What Does Plus and Minus Mean in American Odds?
In American odds, a minus sign (−) marks the favorite and shows how much you must stake to win $100. A plus sign (+) marks the underdog and shows how much profit you win on a $100 stake. So −150 means risk $150 to profit $100, and +150 means a $100 stake profits $150. Both numbers are built around a base of $100, and the sign tells you which side the sportsbook thinks is more likely to win.
That single rule covers most of what you need. The rest of this guide breaks down the math, walks through worked examples at small crypto-sized stakes, and shows how American odds line up against the decimal odds most crypto sportsbooks — including the Goated Sportsbook — display by default.
What does the minus sign mean in betting odds?
A minus sign always points to the favorite: the outcome the market expects to happen. The number after the minus is the stake required to win $100 in profit.
- −110 → risk $110 to win $100
- −200 → risk $200 to win $100
- −450 → risk $450 to win $100
The bigger the number after the minus, the heavier the favorite and the less you get back for your risk. A −450 favorite is priced as very likely to win, so the sportsbook pays out thinly. You are staking a lot to win a little because the outcome is close to expected.
You do not have to bet in exact $100 units. The $100 is only a reference point for the ratio. On a −150 line, the profit ratio is 100/150, or roughly 0.667. Stake $30 and your profit is about $20. Stake $9 and your profit is about $6. Crypto sportsbooks let you bet small. The Goated Sportsbook takes bets from around $0.50, so the ratio matters more than the round number.
What does the plus sign mean in betting odds?
A plus sign points to the underdog: the outcome the market expects to lose. The number after the plus is the profit you win on a $100 stake.
- +120 → stake $100 to win $120 profit
- +250 → stake $100 to win $250 profit
- +600 → stake $100 to win $600 profit
The bigger the number after the plus, the longer the odds and the bigger the payout if it lands. A +600 underdog is priced as unlikely, so the reward is large. Underdogs are the more profitable side per dollar and the harder side to call, which is the whole point of the two signs. They price risk in opposite directions from the same $100 anchor.
Again, scale it to your stake. On +250, the profit ratio is 250/100, or 2.5. Stake $10 and you win $25 profit. Stake $4 and you win $10 profit.
How do I calculate payouts from American odds?
Two formulas cover every case. Both give you profit, and your original stake comes back on top of that when the bet wins.
For minus (favorite) odds:
Profit = (100 ÷ odds) × stake
Example: −150 line, $60 stake → (100 ÷ 150) × 60 = $40 profit. You get back $100 total ($60 stake + $40 profit).
For plus (underdog) odds:
Profit = (odds ÷ 100) × stake
Example: +200 line, $60 stake → (200 ÷ 100) × 60 = $120 profit. You get back $180 total ($60 stake + $120 profit).
Notice how the same $60 stake wins $40 on a −150 favorite but $120 on a +200 underdog. That gap is the market telling you the underdog is less likely to win. The payout compensates for the longer odds.
What does −110 mean, and why is it so common?
You will see −110 more than any other number, especially on point spreads and totals. It means risk $110 to win $100. The extra $10 over an even $100-for-$100 payout is the sportsbook's cut, often called the vig or juice.
Here is why it matters. A true 50/50 coin flip would pay +100 (stake $100, win $100). But sportsbooks shade both sides to around −110 so they profit regardless of which way the bet lands. On a two-sided market where both sides sit at −110, you need to win roughly 52.4% of your bets just to break even, not 50%. That 2.4-point tax is the single most important number for anyone betting spreads seriously, and it is baked directly into the minus sign.
How do American odds convert to decimal odds?
Most crypto sportsbooks, the Goated Sportsbook included, display decimal odds by default rather than American. Decimal odds show your total return per unit staked, including your stake, so they are often easier to read at a glance. Converting between the two is quick.
Plus odds to decimal: (American ÷ 100) + 1
+250 → (250 ÷ 100) + 1 = 3.50
Minus odds to decimal: (100 ÷ American) + 1
−150 → (100 ÷ 150) + 1 = 1.67
A quick reference:
| American | Decimal | Meaning |
|---|---|---|
| −200 | 1.50 | Heavy favorite |
| −150 | 1.67 | Favorite |
| −110 | 1.91 | Slight favorite (standard spread price) |
| +100 | 2.00 | Even money |
| +150 | 2.50 | Underdog |
| +250 | 3.50 | Bigger underdog |
| +600 | 7.00 | Long shot |
The dividing line is +100 / 2.00, which is even money: a bet that doubles your stake if it wins. Anything shorter than that is a favorite; anything longer is an underdog. If your sportsbook shows decimal odds, just remember that 2.00 is the break point between the plus and minus worlds.
Which format should I actually use?
It comes down to habit and what your sportsbook shows. American odds are standard in the US market and read naturally once you internalize the $100 anchor. Decimal odds are the global default and make multi-leg bets easier to calculate, since you multiply the decimals together to get the combined price. On a platform like Goated, decimal is the native format, so it is worth getting comfortable reading both. Most sportsbooks let you switch the display in settings, and the underlying bet is identical either way. Only the notation changes.
One practical note: whichever format you use, the odds tell you the implied probability the market assigns, not a guarantee. A −150 favorite implies roughly a 60% chance to win; a +250 underdog implies about 29%. Reading odds well means treating them as the market's price on an outcome, then deciding whether you think that price is too high or too low.
Frequently asked questions
Do plus odds always pay more than minus odds? Per dollar staked, yes. A plus number returns more than $100 profit on a $100 stake, while a minus number returns less than $100 profit on a $100 stake. That reflects the underdog being less likely to win.
What does +100 or "even money" mean? +100 means you win exactly what you stake: bet $50, profit $50. It sits at the boundary between favorite and underdog and equals decimal odds of 2.00.
Does the minus number tell me the probability?
Indirectly. You can convert it: implied probability for a favorite is odds ÷ (odds + 100). A −150 line implies 150 ÷ 250 = 60%. That figure includes the sportsbook's margin, so the "true" probability is a touch lower.
Can I place small bets with these odds? Yes. The $100 is only a reference for the ratio. Crypto sportsbooks such as Goated accept bets from around $0.50, so you scale the same ratio down to whatever you stake in BTC, SOL, USDT, or $GOATED.
Why do both sides of a spread show −110? That extra $10 of risk on each side is the sportsbook's built-in margin. It is why you need to win about 52.4% of −110 bets to break even rather than 50%.
Bet with odds you understand
Plus and minus are just two ways of pricing the same thing: how likely the market thinks an outcome is, and what it pays if you are right. Minus is the favorite and the number is your stake-to-win-$100. Plus is the underdog and the number is your win-on-$100. Once that clicks, converting to decimal — the format the Goated Sportsbook uses across 16+ sports and its FIFA World Cup markets — takes seconds. Signing up requires Level 1 verification, and you can deposit and bet in crypto within minutes.
18+. Gamble responsibly. Odds and market availability vary by event.