Moneyline odds are often seen in baseball.
Moneyline odds are odds that are in the form off 100s. If you have a positive number, then that team is the underdog. If you have a negative number, then that team is the favorite. It is possible to convert these odds to percentage-based odds. However, you need to use separate formulas for the underdog odds and for the favorite odds.
Instructions
Favorite
1. Divide the Moneyline odds by -100 to determine how much you need to bet to win $1. For example, assume your odds are -500, then -500 divided by -100 equals $5 needed to win $1.
2. Add a dollar to the amount you need to win a dollar. In the example, $5 plus $1 equals $6.
3. Divide the amount you need to bet to win a dollar by the sum from Step 2 to calculate the percentage odds. In the example, $5 divided by $6 equals 0.833 or 83.3 percent.
Underdog
4. Divide the moneyline odds by 100 to determine how much you win when betting $1. For example, assume your odds are 500, then 500 divided by 100 equals $5 won on a $1 bet.
5. Add $1 to the amount won when wagering a dollar. In the example, $1 plus $5 equals $6.
6. Divide 1 by the sum from Step 2. In the example, one divided by $6 equals 0.177 or 17.7 percent.
