Whether you’re new to sports betting or simply need a refresher, odds can seem confusing at first glance. Learning how to read the various betting odds formats doesn’t have to be complicated. With 5 simple steps, you’ll gain the knowledge needed to quickly interpret betting lines and make informed wagers.

Step 1: Understand the 3 Components of Betting Odds

Betting odds at Leon Sportsbook relay 3 key pieces of information – the amount you need to wager to win $100, the implied probability of an outcome occurring, and how much profit you stand to gain from a winning bet.

To properly read odds, you’ll need to understand these core components:

• Oddsmaker’s Prediction – Oddsmakers analyze past statistics, injuries, matchups and more to estimate the likelihood of potential outcomes. More likely outcomes are given lower odds, while less likely outcomes receive higher odds.
• Stake – The amount you need to wager to win $100. Lower odds require you to wager more to win the same amount.
• Payout – How much profit you make from a winning bet. Higher odds pay out more for a successful wager of the same stake.

Armed with this foundation, you’re ready to learn about the most common odds formats.

Step 2: Read Fractional Odds

Fractional odds are easiest to understand visually. With fractional odds, your profit is already calculated. Here’s an example:

• The Patriots are expected to win since they have the lowest fractional odds. You would need to bet $20 to make a $9 profit, for a total payout of $29.
• The Dolphins are bigger underdogs at 7/2 odds. A $2 bet brings a $7 profit, paying out $9 total.

While more complicated conversions are required for accurate payout calculations, the concept remains straightforward – lower fractions pay less, higher fractions pay more.

Step 3: Translate Decimal Odds

Decimal odds display the total payout for a winning $1 bet. If the odds are 2.15, you’ll receive $2.15 profit on top of your $1 wager, for $3.15 total. Here’s a NFL matchup with decimal odds:

• The favored Buccaneers have lower decimal odds of 1.62. A $1 bet pays out $1.62 in profit.
• The underdog Panthers offer higher odds of 2.90. A $1 wager returns $2.90 profit.

While the calculations are done for you, decimal odds can initially look more abstract without stated stakes. Just remember that lower decimals return less profit, while higher decimals bring bigger payouts.

Step 4: Interpret Moneyline Odds

Moneyline odds display how much you need to bet to profit $100 (if positive), or how much you’d profit from a $100 wager (if negative). For example:

• The Rams are underdogs at +120, meaning a $100 bet returns $120 profit.
• The favored Seahawks are -155, indicating you must wager $155 to get $100 profit.

A key tip is that favorites have negative moneyline odds, while positive odds denote the underdog. The higher the number, the bigger the payout or implied underdog.

Step 5: Read American Odds

American odds function similar to moneyline odds, though they display odds differently by not using a base $100 calculation:

• Here the Packers are -280 favorites, meaning you risk $280 to collect $100 profit.
• The Bears are +220 underdogs, so a $100 wager returns $220 profit.

Once you get the hang of moneyline odds, American odds just display the same concept without decimals or positives/negatives. Higher means bigger payout, lower means less profit.

Summary

While betting odds may seem intimidating at first glance, the key is breaking down the different formats into their core components. By understanding what the oddsmaker is predicting, staking requirements, and potential payouts, you’ll be able to read betting lines and wager confidently in no time.

Refer to this table for a quick overview of how to read common odds:

So don’t let confusing odds scare you off. Follow these 5 steps to unlock the knowledge you need to bet smarter right from the start.