Sports Betting Odds: How They Work

It is important to gain a thorough understanding of how sports betting odds work before you start making picks.

This page explains how to read the odds on football, baseball, basketball, hockey, and other popular sports. You will learn how to calculate your potential profit, and we will break down the concept of implied probabilities.

We will also explain who sets the odds, why they shift in the build-up to a game, and how to find the best odds in your state. Let’s get into it.

What Are Sports Betting Odds?

Sports betting odds provide you with two vital pieces of information:

• The profit you will receive if you place a successful bet on a particular outcome.
• The implied probability of the bet winning.

You can use this information to determine whether a betting option is attractive. For example, you might find odds of +105 on the New York Mets to win an MLB game. Those sports betting odds tell you two things:

• You will earn a 105% profit if the Mets win. For example, a $100 bet would deliver a $105 profit, whereas a $10 bet would result in a $10.50 profit.
• The Mets have an implied 48.8% chance of winning the game.

That could be an appealing bet if you believe the Mets are likely to win the game.

Who Sets Sports Betting Odds?

Experienced oddsmakers set the sports betting odds at online sportsbooks. They are tasked with publishing odds on thousands of potential outcomes each day.

Once upon a time, individuals like Bob Martin and Zacharie Franzie would conduct manual calculations and then write up the odds on chalkboards in Las Vegas. Nowadays, oddsmakers use advanced analytics and powerful algorithms to help them set their odds.

Leading online sportsbooks such as BetMGM and Caesars Sportsbook employ their own oddsmakers, who operate within large risk management teams. Other sportsbooks source their odds from a third-party provider. For example, a company named Kambi sets the odds at BetRivers and various other legal sports betting apps.

Options for Sports Betting Odds

You will find betting odds on more than 20 sports at leading online sportsbooks like FanDuel, BetMGM, and DraftKings. They offer odds on everything from football and basketball to alpine skiing and badminton.

The best online sportsbooks provide odds on all the major leagues, such as the NFL, MLB, NBA, and NHL. However, you can also bet on leagues and competitions from around the world, from baseball in Taiwan to hockey in Finland.

You will be presented with sports betting odds on hundreds of pre-game markets when you select an NFL or NBA game at a sportsbook. They range from popular markets like the spread and total to niche player props and longshot same-game parlays. Sportsbooks also offer live bets after a game begins, along with long-term futures bets, parlays, teasers, and round robins.

While sports betting odds are available on hundreds of different competitions, most of the action at online sportsbooks goes on a handful of popular leagues, which we have listed below.

NFL Betting

This NFL odds comparison table helps you quickly identify which online sportsbook offers the largest potential profit on your picks. Simply click on the NFL odds you like the look of, and you will be taken through to the site, where you can place your bet.

[Tallysight NFL odds table]

Online sportsbooks offer NFL betting odds on every game of the season. The most popular betting options are the point spread and the total points line.

Additional markets include the moneyline, alternative spreads and totals, team props, game props, player props, and same-game parlays. You will also find a huge range of live betting options on each NFL game. Futures betting options include predicting the winner of the Super Bowl or Over/Under bets on the number of regular season wins a team will secure.

Here is an example of NFL betting odds on a point spread:

• New York Giants +6.5 (-108)
• Cleveland Browns -6.5 (-112)

Those odds tell you that a $108 wager on the Giants would deliver a $100 profit if they were to cover the 6.5-point spread. That gives the Giants an implied 51.9% chance of covering.

Alternatively, you can bet on the Browns to cover if you think they will win by a margin of at least 7 points. The NFL odds tell you to expect a $100 profit for every $112 wagered, implying a 52.8% chance of Cleveland covering.

Note: The fourth question in the FAQ section at the bottom of this page explains precisely how to read odds.

College Football Betting

Shopping around for the best college football odds before placing your bets is beneficial. You can use the table below to quickly find the sportsbook with the best odds and lines on each team.

[Tallysight NCAAF odds table]

You will also find college football odds on the biggest games each week at the best sports betting apps. Once again, the most popular markets are the spread, total, and moneyline, but you will also be offered odds on props, alternative lines, and other markets.

