How are odds calculated in sports betting?

Betting odds are the ratio between the amount of money wagered by a sportsbook and a bettor. They’re calculated by bookmakers like the Wildz Sports by estimating the probability of an event taking place. Using a combination of sports experts and data, sportsbooks will analyse many factors to then form a probabilty of an outcome. Some of these factors can include a team’s/player’s current form, home and away (road) records, team selection, historical results in a fixture (match-up), injuries and even the weather in the case of the NFL and Golf. etc.

For example, some sportsbooks give France a relatively high 14.3% chance or probability of winning the 2026 World Cup. Converted to betting odds, this probability equals +600 using an American line, 7.00 in decimal odds or 6/1 expressed as fractional odds. These odds and probability will have been calculated by taking in account factors such as their recent performances in the competition (two finals appearances and one win), the youth of some of their star players.

This means that these sportsbooks are only willing to bet $6 for every $1 wagered by a bettor because France have a good chance of winning the tournament.

On the other end of the spectrum, the odds for Chile winning are +10,000 (101.00 or 100/1). That’s because these sportsbooks only give the South Americans a 1% chance of success. So for every $1 wagered by a bettor, some sportsbooks are willing to put a generous $100 at risk.