−120 odds: what they mean and what they pay
At −120 you bet $120 to win $100 in profit, $220 back in all. The price implies a 54.55% chance, so you need to win more than 54.55% of these bets to come out ahead.
The same price in every format
| American | −120 |
|---|---|
| Decimal | 1.833 |
| Fractional | 5/6 |
| Implied chance | 54.55% |
| Break-even win rate | 54.55% |
What −120 pays
| Bet | Profit if it wins | Total back |
|---|---|---|
| $10 | $8.33 | $18.33 |
| $25 | $20.83 | $45.83 |
| $50 | $41.67 | $91.67 |
| $100 | $83.33 | $183.33 |
| $250 | $208.33 | $458.33 |
| $1,000 | $833.33 | $1,833.33 |
Is −120 good odds?
It depends on how likely the bet is to win, not on the number itself. −120 is a good price on a side that wins more than 54.55% of the time and a bad one on a side that wins less. If a market kept nothing, the other side of a −120 bet would be +120; real books price it worse than that, and the gap is their cut. At −110 on both sides, the most common spread and total price, the cut is 4.76%. Which book keeps the least differs: every sportsbook's cut, measured.
As a price, −120 makes the side a slight favorite.
What a better price is worth
Find −118 instead of −120 on the same bet and the win rate you need drops from 54.55% to 54.13%. Over 100 bets of $100 that win 54.55% of the time, −120 breaks even and −118 comes out about $77.04 ahead: the same picks, a better price. Books often differ by that much on the same game: the board shows which one pays the most.
−120 in a parlay
Two legs at −120 combine to decimal 3.361 (about +236): $100 would return $336.11. Each leg's cut compounds, so a parlay keeps more for the book than a single bet. Parlay calculator.
Questions
What does -120 mean in betting?
-120 means you bet $120 to win $100 in profit, returning $220 in all.
How much do I win on a $100 bet at -120?
$83.33 profit, $183.33 back in all if it wins.
What is -120 as a percentage?
-120 implies a 54.55% chance. That's also the share of bets you'd need to win to break even.
What is -120 in decimal odds?
1.833. In fractional odds it's about 5/6.
Is -120 a good bet?
Only if the side wins more than 54.55% of the time. The price alone can't tell you: compare it with other sportsbooks' prices on the same bet, since a better price lowers the win rate you need.