Why Do Sports Books Quote the Odds on a Favorite as a Minus Number?

Why do sports books quote the odds on a favorite as a minus number rather than a plus number?

Good question. It seems counterintuitive, doesn't it?

But it's not when you look at how the two bets, on the favorite and the underdog, are resolved.

The reason the favorite is indicated by a minus sign is that when you bet on the favorite, which is more likely to win, you're offered worse odds. The minus sign means that you're paid less than your bet.

For example, say the favorite in a sporting event is listed as -150. You'd need to bet $150 to win $100. So if you win the bet, the winning amount of $100 is less than the bet of $150. (Of course, your payout is $250, since your bet is returned as well).

Conversely, if an underdog is listed at +150, you bet $100 to win $150; win the bet and you're paid more than your bet, indicated by the plus sign.

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Stewart Ethier Jul-02-2022

payoff odds

To elaborate a little on the excellent answer ...

In. the -150 example, the payoff odds are 100:150 or 2:3.  In the +150 example, the payoff odds are 150:100 or 3:2.  The advantage of using -150 or +150 is that only one number is needed, together with a sign (+ or -).

Compare this with the free odds bets at craps.  The payoff odds on the pass line are 6:5 for 6 or 8, 3:2 for 5 or 9, and 2:1 for 4 or 10.  For the don't pass, these odds are reversed: 5:6 for 6 or 8, 2:3 for 5 or 9, and 1:2 for 4 or 10.  If the sports betting method were used, it would be +120, +150, and +200 for the pass line, -120, -150, and -200 on the don't pass.  This would be more awkward for the dealer making the payoffs.  Not a problem in sports betting, where payoffs are determined by computer.

Hoppy Jul-02-2022

Head wind or tail wind

Just as there is no such thing as a free lunch, there is no 'sure thing' in gaming. A good bettor will see more than the numbers of a bet. Is this really a favorite / underdog? The + or -, associated with the payout, gives the bettor a reason for pause.

rokgpsman Jul-02-2022

Sports bet odds reflect how people are betting

I think the odds on a game are initially set according to who will be the expected winner. But as bets on the game are made by casino customers the odds often shift. This is to encourage more bets to be made on the team getting less action, to balance the betting. The casino tries to get about the same amount of wagering on both teams, that reduces the casino's exposure. They take the money bet on the loser and pay the bets made on the winner, and keep the vig you pay to make the bet. The casino hates it when nearly everyone bets on one team and that team wins, there aren't enough losing bets to payoff the winning ones. So they offer more attractive odds on the team not getting many bets, hoping bettors will be drawn in.

Hoppy Jul-03-2022

Re:Rokgpsman

Expanding your observation, across a week of football, shows the line starts with sharp input, followed by the public.

Question of the Day - 02 July 2022

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