What Do + and - Mean in Betting Odds? | WGT

What does the plus and minus mean in betting?

Quick answer
In American odds, a minus sign marks the favorite and shows how much you must risk to win $100. A plus sign marks the underdog and shows how much you win on a $100 bet. -150 means risk $150 to win $100, and +150 means risk $100 to win $150.
Written by the Wise Guy Desk, reviewed by Ross Thornton. Page content last changed August 6, 2026.

In American odds, a minus sign marks the favorite and shows how much you must risk to win $100, while a plus sign marks the underdog and shows how much you win on a $100 bet. So -150 means risk $150 to win $100, and +150 means win $150 on $100.

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Reviewed by Ross Thornton, professional sports handicapper

What do the plus and minus mean in betting odds?

Definition. The sign shows which side the market favors; the number is the amount tied to $100.

Worked example. A $20 bet at -150 wins $20 x 100 / 150 = $13.33 profit. A $20 bet at +150 wins $20 x 150 / 100 = $30.00 profit. The favorite wins more often, so it pays less per dollar.

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.

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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 fair, no-vig odds.

Your next step

  1. 1Learn itPlus and Minus (American Odds) (this page)
  2. 2Apply itHow to read betting odds →
  3. 3Run itOdds Converter →
  4. 4Master itDay 2: How sportsbooks make money →

Related terms

Moneyline
A moneyline bet is a straight wager on which team or player wins the game, with no point spread involved.
Expected Value (+EV)
Expected value, or EV, is the average amount a bet would win or lose if you placed it many times over.
Vig (Juice)
Vig, short for vigorish and also called juice, is the commission a sportsbook builds into its odds.
Implied Probability
Implied probability is the chance of winning a betting price represents.
Betting Payouts
A betting payout is your stake times the decimal price, and that total return includes your stake.
Odds Converter →Full glossary →

21+. For entertainment and educational purposes, not financial advice. If gambling stops being fun, take a break. 1-800-GAMBLER. Regulated US books only.

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