Start with the market
A market defines the outcome a wager is based on. The price is the odds offered for that outcome. Check both before comparing two selections.
- Moneyline
- A selection on which team wins the game. The winning margin does not determine the result of a standard two-way moneyline wager.
- Point spread
- A handicap added to a team's final score. A favorite at −3.5 must win by at least four points to cover. An underdog at +3.5 covers if it wins or loses by three points or fewer.
- Total, or over/under
- A selection on whether the teams' combined score finishes above or below a listed number. At a total of 44.5, 45 combined points is over and 44 combined points is under.
Read American odds
Positive odds show the profit on a $100 stake. Negative odds show the stake needed for $100 profit. The stake is the amount you risk, and a winning return includes that stake plus the profit.
| Odds | Stake | Profit | Total return |
|---|---|---|---|
| +150 | $10 | $15 | $25 |
| −150 | $15 | $10 | $25 |
| −110 | $11 | $10 | $21 |
For positive odds, profit equals stake × odds ÷ 100. For negative odds, profit equals stake × 100 ÷ the absolute odds value. A losing wager loses its stake.
Decimal odds express total return per dollar staked. Decimal odds of 2.50 give a $25 total return on a winning $10 stake, including $15 profit.
Price and probability
Odds can be converted into an implied probability. At +150, the calculation is 100 ÷ (150 + 100), or 40%. At −150, it is 150 ÷ (150 + 100), or 60%.
The sportsbook's margin is built into its prices. For example, two opposing outcomes each priced at −110 imply about 52.38% apiece, a combined 104.76%. That excess helps explain why market prices and estimated chances of winning differ.
A model probability is an estimate based on its inputs and assumptions. Compare it with the exact market and price being offered, and remember that a higher estimated chance can still result in a loss.
Understand the result
- Cover
- The selected team finishes on the winning side of the point spread.
- Push
- The result lands exactly on a whole-number line. A standard straight wager is typically refunded under the sportsbook's rules.
- Void
- A wager is cancelled under the applicable rules, for example after certain scheduling or participation changes.
- Parlay
- Multiple selections are combined into one wager. The selections must satisfy the sportsbook's settlement rules, and pushes or voids may change the payout.
Overtime, postponements, player participation, and sport-specific rules can affect settlement. Review the rules attached to the wager and keep a record of the market, line, price, and time you selected it.