Gambling terms, explained straight

Odds, Probability & Bankroll

Minus odds meaning

Minus odds are a betting quote with a negative number that tells you how much you need to risk to win a set profit, typically 100 units.

Example
At -150, stake 150 to win 100 net. 1
Implied probability
For -X, probability = X ÷ (X + 100). -200 gives ≈66.7%. 1

Key points

  • Minus odds apply to moneyline bets on straight outcomes, not point spreads. 1
  • The larger the negative number, the more likely the outcome is considered and the less is won per unit staked. 1
  • In American odds, a minus sign marks an outcome judged more probable than not. 1

Where this term is used

Odds & probability Positive odds meaning Explains moneyline quotes with a plus sign, which show profit on a 100 stake. Odds & probability Odds Covers the general mathematical ratio of probability of occurrence to non-occurrence. Odds & probability Betting odds Introduces the different formats used to quote odds in gambling. Odds & probability Fractional odds to decimal Shows how to convert between fractional and decimal odds formats. Odds & probability Odds vs probability Distinguishes between the ratio of outcomes and the chance of an event. Odds & probability American odds Explains the full American odds system including both minus and plus quotes.

Sources

  1. Odds en.wikipedia.org Provides the definition of minus odds, the example calculation, and the implied probability formula.

Sources are drawn from regulators, universities and published research, and each one is labelled with what it actually is — a preprint is not called a paper. Bookmaker and affiliate pages are never cited here, because a page that sells betting is not a neutral authority on it.

Written and maintained by Ellis Warrender, writer and maintainer.

Last updated 28 July 2026. Spotted an error? Tell me and it gets fixed and logged on the corrections page.