It is also important to note that college football props are prohibited in certain states. Other states do not allow sportsbooks to take bets on college football games featuring teams based in the state. For example, you cannot bet on Virginia Cavaliers games in Virginia.

Here is an example of college football betting odds:

• USC to beat Michigan (-190)
• Michigan to beat USC (+160)

Odds of -190 on USC tell you to expect a $100 profit for every $190 wagered, and they give USC a 65.5% implied chance of winning. Meanwhile, NCAAF odds of +160 on Michigan explain that a $100 bet would deliver a $160 profit, giving Michigan a 38.5% chance of success.

You will notice that the two implied probability figures do not add up to 100%. That is because online sportsbooks take a house edge.

MLB Betting

Rival online sportsbooks offer different MLB odds on the same game. You can use the odds comparison table below to find the site currently offering the best odds on your MLB picks.

[Tallysight MLB odds table]

MLB betting is available every regular season and postseason game at the country’s best online sportsbooks. The most common MLB betting markets are the moneyline, total runs, the run line, batter props, pitcher props, game props, and parlays.

The best sports betting apps also offer MLB odds on a wide range of futures markets. For example, you can bet on the World Series winner, the winner of each league or division, the player that will be named MVP in each league, and so on.

Here is an example of the MLB betting odds you might find on a particular game:

• Over 8.5 runs (-110)
• Under 8.5 runs (-110)

Those sports betting odds tell you that a $110 wager on either outcome would deliver a $100 profit. You can also see that the sportsbook gives both potential outcomes the same implied probability.

NBA Betting

Our NBA odds comparison chart helps you maximize your profits on each successful pick you make. You can quickly find the sportsbook with the best number and then click through to the site to place your bet at the best odds on the market.

[Tallysight NBA odds table]

Online sportsbooks take more bets on the NBA than any other league. There are 1,230 regular season games, and the playoffs then provide many more wagering opportunities for hoops fans.

The most common NBA betting options are the spread and the total points line. You can also bet on the moneyline, alternative sides and totals, player props, team props, game props, parlays, teasers, round robins, and futures.

Here is an example of NBA odds:

• Boston Celtics -4.5 vs. Philadelphia 76ers (-110)
• Philadelphia 76ers +4.5 vs. Boston Celtics (-110)

In this example, the NBA betting odds tell you to expect a profit of $100 for every $110 you wager on either team to cover the spread.

College Basketball Betting

Basketball bettors can use our NCAAB odds comparison chart to find the best prices for the biggest games. Just scroll down to the game you would like to bet on, find the sportsbook offering the best odds on your pick, and click through to the site to place your bet.

[Tallysight NCAAB odds table]

Sports betting apps offer college basketball odds on a long list of games each week. You will find NCAAB odds on the moneyline, point spread, total points, and alternative lines. Most states permit prop bets on college basketball, but they are prohibited in certain states.

You can also place futures bets, such as the winner of the NCAA Tournament or the winner of a particular conference. Parlays, teasers, and round robins are also popular among college basketball bettors.

Here is an example of college basketball odds from the NCAA championship game in 2024:

• UConn to beat Purdue (-275)
• Purdue to beat UConn (+220)

Odds of -275 implied a 73.3% chance of UConn winning. UConn won the game, justifying its status as the favorite. Anyone who bet on UConn received $100 in profit for every $275 wagered.

NHL Betting

The table below highlights the NHL odds available at all the leading online sportsbooks. You can easily determine which site has the best odds on your picks. Click through to the site to place your wager at the best possible odds.

[Tallysight NHL odds table]

The best online sportsbooks offer more than 150 betting options on every NHL game. The most popular markets are the two-way moneyline, three-way moneyline, total goals line, tie no bet, and the puck line.

Additional markets include correct scores, winning margins, player props, game props, team props, parlays, and round robins. You can also place futures bets, such as the winner of the Stanley Cup or the winner of the Hart Memorial Trophy.

Here is an example of NHL betting odds on the puck line:

• Florida Panthers -1.5 vs. Tampa Bay Lightning (+120)
• Tampa Bay Lightning +1.5 vs. Florida Panthers (-140)

If you think the Panthers will win by a margin of at least 2 goals, you can back them to cover the puck line. You will earn a 120% profit if the bet pays off, but there is only a 45.5% implied chance of it succeeding.

