What do plus and minus mean in betting? Understanding odds and payouts

05/28/26

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What do plus and minus mean in betting is a question for new sports bettors everywhere. The odds of any wager that you place will be presented by the sportsbooks at which you place your wagers in a format. The format of odds presented by the sportsbooks located in North America is known as American, to become a successful sports bettor it is essential to learn the simple system of odds found at odds. There is a simple system of odds that the vast majority of sportsbooks use. And so most sportsbooks.

In North America, the odds that are displayed are in the American format and contain a plus (+) or minus (-) symbol. These can be for events such as outright match winners, point spread or even the over/under total points to be scored in the match. In this American format for odds to be displayed for these types of match events, they are shown as a single number. In this Plus and Minus Betting guide, the American odds format containing a plus (+) or minus (-) number is explained, including how to place the bet using the odds and how to work out the payout for the bet.

Plus & Minus in Betting

Plus and minus numbers are expressed in American odds format. These numbers show the return on investment for any successful bet, assuming the bet is for $100. For underdog bettors, the number following the plus sign indicates the amount of profit the bettor will receive for a $100 bet. The number following the minus sign indicates the amount that the favorite’s bettor must put up for a return of $100 in profit. In other words, it is the amount that must be bet to make $100.

A plus sign (+) in front of a number denotes the underdog of any event. This will be the amount of pure profit (dollar and cents) you will make for every $100 wagered on the underdog to win.

On the other hand, there is the minus (-) odds which represents the favorite in any given matchup. The minus (-) odds reflect the amount of money that needs to be risked in order to win $100 in profit. Thus, the number after the minus (-) odds shows how much money must be risked in order to earn a return of $100 in profit. For example, a -150 odds indicates that you would need to risk $150 in order to win $100 in profit.

How betting odds work in simple terms

As has already been mentioned, the total return of a successful bet includes both the gambler’s initial wager as well as his profit from having placed the bet in the first place. Thus the odds published for particular games or events will include only the profit to be made by a successful wager; the full return always includes 100% of the initial amount of the bet in question.

For example, let’s look at a $100 bet on a +150 underdog, and then a $150 bet on a -150 favorite. In the first case, the return on your bet would be $250. You would receive your initial $100 bet back, plus $150 in winnings. In the second case, the return on your bet would also be $250. Again, you would receive your initial $150 bet back, plus $100 in winnings.

The numbers associated with plus and minus odds in betting are very important because they give one an idea of the sports books’ views on the events of the games that are to be played and how they think that the events will occur. In order to use plus and minus odds in sports wagering for financial gain, one must have an understanding of the implications of the numbers that are used by the sports books.

What positive and negative numbers represent

These figures are indicative of risk and reward. High positive figures are often high variance so less likely to occur and thus greater returns for the bettor. High negative figures indicate lower variance so more likely to occur, thus lower returns for the bettor for a higher risk. The actual amount that the bettor needs to place at risk to receive a certain return is indicated by the minus figure.

Understanding positive odds (underdogs)

A Positive in sports betting refers to the underdog in any match up. The positive number in odds indicates the profit made from a $100 wager. So, for example +150 odds would mean a $100 wager would make a $150 profit.

Note that the higher the number in front of the plus sign the less likely to win an event will occur i.e. the team is a huge underdog. In the example of 500 to 1 odds the team is expected to win in rare circumstances whilst the team with 150 to 1 odds implied probability of winning is much greater. This is why the team with 500 to 1 odds is a huge underdog and would be considered for a value bet if true probability of winning was say 45% as opposed to the implied probability of 35%.

How +150 or +200 odds work

$100 wagered at +150 odds will yield $150 in profit. In addition to this, your initial $100 stake will be returned to you. In total, you will receive $250 from a winning bet.

On a $100 bet at +200 odds the bettor will earn double his money in pure profit. His returned initial stake is added to the profit to equal a total payout of $300 on his $100 bet.

When to bet on underdogs

Value betting is the act of betting on something when there is a discrepancy between the true probability of an event happening and the sportsbook’s implied probability of the event happening. For example, let’s say your research indicates that a team has a 45% chance of winning a match up. But, if the odds for them to win imply that they only have a 35% chance of winning, then there is value.

Understanding negative odds (favorites)

Negative odds represent the favorite in any bet. This refers to the amount of money one must bet to win $100 of pure profit. Sportsbooks will generally offer lower payouts for favorites as they are more likely to win. Larger negative numbers signify that the favorite is even more likely to win, whereas the bettor will have to risk more money to reap only a smaller return.

As you can see, the amount that a sportsbook will pay out for a favorite is a lot less than for an underdog, even if the favorite is a large one. But that is because a favorite is expected to win. So instead of paying out a lot of money, a sportsbook will limit their liability by paying out less. For example, a -300 favorite is a lot bigger than a -150 favorite; however, you will have to risk a lot more money to make only a small return.

How -150 or -200 odds work

With the negative number the stake required to earn a profit of $100 on a favorite is shown. For example, -150 means that a $150 stake will return a profit of $100 plus the stake of $150, making a total return of $250.

-200 odds: The favorite is expected to win the match so if you place a bet at -200 odds, you will risk $200 for the chance to win $100 profit. Your return on your winning bet would be your full $200 stake plus your $100 profit for a total return of $300.

Why favorites pay less

To avoid losing money on very likely events the sportsbook limits the return on favorites. If the sportsbook were to pay out high on very likely favorites then they would lose a lot of money. The return on favorites is typically lower because the favorites are more likely to win.

Quick comparison: plus vs minus odds

For you visualization fanatics here is a handy table to compare ‘plus’ odds with ‘minus’ odds. This should make it quick for you to work out which type of odds are better for you to place a bet on.

