How Do Moneyline Bets Work

• How Does Moneyline Bets Work
• Spread Or Moneyline On Underdog
• How Do Moneyline Bets Worksheet
• What Is Moneyline
• Moneyline Betting Calculator

The names of this bet type are completely interchangeable, and you will hear one or the other depending on where you live in the world. Moneyline is much more common in the US while the term win bet is much more common in other parts of the world.

To put it simply, a money line wager is betting on who will win the game. Unlike the points spreadand totals bets, the money line is in no way concerned with how many points are scored or the margin of victory. You’ll know you’re looking at a money line when you see a plus (+) sign next to the underdogand a minus (-) next to the favorite. The moneyline is a plus or minus number associated with each team involved in a particular match, and it refers to either how much you have to bet to win $100 or how much you'll win if you bet $100. For instance, if a moneyline is Toronto Maple Leafs -200 and Vancouver Canucks +155, it means you have to bet $200 on the Leafs in order to win. A moneyline/win bet is a simple wager on who will win a game, race, match, contest, or a fight. It’s really that simple on the surface. If you’ve bet on a team to win the Super Bowl, you’ve to place a moneyline/win bet. If you’ve bet on a boxer of UFC fighter to win a fight, you’ve placed a moneyline/win bet.

A moneyline/win bet is a simple wager on who will win a game, race, match, contest, or a fight. It’s really that simple on the surface. If you’ve bet on a team to win the Super Bowl, you’ve to place a moneyline/win bet. If you’ve bet on a boxer of UFC fighter to win a fight, you’ve placed a moneyline/win bet.

Moneyline bets can be presented in three different formats including moneyline, decimal, and fractional. While these will look very different, they will tell you the exact same information about the bet including who you are betting on, who the favorite or underdog is, and what the potential payout you would receive from a correct pick. We will cover all of this in the next few sections.

At this point, all you need to take away from this section is that moneyline/win bets are a simple bet on who the winner of a particular sporting contest will be.

As we mentioned, moneyline/win bets take into account who the favorites and who the underdogs are and will pay out winning bets accordingly. Here’s a quick example that will make this clear. Imagine that Mike Tyson (one of the greatest boxers of all time) is going to fight against an 80-year-old man. If the sportsbook let you bet on either side of the fight and paid you the same, would that be fair?

Of course, it wouldn’t be. Everyone would bet on Mike Tyson, and the sportsbook would lose all of their money and close the next day. So what the sportsbooks do is they assess who is the favorite and who is the underdog and assign a value to how much in each direction they think they are. Let’s look at what the odds might look like for our fictitious fight and break down what everything means.

This is exactly what the moneyline odds would look like in a sportsbook. Remember, in other parts of the world they may be represented in a different format which we will cover later. They will still mean the same thing and give you the exact same information.

The first part of each line tells you who you are betting on. The first line is a bet on Mike Tyson and the second line is a bet on Old Man River. Next, you’ll see a plus or a minus sign. The plus sign signifies the fighter who is an underdog, and the minus sign signifies the fighter who is the favorite. As you can see, Mike Tyson is the favorite and Old Man River is the underdog.

The number after the plus or minus sign will tell you how much of a favorite or underdog the bet is. The bigger the number, the bigger the favorite or underdog. For example, a team that is -1400 is a much bigger favorite than a team that is -150. A team that is +900 is a much bigger underdog than a team that is +550.

As we mentioned, how big of a favorite or underdog a player or team is will also tell you how much you can expect to receive as a payout for a correct pick. We will cover this in full in the Calculating Your Potential Payout section below.

Different Moneyline/Win Bet Formats

The term moneyline is actually somewhat misused in sports betting as it really just means a type of odds format. Technically, it is a way to represent the odds/payouts for a win bet, but we’re not going to split hairs. What we’d like to point out is that the odds on each participant in a sporting contest can be listed in one of three different formats.

Each of these formats will be the exact same bet with the exact same payout. Different parts of the world just tend to favor one over the over. The US tends to favor the moneyline format while the rest of the world is split between the decimal and fractional formats.

Most online sportsbooks (if they’re a good one) will give you the option of converting the betting odds into whichever format you prefer. Let’s look at some sample odds and how they would be presented in each of the different formats.

Sometimes these are referred to as American odds or just “the odds” by sports bettors. As you can see, these are what we worked through in our above examples. Miami is a slight favorite, and the Celtics are a slight underdog.

