What does -135 mean in odds? An In-Depth Look for Sports Bettors

Hey friend! As a fellow sports bettor, I know moneyline odds and what the numbers mean can sometimes be confusing. You just want to place your wagers, cheer on your team, and hopefully collect some winnings!

So let me walk you through exactly what -135 odds indicate when you see that moneyline posted by your sportsbook. I‘ll also share some of my insights from years of analyzing data and crunching numbers on how to interpret odds and make smart betting decisions.

Odds Refresher – Let‘s Back Up Briefly

Real quick refresher on how moneyline odds work in general:

• The negative (-) odds, like -135, show which team is favored to win

• The positive (+) odds indicate the underdog

• The numbers tell you how much you need to bet to profit $100 (for negative odds) or how much you‘d win for a $100 bet (for positive odds)

An example helps explain it better. Say the Packers are -140 against the Bears, who are +120 underdogs.

• A $140 bet on the Packers profits $100
• A $100 wager on the Bears profits $120

The Packers are expected to win because their odds are negative. But the Bears offer a higher payout on a smaller bet as the underdog.

Okay, now that we‘ve refreshed on the basics, let‘s dive into what -135 means specifically.

What Does the -135 Moneyline Mean for the Favorite?

When you see odds of -135, it means:

• This team is the favorite to win

• You need to risk $135 to profit $100 on a winning bet

• There is a 57.45% implied probability the team will win the game (-135 / -135 + 100)

So for the favorite at -135 odds:

• A $135 bet profits $100 if they win

• A $100 wager profits about $74

• They have just better than a 50/50 chance to win the game

Think of it this way – you have to lay $135 down on the favorite to earn back $100. Those negative odds make sense for the team expected to win.

How Sportsbooks Set the Odds and Probabilities

You might be wondering, how do sportsbooks actually come up with these odds in the first place? What decides the -135 or +120 moneyline on a game?

It comes down the oddsmakers at each sportsbook analyzing all available information to set fair odds. This includes factors like:

• Team stats, rankings, and records
• Injuries or roster issues
• Head-to-head matchup history
• Home field advantage
• Weather reports
• Information from experts
• Betting action and percentages

As new information surfaces, the sportsbook will adjust the lines accordingly to balance out the betting on both sides.

They aren‘t predicting the exact outcome, but rather setting odds so the payouts are proportional to the implied probabilities.

Examples of Other Common Odds You‘ll See

To give you a better idea of the range of odds and probabilities, here are some other moneyline examples you‘ll often see:

• -115 odds = 46.5% chance to win
• -150 = 60%
• -180 = 64.3%
• -200 = 66.7%
• -500 = 83.3%

And for the underdogs:

• +210 odds = 32.3% implied probability
• +275 = 26.7%
• +325 = 23.5%
• +425 = 19%
• +650 = 13.3%

As the odds get more negative or more positive, it indicates a bigger favorite or underdog respectively.

Should You Bet Favorites or Underdogs?

Okay, so now we know how to interpret odds like -135 for the favorite to win $100. But should you be betting favorites or underdogs in the first place?

Betting favorites is generally lower risk but with lower potential payouts:

• Lower risk because they have better than 50% implied probability to win
• Lower reward because the payout on a $100 bet is lower

Betting underdogs offers higher risk but added upside:

• Higher risk due to a win probability below 50% typically
• Higher payouts on smaller bets ($100 to win $210, $275 etc)

There‘s advantages to both approaches. Betting favorites provides more safety but less excitement. Underdogs add more thrill with chances for bigger wins.

It comes down to your betting goals, bankroll and risk tolerance. Both strategies can be profitable with the right approach.

Digging into the Math Behind Payouts

Let‘s crunch some numbers so you really understand how payouts work at different odds.

Here‘s a table showing potential winnings on $100, $500 and $1000 wagers at various moneylines:

Odds	To Win $100	To Win $500	To Win $1000
-110	Bet $110	Bet $550	Bet $1100
-150	Bet $150	Bet $750	Bet $1500
+275	Bet $100	Bet $500	Bet $1000
+600	Bet $100	Bet $500	Bet $1000

See how the payout amount increases as the odds get more negative or more positive?

You can calculate these payouts yourself too. Just take your bet amount, divide by the odds, then multiply by 100.

For example, if you bet $100 on +275 odds:

• Take 100 / 275 = 0.3636
• Multiply that by 100 = $36.36 profit
• Add your original $100 wager
• Total payout is $136.36

So a $100 bet at +275 pays out $136.36 in winnings!

Additional Strategies for Betting Moneylines

There are some more advanced moneyline betting strategies too:

• Arbitrage – Place bets at different sportsbooks to take advantage of line discrepancies in your favor

• Reverse line movement – Fade teams drawing significant late public betting

• Tracking line movement – Identify when and why line changes occur

• Teasers – Adjust lines in your favor by giving up some payout equity

But even just sticking to the basics of betting favorites and underdogs at the right times can pay off in the long run. It‘s all about maximizing value!

Differences From Point Spreads and Totals

It‘s also helpful to understand how moneylines differ from a point spread and over/under bet:

• Point spreads – Betting on teams to cover a set margin rather than just win

• Totals – Betting on total combined points scored rather than the winner

While spreads and totals focus on the margin of victory and game scores, the moneyline is just about who wins straight up.

So moneyline, spread and total bets each offer unique betting opportunities on the game.

Comparing Moneylines Across Different Sports

Lastly, it‘s useful for bettors to recognize how moneyline odds can vary across sports based on common characteristics:

• NFL – Very high scoring leads to big favorites and heavy negative odds

• NBA – Lower scoring produces tighter odds and smaller favorites

• MLB – Pitching mismatches result in large variation in MLB moneylines

• NHL – Again lower scoring creates close lines similar to the NBA

• Soccer – Low scoring means most soccer games have reasonable odds between -125 and -185

So the dynamics of each sport drive betting value and probabilities differently.

Let‘s Bring It All Together

Alright, so in summary here‘s the key things to know about what -135 odds mean:

• The negative number (-135) indicates the favorite to win

• You would need to bet $135 to profit $100 if they win

• Implies a 57.45% chance this team will win the game

• As a favorite they carry lower risk but also lower potential payout

But there‘s more strategy involved than just backing favorites every time. You‘ve got to look for spots where the public is incorrectly favoring one team, analyze line movement to find value, and keep an eye on injuries, trends and situational factors.

There‘s a lot that goes into making smart moneyline wagers. But hopefully breaking down a typical line like -135 gives you a better grasp of how to interpret odds and probabilities.

Let me know if you have any other questions! I‘m always happy to dig into the data and share insights on sports betting odds and strategy. Whether your bankroll is big or small, there are lots of ways to gain an edge with moneyline betting once you understand the basics.

So best of luck with all your wagers this upcoming season! I‘ll be rooting for you and your bankroll. And feel free to reach out anytime if you need help deciphering the latest odds you come across. Talk soon!