What Does Plus 240 Odds Mean in Sports Betting?

If you‘ve ever glanced at betting odds for a sporting event, you may have been confused by positive numbers like +240. But understanding what these odds represent is key to predicting potential payouts and making smart wagers.

As an experienced sports bettor, let me walk you through exactly what plus odds mean, when they‘re used, and how to take advantage of them.

A Quick Refresher – What Do Betting Odds Represent?

Before diving into positive numbers specifically, let‘s step back and review what betting odds represent in general.

Sportsbooks like FanDuel and DraftKings set odds for every possible outcome of a sporting event. These odds are based on the implied probability of that outcome actually happening.

For example, say the Warriors are set as -250 favorites to beat the Lakers. This means the sportsbook believes the Warriors have a 71.4% chance of winning (calculated by 250/(250+100).

The odds also indicate how much you would profit by betting on each outcome. Negative odds mean you must risk more money to win $100 (the favorite), while positive odds mean you win more than your wager (the underdog).

So betting odds essentially show:

• The sportsbook‘s predicted chance of an outcome occurring
• The potential payout if you bet on that outcome

Makes sense so far? Okay, now let‘s move on to positive numbers.

Why Teams Have Plus Odds – Indicating the Underdog

When you see a (+) plus sign before the odds, it means that team or outcome is the underdog.

Being the underdog means the team is expected to lose or have a lower probability of winning according to the sportsbook. So the payouts are much higher to entice bettors into wagering on these underdogs.

Some examples of heavy underdogs with positive odds:

• The Detroit Lions +500 vs the Kansas City Chiefs
• A #15 College Basketball seed beating a #2 seed +800
• Mike Tyson coming out of retirement for a fight +1100

The bigger the positive number, the more of an underdog they are.

Meanwhile, the favorite in each match-up would have negative odds like -350 or -2000.

Calculating Your Payout at +240 Odds

Okay, so now let‘s look specifically at what +240 odds would mean if you placed a bet.

The number after the plus sign tells you the amount you would profit on a $100 wager if the underdog wins.

For +240 odds:

• A $100 bet would profit $240
• So in total you would receive your $100 wager back plus the $240 profit = $340 total payout

Let‘s imagine you bet $50 on the Giants beating the favored Cowboys at +240 odds.

If the Giants pull off the upset, here‘s how that payout is calculated:

• You bet $50 at +240 odds
• Your profit on a $100 bet would‘ve been $240
• So your $50 bet profits $120 (half of $240)
• You also get your original $50 wager back
• Total payout = $50 bet + $120 profit = $170

Hope this example helps explain how to calculate winnings for any bet at plus odds!

The Big Draw of Betting on Underdogs

So why would you ever bet on an underdog instead of just always betting on the favorite?

Here are a few reasons:

Potential for Huge Payout from Low-Risk Bet

Betting $100 on a +2400 underdog would return $2,400 on that unlikely upset! Even a small wager can become a big windfall.

Adds Excitement as a Fan

Cheering for an upset is much more fun than just rooting for the chalk. It keeps you engaged even if your team is way down.

Opportunity to Find Inflated Odds & Value

Sometimes underdogs have higher implied odds than their actual chances to win or cover the spread. Identifying those situations is key for sharp bettors.

Can Use in Parlays to Boost Returns

Adding a small underdog to your parlay can dramatically increase the potential payout at minimal extra risk.

Satisfaction of Being Right on a Longshot

Landing a bet others thought was crazy is a hugely satisfying feeling for anyone who likes predicting underdog upsets.

Real-Life Examples of Stunning Upsets

Need some inspiration? Here are a few famous cases where brave bettors were rewarded by betting big underdogs:

• Buster Douglas Knocks Out Mike Tyson in 1990 (+4300 odds)

My favorite is footballer Jamie Vardy betting $20 on Leicester City winning the English Premier League in 2016 at +5000 odds – and walking away with $10,000!

Moments like these are why underdog betting can be so profitable if done strategically and selectively. Which brings me to…

Betting Strategy – When to Embrace the Underdog

Through years of tracking stats and betting trends, I‘ve come up with a good framework for when betting underdogs offers the most value:

• When the public is heavily betting the favorite, moving the line
• When you have key insider information or matchup stats the books may have overlooked
• During the early rounds of tournaments, when upsets are most likely
• When the underdog has a clear situational edge unrelated to skill (weather, scheduling, injuries)
• On a talented underdog in "letdown" or "lookahead" spots against better teams
• Fading struggling favorites with inflated perceived quality (name value bias)

Meanwhile, it‘s smarter to bet favorites when:

• Your research aligns with the betting consensus
• There‘s a notable talent gap and mental edge (rivalry games, playoff experience)
• The favorite has dominated in recent meetings and stats

Hope these tips help shed light on when betting underdogs vs favorites is the savvy move. There‘s definitely an art and science to maximizing value based on the odds and circumstances of each match-up.

Bottom Line

Now you know that betting odds with a plus symbol indicate the underdog, and the number shows your potential profit on $100 wagered.

While favorites have the highest win probability, underdogs provide the chance for you to win big with a small bet. Smart bettors keep an eye out for tasty plus odds ripe for an upset.

So next time you see odds like +240, you can place your bet with confidence by calculating the exact potential payout if that longshot comes through! Time to put this underdog knowledge to profitable use!