Personally, we feel that decimal odds are the easiest to work with as you will see when we get to the section on calculating your payouts. Notice there are no plus or minus signs. You determine who is the favorite and who is the underdog based on the number in relation to the number 2.

Again, the distance away from 2 in each direction will tell you how big or small of a favorite or underdog the team is. The further away, the bigger the underdog or favorite. A team that is 3.5 is a bigger underdog than a team that is 2.6. A team that is 1.1 is a bigger favorite than a team that is 1.8.

Fractional odds are a nightmare for some people especially if they have bad dreams about math class from school. If you don’t like the fractional odds, all you have to do is solve the fraction and add 1 to it, and you will have the decimal odds.

For example, 13 divided by 20 is 0.65. Add 1 to that, and it is 1.65. 29 divided by 20 is 1.45. Add 1 to that, and it is 2.45.

One of the biggest perks of sports betting online is that almost every site will automatically calculate your potential payout for you. This allows you to quickly see if a bet is offering you the payout that you want or if the reward is worth the potential risk.

For some of you, though, you’ll want to know how to calculate these payouts yourself. One, it helps to understand what’s going on a lot more and two, it helps you if you are ever betting in a brick and mortar setting where they do not calculate your potential payout for you until you wait in line and place your bet.

We’re going to walk you through how to calculate your payouts with each different type of odds format. We will use the same example of the Miami Heat and the Boston Celtics from above for each format to help illustrate that the payouts are exactly the same with each.

When calculating the payouts from the moneyline format, we have to do things just a little differently depending on if the team or player is a favorite or underdog.

If the team is an underdog, then the moneyline number represents exactly how much you would get paid in profit for a correct pick. So if we were to bet $100 on the Boston Celtics and won, we would get paid $145 in profit. Seems easy enough, but you may already be asking what happens if you don’t want to bet in increments of $100. This is totally fine and still straight forward to figure out.

We need to figure out how much profit we will get per dollar we are going to bet and then multiply that by how many dollars we are going to bet. If we divide the moneyline number by 100, it will tell us how much profit we will get for every $1 we bet. So, 145/100 = $1.45. For every $1 we wager, we will get paid $1.45 in profit for a correct prediction.

To calculate how much we will get paid on any bet, we multiply the size of the bet by the amount we will get per $1 bet. So, if we wanted to bet $10, we would multiply $10 by $1.45 and get a profit of $14.50. If we wanted to bet $250, we would multiply $250 by $1.45 and get a profit of $362.50.

We’ve already learned that the moneyline number for an underdog is the amount we would win if we bet $100. For favorites, the moneyline number is the amount we would have to BET to win $100. So, in our above example, if we wanted to win $100 in profit betting on the Miami Heat, we would have to wager $155.

As we did with the underdogs, we need to figure out how much we will profit for each $1 that we wager. For underdogs, we divided the moneyline number by 100. For favorites, it is the exact opposite. We will take 100 and divide it by the money line number. So, for this example, we will take 100 and divide by 155 and get about $0.645 or about $0.65 in profit for every dollar that we bet.

To calculate our potential profit, we take that number and multiply it by the size of our bet. So, if we wanted to make a $10 wager, we would multiply $10 by $0.65 and get a potential profit of $6.50. If we were to bet $250, we would multiply $250 by $0.65 and get a profit of $162.50.

Calculating the payouts for decimal odds is much easier than it is with moneyline/American odds. You do not have to account for whether or not the team or contestant is a favorite or an underdog. The calculations are exactly the same.

To calculate your potential payout, you multiply the size of your bet by the decimal. That’s it. If you want to be $10 on the Heat, you would multiply $10 by 1.65 and get $16.50. Now, you may be freaking out right now saying that in our previous example we got $6.50 and now we’re getting $16.50. The difference here is that the decimal calculation will tell you your TOTAL payout which will include the return of your original wager. You will be receiving $6.50 in profit and the $10 from your original bet.

If you want to turn this number into your profit only, just subtract out your original bet. So $16.50 – $10 = $6.50 in profit.

Let’s look at betting $250 on the Celtics to make sure it matches up with our other examples. We should show a profit of $362.50 as per our earlier calculations. Let’s see if it works correctly.

$250 x 2.45 = $612.50. Again, that is our total payout so let’s subtract our $250 original bet to get our profit. $612.50 – $250 = $362.50. Again, this is the exact same payout as with the other odds formats.