Alternatively, you can bet on Tampa Bay +1.5 if you think the Lightning will win the game or only lose by a single goal. The sportsbooks have assigned an implied probability of 58.3% to the Lightning covering.

Soccer Betting

The table below compares the soccer odds available at the country’s top online sportsbooks. When you find the sportsbook with the best odds on your pick, click on the odds to visit the site and make your play.

[Tallysight soccer odds table]

You can bet on a huge range of soccer games each week at elite online sportsbooks like bet365, BetRivers, and DraftKings. They take bets on everything from the English Premier League and Major League Soccer to regional leagues in Australia and the fourth division in Switzerland.

The most popular markets are the moneyline, total goals, draw no bet, both teams to score, regular handicaps, Asian handicaps, same-game parlays, correct scores, player props, team props, and game props. Futures, parlays, and round robins are also available.

Here is an example of soccer betting odds:

• Columbus Crew to win (-145)
• Tie (+295)
• Orlando City to win (+320)

A bet on Orlando City would deliver a 320% profit. However, that outcome has an implied probability of just 23.8%, so the odds are against Orlando in this example.

UFC Betting

The UFC odds comparison chart below helps determine which sportsbook has the best number on each fighter.

[Tallysight UFC odds table]

You can bet on every UFC fight night at legal online sportsbooks. Common markets include the winner (moneyline), total rounds, method of victory, and the round in which the fight will end.

There will be prop bets on the biggest fights, too. For example, you might be able to bet on the number of strikes that a fighter will land or the number of takedowns.

Here is an example of UFC odds:

• Charles Oliveira to beat Michael Chandler (-245)
• Michael Chandler to beat Charles Oliveira (+205)

As always, the odds tell you the profit you would earn from a successful wager on either fighter. In this example, they give Oliveira an implied 71% chance of winning the fight, and Chandler has a 32.8% implied chance of success.

Sports Betting Odds Types

The best online sportsbooks offer odds on a huge variety of betting options. We have broken down the most popular bet types below.

Moneyline

The moneyline is a simple bet on the result of a sporting event. You can bet on which team will win a baseball game, which player will win a tennis match, which fighter will win a boxing bout, and so on.

Most sports feature a two-way moneyline. Here is an example:

• Pittsburgh Pirates to beat Cincinnati Reds (+105)
• Cincinnati Reds to beat Pittsburgh Pirates (-125)

If you expect the Pirates to win, back them at odds of +105. Alternatively, you can bet on the Reds to win at odds of -125.

You will find a three-way moneyline on certain sports, such as soccer, hockey, and boxing. A three-way moneyline occurs when there is the possibility that the event will end in a tie. Here is an example of a three-way moneyline on a soccer game:

• USA to win (-130)
• Tie (+250)
• Jamaica to win (+400)

You simply need to predict the result, and the odds highlight the amount you will win if your pick is correct.

Point Spread

The point spread is the most popular betting option on football and basketball games. The oddsmakers will assign the stronger team a handicap and offer odds on either team covering the resulting point spread. Here is an example:

• Kansas City Chiefs -2.5 (-110)
• Atlanta Falcons +2.5 (-110)

If you expect the Chiefs to beat the Falcons by a margin of at least 3 points, you can bet on them to cover the spread. Alternatively, if you expect the Falcons to win the game or to lose by no more than 2 points, back them to cover the spread.

You will earn the same potential profit on either side of this bet. That means the implied probability is the same for either team to cover the spread.

There are similar betting options on other sports, such as the run line on a baseball game or the puck line on a hockey game. Here is an example of a run line:

• LA Angels +1.5 (-108)
• Houston Astros -1.5 (-112)

If you think the Astros will win by at least 2 clear runs, bet on them to cover the run line. You can alternatively back the Angels if you expect them to win or only lose by a single run.

Totals

This is a simple Over/Under bet on the number of points, runs, or goals that will be scored in a game. Here is an example of an NBA game:

• Over 227.5 points (-110)
• Under 227.5 points (-110)

You need to predict how many points both teams will combine for, then place your bet. If you expect them to combine for at least 228 points, bet on Over. If not, bet on Under.

