Since online sports betting became legal, many people have wanted to get involved with wagering on the NFL. One of the problems people have faced is not understanding the odds they are reading, meaning they don’t want to place bets. While it is very wise not to place bets you are unsure of, NFL moneyline odds aren’t as complicated as they first seem. Our team of betting experts has put together this guide to using American odds so anyone can place bets on the NFL. Read on to discover everything you need to know.
American odds aren’t the only odds you can come across. At legal US sportsbooks, there will typically be three different formats you can choose to have your odds displayed in. These are decimal, fractional, and American. American odds are mainly used by bettors in the US and have parts that seem confusing at first. Why do American odds have symbols like (+) that go along with numbers? What does -125 mean? These are all fair questions, but once you understand some fundamentals, American odds on NFL moneylines are some of the simplest.
NFL American Odds
The unique part about American odds is that they directly relate to $100. You will see a number next to a (-) or (+) symbol, which will tell you different things about the bet.
- The favorite in any NFL match will have a (-) symbol next to its odds. This is the team that the sportsbook has deemed has the better chance of winning the game. That symbol will come with a number. That number will tell you how much you need to wager to win $100 – the greater the number, the lower the odds. Therefore, a team with a high number next to a (-) symbol will have a huge chance of winning but a low payout.
Say you are betting on a game between the Minnesota Vikings, at -160, and the New York Giants. If you bet on the Vikings, the favorites, you will need to place a $160 bet to return $100 of profit. Remember, you will get your stake back as well.
- In contrast, when you are betting on the underdog, American odds work slightly differently. The (+) symbol shows which team is the underdog. The number next to this symbol will tell you how much you win for every $100 you bet. The higher the number, the greater the potential payout. However, high odds will only be given to results that the sportsbook thinks is unlikely to happen.
Let’s go back to our NFL example. Say you want to back the Giants in the game mentioned above. The Giants have odds of +200, and you bet on this NFL moneyline. If you place a bet of $100, you will receive $300 in total for a win ($200 profit plus $100 stake).
Although it is the simplest way to break down the odds, you don’t have to use $100 wagers. The odds can be scaled up and down. Your sportsbook should tell you what your payout is when you enter your stake on your bet slip.
Legal US Betting on NFL
You should now know how to read American odds and be ready to start placing NFL moneyline bets of your own. You can do this in many states, as since 2018, when the US Supreme Court struck down the PASPA, states have been able to legalize online sports betting.
You don’t have to be a resident of one of these states, just within state borders. You have to be of legal gambling age in the state as well. Once you are in a place where it is legal to bet online, download a sportsbook app. Find the Football section and choose the best NFL moneyline markets using your American odds knowledge.