This is the format that terrifies people the most. We can promise you that fractions aren’t as scary as they seem if they’re explained properly. Here is the easiest way to calculate your profits and payouts with fractional odds. Solve the fraction and then multiply that number by your bet size to get your potential profit. If you can’t remember how to solve fractions, it’s ok. Don’t look at it as a “fraction” but more as a division problem. 13/20 is the same as 13 divided by 20. 29/20 is the same as 29 divided by 20.

So to solve the first fraction for the Heat, we do 13 divided by 20 and get 0.65. Let’s look at our calculations for the $10 bet and the $250 bet. If we bet $10, we multiply our solved fraction of 0.65 by $10 and get $6.50. This is our correct profit! If we bet $250, we multiply our solved fraction of 0.65 by $250 and get $162.50. This is out correct profit!

As fractions are a bit more challenging for some people, we will also show the math for a $10 and $250 bet for the Celtics. We start by solving our fraction by doing 29 divided by 20 which gives us 1.45. If we multiply that by $10, we get $14.50, and if we multiply that by $250, we get $362.50. Both of these are correct!

Now, just to point out, the fractional odds and the moneyline/American odds give us our profit. The decimal odds give us our full payout which includes the return of our original bet. You are still getting your original bet back with the moneyline/American and decimal odds, it’s just not reflected in that calculation. If you want to see your full payout (basically how much money they should hand you), simply add your original bet amount to your profit number.

You might not think you should be concerned with how the sportsbook makes their money off of moneyline bets, but it’s actually a lot more important than you might think. Understanding how the casino takes its cut (the juice) can help you to understand how and why the lines (moneyline odds) can and will move.

You see, the sportsbooks will all release initial lines and then those lines will stay or change based on how people are betting. This can greatly affect when and if you should bet on a game or contest. Let’s explain what we’re talking about and then go into this a bit further with some strategy advice.

The sportsbooks are not fans of gambling. In fact, they do everything they can to avoid having to gamble. They want a fixed payout no matter what happens in a game. So what they do is try and get the correct amount of money bet on each side of the game so that they are paying out the same amount no matter who wins.

They do this by manipulating the lines to entice action where they need it. If they have too much action coming in on one team, they will adjust the lines to pay out less for that team to deter more bets. At the same time, they will adjust the line for the other team to pay out more to entice more action on that side. This dance continues until the game starts to try and get the correct amount of money on each side of the contest.

If you noticed in our example from earlier, it wasn’t -145 and + 145. There was a slight difference in the odds. This is the casino taking their cut. The casino wants to just take a small percentage from the bets, and then they couldn’t care less about who wins or who loses.

When the lines change for the above reasons, the amount you will get paid out changes as well. Just so we’re clear, once you lock in a bet, you are locked in at those payouts. If the line moves, you get to keep (or are stuck with) the line you bought in at.

If the public comes out and bets really hard on one side, the line is going to move a lot making the odds worse on that side and a lot better on the other side. If you’re planning to bet against the public, you should wait to bet until the line moves as far as you think it is going to. Be careful, though, if you wait too long and some big money bettors bet, they can move the line back.

Deciding when to bet can be a dance, and it is definitely an important skill to have if you want to be a successful sports bettor. It’s important to point out as well that the entire sports betting community do not bet from the same pool. This means that each sportsbook does not care what is going on at the other sportsbooks.

If all the money at one sportsbook comes in on Team A and all the money comes into a second sportsbook on Team B, they’re both going to adjust their lines accordingly to what is going on in their book. This means that if you want to bet on Team A, you should go to the second sportsbook where the line will be great. If you want to be on Team B, you should go to the first sportsbook where the line will be better.

This is called line shopping and is an integral part of sports betting, especially with moneyline bets. Most good sports bettors will have accounts on lots of different sportsbooks so they can check the lines on every bet they are making. Whichever book has the best lines for them is where they’re going to place their bet. To be honest, with how easy it is to shop lines online, the only reason you wouldn’t is if you were too lazy and didn’t care enough about your bottom line.

Looking for value is something that is important with all types of bets but is especially important with moneyline odds. It might be more correct to say that it is more important with moneyline bets because people tend to make mistakes here regarding value more often.

We’ll start by posting a question. If you think that one team will beat another team and you are almost certain of it, should you make that bet every single time? If you answered yes, then you really need to start learning this concept. What we neglected to tell you was that the team you wanted to bet on have odds of -2000. This means that for a $100 bet, you will get a profit of $5.

The question then begs itself if a $100 bet is worth it for a $5 return. If the person cannot lose, maybe it is worth it. An instant 5% return is great. But the exaggerated example here is to try and point out that you need to make sure that what you are getting paid out is worth the risk that you are taking.

