First things first, you need to get familiar with how the betting lines are presented. Oddsmakers will list who they feel is the favorite in a game/match with “(-)” odds and the underdog at “(+)” odds.
Second, you need to understand that the payouts are going to vary quite a bit. It’s not something where you can bet $100 on the favorite and win $100 back.
When you see “(-)” that means you are going to have to risk more than you win, while with “(+)” odds you risk less than what you will win.
The bigger the favorite the more you will have to risk to earn back your initial wager. Let’s say a team is listed at -140 on the moneyline. That means you have to risk $1.40 for every $1 of profit. Which is the same thing as risking $140 to win $100.
That’s really the basic principle you need to remember. If a team is -315. You now would have to risk $315 to win $100.
It’s the opposite for underdogs. If a team was at +140, that means you only have to risk $1 to win $1.40 or $100 to win $140.
The key thing to keep in mind is that the payouts are constant regardless of how much you bet. To figure out the exact amount of risk/return, just divide the moneyline by 100.
So if it’s -240, you take -240/100 and that gives you -2.4. That means you have to risk 2.4x as much as what you would win. So if you wanted to know how much you would need to risk to win $50 . You just take 2.4 x $50 to get $120.
For underdogs you are focusing on the return based off your wager. If the odds were at +460. This means you would get 4.6x (460/100) for every $1 wagered. If you bet $50, you would return $230 (50 x 4.6).