbooks and their odds and bet with the site that will earn you the highest payout for the same amount of money wagered.  
• Use odds comparison tools: Many sites already have free comparison tools. You can check Oddschecker’s odds page for a specific event's latest and updated odds.  
• Consider the betting market: Some sportsbooks offer better odds on specific sports or events, while others will juice the odds, looking for more margin. Pay attention to that! 
• Account for bonuses, promotions, and boosts: Many sportsbooks offer different bonuses, promotions and boosts. Check the promotions page on each site to see if you can gain value with a specific bet before wagering. 

How Oddschecker Can Help You to Compare Odds 

On the front page, Oddschecker has odds for all of the live and upcoming games. It shows you the site with the best current odds for that specific market so you can quickly line shop and get the best line for the market you’re looking to bet.  

FAQs: How to Compare Odds 

What Do the Odds +/- Mean in Betting? 

In sports betting, (+) means positive odds. Anytime you see a + next to the number, if you bet $100, you’ll profit more than $100 if the bet wins.     The (-) means negative odds. Anytime you see a - next to the number if you bet $100, you’ll profit less than $100 if the bet wins.  

What Does +200 Odds Mean? 

+200 odds ultimately means that if you bet $100, you’ll profit $200 and return $300 thanks to your initial wager of $100, as long as the wager wins. 

How Do You Analyze Betting Odds? 

To analyze betting odds, you need to understand implied probability. This is important when learning how to compare betting odds.    All of the odds on the betting board have a probability.     At +100, the implied probability is 50%. A +100 wager is a coin flip. However, -150 implies the wager has a 60% chance of hitting. The more the number negative number goes up, the higher the implied probability is. At -250, the implied probability is 71.43%.     On the other hand, at +150 odds, the implied probability is 40%. If the number increases, the implied probability will drop. At +250 odds, the implied probability is 28.57%.    If you want to calculate implied probability, convert the American odds to decimal odds and then divide that number by 1. Once you know the implied probability for a specific wager, compare it to your data and see if you have value.     Now that you know how to compare betting odds, implement these strategies to help your bankroll grow more and more.