In the case of sports betting, negative odds are given to the favorite to win and positive odds are assigned to the underdog.įor a working example, consider an NFL game where team A is given odds of -120 and team B is given odds of 200. This means negative odds are given to the event which is considered more probable whereas positive odds are given to the event considered less probable. odds in the negative half of this range represent the amount one needs to stake to win $100 while odds in the positive half represent the amount one stands to win on every $100 staked. These are also known as 'moneyline' odds and span the range from minus infinity to -100, and from +100 to plus infinity. There are different ways of giving odds in such a context and they are named mostly based on the geographical location where their use is most typical. It could be the outcome of a sports game or match, a political race, or any number of things if expressed in terms of win/lose or win/lose/tie. In the context of betting odds are directly linked to the implied probability of the outcome of interest. Alternatively, we have nine to one odds for not rolling a sum of five. The odds of that happening versus not happening are one to nine.

In simple games with dice it could be the odds of rolling a sum of five with two six-sided dice versus not rolling it. Odds typically refer to the ratio between the probability of one event happening versus another where the two events are mutually exclusive and exhaust all possible outcomes.

How to use implied probability in betting.

US odds calculator sports betting