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Do you know how to read sports betting odds? They are the driving force behind wagering on sports. In this comprehensive guide, we break down what sports betting odds are, all the different types of odds and much more so you can use your sportsbook promos wisely. You can also check out the latest betting odds at Bet365 Sportsbook with the promo code CBSBET365:

What are the different ways to write odds?

In this article, we're going to focus on American odds or money line odds. First, we'll break down money line odds. With money line odds, you are getting either a "-" or "+" sign before a number, which indicates favorites and underdogs. A side of a bet with a "-" in front of it shows how much a bettor must wager to win $100, while a side with a "+" in front shows how much a bettor stands to win if they wager $100.

For example, say the Cincinnati Bengals are -120 on the money line to win a game. That means a bettor would have to wager $120 to win $100. Conversely, if a team is +120, a bettor would need to bet $100 to win $120.

British fractional odds are different, as instead of indicating how much a bettor would need to bet to win $100 or win after betting $100, it shows the amount of profit a bettor will win relative to their stake. A fractional listing may be written as 4/1, which means a bettor would win $4 for every $1 wagered, signifying a bet on an underdog. On the flip side, if it were 1/4, a bettor would win $1 for every $4 wagered, which would be a bet on a favorite. 

European odds are also called decimal odds. Decimal odds show the amount of money a bettor would win for every $1 wagered. When betting on a favorite, the number will be less than 2.0, say 1.8, while betting on an underdog would be shown as greater than 1.0, like 2.4. European odds start out with a 1.0 baseline that represents $1.

Let's go back to that earlier example where in American odds, one side of a bet is -120. If you were to wager $100, it would be shown as 1.833, meaning a bettor would win $0.83 for every dollar wagered. In a bet with American odds of +120, it would read 2.2, meaning a bettor gets $1.2 for every dollar wagered.

If you're in the United States, you don't need to fret too much about fractional or decimal odds since sportsbooks use money line odds. But as noted earlier, all of these ultimately mean the same thing and pay out the same way. Now, sign up for DraftKings Sportsbook and see the latest betting odds:

Practical examples of how to read odds

There are plenty of different bet types. Some betting odds may be long and some may be short. Here's a breakdown of different types of bets that can be made at top sportsbooks.

Money line odds

Betting on the money line is choosing a team or player to win a game or event. The odds for teams and players themselves are dictated based on how close a game or event is expected to be. If teams are seen as evenly matched, odds may be tight. If the game appears to be a mismatch, one team may have much shorter odds than the other. 

The difference in money line odds also differs from sport to sport. In baseball, for instance, many games will be close to even. The Milwaukee Brewers may be -125 against the Chicago Cubs, who are +105. But other sports, such as college football, may see much bigger discrepancies. If Georgia opens against an FCS opponent, the Bulldogs may be a favorite of -2000 odds or shorter.

Spread and over/under (total)

These two bets typically always have odds that are close to even. First, let's break down what they are.

Betting on the spread is betting on the margin of victory in a game. For instance, say the Los Angeles Lakers are favored by 2.5 points in a matchup against the Chicago Bulls. This would be shown as Lakers -2.5, while the Bulls would be +2.5. For a bet on Lakers -2.5 to win, Los Angeles would need to win by at least 3 points. Winning a bet on the Bulls at +2.5 would require that team to lose by one or two points or win the game outright. 

As for the total, that's betting on how many combined points, runs or goals the two teams will record in a single game. A baseball game may have a total run line of 9.5. An Under bet would need the two teams to combine for 9 or fewer runs, while an Over bet needs 10 or more total runs to be scored in the game.

Props

Prop bets are wagers on specific instances occurring in a game. For instance, LeBron James may have a total points prop of 24.5 for a game. That means a bettor would wager on James going Over, which wins if he scores 25 or more. There are also props for total touchdowns, the number of 3-pointers a player will make, how many points a hockey player will record in a game and more.

Many prop bets are over/under bets on a specific stat line. Some are yes/no props that can have longer odds, such as whether a game will go to overtime. There are also prop bets for first touchdown scorer, where you wager on the first player to find the end zone in a game. Because there are so many options across both teams, all players will likely have plus odds.

Futures

Futures bets are typically bets placed on an event that will happen at a future point in time rather than the outcome of a single game. Popular futures wagers are betting on a league's MVP or champion, as well as statistical leaders in different categories, or if a player will exceed a particular stat line, such as total home runs or passing touchdowns. 

These odds shift regularly, especially once a season begins. If you're placing a futures bet on a league's MVP, you'll find that each option will typically have long odds when you place that bet before a season starts. If you were to wager on a player to win MVP when there's roughly a month left, you may see the favorite have odds that can be -300 or shorter.

Parlays

Parlays are a popular form of betting that is simply combining multiple wagers onto one slip. Because a bettor would need all parts or "legs" of a parlay to be correct in order to win the bet, parlays typically have longer odds. The more legs you add to a parlay, the longer the odds get as it's more unlikely that all of the legs are correct. The individual odds of each parlay leg impact the overall odds of the final parlay slip. You may combine three minus-odds bets into one parlay slip, which may then make the parlay plus odds. 

For instance, you may bet on three NFL games as part of a parlay. For Steelers vs. Jets, you may take Pittsburgh at -3.5 at -110 odds. For Seahawks vs. Broncos, you may take Over 48.5 total points at -115 odds. Lastly, you may take the Bengals to upset the Ravens at +240 odds. Those three bets added together on one parlay slip equates to +1114 odds, or wager $100 to win $1,114. You need all three legs to hit in order to win the wager, but the payout is more lucrative by combining these bets into one slip as opposed to placing individual wagers on all three outcomes on their own. Visit BetMGM Sportsbook to see today's sports betting odds:

When and why do odds change?

Odds can change regularly in the lead up to a game or event for a number of reasons. One main factor is new information regarding injuries, player availability and coaching decisions such as implementing a new starter. A team may also move on from a coach during the season, which could impact how a team is viewed heading into their next game. 

If a key player is ruled out due to injury, that can significantly impact the odds of a game, turning an underdog into a favorite and vice-versa. In the NFL, for instance, injury reports are issued throughout the week with a player's participation level at practices listed. Two days before games, teams have to say whether certain players have been ruled out, are doubtful to play or are questionable to play. Since most games are on Sunday, the bulk of these reports come out on Fridays. Teams then have to issue their final injury report 90 minutes before kickoff, which lists which players are inactive. Other sports, like basketball, also have injury reports and have to share player statuses in the hours before a game tips off. 

Other notable factors include weather, which for football or baseball, for instance, can impact the amount of scoring a game will have, pushing the total up or down. In baseball, perhaps the wind is pushing the ball out, meaning there's a higher chance of home runs. In football, heavy rain or snow often leads to run-first games where points are a premium.

Additionally, the betting market itself can move lines. If there's enough wagers being placed on a particular outcome, sportsbooks will adjust the odds to minimize the risk on their end. Sportsbooks aim to have balanced betting action on both sides of a wager and will adjust odds accordingly.