Here’s a less extreme example. Let’s say that Fighter A is fighting Fighter B and you think that Fighter A is going to annihilate Fighter b. Like you don’t even think it’s going to be close. Let’s say you decide that you would be willing to bet even if the odds were -400 on Fighter A. You’d only be getting $25 back on your bet, but that’s what you think is fair.

If the odds were -600, that would be a bad value bet. Yes, you might win the bet still, but you are not getting properly compensated (based on your prediction) for the times that you lose that bet.

If the odds were -200, that bet is AMAZING value. You are getting paid way better than you feel like you should be for this bet and you should definitely make the bet. You feel like you only deserve $25 for this bet, but the sportsbook is willing to pay you $50!

While this makes perfect sense, it might not make sense on how you would change your betting except not betting if they have the team marked as too big of an underdog. Well, this is also true of underdogs. Look for underdogs where you are getting paid more than you think you deserve.

For example, let’s say that two players are playing a tennis match and one player is +250. You think that this player has a MUCH better chance than that but still is an underdog. Most people would tell you that you are crazy to make a bet on someone that you think is going to lose. The thing is, though, underdogs do win and if you’re getting paid more than you should when they do, you’re going to be profitable. Here’s a simple math breakdown.

Let’s say the sportsbook has a series of bets that are all +250. You think in reality that the bets should actually be +125 and that the bet is not as big of an underdog as the sportsbook thinks. This means that you think you deserve $125 for every $100 bet that wins but the sportsbook is going to pay $250. Even though you think that the bet is still supposed to lose, you should make this bet.

Without losing you with the math, the implied probability (or how often you should win) of a +250 bet is 28.6%. This means that you should win this bet 28.6 out of 100 times. This is what the sportsbook thinks will happen. You, however, think it should be +125. The implied probability of that is 44.4% meaning that you think you should win the bet about 44.4 out of 100 times.

Ignoring the sportsbook juice for now for simplicity, if they are right and you bet $100 100 times, you will lose about 71.4 times (-$7140) and win 28 times (28.6 x $250=$7150). If we didn’t round, you would basically make $0 and lose $0.

If you were correct though but getting paid at the sportsbooks rate, you would lose the bet 55.6 times (-$5560) and win the bet 44.4 times (44.4 x $250 = $11,100). You would profit over $5,000 for betting on bets that you thought you were going to lose! This is finding value. Value bets are great as a part of a long term winning strategy and are the key to conquering the “simple” moneyline/win bets.

Moneyline bets present the most straightforward way to wager on a sports contest. A moneyline wager simply asks the bettor to choose which team will win a game, with no point spread involved.

The payout odds on the favorite and underdog can differ significantly on a moneyline bet. Using a moneyline calculator breaks down the math on the odds, which allows bettors to assess the true value on each side.

The following page includes the GamingToday.com MoneyLine Calculator, as well as several valuable tables and graphs designed to help bettors gain an edge with moneyline bets.

Moneyline Calculator

Fill in the dollar amount for your bet and the American Odds (for example -110) and calculate the implied probability and the return on the moneyline.:

What Is A Moneyline Bet?

Legal US sportsbooks generally present several different ways to wager on sports. Moneyline bets represent just one of several different wagering options, which include point spread, totals, parlays, and in-game betting.

Moneyline Bets

A moneyline wager allows the bettor to put a bet on which team or athlete will win a contest, straight up. The moneyline underdog will always pay out at better odds than the favorite.

Skilled bettors look for value on moneyline bets by evaluating teams that have a better chance of winning than the implied probability of the odds might dictate.

Moneyline favorites are listed with “-” odds, and the underdog is listed at “+” odds.

For example, here’s a look at a line offered by PointsBet on Game 1 of the 2020 World Series:

American Odds

PointsBet sets the Los Angeles Dodgers as the favorite in the game, with -165 moneyline odds. To calculate “-” odds, divide 100 by the odds, then multiply that quotient by the amount you bet.

For example, suppose you want to calculate how much profit a $50 bet on the Dodgers would yield. First divide 100 by 165 (without the “-”), which yields 60.6. Then multiply that number by your $50 bet to arrive at the profit (60.6*$50=$30.30).

A $50 bet on the Dodgers at -165 odds would yield $30.30 in profit. The $50 wager would return $80.30 to the bettor ($30.30 profit plus the original $50 bet).

