Reading minus (favorites)
A minus number is the favorite and tells you the risk needed to win $100. At -200 you risk $200 to win $100. The bigger the minus number, the heavier the favorite and the less you win per dollar. You do not have to bet in $100 chunks; the ratio is what matters, so at -200 a $20 bet wins $10.
Reading plus (underdogs)
A plus number is the underdog and tells you the profit on a $100 bet. At +180 a $100 bet wins $180 in profit, returning $280 total. The bigger the plus number, the longer the underdog and the more you win per dollar. A $20 bet at +180 wins $36.
Turning odds into probability
The odds imply a win probability. A -150 favorite implies about 60 percent, a +150 underdog about 40 percent. Books build in a margin, so those implied numbers add up to more than 100 percent. Stripping that margin out gives the fair odds, which is the first step to spotting a mispriced line.
Frequently asked questions
Does minus mean favorite or underdog?
Minus is the favorite. It shows the amount you must risk to win $100. Plus is the underdog and shows the profit on a $100 bet.
Is a plus or minus bet better?
Neither is better by default. Minus favorites win more often for smaller payouts; plus underdogs win less often for bigger payouts. Value depends on the price versus the true odds.
Related terms
21+. For entertainment and educational purposes, not financial advice. If gambling stops being fun, take a break. 1-800-GAMBLER. Regulated US books only.