How Moneyline Odds Work

Positive vs negative odds

Positive odds like +150 show profit on a $100 stake — bet $100, win $150 profit. Higher positive numbers mean bigger underdogs.

Negative odds like -150 show stake needed to win $100 profit — bet $150, win $100. More negative numbers mean heavier favorites.

Even money is +100 (or -100 with no juice). You risk $100 to win $100 profit. Most real markets add juice, so true 50/50 bets are often priced around -110.

Payout formulas

For positive odds: profit = stake × (odds / 100). For negative odds: profit = stake × (100 / |odds|). Total return is profit plus your original stake.

Implied probability converts odds to win chance. Positive +150 implies about 40%. Negative -150 implies about 60%. These include bookmaker margin unless you remove vig.

Finding value on moneylines

Value exists when your estimated win probability exceeds the implied probability from the price. Use a no-vig calculator to strip margin and compare to your own analysis.

FAQ

What does +150 mean in betting?

+150 means a $100 stake wins $150 profit (total return $250). The positive sign indicates an underdog with roughly 40% implied win probability.

What does -110 mean in betting?

-110 means you bet $110 to win $100 profit. This is standard juice on point spreads and totals, implying about 52.4% win probability.

How do moneylines differ from point spreads?

Moneylines are win-only bets with no spread. Point spreads add a handicap so both sides are closer to even money. Moneyline favorites pay less because they are expected to win outright.