To calculate “+” odds, divide the odds by 100 and multiply that product by the amount of the wager.

A $50 bet on the Tampa Bay Rays, for instance, would calculate as 140/100 (which yields 1.4), multiplied by $50 (1.4*$50=$70). A winning $50 moneyline bet on the Rays returns $120 total to the bettor ($70 profit plus the original $50 bet.)

Decimal Odds

Decimal odds can be used to make a simple calculation of odds multiplied by wager amount to arrive at the total amount returned to the bettor.

The -165 odds on Los Angeles, for example, convert to 1.6061 decimal odds using the Gaming Today moneyline calculator. Multiplying that by a $50 bet yields $80.30, and subtracting the original bet amount yields the profit earned ($80.30-$50=$30.30).

What Is A Moneyline Calculator?

The Gaming Today Moneyline Calculator allows for quick calculations for any wager amount and payout odds. Using American, decimal, fractional, Hong Kong, Indonesian, or Malay Odds, you can input the odds and the amount of a wager and see the payout that would come if the bet is a win.

While it’s valuable to understand and be able to calculate favorite and underdog Moneyline odds for all of the different odds notations, the moneyline calculator can save a significant amount of time and energy.

One of the most important features of the Gaming Today Moneyline Calculator is the Implied Probability feature.

For any favorite or underdog input, the calculator produces the implied probability of that team winning. Astute bettors can use the calculator to find teams that have a higher actual win probability than the implied probability dictated by the odds.

The “To Win” window displays the amount of profit yielded by any combination of odds and wager amount. To calculate the return to the bettor, add the “To Win” number to the original amount of the wager.

How To Use The Moneyline Calculator To Place A Sports Bet

Suppose you wanted to put the Gaming Today Moneyline Calculator to work to decide how you wanted to bet on Game 1 of the 2020 World Series. Here’s another look at the lines offered on that game by PointsBet:

To calculate a $50 moneyline wager on the Tampa Bay Rays, input $50 in the “Bet Amount” window and put “+140” in the “American Odds” window. Hit enter or click on the “Convert Odds” button and see how the moneyline calculator converts that information into several different useful categories.

The calculator converts the “+140” odds into all of the different notations you might see used by a sportsbook.

The +140 American odds convert to 2.40 decimal odds, 7/5 fractional odds, 1.40 for Indonesian/Hong Kong odds, and -0.7143 Malay Odds. A tool like our moneyline calculator can be a crucial component of a betting strategy when evaluating odds at sportsbooks that use different notations.

The “Implied Probability” output tells you that at +140 odds, the Rays have a 41.67% implied probability of winning. A skilled bettor will take that bet if they think Tampa Bay’s actual chance of winning the game is higher than that.

The “To Win” output yields the profit produced if the Rays win. A $50 winning bet on the Rays yields $70 in profit and a $120 total return to the bettor ($70 profit plus the $50 original bet).

Looking for other calculators to use when sports betting? Check out:

Calculating Positive And Negative Moneyline Odds

The math used in calculating the payout on a moneyline is pretty simple. It is one of the most important first steps to understanding sports betting and is crucial to success. Below is a graph of profit won on $100 bets for negative odds. Note that it is a curve that approaches, but will never get to $0. Even -1,000,000 odds still yields some profit from a win:

And here is a graph of profit for positive numbers. The really important difference is that the line is linear. as the odds increase, so does the profit. That goes on forever.

Looking at the odds offered by the sportsbook, note whether they are negative odds (for example -110) or positive odds (for example +120). The calculation changes based on if it is a positive or negative odd. Below we work through an example of a bet of $100 at -110 moneyline odds. It is important to notice that multiplying by -1 is required to give us the positive payout:

PAYOUT = BET AMOUNT / (-1 *MONEYLINE ODDS / 100)

So that looks like:

$90.91 = $100 / (-1 * -110/100)

That also means that you will be returned that amount AND your original bet, meaning you now have $190.91. Let’s work another negative example of a $100 bet at -150:

$100 / (-1 * -150 / 100) = $66.67

Now let’s work through a positive money example. Let’s say you bet $100 at +120

PAYOUT = BET AMOUNT * ODDS / 100

That looks like:

$120 = $100 * 120 / 100

In that case, you are returned your original bet plus profit, so you now have $220.

What Is Line Movement?

Sportsbooks make money by setting lines that bring in an appropriate amount of wagers on both sides of a bet. The house offers odds that factor in a cut of overall wagers, known as vig, that goes to the sportsbook.

