Converting Money-Line to Percentage Odds

The most common way to represent odds in football is the money line. It’s also referred to as American odds and is an effective tool in representing who is favored to win a sports event despite how lopsided the victory is. The underdogs are represented by positive numbers (+150) and the favorites are represented by negative numbers (-120). The number will vary depending on how much of a mismatch the teams are. The money earned as it relates to the money-line is pretty easy to figure out. For negative numbers, it will represent how much money you have to pay before you make $100. The New England Patriots’ money-line is -380. This means that you would have to wager $380 in order to win $100. They are playing the Buffalo Bills and their money line is +290. This means, for every $100 you bet, you’ll receive $290 in winnings if the Bills get the victory.   But, don’t think that means you have to bet $100 in order to use the money-line. If you are betting on a team that’s got a negative number on the money-line, the formula is (100/moneyline) x the bet = payout. So, for a $20 bet for the Patriots, it will be (100/380)*20= $5.26. That would add on to the original bet and you’d be walking away with $25.26.
When betting on a team with a positive number, the formula is (moneyline/100) x bet = payout. So, a $20 bet for the Bills would be (290/100)*20=$58 and with the original $20, you’re walking away with $78.  Now, let’s look at converting money-line odds to percentage odds.
We’ll use the New York Giants vs. Philadelphia Eagles game, where the Eagles are the favourites and the Giants are the underdogs. Now, to convert the moneyline odds to a percentage, you’ve got to take a negative money-line number and divide it by itself minus 100. The Eagles’ money line number is -450 so, the formula will look like -450/(-450-100)=0.82 and then convert the decimal to a percentage by multiplying by 100 and getting 82% for them to win.
If the moneyline is positive, take the number and divide it by 100 more than itself. Take result away from 1 and multiply by 100.  For the Giants being the underdogs and having a moneline of +325, the formula will be (1-(325/(325+100)))*100=0.2353*100=23.53%.
Now, if you thought that the Giants had a better than 23.53% chance of winning you could make a value bet with a positive expected value.

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