Colorado’s betting scene has been witnessing increased sports betting activities, with more than $6.3 billion wagered in the last year. But users in the state still struggle to understand how to read sports betting odds. Simply, betting odds reflect both the implied probability of an outcome and the potential payout you can receive after wagering on a given odds. Read on in this guide, as I’ve made a complete breakdown of how sports betting odds work.
What Are Sports Betting Odds? The Basics Every Colorado Bettor Needs
Odds represent two things simultaneously
When you look at any given sports betting odds, two things are being represented. First, the implied probability of a particular outcome, which tells you how likely the sportsbook believes that outcome is. And the second one is that the sports betting odds show the potential payout you receive if your bet wins.
When you place a wager, the odds determine how much profit you stand to make. Let’s look at an example. If you stake $100 on a particular odds, the odds instantly translate that amount into your expected return.
Why understanding odds gives you an edge
Learning how odds work gives Colorado bettors a real advantage, as you can quickly spot value bets where the sportsbook’s line undervalues an outcome.
This skill also helps you compare odds across licensed Colorado sportsbooks so you always choose the line that pays the most. Most importantly, it allows you to make decisions based on probability rather than guesswork or relying on emotion.
Odds at a Glance
| If You See | The Team Is | A $100 Bet Wins |
|---|---|---|
|
-150 |
Favorite |
$66.67 |
|
+150 |
Underdog |
$150 |
|
-110 |
Standard |
$90.91 |
American Odds Explained
Licensed sportsbooks use an American standard odds format. This type of odds format shows whether a team is the favorite or underdog and tells you exactly how much you stand to win on any wager. So, having a good knowledge of how the signs and numbers work will make reading odds a simple task.
Understanding the plus (+) and minus (-) signs
The minus sign indicates the favorite. It shows how much you must wager on a given odds to win $100 if your bet wins. To set it clear, if a team is listed at -150, this means it requires a higher stake because the sportsbook believes they have a higher chance of winning the match.
The plus sign, on the other hand, marks the underdog. It shows how much profit you will earn on a $100 wager if your bet wins. Teams with plus odds return more because their probability of winning is lower.
How to calculate payouts with positive odds
Positive odds tell you how much profit you make when you stake $100. The formula is straightforward:
(Odds ÷ 100) × Stake = Profit
Let’s look at a simple example of how this works. If the Denver Nuggets are priced at +150 against the Lakers and you wager $50, you’ll have to multiply $50 by 1.5. That gives you $75 in profit. Then your total return becomes $125 because your original stake is added back.
How to calculate payouts with negative odds
Negative odds are not calculated exactly as the positive odds we did above. These numbers show how much you must risk to make $100 in profit. To calculate your own return, here is the formula to use:
(100 ÷ Odds) × Stake = Profit
Consider a Colorado matchup where the Broncos are listed at -130 against the Raiders. If you place a $100 bet, you divide $100 by 1.3. Your profit comes out to $76.92, which means your total return is $176.92
What -110 means and why you see it everywhere
The standard pricing format for point spread and totals is -110. It reflects the built-in margin that sportsbooks use to operate. This margin is known as the vig, also called juice. At -110 on both sides, the sportsbook hold is about 4.55%. That pricing structure is why most spread and Over/Under markets consistently open and settle at -110 unless the action becomes heavily tilted to one side.
Spread Moneyline Converter
Decimal Odds – The Simpler Alternative
Decimal odds offer a clean and straightforward way to understand potential returns. This odd format shows your total payout in a single number, making it easier to calculate than the American odds format.
Why decimal odds are easier to understand
Decimal odds are a popular odds format in Europe, which you can see on many top Colorado sportsbook apps. This odds format is easy to understand, as you only need to multiply your stake by the given number you see on any betting line.
The result instantly shows your full return, including your stake and profit.
Reading decimal odds step-by-step
To understand how decimal odds work, let’s look at a quick example. Suppose the Colorado Avalanche are listed at 2.50 to win the Stanley Cup. If you wager $100, you simply multiply $100 by 2.5. This will give you a total of $250. If you subtract your stake, then you’ll have $150 as your profit.
