How to Read Sports Betting Odds (Canadian Guide 2026)

Quick Answer: Odds tell you how much you'll win relative to your stake. Positive odds (+150) show profit on a $100 bet. Negative odds (-150) show how much you must bet to win $100. Decimal odds (2.50) multiply your stake by the odds to get total return including your stake back.

The Three Odds Formats

Ontario sportsbooks display odds in three formats. You can usually switch between them in your account settings.

American Odds (Moneyline)

The most common format in North America. Two types:

The favourite always has negative odds. The underdog has positive odds.

Decimal Odds

Popular in Europe and Canada. The number represents your total return per dollar staked, including your stake back.

Anything below 2.00 is a favourite. Formula: Stake × Decimal Odds = Total Return

Fractional Odds

Traditional UK format. 3/1 means for every $1 you bet, you win $3 profit.

What Is the "Juice" or "Vig"?

Sportsbooks build a margin into their odds — this is the "juice" or "vigorish." It's how they make money regardless of the outcome. On a standard two-sided bet, you'll often see -110 on both sides, meaning you must bet $110 to win $100. That extra $10 is the sportsbook's margin.

When comparing sportsbooks, lower juice = better value for you. bet365 and DraftKings tend to offer competitive odds on major sports.

Reading a Real Example

Toronto Maple Leafs vs. Ottawa Senators:

If you bet $50 on the Senators at +140 and they win: you receive $70 profit + $50 stake = $120 total.

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