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American odds (also called moneyline odds) tell you two things at once: who the sportsbook thinks is the favorite, and how much you win per $100. A minus number like -200 is the stake needed to win $100. A plus number like +150 is the profit on a $100 stake. Every American price also converts into an implied probability with one short formula, and that number is the most useful thing on the screen.
This guide covers how to read both signs, how to work out payouts, how to convert to implied probability and decimal odds, and how to spot the bookmaker's margin. Every figure in the tables was calculated and double-checked with the formulas shown.
What do the plus and minus signs mean in American odds?
The minus sign marks the favorite and the plus sign marks the underdog. With -200, you risk $200 to make $100 profit. With +150, you risk $100 to make $150 profit. Either way your stake comes back too if you win.
The $100 is just a reference point. Payouts scale in a straight line, so a $20 bet at +150 makes $30 and a $20 bet at -200 makes $10.
| Odds | Stake | Profit if it wins | Total returned |
|---|---|---|---|
| -300 | $100 | $33.33 | $133.33 |
| -200 | $100 | $50.00 | $150.00 |
| -110 | $100 | $90.91 | $190.91 |
| +100 | $100 | $100.00 | $200.00 |
| +150 | $100 | $150.00 | $250.00 |
| +300 | $100 | $300.00 | $400.00 |
How do you calculate the payout on American odds?
Profit on plus odds is stake × odds ÷ 100. Profit on minus odds is stake × 100 ÷ |odds|, where |odds| is the number without its sign. Add your stake back for the total return.
Two worked examples:
- $50 at +150: 50 × 150 ÷ 100 = $75 profit, $125 back.
- $50 at -120: 50 × 100 ÷ 120 = $41.67 profit, $91.67 back.
How do you convert American odds to implied probability?
Implied probability is the win chance the price assumes. For minus odds, divide |odds| by (|odds| + 100). For plus odds, divide 100 by (odds + 100). So -200 is 200 ÷ 300 = 66.67% and +150 is 100 ÷ 250 = 40%.
| Odds | Formula | Implied probability | Decimal odds |
|---|---|---|---|
| -300 | 300 ÷ 400 | 75.00% | 1.333 |
| -200 | 200 ÷ 300 | 66.67% | 1.500 |
| -150 | 150 ÷ 250 | 60.00% | 1.667 |
| -120 | 120 ÷ 220 | 54.55% | 1.833 |
| -110 | 110 ÷ 210 | 52.38% | 1.909 |
| +100 | 100 ÷ 200 | 50.00% | 2.000 |
| +150 | 100 ÷ 250 | 40.00% | 2.500 |
| +200 | 100 ÷ 300 | 33.33% | 3.000 |
| +300 | 100 ÷ 400 | 25.00% | 4.000 |
Why does this matter? Because a bet only makes sense over time if you think the real chance is higher than the implied one. If you rate a team at 45% and the price is +150 (40%), the price is in your favor. If you rate them at 35%, it isn't. Most of us are bad at estimating that 45% honestly, which is part of why the book wins in the long run.
How do you convert American odds to decimal odds?
Decimal odds show the total return per $1, stake included. For plus odds, decimal = 1 + odds ÷ 100. For minus odds, decimal = 1 + 100 ÷ |odds|. +150 becomes 2.50 and -200 becomes 1.50. Implied probability is then simply 1 ÷ decimal.
Going the other way, from a probability back to American odds:
- If the probability is 50% or more: odds = -100 × p ÷ (1 - p). 60% gives -150.
- If it's under 50%: odds = +100 × (1 - p) ÷ p. 25% gives +300.
What is the vig, and how do you remove it?
The vig (or juice) is the sportsbook's built-in margin. You can see it by adding the implied probabilities of every outcome: anything above 100% is the margin. A standard spread priced -110 on both sides adds up to 52.38% + 52.38% = 104.76%.
That's also why bettors talk about needing to win 52.38% of -110 bets just to break even.
To get a "fair" (no-vig) probability, divide each side's implied probability by the total. Take a game priced -150 / +130:
| Side | Odds | Implied | No-vig probability |
|---|---|---|---|
| Favorite | -150 | 60.00% | 57.98% |
| Underdog | +130 | 43.48% | 42.02% |
| Total | 103.48% | 100.00% |
The no-vig numbers are a rough estimate of what the market really thinks. Comparing them with your own estimate is more honest than comparing against the raw price.
Common mistakes when reading American odds
People mix up the signs most often. Big minus numbers like -500 don't mean a big payout; they mean a small one ($20 profit per $100) on a heavy favorite. People also forget that a favorite at -300 still loses one time in four if the 75% implied chance is accurate. And a parlay of several "safe" favorites multiplies those losing chances together.
A short checklist:
| Check | Why it matters |
|---|---|
| Sign: plus or minus? | Tells you favorite vs. underdog |
| Implied probability | Tells you what you're paying for |
| Sum of both sides | Shows how much margin the book takes |
| Your own estimate | Without it, the price tells you nothing about value |
Where is sports betting legal in the US?
Sports betting is regulated state by state, and only operators licensed in your state can legally take your bets. Before using any sportsbook, check your state gaming regulator's list of approved operators. New Jersey's Division of Gaming Enforcement is one example of a regulator that publishes its licensees. Legal age is 21 in most states.
Responsible gambling
Odds math explains prices. It won't make betting profitable on its own, and the margin works against you on every bet. Set a budget you can afford to lose and stop when you reach it.
If gambling is causing problems for you or someone you care about, the National Problem Gambling Helpline from the National Council on Problem Gambling is free, confidential and open 24/7: call or text 1-800-MY-RESET (1-800-697-3738) or chat at ncpgambling.org.
Sources
All accessed October 6, 2026.
- Formulas and tables: calculated by the Scorely editorial team from the standard American odds definitions shown in this article, checked line by line.
- National Council on Problem Gambling, National Problem Gambling Helpline: https://www.ncpgambling.org/help-treatment/
- New Jersey Division of Gaming Enforcement: https://www.nj.gov/oag/ge/