How to Read Sports Betting Odds and Lines

The top online sportsbooks in the country will launch in Kentucky before the end of 2023. That’s why now is an excellent time to figure out precisely what they’re bringing to the state. These days, sports betting is about much more than just betting on your favorite team to win.

Yes, that’s still possible, but online sportsbooks post odds on so many different things; there’s much more to it. Here’s a look at how to read and understand the odds, the different types of odds, and where to find the most current and up-to-date odds.

How to read odds in sports betting

Most licensed Kentucky online sportsbooks will post bets using American odds. These are expressed as minimum three-digit numbers with a minus or plus sign in front. The numbers tell you a bet’s chances of winning and how much you might win if you bet on the right side.

The minus sign indicates you’re looking at the favorite to win. The number tells you how much you must bet to win $100. Then, the plus sign indicates you’re looking at the underdog. The number tells you how much you stand to win for every $100 you bet. These numbers also indicate how heavy of a favorite and how long of a longshot you’re seeing.

The favorite

The American odds favorite will have a minus sign before the number. If the Kentucky Wildcats are big moneyline favorites over the Louisville Cardinals in college football, that number might read -250. Once again, this number tells you how much you need to bet to win $100, plus your bet back. If you like the Wildcats, you have to bet $250 to win $100, and you’ll get a total of $350 back if they win.

The bigger the number, the bigger the favorite, and the higher the perceived chances the bet will win. Here, the Wildcats are big favorites over the Cardinals, but perhaps they’ll only be slight favorites over Duke when they play the Blue Devils next week. In that case, the number might read something closer to -120.

The underdog

The American odds underdog will have a plus sign before the number. If the Wildcats are -250 moneyline favorites over the Cardinals, the odds on an underdog like Louisville might read +200. That plus number indicates how much you stand to win for every $100 you bet, plus your bet back. If you like the Cardinals in an upset, you stand to win $200 for every $100 you bet, and you’ll get a total of $300 back if they win.

The bigger the number, the bigger the underdog, and the lower the chances are that the bet will win. Here, the Cardinals are big underdogs against Kentucky, but perhaps they’ll only be slight underdogs against Cincinnati when they play the Bearcats next week. In that case, the number might read something closer to +115.

Fractional and decimal odds

You may also find fractional or decimal odds at some sportsbooks. These numbers equate to American odds, and you can use an odds calculator to see how.

With fractional odds, multiplying the fraction by your bet will tell you how much you stand to win. With decimal odds, you’ll find a number indicating how much a $1 bet will pay. Favorites are always various decimals of one, and underdogs are numbers above one.

If the Wildcats are -250 moneyline favorites, they’re 1.4 favorites using decimal odds and 2/5 favorites using fractional odds. If the Cardinals are +200 moneyline underdogs, they’re 3.0 underdogs using decimal odds and 2/1 favorites using fractional odds.

Sports odds by bet type

Moneyline odds

Moneyline bets ask you simply to pick game winners. You lock in the odds as currently posted when you place a bet. Winners get paid at these locked-in odds even if they change ahead of game time at the sportsbook where you placed your bet.

Moneyline odds are almost always three-digit numbers. The risk on a four-digit moneyline favorite may not be worth the reward, and betting on a four-digit moneyline underdog is almost throwing your money away.

Point spread odds

Point spread bets ask you to pick winners with a point spread factored into the final score. The point spread is like a handicap. You give the underdog points or take the same number from the favorite to even out the odds. Sportsbooks set the spread so the odds are close to even on both sides of the bet, with a small profit for sportsbooks built in.

Totals odds

Totals bets are over/under bets on the total combined number of points scored in a game. The totals line is set by sportsbooks so that the odds are close to even on both sides of the bet, with a small profit for sportsbooks built in.

Parlay odds

Parlays combine two or more bets into one. Parlays pay better odds than its legs would as individual wagers. That’s because you must win every bet that’s part of the parlay to get paid. The difficulty in stringing together multiple winners means parlays often pay three-figure, four-figure and even five-figure longshot odds.

Teaser odds

Teasers are a type of parlay where you can manipulate the spread or total line in each leg to your advantage. Teasers pay shorter odds than standard parlays due to the advantage of manipulating the spread in your favor.

Pleaser odds

Pleasers are parlays where you make each leg’s spread or total line harder to win. Pleasers pay longer odds than standard parlays because of the disadvantage you take on by shifting the lines that way.

Futures odds

Futures are generally season-long bets on a team or individual athlete’s results. Most of the time, that means betting on who will win the title. Futures odds are long on even the best teams and athletes in the preseason and early part of a season. The sports betting odds shorten only when true favorites emerge later in the season or postseason.

Futures odds may allow you to turn a small bet into a big payday with four- and five-figure longshots on the board. Just be aware that odds this long indicate there’s only a minimal chance the bet will win.

Props odds

Props are bets on particular events within games. Most of the time, they hinge on players or teams putting up specific stats. Most proposition bets ask yes or no questions, or there will be an over/under line. Sportsbooks post odds on the different possible outcomes, setting most lines so that the odds are close to even on both sides, with a small profit for sportsbooks built in.

Finding odds at KY online sportsbooks

All the lines and odds listed above will be available at licensed Kentucky online sportsbooks. You will find links to these online sportsbooks below.

The lines and odds are all over the website, listed for each game and event on the calendar. Download and install any licensed Kentucky online sportsbook’s mobile app; you’ll find all its lines and odds listed on the app.

Clicking on any odds at any licensed Kentucky online sportsbook’s website or app will instantly create a bet slip with those odds. All you have to do is fill out the rest of that bet slip to place a wager at those betting odds.

Football odds

You’ll be able to bet on NFL odds and college football odds at licensed Kentucky online sportsbooks. These sportsbooks will post odds for moneylines, point spreads, totals and props for every football game. Plus, they’ll have season-long futures odds.

Basketball odds

You’ll be able to bet on NBA odds and college basketball odds at licensed Kentucky online sportsbooks. These sportsbooks will post moneyline, point spread, total and prop bet odds for every basketball game. Plus, they’ll have season-long futures odds.

Baseball odds

You’ll be able to Major League Baseballl odds at licensed Kentucky online sportsbooks. These sportsbooks will post MLB odds that include:

  • Run lines (spreads)
  • Moneylines
  • Totals
  • Alternatives
  • First 5 Innings
  • Props
  • World Series/Pennant futures

Hockey odds

You’ll be able to bet on National Hockey League odds at licensed Kentucky online sportsbooks. These sportsbooks will post NHL odds that include:

  • Puck lines (spreads)
  • Moneylines
  • Totals
  • Alternatives
  • Props
  • Stanley Cup/Conference title futures

Soccer odds

You’ll be able to bet on Major League Soccer odds at licensed Kentucky online sportsbooks. These sportsbooks will post MLS odds that include:

  • Three-Way Moneylines
  • Spreads
  • Totals
  • Alternatives
  • Props
  • Double Chance Moneyline (Win Or Tie)
  • Tie No Bet (Two-way Moneyline)
  • MLS Cup futures