If you’ve ever opened the DraftKings app and stared at a jumble of numbers, you’re not alone. Odds can look confusing, but once you break them down they’re actually pretty straightforward. This guide walks you through the basics, shows you how DraftKings formats its odds, and gives practical tips you can start using today.
DraftKings mainly uses American odds, the plus (+) and minus (‑) format you’ll see next to each game or player. A “+200” line means a $100 bet would win $200 if you’re right. A “‑150” line means you have to bet $150 to win $100. The higher the plus number, the bigger the payout – but it also signals a lower chance of winning.
Some sports on DraftKings use decimal odds, especially for live betting. Decimal odds are easy: multiply your stake by the number to get your total return. For example, a 2.50 decimal line on a $20 bet returns $50 (20 × 2.5).
Behind every odd is an implied probability. You can estimate it by dividing 100 by the absolute value of the odds (for American) or using the formula 1/decimal. So a ‑150 line translates to an implied 60% chance (150 ÷ (150+100)). Knowing this helps you spot when the market thinks something is more or less likely than you do.
1. Compare odds across platforms. Even a small difference can affect long‑term profit. If DraftKings offers +190 on a game while another site shows +210, the extra 20 points add up over many bets.
2. Look for value, not just favorites. A heavy favorite (‑300) might look safe, but the payout is low relative to risk. If you believe the team has a 45% chance to win and the market gives a ‑250 line (≈71% implied), there’s value in the underdog (+150) instead.
3. Keep a bankroll plan. Decide how much of your total budget you’ll risk on a single bet – 1‑2% is a common rule. This prevents big swings and keeps you in the game longer.
4. Use live odds to your advantage. During a match, odds shift based on the action. If you notice a team pulling ahead but the odds haven’t caught up yet, you might lock in a better price before the market corrects.
5. Track your results. Write down each bet, the odds, stake, and outcome. Over time you’ll see patterns – maybe you’re consistently overvaluing a certain sport or underestimating a specific player.
Remember, odds are a tool, not a guarantee. They reflect the crowd’s opinion and the betting company’s margin. Your job is to use them as a reference point, combine them with research, and make informed choices.
By learning how DraftKings formats its odds, converting them to implied probabilities, and applying a few simple strategies, you’ll turn confusion into confidence. Start small, stick to your bankroll plan, and watch how your betting decisions improve over time.
