How do betting odds work? It’s a question that beginners (and even some veterans) need to know in order to get max value from their bets.
Otherwise, placing bets is a bit like taking a shot in the dark. You might still cash in – but you could end up leaving money on the table.
That’s because the concept of betting odds is complex at first, with different types of bets including fractional odds, decimal odds and Vegas odds.
The lingo can get downright confusing.
The good news is that wrapping your head around sports betting odds isn’t that difficult. There’s no need to be a math whiz – once you grasp it, you’ll be able to spot value in the markets.
In this article, our sports betting experts are going to make this easy for you.
We’ll be breaking down the different types of betting odds and showing you how they work. And as a bonus, we’ll also be pointing you in the direction of a range of top-rated sportsbooks like MyStake where you can grab the best sports odds today.
Let’s start.
Best Betting Sites for Sports Odds
- MyStake: Best Odds at a Sportsbook
- BetOnline: Best for Spread Odds
- Bovada: Best Odds for Prop Bets
- MyBookie: Best for Alternate Lines
- EveryGame: Best Sportsbook for Moneyline Bets
- BetUS: Best for Horse Racing
- SportsBetting.ag: Best Sportsbook Contests
- BUSR: Best for NBA Betting
- XBet: Best Reload Bonuses
What Are Betting Odds?
Before we dive into the different types of odds, let’s start by examining what odds are exactly.
Odds are a sportsbook’s way of deducing how likely it is that something – such as the Raiders to beat the Bills – will happen.
For instance, let’s say we’re on our top sportsbook MyStake and the Bills are big favorites.
In this scenario, a bookmaker might price them as 4/9 to win the match. If you place a $20 stake, you’d make a profit of $8.89 and take home $28.89 if the Bills triumph.
The Raiders, meanwhile, are the big underdogs for this one and have been priced at 3/1. If you place the same $20 stake, you’d take home a profit of $60 and a total winnings of $80.
These odds – which differ wildly – are set according to the probability of either outcome occurring. Bookies use the markets to help them select their odds, and they also employ expert handicappers who study the form of each team and conditions before setting their lines.
Depending on the sportsbook and your personal preference, odds are written as decimals, fractions, or with a plus sign and a minus sign (American odds).
Let’s now explore each type.
Different Types of Betting Odds Broken Down
It’s highly likely that you already have an intuitive grasp on either fractional, decimal or American odds. These are the three main types of betting odds.
UK bookies tend to stick to fractional odds, while American sports betting sites employ American odds.
Let’s start with American odds:
American Odds
American odds are pretty much the standardized odds system used across US betting sites. These odds come with either a plus sign (+100) or a minus sign (-100).
So, with American odds the minus sign = the favorite and the plus sign = the underdog.
What does this mean?
Let’s say the Bucks are the (-110) favorites to win the game versus the (+350) Lakers. In this case, you’d need to wager $110 on the Bucks in order to win $100. If you wager $100 on the Lakers to win the match, your potential profit would stand at $350 if it’s a winning bet.
As you can see, there’s a huge discrepancy between the two odds and this is all down to implied probability. The bookies have decided that the Bucks have a 52% win probability, while the Lakers have a 22% win probability.
Check the latest lines with American odds at MyStake.
Related: MLB MVP Odds
Fractional Odds
For fractional odds, if you bet on a team to win at odds of 10/1, you’d make $10 for every $1 you wager. If you wager $1, you’d win $10. If you wager $2, you’d win $20 etc.
This is because the number on the right side represents your stake and the number on the left side represents your potential winnings.
For instance, let’s say bookies have given odds of 1/1 for a team to win. In this instance, if you place a $1 stake, you’d win $1. If you place a $30 stake, you’d win $30.
If a team is odds-on to win something, the stake is always higher than the potential winnings – such as 10/11. In this scenario, your potential profit off an $11 stake is $10 (plus your $11 on top).
Check the latest lines with fractional odds at BetOnline.
Decimal Odds
Depending on which school system you used, you’ll either find it easier to read fractional odds or decimal odds.
Decimal odds take us back to the age of decimal currency and are shown as either one or two numbers.