This popular betting option is not limited to major sports like football, basketball, and baseball. You will find totals betting on all sorts of sports, such as cricket, tennis, boxing, MMA, Aussie Rules, and so on. Here is an example from a tennis match:

• Over 21.5 games (-115)
• Under 21.5 games (-105)

If you expect at least 22 games to be played during the match, bet on Over. Alternatively, bet on Under if you expect 21 games or fewer.

Futures

Futures bets are long-term wagers that cover an entire season or tournament. For example, you can bet on a team to win the Super Bowl, the World Series, the NCAA Tournament, the Stanley Cup, and so on.

You will also find futures bets on individual teams. For instance, you can predict how many regular season wins a team will earn or whether they will make or miss the playoffs. Here is an example:

• Philadelphia Eagles to win Over 10.5 regular season games (-130)
• Philadelphia Eagles to win Under 10.5 regular season games (+110)

There are also player futures. For example, you can bet on a player to be named NBA MVP or to win the Heisman Trophy.

Props

Prop bets focus on in-game events, team stats, or player stats. They are not normally linked to the result of a game. Here is an example of an NFL game prop:

Will either team score three times unanswered in a game between the LA Chargers and the Pittsburgh Steelers?

• Yes (-155)
• No (+120)

Player props are also popular in many sports. Here is an example of a player prop:

• CJ Stroud to throw for Over 262.5 yards (-115)
• CJ Stroud to throw for Under 262.5 yards (-115)

You do not need to predict the result of the game or the total points. Simply decide if Stroud will go over that total or stay under it.

Why Do Betting Odds Shift?

There are two key reasons why betting odds shift:

• The oddsmakers move them in response to recent results or breaking news.
• They shift in response to public betting patterns.

The first reason is pretty straightforward. If a team starts the season as a +700 favorite to win the Super Bowl and loses its first four games, the odds on them winning the Super Bowl will shift. They will cease to be the favorites as they are struggling.

Likewise, if a team is the favorite to win an upcoming NBA game and news breaks of an injury to their star player, the odds will quickly change.

Betting odds and lines can also shift if one team proves popular with bettors. For example, let’s say a sportsbook offers odds of -125 on the Dallas Cowboys to beat Washington and +105 on Washington to win the game. If most bettors back the Cowboys to win, the sportsbook will respond by offering less appealing odds on Dallas and more appealing odds on Washington.

The sportsbooks do this to balance their risk by encouraging a similar volume of bets on either team. You might soon find that Dallas is a -145 favorite, and Washington is a +120 underdog. Tracking changes in the odds can provide interesting opportunities to bet on unpopular teams at inflated odds after they have shifted.

How Do You Line Shop?

Shopping around for the best odds will ensure you maximize your profits on each correct pick you make. In the long-term, that can make the difference between ending a season in the red or in the black.

You simply need to compare the odds available at all the legal online sportsbooks in your state and identify the site with the best odds on your pick. We make it easy for bettors to find the best odds on football, basketball, baseball, hockey, soccer, and MMA. Just use our odds comparison tables to quickly find which online sportsbook has the best odds on each game.

Line shopping requires you to find the best spread or total on a particular game. For example, consider these odds on the same game at rival online sportsbooks:

In this hypothetical example, FanDuel is the best option for anyone interested in betting on the Cardinals. Meanwhile, BetMGM would be better for anyone who wants to back the Lions to cover.

More Resources for Sports Betting Odds

We offer a range of free tools to boost your chances of success as a handicapper. Here are some of the best resources to take advantage of:

• Fair Odds Calculator: Determine the sports betting odds you would receive if the online sportsbook did not take a house edge, known as the vigorish.
• Odds Calculator: Type any odds into this calculator, and it will highlight the implied probability of the bet winning.
• Arbitrage Calculator: Figure out if you have identified an opportunity for arbitrage, which involves covering both sides of the same bet at rival sites to lock in a guaranteed profit, irrespective of the result.
• NFL Spread Calculator: Compare spreads at different sportsbooks to determine who offers better terms.

Sports Betting Odds FAQ