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Understanding the odds
Odds are simply a way of determining what is likely to happen in any given event and how much you will potentially get if you're right. This guide will teach you how to read and calculate odds in the two most commonly-used formats: Decimal Odds and American Odds
Decimal odds
Decimal odds are sports betting's easiest to understand and calculate. They work the same no matter which team you pick. The odds on PlayNow.com when you first arrive, are decimal odds.
How decimal odds work
The team with the less likely outcome, known as the Underdog, will have a higher decimal value which equates to a higher potential payout. Conversely, the more likely outcome, commonly referred to as the Favourite, is assigned a lower decimal value for a lower potential payout.
Sometimes the bookmaker can't decide who the favourite is - so it's your pick. A pick 'em scenario is when both teams are seen as having equal chances of winning, say if both teams had 1.90 in decimal odds.
Calculating decimal odds payouts
With decimal odds, a value of 1.00 represents your original wager. Any value above 1.00 indicates your potential payout if you win the bet.
To figure out your potential payout, first decide how much you want to bet (ie. wager). Then, multiply your bet wager with the decimal value indicated on the sportsbook.
To calculate the Favourite (the negative value): Divide your wager by 100 and then multiply it with the odds value for your potential payout.
To calculate the Underdog (the positive value): Divide your wager by the odds value and then multiply it by 100 for your potential payout.
| Wager | Odds | Total Payout | Winnings | |
|---|---|---|---|---|
| Example 1 | $10 | 1.00 | $10 | $0 |
| Example 2 | $10 | 2.50 | $25 | $15 |
| Example 3 | $20 | 2.50 | $45 | $25 |
Let's consider a match between Vancouver and Toronto.
Vancouver has a negative value which indicates the Favourite and therefore a higher probability of winning. Meanwhile Toronto has a positive value which indicates the Underdog and therefore a lower implied probability.
Calculate a $10 bet on Vancouver at 1.36 odds
A $10 bet multiplied by 1.36 odds gets you $3.60. Add the total and your original $10 bet for a total potential payout of $13.60
Calculate a $10 bet on Toronto at 3.25 odds
Since this is less likely to happen, your bet is multiplied by 3.25 to get $12.50. Add the total and your original $10 for a potential payout of $22.50
Team cities and odds shown are for illustration only.
American Odds
American odds may be what you commonly see when you're watching the game or on social media. In addition to value, American odds feature positive and negative values.
How American odds work
The plus sign (+) indicates the underdog, representing the team less likely to win. A larger positive value corresponds to a higher potential payout but a lower probability of winning.
Conversely, the minus sign (-) indicates the Favourite, representing the team more likely to win. A larger negative value implies a higher implied probability of winning.
Calculating American odds payouts
American odds are generally calculated using $100 values, so a little simple math is involved (don't worry PlayNow does all of this math for you).
To calculate the Favourite (the negative value): Divide your wager by 100 and then multiply it with the odds value for your potential payout.
To calculate the Underdog (the positive value): Divide your wager by the odds value and then multiply it by 100 for your potential payout.
Calculation for the favourite (-)
Wager / -odds x 100 = total payout
| Wager | Odds | Multiplied by | Winnings | |
|---|---|---|---|---|
| Example 1 | $10 | -100 | 100 | $10 |
| Example 2 | $10 | -200 | 100 | $5 |
Calculation for the underdog (+)
Wager / 100 x +odds = total payout
| Wager | Odds | Multiplied by | Winnings | |
|---|---|---|---|---|
| Example 1 | $10 | +100 | 100 | $10 |
| Example 2 | $10 | +200 | 100 | $5 |
Let's consider a match between Toronto and Vancouver.
Vancouver has a negative value which indicates the Favourite and therefore a higher probability of winning. Meanwhile Toronto has a positive value which indicates the Underdog and therefore a lower implied probability.
Calculate a $10 bet on Vancouver at -280 odds
Divide your $10 bet by 280 and multiply by 100 for a potential payout of $3.57 plus your original wager back
Calculate a $10 bet on Toronto at +230 odds
Divide your $10 bet by 100 and multiply by 230 for your potential payout of $23 plus your original wager back
Team cities and odds shown are for illustration only.
Quick Tip:
Easily change the odds format on PlayNow. Toggle between Decimal odds and American odds in the menu settings; this is located in the bottom toolbar on mobile screens or on the left panel on desktop screens.
