Every sports bet involves a favorite and an underdog — and understanding which is which, and why it matters, is the starting point for every betting decision you'll ever make.
Here's what these terms mean, how to identify them, and how they affect your betting strategy.
What Is a Favorite?
The favorite is the team or player the sportsbook expects is more likely to win. Favorites are identified by a minus sign (-) in front of their odds.
Example:
- Miami Heat: -165 (favorite)
- Charlotte Hornets: +140 (underdog)
To bet the Heat, you'd need to risk $165 to win $100. The minus sign tells you both that they're favored AND how much you must risk.
What Is an Underdog?
The underdog is the team or player expected to lose. They're identified by a plus sign (+).
Betting the underdog is more attractive in terms of payout — a $100 bet on +140 returns $140 profit — but the team is less likely to win according to the sportsbook's model.
Implied Probability: What the Odds Actually Mean
Every set of odds translates into an implied win probability:
- -165 implies approximately a 62.3% chance of winning
- +140 implies approximately a 41.7% chance of winning
Note: these two don't add up to 100% — the extra percentage is the sportsbook's vig.
Favorite vs. Underdog Betting Strategy
Many beginners reflexively bet favorites because they assume the better team must be a good bet. But favorites are already priced to reflect their advantage. You often have to risk far more than you stand to win.
Underdog betting can be more profitable because:
- You need to win fewer bets to stay profitable at plus-money odds
- Sportsbooks sometimes overreact to public sentiment and overprice favorites
The best bettors don't pick sides based on who's "better" — they pick based on whether the odds represent fair value.
Track your favorite vs. underdog win rates with Oddible to discover where your actual edge lives in the odds board.