For instance, if you place a $1 stake on a bet that comes with 5.0 decimal odds, you’ll get $5 in total if your bet wins – your original $1 bet plus $4 in profit.
If, on the other hand, you place a $1 stake on a bet that comes with 5.5 decimal odds, you’ll make $4.50 profit and take home $5.50 in total.
The benefit of decimal odds over fractional odds is that the numbers make smaller moves and look less ugly. Compare 2.5 odds with 3/2 and you’ll see what we mean.
Decimal odds are generally easier to read.
Check the latest lines with decimal odds at Bovada.
Related: Premier League Betting
Spread Bets
Spread bets are largely an American betting concept used predominantly on sports like the NFL, the NHL, and the NBA. You’ve probably heard the term “betting on the spread” and it refers to the point spread between two teams.
For example, imagine the high-flying Warriors were playing the under-performing Cavaliers in the 2021/22 season.
The point spread might have been set at (-8.5) before the match started, which means the Warriors would need to win the game by 9 clear points in order for you to win your bet.
The point spread odds are different from the moneyline (and always better) because your team doesn’t just need to win – they need to win by X number of points.
Therein lies the challenge.
Let’s say the moneyline for the Warriors pre-match to beat the Cavaliers is set at -200. The (-8.5) spread odds, on the other hand, might have been set at a more attractive +120.
Where’s the bigger risk? Well, that’s for you to decide.
Check out the latest spread bet lines at MyBookie.
Over/Under (Totals)
One of the most popular bets you can place at a sports betting site is the over/under bet.
Also known as a totals bet, this is when you bet on a match to consist of over or under a total number of points or goals by the time it’s finished – such as over 4.5 goals in soccer betting.
Exactly what you’d be betting on depends on the sport. In the NBA, you’d be betting on the total number of points and in tennis you’d be betting on the total number of games.
Using soccer as an example, if Manchester City are playing Liverpool in the English Premier League, over 2.5 total goals might be set at 23/20. Under 2.5 goals might be set at 8/13.
This suggests that the bookies believe it’s likely that this match will have few goals.
The over/under market typically has tight odds – unless you opt to bet on the outcome that the bookies have decided is fairly unlikely (such as under 1.5 goals in the Manchester City v Liverpool match, which might be set at 4/1).
Check out the latest over/under lines at Everygame.
Pick‘em
Pick’em odds are available for matches where the bookies can’t decide which team is going to win.
In this case, the point spread is neglected and you have to decide between Team A and B on the moneyline. The catch is that the moneyline odds for each team are pretty much the same.
Essentially, placing a pick’em bet is kinda like tossing a coin – except you might have a hunch about which side is going to win.
Pick’em odds are available as decimal odds, fractional odds, and American odds.
Check out the latest pick’em lines at BetUS.
Related: Call of Duty Betting
Vegas Odds
Vegas odds are the odds set by Las Vegas oddsmakers who use a specific system to calculate their odds. They’ve been doing this for years – and they’re often right, especially when it comes to setting a clear favorite and underdog.
Also known as Vegas lines, you’ll find them at a wide range of top-rated US betting sites.
That said, these odds aren’t as common as they used to be now that many betting sites set their own lines and use sophisticated sports betting software to assist them.
Vegas odds are available on bet types such as the moneyline, the over/under and the point spread. You can read them as decimal, fractional or American odds.
You can also place straight bets and parlays with Vegas betting lines.
Check out the latest Vegas odds at Sportsbetting.ag.
Top Betting Websites With the Best Odds
1. MyStake – Best Sportsbook Overall for Odds
Pros:
- 100% welcome bonus
- 10% crypto cashback
- Consistently generous odds
- 20+ sports to bet on
- eSports available
Cons:
- Relatively new to the online sportsbook game
Launched in 2020, MyStake is still a new kid on the block in the sports betting world.
That said, it’s one of the best new betting sites around and it consistently delivers the best odds on a wide range of sports like the NFL, soccer and the NBA – and it comes up with the goods when it comes to enhanced odds and bonuses.
New players can get started with a full-fat 100% up to $500 welcome bonus, which means if you deposit $100 straight off the bat MyStake will double your money instantly.