Converting American to decimal odds
What if you want to switch American odds to decimal? The process is very simple once you know the formulas. For positive American odds, all you need to do is divide the odds by 100 and add 1. For negative American odds, divide 100 by the absolute value of the odds and add 1.
These conversions help you compare value across different sportsbooks and formats.
American to Decimal Conversion
| American | Decimal | Implied Probability |
|---|---|---|
|
-200 |
1.50 |
66.7% |
|
-150 |
1.67 |
60% |
|
-110 |
1.91 |
52.4% |
|
+100 |
2.00 |
50% |
|
+150 |
2.50 |
40% |
|
+200 |
3.00 |
33.3% |
|
+300 |
4.00 |
25% |
Fractional Odds – Understanding the Traditional Format
Fractional odds have been around for years now and are still important for bettors who like future bets or betting on horse racing. Knowing how to read them and convert them into formats like American odds or decimal is essential if you’re looking for odds with the best value.
How fractional odds work
Fractional odds are shown with a numerator and a denominator. The numerator represents your potential profit, while the denominator shows how much you must stake to earn that profit. Here is an example, in Fractional odds 5/1 is read as 5 to 1.
This simply means you will earn $5 as your profit for every $1 bet you make. So if you bet 100 at 5 to 1, you’ll make a profit of $500. If you add your stake, you get a total of $600.
When you’ll encounter fractional odds
Fractional odds are often seen on the horse racing markets. Arapahoe Park in Colorado uses fractional pricing on race boards, so understanding this format will give you the edge to read the tote and compare prices.
Some long-term futures markets also use fractional odds, especially when Colorado sportsbooks want to mirror the UK pricing in their major international events.
Converting fractional to American odds
Converting fractional odds to American odds is simple once you understand the relationship between profit and stake. The formula is:
Formula
If the fraction is greater than one: American odds = (Numerator ÷ Denominator) × 100
If the fraction is less than one: American odds = –(Denominator ÷ Numerator) × 100
Here is an example. Suppose the CU Buffaloes football team is listed at 5/1 to win a preseason futures market. You divide 5 by 1 and multiply by 100, which gives you +500. A $100 wager at those odds would return $500 in profit, making it a total of $600.
Moneyline Odds – Betting on Who Wins
In sports betting, moneylines are one of the simplest and straightforward ways of betting. All you have to do is choose the team you believe will win the game. Moneylines are often the first odds new bettors learn to read.
What moneyline betting means
A moneyline bet is a beginner-friendly way of betting that only asks which team will win the game. There is no point spread involved, and you do not need to pick a team to win by a certain margin. Just go straight and pick a winner, and if the team you pick wins, your ticket cashes.
Reading moneyline odds for Colorado teams
Moneyline odds show whether a team is the favorite or underdog and how much payout you get if the team you pick wins. For instance, if the Broncos are listed at -130 against the Chiefs at +110. What this means is that the Chiefs are the underdog. So, a $100 bet on the Chiefs would return $110 as your profit if they win, and everything adds up together will give you a total of $210.
When favorites offer value vs. when to bet on underdogs
To get the best value on moneylines, you need to consider calculating the implied probability of each number. The probability shows how the sportsbook believes each team is to win. So, if your own assessment favors a team more than the odds imply, that means you’ve found yourself a valuable bet.
The differences in lines across licensed Colorado sportsbooks often create betting opportunities, this is because a slight price difference can affect the expected results.
Colorado Sportsbook Comparison
| Book | Nuggets ML | Lakers ML |
|---|---|---|
|
DraftKings |
-145 |
+125 |
|
FanDuel |
-140 |
+120 |
|
BetMGM |
-150 |
+130 |
|
Caesars |
-145 |
+125 |
How Implied Probability Reveals True Value
Understanding implied probability is key to making informed wagering decisions. Odds tell you what the sportsbook thinks will happen, but after you convert those odds into percentages, you can judge whether that assessment feels accurate. This allows you to grab value before it becomes popular.