In the World Series Game 1 example from above, if 90% of bets come in on the Dodgers, the sportsbook stands to lose big money if Los Angeles wins. A Tampa Bay win in that situation is even more disastrous for the sportsbook.

If the bets coming in on a game are too one-sided, the line on the game will start to move to try to prompt more bets for the other side. It’s important to remember that sports betting isn’t a zero-sum game, and you’ll be losing in the long run even if you win 50% of the time.

Legal Online Sports Betting In The US

A federal mandate known as the Professional and Amateur Sports Protection Act (PASPA) was overturned in May 2018, giving US states the legal clearance to offer state-regulated sports betting. Several states now offer both retail and online sports betting, including New Jersey, Pennsylvania, Nevada, Illinois, Indiana, Colorado, and several others.

The top online sport betting brands in the US include the following:

DraftKings Sportsbook

One of the biggest brands to emerge in the booming online sports betting industry, DraftKings Sportsbook offers mobile sports wagering in eight states. The sportsbook offers every imaginable kind of wager across multiple sports.

That betting menu includes daily moneyline opportunities on all major US sports leagues, as well as numerous international leagues. A tool like the Moneyline Calculator can be an indispensable tool to use for evaluating the odds and implied win probabilities at DraftKings Sportsbook.

FanDuel Sportsbook

Another huge player in the legal sports betting market, FanDuel Sportsbook offers mobile sports wagering in seven states. Along with DraftKings Sportsbook, FanDuel Sportsbooks stands as one of the top two mobile sports betting brands in the US.

FanDuel Sportsbook’s vast selection of moneyline wagering options becomes a potentially profitable market for bettors using a moneyline calculator. Such a tool allows sharp players to compare odds across multiple sportsbooks and only place the most favorable bets.

FOX Bet

A collaboration between FOX Sports and The Stars Group, the FOX Bet brand operates online sportsbooks in New Jersey, Pennsylvania, and Colorado.

The moneyline odds at FOX Bet can vary greatly versus some of its competitors, and bettors using a moneyline calculator tool gain a significant edge versus players that don’t.

Moneyline Calculator FAQs

Yes. More than a dozen states either currently offer online sports betting or have a launch of mobile sports betting products pending.

How Does Moneyline Bets Work

New Jersey, Nevada, and Pennsylvania represent the three biggest online sports betting markets in the US. Other states with legal online sports wagering include Colorado, Illinois, Indiana, Iowa, West Virginia, and a few others.

The Gaming Today Moneyline Calculator can be used as a valuable resource on any moneyline bet. It’s especially useful for evaluating the implied probability of winning and payout odds.

The moneyline bet calculator’s ability to display odds across multiple notation formats (American, Decimal, Fractional, Indonesian/Hong Kong, and Malay odds) allows bettors to compare lines across sportsbooks that use different notations.

Even if you’re a veteran sports bettor, running every bet you’re considering through the calculator provides significant benefit.

Yes. Nothing in the terms and conditions of any US legal online sportsbooks prohibits the use of a moneyline calculator.

Spread Or Moneyline On Underdog

The calculator provides computations that any person could produce with pen and paper but in a much faster and more efficient manner.

For “+” American odds, divide the odds by 100 and convert that quotient into a fraction. To convert +160 into fractional odds, for example, divide 160 by 100 (160/100) and reduce that fraction to the lowest whole number denominator. American odds of +160 would convert to 8/5 fractional odds.

For “-” American odds, divide 100 by the odds and convert to the simplest form fraction. For -160 odds, for example, the calculation looks like 100/160, which reduces to 5/8 fractional odds.

To convert “+” American odds to implied winning probability, the formula looks like this:

100 / (“+” American odds + 100)*100 = implied probability

For example, +160 odds would be calculated as 100/(160+100)*100. This converts to 100/260*100, which ends up yielding a 38.46% implied probability.

To convert “-” odds, the formula looks like this:

How Do Moneyline Bets Worksheet

“-” odds / (“-” odds + 100)*100 = implied probability

What Is Moneyline

For instance, -160 odds would translate to 160/(160+100)*100, converting to 160/260*100, which yields a product of 61.54. The implied probability of -160 odds is a 61.54% chance of winning.

Moneyline Betting Calculator

Several online sportsbooks offer comprehensive coverage of sports and ways to bet. Some of the best choices for online sports betting in the US include DraftKings Sportsbook, FanDuel Sportsbook, PointsBet, FOX Bet, and BetMGM.