Crypto players can also claim 10% cashback on all losses.
One of the reasons we slotted MyStake in at number one is because they offer more lines and markets than many other sports betting sites.
For example, even if the spread is set at (-9.5) for an NBA match, you have the option of selecting alternative lines, such as (-8.5), (-10.5) – and so on.
MyStake also posts their lines way in advance of an event starting, which gives you plenty of time to weigh up your options.
MyStake’s top odds:
- Denver Nuggets Eastern Conference winners (4.5)
- Napoli Champions League winners (7.35)
- Novak Djokovic 3 total Grand Slams in 2023 (3.25)
Click here to get started at MyStake with a $500 potential welcome bonus.
Related: Best eSports Betting Sites
2. BetOnline – Best for Spread Odds
Pros:
- $1,000 welcome bonus
- $25 risk-free player prop bet
- 25% reload bonus
- Excellent spread odds
- 25+ years experience
Cons:
- Credit card fees
BetOnline is now into its 30th year – and if there’s one sportsbook to trust when it comes to setting accurate point spread betting lines, it’s this one. New players are entitled to a 50% up to $1,000 welcome bonus.
BetOnline doesn’t typically post alternative lines, which means your choices are fairly limited when it comes to the spread, the moneyline, and the totals. However, as we noted, BetOnline’s lines are consistent, accurate – and fair.
Moreover, you can bet on plenty of props on American sports matches, such as the MLB and the NFL, and you can also claim a $25 player-prop bet as a new player.
Same game parlays are available, as are odds boosters, which themselves are a great way to get more bang for your buck whenever you place a bet.
You can also easily turn your bets into straight bets, parlays, teasers or if-bets, with BetOnline automatically updating the odds so you know where the value is.
BetOnline’s top odds:
- Brazil to win the 2026 World Cup (+550)
- Phoenix Suns to win the 2023 NBA Championship (+450)
- Boston Bruins to win the Stanley Cup (+475)
Click here to get started at BetOnline with a $1000 potential welcome bonus.
Related: How to Bet on UFC Fights
3. Bovada – Best Prop Betting Odds
Pros:
- $750 welcome bonus
- $200 referral bonus
- Wide range of prop bets on major sports
- Earn rewards points each time you bet
- Cryptos accepted
Cons:
- Posts late lines
If you love the idea of placing prop bets, Bovada is our top pick.
This is a highly-established betting site that’s been offering amazing odds and regular bonuses to customers for more than 11 years.
As a new customer, you can claim a $750 welcome bonus when you make your first deposit. As well as snapping up great odds, you can also rack up rewards points whenever you place a bet. The best thing is, it doesn’t matter if your bet wins or loses.
And while Bovada is known for posting late betting lines, it stands out with its wide selection of prop bets and prop betting odds. This year we found some of the best Super Bowl prop bets around, and you can also wager on other events like Grammy predictions.
In the NBA, you can bet on a player to score over/under a total number of points, in the NFL you can bet on a player to score a touchdown and in tennis you can bet on a player to hit X number of aces.
There’s also a useful Prop Builder tool to make your life easier.
Bovada’s top odds:
- Houston Astros to win the World Series (+600)
- Rory Mcllroy to win The Masters (+800)
- Rafael Nadal to win the French Open (+250)
Click here to get started at Bovada with a $750 potential welcome bonus.
Related: Montana Sports Betting
4. MyBookie – Best for Alternate Lines
Pros:
- $1,000 welcome bonus
- $200 referral bonus
- Offers alternate lines on popular sports
- Great for college sports betting
- Excellent in-play odds
Cons:
- Limited banking options
If you join MyBookie today, you’ll be eligible for a $1,000 welcome bonus. Plus, you’ll get free entry into MyBookie’s $150,000 bracket contest.
MyBookie is our top pick for alternate lines. Pre-match, MyBookie sets the spread, the moneyline and the totals odds – and they’ll add an alternate line for you to choose from, too.
Using an NBA match as an example, MyBookie might set the totals market at 229 pre-match and add 230 as an alternate line. This is ideal for if you’re unsure of 229 and feel that 230 might be a safer bet.
