A Leafs game might show up as -150 on one sportsbook and 1.67 on another. It’s the same price, just shown in different formats. If you’ve ever been confused by these differences, you’re not alone.
What a moneyline bet actually is
A moneyline is a bet on which team or player wins the game. There’s no spread and no margin to worry about. You’re just picking the winner.
It’s the default bet type in sports like the NHL, MLB, and tennis, where spreads don’t always fit naturally. In the NFL and NBA, moneylines sit alongside spreads and totals.
In Canada, moneyline betting also has a recent legal shift behind it. Before Bill C-218 came into force on August 27, 2021, single-event betting wasn’t allowed under the Criminal Code. Bets had to be placed as parlays through provincial lottery products. Once the law changed, single-game wagers, including moneylines, became widely available across regulated sportsbooks.
Reading American odds: the +/- format
American odds are built around a $100 reference point.
When the number is negative, the team is the favourite. The number shows how much you need to risk to win $100. For example, at -150, you would bet $150 to win $100 in profit.
When the number is positive, the team is the underdog. The number shows how much profit you’d make on a $100 bet. At +150, a $100 stake returns $150 in profit.
Once you understand that relationship, you can scale it to any stake size.
Examples
NHL: Canadiens +110 vs. Sabres -135
A $100 bet on the Canadiens at +110 wins you $110 profit (total return: $210.00).
A $100 bet on the Sabres at -135 wins you $74.07 profit (total return: $174.07).
Blue Jays -120 vs Yankees +100
At -120, a $100 bet returns $83.33 in profit.
At +100, a $100 bet returns $100.
Raptors +180 vs Celtics -220
A $100 bet on the Raptors returns $180.
A $100 bet on the Celtics returns $45.45.
Reading decimal odds
Decimal odds show your total return for every $1 staked, including your original bet.
The calculation is straightforward: Total return = stake × decimal odds
So if you bet $100 at 2.50, your total return is $250. That includes your $100 stake and $150 in profit.
A decimal below 2.00 indicates a favourite. A number above 2.00 indicates an underdog. Exactly 2.00 represents even odds.
Decimal odds are common on provincial lottery sportsbooks. Most private sportsbooks, including Sports Interaction, default to American odds but allow you to switch formats in your account settings.
A line of -135 in American odds converts to about 1.74 in decimal. A line of +115 converts to about 2.15. The payout is the same either way.
Common conversions
These are some of the prices you’ll see most often:
- -300 = 1.33 (75.0%)
- -200 = 1.50 (66.7%)
- -150 = 1.67 (60.0%)
- -110 = 1.91 (52.4%)
- +100 = 2.00 (50.0%)
- +110 = 2.10 (47.6%)
- +150 = 2.50 (40.0%)
- +200 = 3.00 (33.3%)
- +300 = 4.00 (25.0%)
- +500 = 6.00 (16.7%)
Implied probability and value
Odds are another way of expressing probability. Implied probability shows the percentage chance a sportsbook has assigned to a given outcome.
To convert odds:
- Positive American odds: 100 ÷ (odds + 100)
- Negative American odds: |odds| ÷ (|odds| + 100)
- Decimal odds: 1 ÷ decimal odds
These numbers include the sportsbook’s margin.
Where the vig shows up
Take a typical NFL spread priced at -110 on both sides. Each side implies a 52.4% chance. Together, that adds up to 104.8%. The extra 4.8% is the vig, also known as the hold or juice.
On a moneyline like Leafs -135 / Canadiens +115, the implied probabilities are 57.4% and 46.5%, which combine to 103.9%. That’s a slightly lower margin than the spread example.
The key point is that odds only make sense relative to your own estimate. If you think the Leafs win more often than 57.4%, the price may offer value. If you think they win less often, it doesn’t.
Why lines differ across sportsbooks
The same game can show slightly different prices depending on the sportsbook.
One reason is display format. American and decimal odds can make the same price look different until you convert them.
Another is the hold. Each book builds its own margin into the line, which can shift prices slightly.
The third factor is the betting market itself. A sportsbook with a heavy Canadian audience may see more action on the Leafs, which can influence pricing. Different pools of bettors lead to different adjustments.
Common mistakes
One mistake is confusing -110 with +110. They look similar but represent opposite positions. At -110, you risk $110 to win $100. At +110, you risk $100 to win $110.
Another is ignoring the vig. A line that looks close to even still includes a margin, and that cost adds up over time.
A third is misunderstanding decimal odds. A price of 2.50 means your total return is 2.5 times your stake, not your profit. The stake is included in that number.
Where to place your first moneyline bet
If you’re new to this, start with a game you already follow. It’s easier to evaluate teams you’ve watched than ones you haven’t.
Sports Interaction has been operating in Canada since 1997 and is regulated by iGaming Ontario and the AGCO. You can switch between American and decimal odds in your account settings depending on what you prefer.
Place your first moneyline bet at Sports Interaction
FAQs
What does a -150 moneyline mean?
It means you risk $150 to win $100 in profit. On a $100 bet, you would win $66.67.
Are moneyline odds the same as American odds?
In North America, the terms are often used interchangeably. A moneyline refers to the bet type, while American odds refer to the format used to display the price.
Why do Canadian sportsbooks use different formats?
Provincial sportsbooks usually default to decimal odds, while private operators often use American odds. Both formats represent the same price.
Is moneyline betting legal in Canada?
Yes. Since August 27, 2021, single-event sports betting has been legal across Canada.
How do I calculate implied probability?
Divide 100 by (odds + 100) for positive odds, or divide the absolute value of the odds by (absolute value + 100) for negative odds. For decimal odds, divide 1 by the decimal value.