Introduction
If you’re just starting out with sports wagering, one of the first things you’ll need to learn is how to read sports betting odds. Odds aren’t just random numbers — they’re the language sportsbooks use to express both probability and payout. By understanding how to read them correctly, you’ll know what the sportsbook is implying about a team’s chances and whether the bet offers real value.
According to the American Gaming Association, the total amount of money wagered continues to grow year-over-year. That means more new bettors are entering the market every season. Learning how to read odds is the first step to avoiding costly mistakes and making smarter plays.
Favorites and Underdogs
In U.S. sportsbooks, odds are displayed with either a plus sign (+) or a minus sign (–).
- Favorites (–): A minus sign means the team is favored.
- Example: -110 → risk $110 to profit $100.
- Win and you collect $210 total (stake + winnings).
- Underdogs (+): A plus sign means the team is expected to lose.
- Example: +145 → risk $100 to profit $145.
- Win and you collect $245 total.
Implied Probability (Break-Even Percentages)
Odds also represent the break-even win rate — the percentage chance of winning needed just to break even.
- -110 → 52.38%
- -150 → 60%
- +120 → 45.45%
- +200 → 33.3%
If your own projection is higher than the implied probability, you’ve found potential value.
The Club Assistant™ is The Pick Club’s exclusive tool for premium members. It’s your 24/7 AI betting guide that calculates implied probability instantly, compares it to our projections, and attaches a TPC Score™ (1–10) to each bet.
- “Show me today’s NFL spreads with TPC Score™ ≥ 7 where implied probability is lower than our projection.”
- “Highlight MLB moneylines where the sportsbook line implies <50% but TPC Score™ is 6 or better.”
Why Juice (Vig) Matters
On a fair 50/50 bet, both sides would be +100. But most sportsbooks list -110 on each side. That 20-cent difference is the vig — the house’s cut.
To win long-term, you must beat the vig by finding edges that push your actual win rate above the break-even number.
Example: Over 45 (-110) vs. Over 48 (+145)
Which is better?
- Over 45 (-110) → break-even 52.38%.
- Over 48 (+145) → break-even 40.82%.
If your projection is:
- Over 45 wins 54.5% of the time → edge = +2.1%.
- Over 48 wins 43.5% of the time → edge = +2.7%.
Both are playable, but Over 48 +145 carries a stronger value signal.
Key Takeaways
- Odds are prices. Don’t fall in love with teams — fall in love with numbers.
- Know your break-even percentages.
- Use multiple sportsbooks to shop for the best number.
- Let the TPC Score™ simplify which bets are worth playing.
Now that you know how to read sports betting odds, Join The Pick Club today to access premium content and unlock advanced tools like PropView™, our proprietary TPC Score™, and full access to The Club Assistant™ — everything you need to bet smarter.
Nick Travers is Senior Editor of The Pick Club, with 10+ years of experience in sports betting analysis and predictive modeling.