Odds tell you two things at once: how likely an outcome is, and how much you get paid if it lands. Read them correctly and every bet makes more sense. This guide breaks down the two formats Canadians see most, with worked examples in both.
You will mainly meet American odds (like +150 or -110) at private sportsbooks, and decimal odds (like 2.50) on provincial lottery products. We will cover both, show how to convert between them, and explain implied probability and the vig. For more learn-to-bet guides, visit the Squawka betting guides hub.
Once you can read a price, line shopping is where the edge is. Compare the top betting sites in Canada, or look at the newest betting sites for sharper opening odds.
What betting odds actually represent
Every set of odds answers two questions at the same time.
- Probability: the sportsbook’s estimate of how likely an outcome is.
- Payout: how much your stake returns if the bet wins.
A short-priced favourite (like -300) is judged very likely, so it pays little. A long-shot underdog (like +400) is judged unlikely, so it pays much more. The bigger the implied risk, the bigger the reward.
Odds are not a promise. A favourite can lose and an underdog can win. Treat odds as the market’s best estimate, not a certainty. No bet is a sure thing.
American odds: favourites and underdogs
American odds (also called moneyline odds) use a plus or minus sign and centre on a $100 reference.
Minus (-) means the favourite
A minus number shows how much you must stake to win $100.
Example: -150. You risk $150 to win $100. A winning bet returns $250 total (your $150 plus $100 profit). Scale it to any stake: a $30 bet at -150 returns $50 ($20 profit).
Plus (+) means the underdog
A plus number shows how much you win on a $100 stake.
Example: +200. You risk $100 to win $200. A winning bet returns $300 total (your $100 plus $200 profit). A $25 bet at +200 returns $75 ($50 profit).
Quick rule: the bigger the minus, the heavier the favourite. The bigger the plus, the longer the underdog. For a deeper look at this market, see our moneyline betting guide.
Decimal odds: one number, simple math
Decimal odds show your total return per $1 staked, including your stake back. The math is one multiplication.
Total return = stake x decimal odds. Profit = total return minus stake.
Example: 2.50. A $40 bet returns $100 total ($40 x 2.50), which is $60 profit. Anything above 2.00 is an underdog; anything below 2.00 is a favourite; exactly 2.00 is an even-money bet.
| Decimal | $10 stake returns | Profit |
|---|---|---|
| 1.50 | $15.00 | $5.00 |
| 2.00 | $20.00 | $10.00 |
| 3.00 | $30.00 | $20.00 |
The Canadian context: where you see each format
The format you see depends on where you bet.
- Private sportsbooks licensed through iGaming Ontario (regulated by the AGCO) tend to default to American odds, though most let you switch the display to decimal in settings.
- Provincial lottery products usually default to decimal odds. That includes PROLINE and Proline+ (OLG, Ontario), Sport Select (WCLC, across Western Canada), PlayNow (BCLC, British Columbia and Manitoba), and Mise-o-jeu (Loto-Quebec).
Single-event betting has been legal across Canada since August 2021, when Bill C-218 took effect. The legal age is 19+ in most provinces and 18+ in Alberta, Manitoba, and Quebec. For the full picture, see whether sports betting is legal in Canada. For a side-by-side of the lottery options, read our guide to Proline and Sport Select.
Converting between American and decimal
Knowing both formats lets you compare prices anywhere. Here is the quick conversion.
American to decimal
- Underdog (+): (American / 100) + 1. So +200 becomes (200/100) + 1 = 3.00.
- Favourite (-): (100 / American) + 1. So -150 becomes (100/150) + 1 = 1.67.
Decimal to American
- 2.00 or higher: (decimal – 1) x 100. So 2.50 becomes +150.
- Below 2.00: -100 / (decimal – 1). So 1.67 becomes about -149.
Our two worked examples line up: -150 equals 1.67 decimal, and +200 equals 3.00 decimal. Same prices, two languages.
