American Odds focus on winning or risking $100 for a given bet.

Favorites will have a minus (-) sign in front of their odds value and represent the amount of money you must risk to win $100. The odds for underdogs will have a plus (+) sign in front, displaying the money you can win for every $100 risked. For example, the big game's opening Moneyline looked like this:

Chiefs -190 Buccaneers +165

So if you are betting on the Chiefs at -190 against the Buccaneers, that means Kansas City is the favorite. You need to risk $190 to get paid $100 if the Chiefs win. If they win, your profit would be $100, and you would get your original $140 back.

Conversely, if you believe Tampa Bay will win, all you need to risk is $100 to get paid $165 if the Buccaneers win. If that happens, your profit would be $165, and you would get your original $100 back.

Decimal Odds, used outside the US, represent the amount a bettor wins for every $1 wagered. This method makes it easier to understand the total return and not just the profit like American and fractional odds (explained below).

The Chiefs would be 1.526 in decimal odds as a -190 favorite in American odds. For every $1 risked, you're profiting 52.63 cents, plus your $1 back.

The Buccaneers would be 2.4 in decimal odds as a +140 underdog, meaning for every $1 risked, you're profiting $1.40 and getting your $1 back.

Fractional Odds are primarily used in the UK and Ireland, few bettors use fractional odds for betting sports (other than horse racing) because calculating the return can be difficult.

To calculate winnings on fractional odds, multiply your bet by the top number (numerator), then divide the result by the bottom (denominator). Keeping with our Chiefs example, a $100 bet at 10/19 odds (the fractional conversion of -190 favorite) is (100 * 10) / 19, equals $52.63. A $100 bet at 19/10 odds is (100 * 19) / 10, equals $190.

Implied probability refers to the likelihood of a particular outcome suggested by the odds. Odds correlate to the likelihood of a team winning, which is the implied probability. A -190 favorite has a 65.52% chance of winning, while a +140 underdog has a 41.67% chance.

Notice that the sum of the percentages adds up to more than 100%. That's because of the vigorish (also called the 'vig,' 'juice' or 'hold'), which is a sportsbook's cut for facilitating your bet.

To calculate implied probability, use the following formulas:

With Favorites (negative numbers), remove the minus sign, and the formula looks like this:

Negative Odds / (Negative Odds + 100) * 100

For Underdogs (positive numbers), the formula looks like this:

100 / (Positive Odds + 100) * 100