What Do +150 and -200 Mean in Betting Odds?

American betting odds can look confusing at first, especially when a sportsbook displays numbers such as +150, -200, or -110 beside a team or outcome. These numbers communicate two important things: how much a winning bet pays and the implied probability associated with the price.

The key is understanding what the plus and minus signs represent. Once you know how to read them, you can calculate potential payouts, compare prices, and better understand what betting odds say about a market.

What Do the Plus and Minus Signs Mean?

American odds use a positive or negative number to express a betting price relative to $100.

Positive odds, such as +150, show how much profit a $100 winning stake would generate.
Negative odds, such as -200, show how much must be staked to generate $100 in profit.

The plus sign commonly appears beside underdogs, while the minus sign commonly appears beside favorites. However, the sign describes the price, not a guarantee about what will happen.

What Does +150 Mean in Betting?

Odds of +150 mean that a $100 winning bet generates $150 in profit, plus the return of the original stake.

For example, with a $20 stake at +150:

Potential profit: $30
Original stake returned: $20
Total return if the bet wins: $50

You do not need to stake exactly $100. The payout scales with the amount wagered.

To calculate potential profit at positive American odds, use:

Potential profit = Stake × (Odds ÷ 100)

For a $20 stake at +150:

$20 × (150 ÷ 100) = $30 profit.

Positive odds generally indicate that the outcome is priced as an underdog relative to the other side of a market. Larger positive numbers mean greater potential profit per dollar staked, but they also correspond to a lower implied probability.

What Does -200 Mean in Betting?

Odds of -200 mean that you must stake $200 to generate $100 in profit if the bet wins.

For example, with a $20 stake at -200:

Potential profit: $10
Original stake returned: $20
Total return if the bet wins: $30

To calculate potential profit at negative American odds, use:

Potential profit = Stake × (100 ÷ Absolute value of odds)

For a $20 stake at -200:

$20 × (100 ÷ 200) = $10 profit.

Negative odds commonly indicate a favorite. The larger the negative number in absolute terms, the more must be staked to generate the same $100 profit.

A price of -200 therefore pays less profit per dollar staked than -110, but the price alone does not establish whether the outcome is likely to occur or whether the odds are favorable.

What Does -110 Mean?

Odds of -110 are common in two-sided sports betting markets, including point spreads and totals.

At -110, a $110 stake would generate $100 in profit if the bet wins. A $10 stake would generate approximately $9.09 in profit.

For a $10 winning stake:

Potential profit: approximately $9.09
Original stake returned: $10
Total return: approximately $19.09

The price matters because a bettor must win more than half of a series of identical -110 bets to break even over time, assuming the same stake on each bet and ignoring other costs.

This is one reason implied probability is useful when analyzing betting markets.

How American Odds Translate Into Implied Probability

Implied probability expresses the probability associated with a betting price before accounting for the sportsbook’s margin across the market.

For positive American odds, the formula is:

Implied probability (%) = 100 ÷ (Odds + 100) × 100

For negative American odds, use the absolute value of the odds:

Implied probability (%) = |Odds| ÷ (|Odds| + 100) × 100

Here are some common examples:

+150: approximately 40.0% implied probability
+200: approximately 33.3% implied probability
-110: approximately 52.4% implied probability
-150: 60.0% implied probability
-200: approximately 66.7% implied probability

These percentages are derived from the listed prices. They should not automatically be interpreted as accurate estimates of the outcomes’ true probabilities. Sportsbook margins and other market factors can affect the relationship between listed odds and underlying probabilities.

For a more detailed explanation, see our guide to How to Convert Betting Odds to Implied Probability.

Does a Higher Number Mean Better Odds?

It depends on whether the odds are positive or negative, and what you mean by better.

When comparing two positive prices for the same outcome, +150 generally pays more profit than +130 for the same stake.

When comparing two negative prices for the same outcome, -105 generally pays more profit per dollar staked than -115.

For example, consider a $10 winning stake:

At +150, the profit is $15.
At +130, the profit is $13.
At -105, the profit is approximately $9.52.
At -115, the profit is approximately $8.70.

In each comparison, the first price offers a higher potential profit for the same stake.

However, a better payout does not necessarily mean a better overall price. To evaluate a market, you also need to consider the probability of the outcome, the available alternatives, and whether the prices refer to the same market and settlement conditions.

What Is the Difference Between Odds and Probability?

Odds describe a price, while probability describes the likelihood of an outcome.

American odds can be converted into implied probability, but that conversion does not reveal the outcome’s true probability by itself.

For example, +150 corresponds to an implied probability of 40%. That means the listed price is mathematically equivalent to a 40% probability under the standard conversion formula. It does not prove that the outcome has exactly a 40% chance of occurring.

Likewise, -200 corresponds to an implied probability of approximately 66.7%, but that figure should not be treated as a certainty or an independently verified forecast.

For a deeper look at the relationship between betting prices and probability, continue with our Guides & Research coverage.

The Bottom Line

American betting odds use a plus sign to show potential profit on a $100 stake and a minus sign to show the amount required to generate $100 in profit. The numbers also allow you to calculate implied probability, making it easier to compare prices and understand how a market is priced.

The important distinction is that payout, implied probability, and true probability are not interchangeable. Reading the numbers correctly is the first step toward analyzing betting markets without confusing a listed price with a guaranteed outcome.

Explore our Sports & Betting Markets hub for more explanations of odds, market pricing, and the context behind changing prices.