Sports Betting Odds: Compare Lines and Learn How to Read Odds

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Sports Betting Odds, Explained

Betting odds are available for NFL, NBA, MLB, NHL, college football, and college basketball bettors to wager on in 2026.

For example, here is what you can expect to find when wagering on football odds this week:

Sports betting is becoming more widely available, so new bettors are regularly joining the action for the first time. As such, an overview of the most common betting terms is in order.

Favorites vs. Underdogs

In American odds, betting favorites have a three-digit number preceded by a “minus” sign in moneyline bets. This number shows how much the bettor must wager on that team (or player) to win $100 in profit. The minus sign indicates that when placing money on a favorite in a moneyline bet, the bettor must wager more than they could potentially win.

Conversely, underdogs have a three-digit number with a “plus" sign preceding it in moneyline bets. This number shows how much the bettor would profit if they wagered $100 on that team in a moneyline bet. The plus sign indicates that when betting on an underdog in a moneyline bet, the bettor can potentially win more than they put in.

Incidentally, $100 is the figure because it is a round number that helps illustrate how a moneyline wager works. Moneyline wagers are accepted in all amounts.

To illustrate how a moneyline wager would work, let's utilize an NFL example:

Cowboys vs. Giants

In a Cowboys-Giants game where Dallas is listed as the favorite, the moneyline might be listed as such:

• Cowboys (-150): A bettor who wants to wager on the Cowboys to win outright must bet $150 to win $100 in net profit ($250 total). Therefore, if the Cowboys win, the bettor receives their original $150 back plus $100, for a total of $250.
• Giants (+180): A bettor who wants to wager on the Giants to win outright will profit $180 if they wager $100. Therefore, if the Giants win, the bettor receives their original $100 back plus $180, for a total of $280.

Types of Sports Betting Odds

One of the biggest betting events in the U.S. centers on Super Bowl odds and hundreds of associated prop bets. The NFL is the most popular league to bet on in the country.

Although point spread bets are more of a “mainstream” wager for football fans, moneyline bets are likely much more straightforward for a novice bettor to grasp.

This type of wager is simply a good, old-fashioned bet on which team (or player) will prevail in a sporting event. Typically, when you place a moneyline wager on the favored team, it will “cost” the bettor more than placing another type of wager. Most daily baseball bets are moneyline wagers, and you can check out MLB odds for every game at TheLines.

Point Spreads

Point spreads are one of the most popular forms of sports wagers, and they may be the most familiar to a sports betting novice. The point spread is essentially the projected margin of victory or defeat for the two teams in a given matchup.

• For example, if the Cowboys and Giants are squaring off and the point spread is Cowboys -3, that means Dallas is expected to win by at least three points. Those betting on the Cowboys and “giving up” those points are banking on Dallas to outscore the Giants by at least that much.
• Conversely, those who bet on the opposite side, the Giants +3, are banking that, even if the Giants lose, it will be by fewer than 3 points.
• If the Cowboys win by exactly three points, the line is considered a “push.” Bettors who wagered on either side get their bets refunded.

Payouts on point spread bets depend on the odds assigned to either side of the wager. A favorite may nevertheless have better payout odds than an underdog, depending on the size of the spread. To utilize another NFL betting example, say the Rams are listed as 14-point (-14) favorites over the 49ers. Although Los Angeles is clearly expected to win, the odds of a two-touchdown-or-more win are worse than a one-touchdown-or-more win by a smaller margin.

Therefore, your payout if you bet the Rams to win by 14 or more might be -105 (must bet $105 to win $100). Alternatively, your payout if you take the 49ers to cover — i.e., lose by less than 14 points — might be slightly worse at -115 (must bet $115 to win $100)

Point spreads are set by oddsmakers to get wagers on both teams as evenly as possible. Sportsbooks naturally want to avoid being “overexposed” to one side of a wager. This helps prevent some potentially sizable losses for the casinos.

Betting on the point spread is also popular in basketball. View NBA odds for every game today here. Also, check out the best basketball betting sites.

Totals (Over/Under)

Totals, or “over/under” bets, are another fairly simple concept to grasp, even for the inexperienced bettor. In a totals wager, the bettor bets on whether the cumulative point/run total of the two teams in a game will be more or less than the total set by the sportsbook.

Totals bets are usually set at odds of -110, meaning the bettor must wager $110 to win $100 (using the “100” figure as an example).

A totals bet for a Yankees-Red Sox game might be listed as follows:

• Over/Under 9 runs (-110): The sportsbook has set the projected total number of runs to be scored between the two teams at nine. Bettors who wager that the two teams combined will score more or less than that total must wager $110 to win $100.

As with the point spread example above, there is also the possibility of a “push” on totals (Over/Under) bets. In our Yankees-Red Sox example, this would occur if the cumulative run total is exactly nine. In that case, bettors would receive refunds on their original bets.

Parlays

Parlay bets combine at least two betting markets in one slip for longer odds and higher payouts. Parlay bets come in various forms based on the bet types discussed above. In other words, bettors can place point spread parlay wagers, moneyline parlay wagers, and totals parlay wagers.

For a parlay to pay out, there cannot be a losing bet within it. “Pushes” won’t disqualify a parlay wager from cashing, however. Parlays also survive eventualities such as a rainout in baseball or a tie. However, in those cases, the payout is calculated by excluding that game, so it will be less than if all the "legs" of the parlay had been valid.

Parlay odds vary by sportsbook. Once a parlay bet is placed, however, the odds and lines are locked in. That’s true regardless of any other changes to the point spread, projected totals, or moneyline involving any of the teams in the parlay after the wager is placed.

The more teams wagered on in a parlay, the better the payout. As with all other wagers, the more difficult the bet appears, the larger the reward if it hits.

Teasers

Teaser bets are a form of parlay wager that excludes moneyline bets. In a teaser, the bettor can manipulate a point spread or total within a predetermined range to improve their odds of winning. Naturally, a teaser pays out less than a conventional parlay because the bettor has a higher chance of winning.

The one requirement for a teaser bet is that the line or total movement must apply to each team in that parlay. However, it can be applied in different "directions".

An example of an NBA teaser on a two-team parlay at a new sports betting site that incorporates the above would be the following:

• In a Heat-Nets matchup where Miami is favored by 3.5 points, the bettor moves the line up by an additional four points to 7.5 and bets on the underdog Nets to lose by less than that amount.
• In a Warriors-Pelicans game where Golden State is favored by 7.5 points, the bettor likewise moves the line four points, except in the other direction. Therefore, the Warriors' projected advantage drops to 3.5 points, and the bettor then wagers on the Warriors to cover that spread.

Futures Bets

A futures bet is any bet on an event whose outcome will occur in the future. Most futures bets involve odds on a team to win a championship or division, but other futures wagers are available for various sports. In golf, for example, a bettor can wager on a golfer finishing in the Top 10, Top 20, or Top 30 of a future tournament.

An oddsmaker sets futures odds based on the potential outcomes.

How to Compare Sports Betting Odds and Shop for Lines

Comparing sports betting odds is one of the most important strategies for maximizing value and improving potential returns.

Odds can vary between sportsbooks because of differences in market perception, the bookmaker’s margin, and when lines are updated. Bettors should understand the three main formats — decimal, fractional, and moneyline — to quickly evaluate potential payouts.

Line shopping means checking multiple sportsbooks before placing a bet to find the best odds, which can significantly increase long-term profits, especially for frequent bettors.

By learning to read odds, track line movement, and compare offerings across multiple sportsbooks, users can make smarter, more informed betting decisions and get the most from every wager.