This is a future and all futures lines are read the same way. The +11500 means that the payoff is 115-1 if Creighton wins, or you win $115 for every $1 wagered. The easy way to get to the right payoff is to simply drop the last two zeros, which turns 11500 into 115. So +50000 becomes 500 (and the odds are 500-1), +5200 becomes 52 (52-1), +450 becomes 4.5 (4.5-1), etc. Once you have the adjusted number, multiply it by the amount you want to bet , so a $10 bet wins $1,150 (115 x $10) and a $100 bet wins $11,500 (115 x $100). Some places make it easier by converting the line for you and posting +5200 as 52-1 or 52/1, but instead of +450 being 4.5-1, it's usually posted as 9-2 (9 divided by 2 is 4.5).
When a team has a negative sign in front of the number, say -300, it means that it's such a big favorite that you have to bet more than you will win. You still drop the two zeros, but the "1" goes on the other side of the dash, in this case 1-3, or win $1 for every $3 wagered. Similarly, a line of 2/9 means win $2 for every $9 wagered (or $1 for every $4.50). For example, in this year's Academy Awards, Daniel Day Lewis was -8000 to win "Best Actor," which means you had to bet $80 to win $1 (he won).
As the March Madness tourney gets underway, Louisville is the favorite at +120. You should now know that means a winning bet on Louisville pays 1.2-1, which is $12 on a $10 bet, $120 on a $100 bet, and so on.