Odds boosts are regularly available on big sporting events, such as heavyweight boxing matches, the Champions League final, and the World Series.
MyBookie also stands out for college sports betting odds, and there is a wide range of helpful resources, such as betting tips and analysis, to help you place better bets.
MyBookie’s top odds:
- Iga ?wi?tek to win Wimbledon (+400)
- Giannis Antetokounmpo NBA 2023 MVP (+550)
- Marseille to win Ligue 1 without PSG (+111)
Click here to get started at MyBookie with a $1,000 potential welcome bonus.
Related: Kentucky Sports Betting
5. EveryGame – Best for Moneyline Bets
Pros:
- $750 three-tiered welcome bonus
- 25+ years experience
- User-friendly website
- Competitive moneyline odds
- Covers more than 20 sports
Cons:
- Tight bet limits
EveryGame is one of the oldest online betting sites. It was launched over 25 years ago in 1996 and has grown in stature as one of the go-to betting sites for moneyline odds.
In other words, if you prefer to keep things simple and place a moneyline bet, EveryGame is our recommendation.
New players can kick things off with a tantalizing three-tier welcome bonus that covers your first three deposits, and which is worth $750 in total.
As well as offering competitive moneyline odds, EveryGame offers generous spread odds and totals odds for football in-play betting.
All the major sports are covered superbly, and there’s a wide range of tools to enhance your betting experience.
These include a “hottest bets” section that lists the best odds available each day and a US sports betting coupon that makes it easier than ever to build your parlays from scratch.
EveryGame’s top odds:
- Jon Rahm to win the 2023 PGA Championship (+1100)
- Houston to win the 203 NCAAB Championship (+600)
- Italy to win the Nations League (+300)
Click here to get started at EveryGame with a $750 welcome bonus.
Related: Best NCAA Basketball Picks
Best Bonuses to Boost Your Bets
MyStake – 100% up to $500 Welcome Bonus
Sign-up to MyStake today and you can claim a matched-deposit bonus that’s worth as much as $500. This is a 100% offer, which means if you deposit $200 straight off the bat, MyStake will add another $200 to your account. The minimum deposit is $20.
BetOnline – $1,000 Sign-up Bonus
BetOnline is currently offering new customers a 50% welcome bonus. You can claim $1,000 in total depending on how much you deposit, with the minimum first deposit set at $55. Use the promo code “BOL1000” when prompted.
Bovada – $750 Welcome Offer
Bovada’s welcome bonus is a 75% matched deposit offer worth up to $750 for each new customer. You can make your first deposit using cryptos or fiat currencies and you need to deposit at least $20.
MyBookie – 50% up to $1,000 Bonus
The MyBookie welcome offer is a 50% up to $1,000 promo that’s available to any new customer who makes a first deposit of $50 or more. Enter the code “MYB50” when asked to redeem this offer.
EveryGame – 100% Three-Tiered Welcome Bonus
EveryGame’s 100% welcome bonus covers your first three deposits. Each one is worth up to $250 and you can opt-in to the first deposit bonus only – or all three.
Related: MLB Prop Bets
Where to Find the Best Odds: MyStake
We’ve reviewed a raft of top sports betting sites and horse racing spots that offer excellent odds. However, MyStake stands out as our number one sportsbook – and here are 4 reasons why:
- Consistently great odds on all markets: Whether you want to place a moneyline bet, a totals bet or whether you want to bet on the spread, the total payout at MyStake is always excellent. Their odds are fair, consistent – and they’re often the best around.
- Wide variety of markets: While most sportsbooks set a single line for the spread and the totals, MyStake offers you a variety of alternate lines. This then allows you to think outside the box and potentially place a winning bet at more favorable odds.
- You can easily switch odds: MyStake displays decimal odds by default but you can easily switch to fractional odds or American odds – whichever you prefer.
- Great bonuses and offers: As well as offering odds boosts on specific bets, MyStake treats customers to a series of regular bonuses. These include a 100% welcome bonus, 10% crypto cashback on all losses and contests and prize pools that you can enter for cash prizes.