Implied probability and the vig
Odds convert straight into a probability percentage, which is what the price is really telling you.
- From decimal: implied probability = 1 / decimal odds. So 2.50 implies 40% (1 / 2.50).
- Favourite American (-150): implied probability is about 60%.
- Underdog American (+200): implied probability is about 33%.
Here is the catch. Add up the implied probabilities for both sides of a two-way market and the total comes to more than 100%. That extra slice is the vig (also called the juice or margin), the sportsbook’s built-in commission. It is why a true coin-flip is usually priced at -110 each way, not +100.
Understanding the vig is the first step toward spotting prices that may be in your favour. Learn more in our value betting guide, and see how odds combine across selections in our parlay betting guide.
American, decimal and fractional odds at a glance
| American | Decimal | Fractional | Implied probability |
|---|---|---|---|
| -200 | 1.50 | 1/2 | 66.7% |
| -150 | 1.67 | 2/3 | 60.0% |
| -110 | 1.91 | 10/11 | 52.4% |
| +100 | 2.00 | 1/1 | 50.0% |
| +150 | 2.50 | 3/2 | 40.0% |
| +200 | 3.00 | 2/1 | 33.3% |
| +300 | 4.00 | 3/1 | 25.0% |
Reading fractional odds
American and decimal are the two formats you will see most in Canada, but fractional odds still appear at the racetrack and on some international books, so they are worth a quick read.
A fractional price like 3/1, said “three to one”, shows the profit relative to your stake: bet $1 at 3/1 and you win $3 profit, returning $4 in total. A price of 1/2 means you risk $2 to win $1. The left number is the profit, the right number is the stake.
To convert, divide the fraction and add one to get the decimal price, so 3/1 becomes 4.00 and 1/2 becomes 1.50. From there the implied probability is just 1 divided by the decimal. The conversion table above lines all three formats up side by side.
Frequently Asked Questions
At -110, you stake $110 to win $100, for a total return of $210. It is the standard price for a near coin-flip market, with the extra 10 representing the sportsbook’s vig. Scaled down, a $11 bet wins $10.
A minus sign marks the favourite and shows how much you must stake to win $100, like -150. A plus sign marks the underdog and shows how much you win on a $100 stake, like +200. Bigger minus means a heavier favourite; bigger plus means a longer underdog.
It depends on the operator. Private sportsbooks licensed through iGaming Ontario usually default to American odds, though most let you switch to decimal. Provincial lottery products like PROLINE, Sport Select, PlayNow, and Mise-o-jeu typically default to decimal.
If the decimal is 2.00 or higher, use (decimal minus 1) times 100. So 2.50 becomes +150. If the decimal is below 2.00, use -100 divided by (decimal minus 1). So 1.67 becomes about -149.
For decimal odds, multiply your stake by the odds for total return, then subtract the stake for profit. A $40 bet at 2.50 returns $100, a $60 profit. For American odds, a plus number is your profit per $100 staked and a minus number is the stake needed to win $100.
The vig, also called the juice or margin, is the sportsbook’s built-in commission. Add the implied probabilities of both sides of a market and they total more than 100%; that surplus is the vig. It is why fair coin-flip bets are priced around -110 rather than even money.
Fractional odds like 3/1 show profit relative to stake, so a $1 bet at 3/1 returns $3 profit. They are common at the racetrack and convert to 4.00 in decimal.
A price of +200 means a $100 bet returns $200 profit, and it implies about a 33% chance of the outcome.
Betting should be entertainment, not a way to make money. Set limits before you start, take breaks, and never bet to recover losses. If gambling stops being fun, free, confidential help is available: ConnexOntario 1-866-531-2600 (Ontario), BC Responsible Gambling 1-888-795-6111, or your province’s helpline.
19+ (18+ in AB/MB/QC) | Please play responsibly | Odds approximate at time of writing | ConnexOntario: 1-866-531-2600 (ON) – see your province’s helpline for resources elsewhere.