In sports betting, odds of +120 indicate a “slight underdog.” It means the bookmaker believes the team is slightly less likely to win than their opponent, so they are offering a better-than-even payout to entice you to bet.
The Payout Logic
A +120 bet pays $120 in profit for every $100 you wager.
Total Return: If you win, you get your $100 back + $120 profit = $220.
Payout Examples for Different Stakes
The ratio is 1.2 to 1. Here is how much you win based on common wager amounts:
| Your Wager | Profit Won | Total Payout (Return) |
|---|---|---|
| $10 | $12 | $22 |
| $25 | $30 | $55 |
| $50 | $60 | $110 |
| $100 | $120 | $220 |
Betting an unusual amount like $45? You can check the exact return instantly using our free Odds Converter Calculator.
The Difference Between +120 and -120
This is the most common confusion for beginners. The plus (+) and minus (-) signs mean opposite things.
- +120 (Underdog): You bet $100 to win $120. The reward is higher than the risk.
- -120 (Favorite): You must bet $120 to win $100. The risk is higher than the reward because the team is expected to win.
Implied Probability: The Break-Even Point
Is +120 a good bet? To answer that, we need to look at the math. The bookmaker’s price implies a specific percentage chance of winning.
The Formula:
100 / (Odds + 100) = Probability
100 / (120 + 100) = 100 / 220 = 45.45%
The Strategy: You should only bet on +120 odds if you believe the team wins more than 45.5% of the time. If you think it’s a “Coin Flip” game (50/50 chance), betting at +120 is highly profitable (+EV).
You can test if a bet is profitable by entering your estimated win % into our Value Bet & EV Calculator.
Converting +120 to Other Formats
If you are betting on international markets, +120 is displayed as:
- Decimal Odds: 2.20
- Fractional Odds: 6/5 (Six to Five)
Summary
A +120 bet offers a 20% return over even money. It is a popular price point for smart bettors looking for value on slight underdogs.
- Risk: $100
- Reward: $120 Profit
- Win Rate Needed: >45.5%