If you’ve ever looked at a US sportsbook, you’ve probably seen odds like +200, –150, or +110 next to each team or outcome. These are American odds, also called moneyline odds — and while they might seem confusing at first, they’re actually pretty straightforward once you understand the structure.
Whether you’re brand new to betting or just switching over from decimal or fractional formats, this guide will walk you through everything you need to know about American odds — how they work, what they mean, and how to calculate your payouts.
Contents
The history of American odds
American odds, or moneyline odds, started in US sportsbooks as a standard way to show betting prices for sports like baseball, football, and basketball. The format was built around a $100 benchmark to make it clear how much you could win or would need to stake on a given outcome. Positive odds (+) show profit on a $100 bet, while negative odds (–) show how much you need to bet to win $100.
They were widely used in print and retail betting long before online sportsbooks emerged in the late 1990s and early 2000s. When betting moved online, the format stayed the same, and it’s still the default in most US sportsbooks today, even though many now offer fractional and decimal options.
American odds explained
American odds are centered around the number 100. They show you how much profit you can expect to make on a $100 bet (if the odds are positive), or how much you need to bet in order to win $100 (if the odds are negative).
There are two types of moneyline odds:
- Positive odds (e.g. +200) show how much profit you’d make on a $100 stake.
- Negative odds (e.g. –150) show how much you’d need to bet to make $100 profit.
It’s the same idea either way, you’re seeing the relationship between your stake and your return, but the numbers are expressed differently depending on whether the bet is seen as more or less likely to win.
How to calculate American odds payouts
Now that you know what + and – odds mean in theory, the next step is learning how to calculate payouts when your stake isn’t exactly $100. That’s where most people get tripped up — but once you understand the formulas, it’s easy.
Step 1: Understand what’s included in the odds
American odds always reflect profit only. They don’t include your stake. So whatever number you calculate using the odds is your profit. To get your total return, you’ll always need to add your original stake back on.
For example:
A winning $100 bet at +200 gives you $200 profit. Your total return is $200 profit + $100 stake = $300.
A winning $150 bet at –150 gives you $100 profit. Your total return is $100 profit + $150 stake = $250.
The odds never show you that total return, just the profit.
Step 2: Use the right formula for your odds
The formula changes depending on whether the odds are positive or negative.
For positive odds (e.g. +200):
- Profit = (Stake × Odds) ÷ 100
- Total return = Stake + Profit
For negative odds (e.g. –150):
- Profit = (Stake ÷ Odds) × 100
- Total return = Stake + Profit
So, if the odds are positive, you multiply. If they’re negative, you divide.
Step 3: Apply it to real stakes
Here’s how that looks in practice with a few examples you can expect to see when sports betting.
1. You bet $50 at +200:
Profit = (50 × 200) ÷ 100 = $100
Total return = 50 + 100 = $150
2. You bet $75 at +120:
Profit = (75 × 120) ÷ 100 = $90
Total return = 75 + 90 = $165
3. You bet $60 at –120:
Profit = (60 ÷ 120) × 100 = $50
Total return = 60 + 50 = $110
4. You bet $90 at –180:
Profit = (90 ÷ 180) × 100 = $50
Total return = 90 + 50 = $140
Step 4: Remember the logic
- + odds show you how much you’d win on a $100 bet, so you scale up or down from there.
- – odds show how much you need to bet to win $100, so the math starts from a different angle.
Once you know whether the odds are positive or negative, the rest is just plugging numbers into the formula. And once you’ve done it a couple of times, it becomes second nature.
How American odds compare to other formats
Betting odds can be displayed in a few different formats depending on where you’re betting and what sport you’re watching. Some regions use decimals, others use fractions, and American odds are the default in the US. They all serve the same purpose, but they show profit and return in different ways. Understanding how each one works can help you switch between formats or compare prices more confidently.
| Odds Format | Example | What It Means | Common In |
|---|---|---|---|
| American | +200 | Win $200 profit on a $100 bet | US, North America |
| Decimal (European) | 3.00 | Total return of $3 for every $1 bet (includes stake) | Europe, Canada, Australia |
| Fractional (UK) | 2/1 | $2 profit for every $1 bet (plus stake returned) | UK, Ireland, horse racing |
FAQs
Not always. American odds are just a way of displaying prices. You’ll see them in both fixed-odds markets — where the price is locked in once your bet is placed — and in live or other dynamic markets, where the odds can change right up until your bet is confirmed. The “fixed” part depends on the type of market, not the odds format.
You can convert manually using these formulas, but most sportsbooks let you switch your display format in settings, so you don’t always have to do the math.
If you want to do the math yourself, here’s how:
For positive odds: divide the number by 100 and add 1.
Example: +200 becomes (200 ÷ 100) + 1 = 3.00
For negative odds: divide 100 by the number and add 1.
Example: –150 becomes (100 ÷ 150) + 1 = 1.67
Even money means your profit is exactly equal to your stake. In American odds, that’s shown as +100. So if you bet $100, you’ll win $100 profit and get $200 in total return.
Yes. In live markets, American odds update in real time based on what’s happening in the event. But once you place your bet, your odds are locked in. Your payout will always reflect the price you saw when you clicked.
In most cases, yes. Many sportsbooks, including Cloudbet, offer a cash-out option that lets you settle your bet early for a guaranteed return. The amount you’re offered depends on the live odds at the time, not the odds you originally bet on. It’s a way to take a smaller win or limit a potential loss, depending on how the game is going.
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