The Three Odds Formats
Depending on your region and the bookmaker you use, odds are displayed in one of three formats. All three carry the same information — they just express it differently. You can switch between formats in your bookmaker's settings.
American Odds (Moneyline)
American odds are the standard format used by US-facing bookmakers and are common when betting on the NHL. They use a +/- system relative to a $100 stake.
- Negative number (favourite): How much you must stake to win $100. Odds of -150 mean you risk $150 to win $100 (plus your stake back = $250 total return).
- Positive number (underdog): How much you win on a $100 stake. Odds of +130 mean a $100 bet returns $130 profit (plus your stake back = $230 total).
| American Odds | $100 Stake Wins | Total Return | Implied Probability |
|---|---|---|---|
| -200 (heavy fav) | $50 | $150 | 66.7% |
| -150 (favourite) | $66.67 | $166.67 | 60% |
| -110 (slight fav) | $90.91 | $190.91 | 52.4% |
| +110 (slight dog) | $110 | $210 | 47.6% |
| +150 (underdog) | $150 | $250 | 40% |
| +250 (long shot) | $250 | $350 | 28.6% |
Decimal Odds
Decimal odds are the default in Europe, Canada and Australia. They are the simplest format to calculate — just multiply your stake by the decimal to get your total return (profit + stake).
Formula: Return = Stake × Decimal Odds
Odds of 2.50 on a $100 bet = $250 total return ($150 profit + $100 stake).
| Decimal Odds | American Equiv. | $100 Profit | Implied Probability |
|---|---|---|---|
| 1.50 | -200 | $50 | 66.7% |
| 1.67 | -150 | $67 | 59.9% |
| 1.91 | -110 | $91 | 52.4% |
| 2.10 | +110 | $110 | 47.6% |
| 2.50 | +150 | $150 | 40% |
| 3.50 | +250 | $250 | 28.6% |
Fractional Odds
Fractional odds are the traditional UK format. They show profit as a fraction of your stake. Odds of 5/2 mean you win $5 for every $2 staked.
Formula: Profit = Stake × (Numerator ÷ Denominator)
A $50 bet at 5/2 = $50 × (5/2) = $125 profit.
Fractional odds below 1/1 (known as "odds-on") represent favourites — e.g. 4/6 means you stake $6 to win $4. While less common in hockey markets today, you may still encounter them on some UK-facing bookmakers.
Implied Probability — The Most Important Concept
Every set of odds translates into an implied probability — the bookmaker's assessment of how likely an outcome is. If you can identify outcomes where the true probability is higher than the implied probability, you've found a value bet.
Implied probability formulas:
- American (negative): |odds| ÷ (|odds| + 100) × 100
- American (positive): 100 ÷ (odds + 100) × 100
- Decimal: 1 ÷ decimal × 100
- Fractional: denominator ÷ (numerator + denominator) × 100
The Overround: Bookmakers build a margin into their odds. If you add up the implied probabilities for both sides of a moneyline, you'll get more than 100% — the excess is the bookmaker's margin (also called the "vig" or "juice"). A typical NHL moneyline has a 4–7% overround. Pinnacle's is closer to 2%.
Reading a Real NHL Odds Board
Let's say you open a bookmaker and see this for tonight's game:
| Team | Moneyline | Puck Line | Total |
|---|---|---|---|
| Colorado Avalanche | -165 | -1.5 (+100) | Over 5.5 (-115) |
| Calgary Flames | +138 | +1.5 (-120) | Under 5.5 (-105) |
Reading this board:
- Colorado is the -165 favourite on the moneyline — risk $165 to win $100.
- Calgary at +138 — a $100 bet wins $138 if they win outright.
- Colorado -1.5 puck line pays even money (+100) — they must win by 2+ goals.
- Calgary +1.5 at -120 — they can lose by 1 and you still win, but you risk $120 for $100 profit.
- The total is set at 5.5 goals. Over -115 means risk $115 for $100 profit if 6+ goals are scored. Under -105 pays slightly better odds at fewer than 6 total goals.