Related: College Football Championship Odds
Why Place Your Bets Online
- You can compare odds: While some sportsbooks might offer the exact same odds on specific bets and markets, you’ll generally find that each online sportsbook offers varying odds. When you sign-up to different betting sites, you can compare their odds so that you’re always guaranteed to win more money.
- You can bet in-play: As well as betting pre-match, bettors will be able to bet in-play if you join a betting site online. This means you can try your luck on the moneyline, the spread and total bets even after a match has already started.
- Take advantage of odds boosts: All the best betting sites offer price boosts on specific bets, as well as betting specials. Taking advantage of these offers increases your total payout and you can apply odds boosts to single bets and parlays if you decide to add multiple bets to the same selection.
Related: NBA MVP Odds
How to Read Odds FAQs
How Do I Find the Best Odds?
To find the best odds, it’s a smart idea to first of all track down the sportsbooks that are consistently recognised as offering the best odds. We listed a couple of these in this article, including MyStake and BetOnline.
Then, you can compare their odds for any specific bet you want to place.
You can also check odds comparison websites to find the best odds that are available at a variety of different sportsbooks.
What is Implied Probability?
In gambling, implied probability represents the chances of a bet winning.
Using American odds, if a sportsbook is offering odds of (-250), it means that they think there’s a 71% implied probability of this bet winning.
In other words, it has an average-to-good chance of being a successful bet.
What Do Negative American Odds Numbers Mean?
All American odds come with either a positive number (+100) or a negative number (-100). Positive numbers or minus odds typically represent the favorite, while negative or positive odds numbers represent the underdog and therefore always have a higher total payout.
Related: Mississippi Sports Betting
Betting With the Best Odds Online: Tips & Tricks
In this final section, we’re going to go over a few helpful tips and tricks that will prove useful when you start betting on sports online.
Sign-up to Sportsbooks That Have the Best Odds
It goes without saying that in order to maximize your profits, you need to join sportsbooks that offer the best odds.
To locate the top-rated sportsbooks that offer the best odds on various bet types, you can read review guides like this which have crowned MyStake as the best odds spot.
You can also compare and contrast the odds on offer yourself so that you can get a feel for which betting sites offer the best odds for different markets.
Switch to Your Preferred Types of Odds
As we’ve seen, there are 3 different formats when it comes to odds – fractional, decimal and American odds.
All the best betting sites make it easy for you to switch between the different odds types. We highly recommend that you alter your preferences before you start betting, as this will make it so much easier for you to work out the total payout for any bet you’re thinking of placing.
Play With Fake Money at First
An easy way to get used to how odds work is by entering pretend stakes without placing a bet. This will give you a feel for the total payout so that, over time, you get a clear idea of where the value lies.
Eventually, you’ll know which odds are favorable and which aren’t and you’ll be able to calculate your total payout in seconds.
Take Advantage of Odds Boosts
Betting sites like BetOnline regularly offer odds boosts that increase your potential winnings, turning odds like (+250) into (+270).
Keep your eye out for these boosts and make sure to use them when they’re available.
Related: Tennessee Sports Betting
How Do Odds Work in Sports Betting? Final Thoughts
When you can read odds such as American odds, you’ll be able to figure out how much you need to bet for how much profit.
This in turn means you’ll always be getting as much value out of your bets – and it can help you make a profit over the long-term.
MyStake is our standout choice for the best sports betting odds overall. You can bet on over 20 sports and browse a huge variety of markets, as well as get started with an up to $500 welcome bonus.
Whatever you decide to do, please remember to gamble for fun and to always stay in control.
DISCLAIMER: Gambling, in any form, is a risky endeavor as nothing’s 100% certain. With this in view, we don’t have to remind you that “Responsible Gambling” must be practiced at all times. While gambling might come off as fun, it mustn’t become a substitute for resolving financial problems.
If you feel you’re nearing the confines of problem gambling or you know someone who is, directing a call to the National Gambling Helpline at 1-800-522-4700 should be your next course of action. With advisors on the ground to deliver excellent advice on gambling-related activities, this entertainment form is sure to become safer for you and your loved ones. Also, the fact that casino sites and their offerings are for those aged 18 and above shouldn’t be relegated to the background.
Check out these websites for free gambling addiction resources:
