How to Read and Understand Betting Odds in Sportsbooks

If you’re new to placing bets in a sportsbook, one of the first things you’ll need to understand is how betting odds work. Odds tell you two things: how much you can win, and how likely something is to happen. At first, betting odds might look confusing since it’s full of plus signs, minus signs, and decimal numbers. But once you get the hang of it, it’s actually pretty simple. In this guide from BK8, we’ll break it all down so you can start sportsbook betting with more confidence, whether you’re using a website or a mobile sports betting app.

Why Betting Odds Matter

Understanding sports betting odds is the foundation of all successful betting. Odds aren’t just about payouts, they also show the implied chance of an outcome. For example, if a team has high odds, it usually means they’re less likely to win, but you’ll get a bigger payout if they do. Lower odds often mean a higher chance of winning, but a smaller profit. Before you place any bet, you need to read the odds correctly.

The 3 Main Types of Betting Odds

Most sportsbooks use one of three types of odds formats:

1. American Odds (+/-)

This is the most common format.

• A minus (-) sign means the team or player is the favorite. The number shows how much you need to bet to win ₱100.
  • Example: -150 means you need to bet ₱150 to win ₱100.
• A plus (+) sign means the team is the underdog. The number shows how much you’ll win if you bet ₱100.
  • Example: +200 means a ₱100 bet would win you ₱200.

2. Decimal Odds

Popular in Europe, Canada, and Australia, decimal odds are super easy to understand.

Just multiply your bet by the decimal number to see your total return (including your original stake).

• Example: 2.50 odds on a ₱10 bet = ₱25 total payout, you win ₱15 profit.

3. Fractional Odds

Common in the UK, these look like fractions — for example, 5/1 or 1/4.

• 5/1 means you win ₱5 for every ₱1 you bet, plus your ₱1 back.
• 1/4 means you need to bet ₱4 to win ₱1, plus your ₱4 back.

Most online sportsbooks let you choose your preferred odds format in settings, especially when using mobile sports betting apps.

What Do the Odds Really Mean?

Odds show more than just payouts, they also reflect probability. Understanding this helps you compare the sportsbook’s prediction with your own. If you think a team has a better shot than what the odds suggest, it could be a value bet. Let’s break it down using decimal odds as an example:

To find the implied probability:

• Formula: 1 ÷ decimal odds
• Example: 1 ÷ 2.00 = 0.50 → 50% chance of winning

For American odds:

• Positive odds (e.g. +200): 100 ÷ (odds + 100)
• Negative odds (e.g. -150): odds ÷ (odds + 100)

Tips for Reading Odds Like a Pro

1. Compare Odds Across Sportsbooks – Not all sportsbook platforms offer the same odds. Use odds comparison tools or apps to find the best value.
2. Understand the Market – Odds shift based on betting action, injuries, and news. If a line moves a lot, it means the public is betting heavily one way.
3. Don’t Rely on Just the Odds – Use your own research, stats, injuries, team form — to back up your bet. Odds are helpful, but not everything.
4. Practice on Free Bets or Bonuses – Many sportsbook betting sites offer free bets. Use these to learn without risking real money.

Reading betting odds might look tricky at first, but once you understand the formats, it becomes second nature. Whether you’re into football, basketball, or boxing, knowing how to read odds gives you an edge. Next time you’re on a sportsbook or using mobile sports betting, take a second to study the odds as it helps you make better choices, manage your risk, and maybe even walk away with some extra cash and bonuses. Don’t miss the chance to explore other sports! Alamin kung ano ano ang mga sports kung saan pwede kang manalo ng real cash prizes!