Feature	Plus Odds (+)	Minus Odds (-)
Designation	Underdog	Favorite
Meaning	Underdog pay outs are based on the risk of a $100 stake to win a greater profit. The favorite pay outs are based on the risk of a greater stake to win a $100 profit.
Expected Probability	Lower	Higher
Relative Payout	Higher	Lower
Example	+150 (Risk $100 to win $150)	-150 (Risk $150 to win $100)

How to calculate potential payouts

While placing a bet online the potential winnings of a bet are calculated automatically by online bookmakers and then displayed on a bet slip of a user, a serious bettor must know how to calculate potential return on investment for his or her bets as well.

Calculating Payouts for Positive Odds

For positive odds, use the following formula:

Profit = Stake × (Odds / 100)
Total Payout = Stake + Profit
(Example: $125 total payout on a $100 bet at +125)

Calculating Payouts for Negative Odds

For negative odds, the absolute value of the odds is used. This means that the minus sign is ignored. 150 is used for the calculation of the profit.

Profit = Stake × (100 / |Odds|)
Total Payout = Stake + Profit
(Example: $60 at -150: $60 × (100 / 150) = $40 profit. In total you will receive $100)

Implied probability: what the odds really mean

The odds of a bet, whether they be for moneyline betting, point spread betting or over/under betting, express the implied probability of the occurrence of an event. And in turn, the odds for any bet can be expressed as a percentage that equals the total return of the bet to equal the initial bet amount. For American odds, the expression of odds as percentages for positive odds and for negative odds follows.

To calculate implied probability for positive odds (+X):

Probability = 100 / (X + 100)
(Example: +150 is 100 / 250 = 40%)

To calculate implied probability for negative odds (-Y):

Probability = Y / (Y + 100)
(Example: -150 is 150 / 250 = 60%)

The sum of the two probabilities for any given market equals 100%. That is to say, if we were to offer perfectly equal odds for both the home team and the away team in a match then the respective implied probabilities for winning would be split exactly 50/50 or 50% for the home team to win and 50% for the away team to win. But in reality, no sportsbook offers perfectly equal odds for both the home team and the away team for a match. There is always a margin, or vig, or juice built into the odds for each side. For moneyline wagers, this margin is typically set at -110 for the favorite as well as for the underdog. Therefore, the respective implied probability for both the favorite to win and for the underdog to win would be 52.38% in each case. Adding 52.38% to 52.38% equals 104.76%. This 4.76% above 100% is the sportsbook’s profit, or the sportsbook’s margin, and is included in the odds for both the favorite to win and for the underdog to win.

How do plus and minus signs appear in different types of bets?

Moneyline bets

Moneyline odds are typically displayed with the plus/minus sign next to each team’s name. So for example in a match between Team A and Team B, the betting for winning the match would be displayed as + odds for Team A to win and – odds for Team B to win. The favorite is typically the team with the minus sign in front of their odds, while the underdog is the team with the plus sign in front of their odds for winning.

Spread betting

When a bet is of the Spread type, we have to consider a point handicap for the team we are betting on. For example: -7.5, which means that the favorite will lose the bet if they win the match by 8 points or more. On the other hand, the underdog of +7.5 will win the bet if he loses the match by 7 points or less, or even if he wins the match outright. Standard point spreads are usually quoted at around -110 for the favorite and -110 for the underdog.

Over/under markets

In Over/under betting (also referred to as Totals or Over/Under) there are plus/minus numbers presented on both sides of the listed total for the match-up. Both the Over and the Under will generally be priced with similar odds such as -110 to win $100 on a $110 wager.

Tips for beginners to understand odds faster

Learn to read the odds of a sportsbook quickly by adopting a few easy tips:

Memorize standard lines for money line bets: With all money line bets being -140 (odds against) for favorites and +120 (odds for) underdogs, this is a great bet type to start with for learning odds fast as most all sports have all money lines with these odds. Also, remember that a -140 favorite needs a $14 bet to win $10 while a +120 underdog needs a $10 bet to win $12.
Separate your Stake from your Profit: Remember that the return on your investment includes your original Stake. Therefore, a return of $110 on a $100 Stake returns your full investment plus a profit of $10.
Think in percentages: Remember the odds of a bet in terms of percentage to check for value using an implied probability calculator.
Understand the vig: The sportsbook is taking a cut on your action and in order to win the same as you risk in spread bets, you will need to win around 52.4% of the time on -110 odds money bets.

FAQs

What does plus mean in betting?

A bet with a plus sign in front of the odds means you are betting on the underdog of a match. This number represents how much you would win from a $100 wager.

What does minus mean in betting?

The minus sign in front of a number indicates the favorite. This is the amount that you will have to pay for a $100 return on your bet.

Are plus odds better than minus odds?

Plus odds are always better than minus odds. As an underdog you get a higher return on your bet than the favorite would get for a win. Of course there is a catch. The underdog has a lower chance of winning than the favorite. That means the odds for the underdog must offer a higher expected value for the bettor than the odds for the favorite. The expected value is the bettor’s return on investment divided by the true probability of the event to occur.

How do sportsbooks decide odds?

Sportsbooks initially set up the odds on a given match using statistical models, power ratings for teams, historic data, etc. as well as other information. Then, as the volume of betting shifts to one side, they adjust the odds themselves, allowing them to make a profit based off of the wagers.

Can beginners understand American odds easily?

There is more to American Odds than meets the eye when it comes to simple mathematical betting. American Odds are in fact very simple for any sports bettor to learn, as long as he or she can remember that any number of positive digits indicates the amount of money that one can win on a $100 bet. Conversely, any number of negative digits indicates the amount of money one must bet in order to win $100.

In this article:

sports betting

What do plus and minus mean in betting? Understanding odds and payouts

Plus & Minus in Betting

How betting odds work in simple terms