Converting odds to probability percentages
The simplest way to understand any betting line is to convert it into a probability percentage. Just convert using the formulas below, and you’re good to go.
Positive odds: 100 ÷ (Odds + 100)
Negative odds: |Odds| ÷ (|Odds| + 100)
What is the vig (vigorish) and how it affects your bets
Every sportsbook in Colorado builds a margin into its odds. This margin is called the vig or vigorish. It is the fee that allows the sportsbook to operate. This vig makes the combined probabilities of both sides of the market often exceed 100%. That extra percentage represents the house edge.
To find the true odds, all you need to do is remove the vig by normalizing the probabilities, so they add up to 100%. This helps you understand the value of each side without the sportsbook’s margin influencing the numbers.
Finding value: When odds don’t match reality
Suppose you believe the Broncos have a 60% chance to win a particular matchup. If the sportsbook’s odds imply a 55% probability, there is value on the Broncos because your projection is higher.
Expected value helps quantify this difference by showing whether the long-term outcome of placing that bet is profitable.
Odds to Probability Converter
| American Odds | Implied Probability | Breakeven Win Rate |
|---|---|---|
|
-300 |
75% |
75% |
|
-200 |
66.7% |
66.7% |
|
-150 |
60% |
60% |
|
-110 |
52.4% |
52.4% |
|
+100 |
50% |
50% |
|
+150 |
40% |
40% |
|
+200 |
33.3% |
33.3% |
|
+300 |
25% |
25% |
How Line Movement Works and What It Tells You
Line movement shows how sportsbooks react to new information and incoming bets. So bettors who pay attention to how numbers shift can spot value and know when bettors are influencing the market.
Why odds change between opening and game time
Once a sportsbook assigns odds to a particular game, the odds will start changing from time to time. This is because a surge of betting action can push a line in one direction, especially when people bet more on one side.
Injury updates also move lines, such as when a report lists Jokic as questionable or Murray as unavailable. Weather changes affect outdoor Broncos games, particularly wind and snow.
Tracking line movement for Colorado teams
The best way to keep track of where the market settles is by comparing the opening line to the closing line. In this case, when the line moves against the public betting percentage, that’s a sign of line movement. Watching how prices shift on the Nuggets, Avalanche, Broncos, and Rockies gives clues about how much money is entering the market.
Steam moves and what they indicate
When multiple sportsbooks shift their lines at the same time, it’s called a steam move. This indicates that many professional bettors have made a high percentage of bets across several platforms.
Spotting these moves can help you understand when sharp money enters the market and whether a price is becoming less attractive.
Colorado Sportsbook Odds Comparison
Licensed sportsbooks in Colorado offer competitive odds that vary from each sportsbook. Knowing where to find the best odds can improve your long-term results, even if the differences look small at first glance.
Where to find the best odds in Colorado
- DraftKings: Consistently strong NFL pricing with frequent Broncos focused boosts
- FanDuel: Competitive NBA lines and regular Nuggets promotions
- BetMGM: Wide selection of odds and reliable parlay boosts
- Caesars: Often enhances Avalanche markets during playoff runs
- bet365: Denver-based and known for sharp, competitive lines
Why odds differ between books
You may be wondering why sportsbooks often have slightly different odds. This is because every operator manages risk differently, which leads to variations in pricing. Other things that can influence the difference in odds are local betting habits, promotional strategies, etc.
Line shopping strategy for Colorado bettors
A simple way to improve value is to check three or four sportsbooks before placing a bet. You can use odds comparison tools to make this faster and help you consistently find the best price on your wagers.
Reading Odds for Different Sports
Different sports use the same core odds formats, but each league has its own tendencies and betting markets. Let’s look at how to read these odds in different US sports leagues.
How To Read NFL Odds (Broncos examples)
NFL odds rely heavily on the standard -110 spread, which tells you how much you must bet on each side. Moneylines show which team is favored to win outright, and totals or props let you wager on specific aspects of a Broncos game instead of the final score.
How To Read NBA Odds (Nuggets examples)
NBA odds move faster than most sports because player availability changes quickly. Jokic-based props, such as points, rebounds, and assists, are extremely popular. During games like Nuggets games, Live betting always fluctuates as scores change.
