How to Read Sports Betting Odds (Canadian Guide 2026)
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:
- Positive odds (+150): How much profit you make on a $100 bet. +150 means a $100 bet wins $150 profit ($250 total returned).
- Negative odds (-150): How much you must bet to win $100 profit. -150 means bet $150 to win $100 profit ($250 total returned).
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.
- Decimal 2.50 on a $100 bet = $250 total returned ($150 profit)
- Decimal 1.67 on a $100 bet = $167 total returned ($67 profit)
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.
- 3/1 on a $100 bet = $300 profit + $100 stake back = $400 total
- 1/2 on a $100 bet = $50 profit + $100 stake back = $150 total
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:
- Leafs: -165 (favourite — bet $165 to win $100)
- Senators: +140 (underdog — bet $100 to win $140)
If you bet $50 on the Senators at +140 and they win: you receive $70 profit + $50 stake = $120 total.