MLB odds are a way to express the probability of an outcome in a particular game or event. They are used by sportsbooks to determine the payouts for betting on different outcomes.

MLB odds typically come in three different formats:  

American Odds:

This is the most common format used in the United States. The odds are represented as a positive or negative number. Positive odds indicate the potential profit you can make by betting $100, while negative odds represent the amount you would need to bet in order to win $100. 

Positive odds (e.g., +150): This means that a $100 bet on the underdog would potentially yield a profit of $150 (plus your original stake). 

Negative odds (e.g., -200): This means that you would need to bet $200 in order to potentially win $100 (plus your original stake). 

Decimal Odds:

This format is more common in Europe and represents the potential total payout, including the original stake, for each $1 bet. To calculate the potential profit, you multiply your stake by the decimal odds. 

For example, decimal odds of 2.50 mean that a $1 bet would potentially result in a total payout of $2.50 (including your original $1 stake). Therefore, if you bet $10, the potential total payout would be $25 ($10 x 2.50). 

Fractional Odds:

This format is popular in the UK and is represented as a fraction. The first number in the fraction represents the potential profit, while the second number represents the amount you need to bet. 

For instance, fractional odds of 3/1 mean that a $1 bet would potentially result in a profit of $3 (plus your original stake). So if you bet $10, the potential profit would be $30 ($10 x 3). 

It’s important to note that odds can change leading up to a game based on various factors such as team performance, injuries, and betting patterns.

Sportsbooks adjust the odds to balance the betting action and ensure they make a profit regardless of the outcome.

Understanding odds is crucial for betting, as they provide information about the implied probability of an outcome. Higher odds indicate a lower probability, while lower odds suggest a higher probability according to the sportsbook’s assessment.