What does plus and minus mean in sports betting?

Have you ever stared at a sportsbook betting board, confused by all the plus and minus symbols next to the teams?

Well, you won’t have been the first, and you certainly won’t be the last. That’s why we’ve created this easy-to-follow guide to help you understand the difference between plus and minus odds, how they affect potential winnings, and whether you should go with the (+) side or the (-) side of the odds board. 

Typically seen in American sportsbooks, these plus and minus symbols serve a simple purpose: they indicate which team or result is considered the favorite (-) and which is the underdog (+).

Notably, while the plus and minus betting format is traditionally associated with moneyline bets, the framework can also be applied to other forms of wagering, including the ‘point spread’ and ‘over/ under’ betting markets.

In addition to this, the symbols also make understanding your potential payout a lot simpler once you have plus-minus odds explained clearly. 

Let’s begin with the plus (+) odds used to highlight underdogs.

Fundamentally, the plus icon means that the sportsbooks believe this team, player, or result is the underdog or is less likely to come out on top in a matchup.

This option is popular with bettors as it incurs a greater payout should your bet come in. That being said, the higher the plus odds number, the lower the probability of the result happening.

Next, let’s tackle the minus odds, which, as you correctly assumed, represent the favored team or the outcome that is most likely to happen. As a result, the bet returns will be lower, but they are more likely to occur. Therefore, you’ll see minus odds when you’re betting on a dominant team or those being heavily backed by the public.

In what mirrors the plus figure odds methodology, the lower the minus number, the more likely the result will occur, but the payouts also become smaller.

The beauty of plus and minus odds is that they make calculating potential winnings straightforward.

For plus odds, the formula is: (Odds / 100) x Stake = Profit

Using an NFL matchup between the New York Jets (+110) and the New England Patriots (-250), the sportsbooks have made the Jets the underdog. Using the above formula, a bet on the underdog would be calculated like so:

New York Jets win:

(110/ 100) x $100 = $110 (plus your $100 stake back)

Contrastingly, for the minus odds, the formula is reversed and is calculated as follows: (100 / Odds) x Stake = Profit

Now, using an NBA game between the Minnesota Timberwolves (+110) versus the Oklahoma City Thunder (-250), the Thunder have been made favorites, and calculating the payout on a bet on OKC would be:

Oklahoma City Thunder win:

(100/ 250) x $100 = $40 (plus your $100 stake back)

So, while the profit margins would be significantly lower if the Thunder won, statistically, they should win more often, making it a safer bet.

These symbols aren’t just used for standard moneyline bets. Let’s explore how this same format applies to other popular betting markets. 

Using the points spread markets where sportsbooks apply a pre-game scoring margin to level the playing field, plus and minus bet figures are applied in the same way.

For instance, the spread amount is typically followed by a plus or minus figure, which indicates whether it is less likely to happen (plus) or more likely to happen (minus). Like with moneyline bets, you can apply the plus or minus calculation to determine your winnings if that pick wins. 

Likewise, in totals betting – where the number of points, runs, or goals are added together – the over/ under figure will be accompanied by a plus or minus number.

Again, the symbol is relative to the likelihood of the event happening, with the plus odds indicating bigger returns, but the minus means it has a better chance of winning.

Prop bets are ideal for bettors who believe a player or team will achieve a key performance indicator such as “First Goal Scorer” or “Total Passing Yards.”

Similarly, all available prop bet markets will be provided with their odds given a plus or minus, with the minus odds meaning that the total score margin given by betting sites is most likely.

Are plus odds better than minus odds? The response depends very much on your desired payout, relevant to the level of risk versus reward that you are prepared to take on.

Whether you’re brand new to sports betting or looking to develop a wagering strategy using plus and minus odds as a guideline, the first priority is to always start with small stakes to get accustomed to how the results can pan out.

Choosing to bet responsibly may involve focusing solely on the underdogs (plus) using lower stakes to achieve bigger payouts. Equally, you may prefer wagering only on the favorites (minus) to help you minimize how often your desired selection loses.

Either way, it is always critical to manage your sportsbook bankroll effectively and never attempt to chase your losses throughout the process, regardless of whether you opt for a plus or minus wagering strategy. Pro tip: both formats can also be used as part of a balanced strategy in a ‘round robin’ wager.

At the end of the day, getting comfortable with those plus and minus signs is really the key to making sense of any betting board. Try applying what you’ve learned to various markets, from moneyline to prop bets, to grow your sportsbook bankroll.

Whether you’re rooting for the underdogs or making strategic bets by only backing the favorites, you can better interpret the betting markets and identify those value bets faster.