How To Read NHL Odds (Avalanche examples)
NHL betting centers around the puck line, which usually sits at -1.5. Three-way moneylines let you bet on regulation outcomes only. You can also bet on periods; for instance, you can bet on Avalanche to win or draw a certain period in the game.
How To Read MLB Odds (Rockies examples)
MLB odds revolve around the 1.5 run line, but totals at Coors Field are often higher because of the park’s hitter-friendly conditions. Starting pitchers have a major influence on Rockies odds, and lines shift quickly when rotations change.
How To Read College Sports Odds (CU Buffaloes)
Colorado regulations prohibit player props on college teams, so Buffaloes odds focus entirely on spreads, moneylines, and totals. So, you can only wager on team-level markets on college sports.
Live Betting Odds – Reading In-Game Lines
Live betting odds update in real time as the game progresses. The odds changes in live betting are different compared to the way odds change before the game starts.
They fluctuate constantly because algorithms adjust the lines based on every play, score change, or momentum shift. So to bet on valuable odds, you must react faster and understand how these rapid changes affect the numbers.
How live odds work differently
Once the game starts, the live odds start moving nonstop, updating through algorithmic calculations that react instantly to what’s happening on the field. Because of this quick pace, you need to make faster decisions while watching how the odds are changing.
Reading live odds on Colorado sportsbook apps
Sportsbook apps in Colorado display live odds with moving numbers, color changes, and arrows to show rising or falling lines. You can easily read the game by paying attention to these indicators.
Bet Responsibly: Colorado Resources
Responsible betting starts with knowing how to control your betting habits. Colorado sportsbooks allow you to take full charge of your betting activity by providing tools that will help you manage how you bet.
Setting limits on your betting
You can manage your betting habits by using built-in sportsbook controls. These include deposit and loss limits to manage your budget, time limits to control session lengths, and self-exclusion programs for extended breaks whenever you need to take a break from betting.
Colorado problem gambling resources
If you or someone you know needs help, Colorado provides several support options:
- 1-800-GAMBLER anytime by call or text.
- Colorado Crisis Services (1-844-493-8255) offers immediate mental-health support.
- The Problem Gambling Coalition of Colorado (303-955-4682) provides guidance and recovery resources.
- Bet Smart Colorado offers education and tools at betsmart.colorado.gov.
Frequently Asked Questions About Reading Betting Odds
What does +200 mean in betting?
+200 means a $100 bet returns $200 profit. It indicates the team is an underdog with a higher potential payout.
What does -150 mean in betting?
-150 means you must bet $150 to win $100 profit. It shows the team is favored and expected to win.
What do + and – mean in sports betting?
A plus sign shows an underdog with higher payouts, while a minus sign marks a favorite with lower payouts.
How do I calculate my winnings from betting odds?
For positive odds, divide the odds by 100 and multiply by your stake. For negative odds, divide your stake by odds/100.
What is the easiest odds format to understand?
Decimal odds are the simplest; all you need to do is multiply your stake by the number displayed to see your total return instantly.
How do sportsbooks set their odds?
They combine algorithmic models, professional bettor influence, market trends, and liability balancing to create accurate, profitable betting lines.
What does “the juice” mean in sports betting?
The juice is the sportsbook’s commission built into odds, ensuring profit regardless of game outcome.
Can I change odds format on my Colorado sportsbook app?
Yes, nearly all Colorado sportsbook apps let you switch between American, decimal, or fractional odds easily in settings.
How do live betting odds work?
Live odds update instantly based on scoring, momentum, injuries, and algorithmic predictions throughout the game.
What does “even money” mean?
Even money is +100 odds, meaning you risk $100 to win $100 in profit on your wager.
Are Colorado sportsbook odds different from other states?
No, Odds are mostly similar nationwide, though small variations occur due to regional betting patterns and each sportsbook’s risk management.
When do odds get released for Colorado teams?
Most game odds drop 1–2 weeks ahead, while futures markets for Broncos, Nuggets, and others run year-round.