Reading Odds: American Format

The first way to read odds is using the American format. As the name implies, it is most commonly used in the USA and Canada. When you signup for a WiseStats account, the default display format for odds is the American format.

Let’s take a look at a matchup between Cleveland and Toronto; assume an oddsmaker set the odds like this: 

Cleveland +180
Toronto -220 

The first thing to note is the “+” and the “-” before the number for each team. 

If a team has a “+”, that means they are the underdog. That is, they are the team perceived to have a lower chance of winning the matchup.

If a team has a “-”, then they are the favorite, perceived to have the higher chance of winning the matchup.

In this example, Cleveland is the underdog, and Toronto is the favorite - pretty straightforward, right?

The numbers after those symbols are used as an indicator of how likely the teams are perceived to be to win or lose. 

For favorites, the number is the amount you would need to risk in order to win 100. In the case of Toronto, you would need to risk 220 to make a profit of 100. If Toronto wins, your 220 is returned to you, plus your 100 profit. But if Toronto loses, then you lose the 220 you risked. Easy enough.

For underdogs, the number is the amount you would win if you risked 100. If you risked 100 on Cleveland then, you would win 180 if they won the matchup, and of course you would get your initial 100 returned on top of that. Even easier!

The unit size of 100 is used just for simplicity. In no way does that mean you have to be risking that amount. For Cleveland, you could risk 50 to win 90, risk 25 to win 45, risk 10 to win 18, and so on.

Takeaway: “+” sign is an underdog, and the number is how much you would win risking 100. “-” sign is a favorite, and the number is how much you need to risk to win 100.