The Oxford English Dictionary defines Odds as"the chances or likelihood of something happening." Here at DraftKings they also tell you how much money you could win. In DraftKings Sportsbook, you can tap on any odds, represented by the green numbers (ex. +130), to bring up your bet slip. This will calculate your potential payout for you.
There are 3 betting odds types:
American odds are traditional in the United States. This is the default setting for DraftKings Sportsbook. You can change your odds type at any time by using the odds selector.
When using the American odds format, moneylines (along with spreads and totals) are based on a $100 standard betting unit.
Decimal odds represent the total return for every $1 wagered, including the money you risked.
An American money line at -110 is 1.91 in decimal odds. For every $1 you’re betting, you’re getting 91 cents back, plus the original dollar.
Therefore, any odds under 2.0 will represent a favorite. Any odds over 2.0 will be an underdog.
Calculating payouts with decimal odds is simple. Just multiply your wager by the decimal odds. An example of this is shown in the chart below:
Fractional odds are are typically written with a slash (/) or hyphen (-) and are used by some of the world’s largest bookmakers.
A fractional listing of 6/1 (six-to-one) odds would mean that you win $6 against every $1 you wager, in addition to receiving your dollar back (i.e., the amount you wagered). In other words, this is the ratio of the amount (profit) won to the initial bet, which means that you will receive your stake ($1) in addition to the profit ($6), resulting in a total payout of $7. Therefore, if you stake $10 at 6/1 and win, you get a total payout of $70 ($60 profit + $10 stake).1
The total (potential) return on a stake can be stated as:
Total Payout = (Stake x (Numerator/Denominator)) + Stake Where: numerator/denominator is the fractional odd (e.g., 28/6)