The underdog is the side the sportsbook rates less likely to win. In American odds it has a plus sign, like +180. In decimal odds it's above 2.00.
Underdogs lose more often but pay more when they win. At +150 you only need to win 40% of the time to break even.
In a point spread bet, the underdog gets points, so it can lose the game by less than the spread and still cover.
How it works
Underdogs win less often than favorites, but each win pays more, so they need fewer wins to break even.
| Price | Break-even win rate |
|---|---|
| +120 | 45.5% |
| +150 | 40.0% |
| +200 | 33.3% |
| +300 | 25.0% |
| +500 | 16.7% |
Betting underdogs means getting comfortable with losing more often than you win. A bettor who backs +200 underdogs can lose most of their bets and still profit if they win more than a third of the time. Long losing runs are normal, so a steady unit size matters.
Underdogs can be good value when the public piles onto a popular favorite and pushes its price too short. In a point spread bet, the underdog gets points and can lose the game by less than the spread and still cover.
You'll hear underdogs called "dogs", and a big one a "live dog" when bettors think it has a real chance.
Examples
- Example 1
A $25 bet on a +400 underdog wins $100 profit, so you get $125 back.
- Example 2
An underdog at +150 only needs to win 40% of the time to break even.
- Example 3
Bet ten +200 underdogs at $10 each and win four: $80 profit from the wins, $60 lost on the six losses, $20 up overall.
Common questions
What does it mean when odds are positive?
Positive odds show the underdog. The number is how much a $100 bet wins, so +200 wins $200 profit.
What is a live dog?
A live dog is an underdog that bettors think has a genuine chance of winning outright, not just covering the spread.