Understanding NHL Betting Odds: Complete Guide to Reading Lines
Learn how to read NHL betting odds including American, decimal, and fractional formats. Master implied probability, calculating payouts, and finding betting value.
Understanding how to read and interpret NHL betting odds is fundamental to successful sports betting. Odds tell you both how likely something is to happen and how much you stand to win. This guide breaks down American odds (the most common format), how to calculate implied probability, and how to identify value in NHL betting markets.
Reading American Odds
American odds use positive (+) and negative (-) numbers to show both probability and potential profit. Negative odds indicate the favorite and show how much you must bet to win $100. Positive odds indicate the underdog and show how much you'll win on a $100 bet. The larger the negative number, the bigger the favorite. The larger the positive number, the bigger the underdog.
Examples:
Carolina Hurricanes -200 vs Columbus Blue Jackets +170
Carolina is a significant favorite at -200 (bet $200 to win $100, total return $300). Columbus is the underdog at +170 (bet $100 to win $170, total return $270). The odds indicate Carolina has roughly 67% implied probability to win, while Columbus has about 37% (note: these exceed 100% due to the vig/juice).
Converting odds to implied probability
For favorites: divide odds by (odds + 100). Example: -150 = 150/(150+100) = 60% implied probability. For underdogs: divide 100 by (odds + 100). Example: +130 = 100/(130+100) = 43.5% implied probability. These percentages help you assess value.
Winning Strategies
1. Calculate Implied Probability for Every Bet
Before placing any bet, convert the odds to implied probability. Then estimate the true probability yourself based on your research. If your estimated probability is higher than the implied probability, you've found value. This is the foundation of profitable betting.
2. Understand the Vig (Juice)
Sportsbooks build in a profit margin called the vig or juice. If you add the implied probabilities of both sides, they exceed 100% - the excess is the vig. Standard vig is -110 on both sides (4.55% edge). Lower vig books offer better value to bettors.
3. Compare Odds Across Books
Different sportsbooks offer different odds on the same game. Shopping for the best line is crucial - getting -150 instead of -160 on a favorite significantly impacts long-term profitability. Even 10 cents of line value adds up over dozens or hundreds of bets.
4. Don't Confuse Odds with Probability
Long odds don't mean "due to hit" and short odds don't mean "guaranteed." Each bet is independent. A +400 underdog isn't a better bet than a -150 favorite just because of the payout. Focus on finding where the odds overvalue or undervalue the true probability.
Frequently Asked Questions
What do -110 odds mean?
-110 is the standard juice on most point spread and totals bets. It means you need to bet $110 to win $100 (total return $210). This gives the book a small edge. Both sides of a bet are often listed at -110, meaning the book takes about 4.55% commission.
How do you calculate payout from odds?
For negative odds: (100/odds) × bet amount. For -150, a $150 bet returns $100 profit. For positive odds: (odds/100) × bet amount. For +130, a $100 bet returns $130 profit. Always add your original stake to calculate total return.
What is the difference between American and decimal odds?
American odds use +/- format. Decimal odds (common in Europe) show your total return per dollar bet. To convert: for favorites, (100/American odds) + 1. For underdogs, (American odds/100) + 1. Example: -150 American = 1.67 decimal. +130 American = 2.30 decimal.
Why do odds change before games?
Odds move based on betting action, news (injuries, lineup changes), and sharp money (professional bettors). Books adjust odds to balance their exposure and risk. Tracking line movement can provide insights into where informed money is going.
What are fair odds vs actual odds?
Fair odds (also called "true odds") represent the actual probability with no vig. Actual odds include the sportsbook's margin. For example, a true 50/50 game would be +100 on both sides with fair odds, but books offer -110 on both sides (actual odds) to guarantee profit.
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