How to Read Kansas Betting Odds & Lines - Finding the Best Odds

By Stefan Krysa
Fact Checked by Joss Wood

Sports betting is a fun activity and a great way to engage with your favorite sports. That said, some avoid it as they find reading odds and lines confusing. This article will outline how to read betting odds in Kansas. We will also show you how they work in practice when placing different kinds of bets.

Where to Find the Best Odds in Kansas

Now that Kansas sports betting has officially launched, you can sign-up and wager with the operators listed below. 

How to Read Odds & Lines in Kansas

Being able to read and understand betting odds is critical to achieving sports betting success. Newcomers to Kansas betting apps or sites may find reading sports odds confusing or difficult. Different types of odds paired with a variety of bet types can make getting into sports betting an overwhelming process. Fortunately, a little bit of guidance can go a long way to highlight how easy it is to read odds and lines.

When betting on odds and lines in Kansas, operators will adopt the American odds format. Bets are always either placed on a favorite (meaning more likely to win) or underdog (meaning more likely to lose). Both the favorite and underdog will show a number next to it with a:

  • Plus sign (+) assigned to the underdog
  • Minus sign (-) assigned to the favorite

It is easy to remember, the plus sign means you will win more than your bet and the minus sign means you will win less than your bet. These numbers represent the implied probability in addition to the amount that can be made from a winning bet. Calculating the implied probability for American odds is a simple process. Implied probability is the likelihood of a certain outcome. Finding this outcome varies slightly depending on if you are considering the favorite or the underdog.

To calculate the American odds implied probability for a favorite (-), all you have to do is divide the negative odds by the negative odds plus one hundred. For example if the odds are -120, the implied probability would be -(-120)/(-(-120) + 100). Cancelling out the negatives, this becomes 120/120+100 or 120/220, which equals 0.545 or 54.5%. This means the favorite has a 54.5% chance of winning according to the line.

The math for the underdog (+) is similar but slightly different. In this case, all you have to do is divide 100 by the odds plus one hundred. If the underdog has +120 odds, the implied probability would be 100/(120+100) or 100/220, which equals 0.454 or 45.4%. In this case, the sportsbook believes the team has a 45.4% chance of winning.

Let's consider another example:

Say you are looking to place a bet on an upcoming NFL game Kansas City Chiefs versus. Las Vegas Raiders. The Chiefs have been a stronger team throughout the season and are therefore the favorite. The betting line is set -110 for the Chiefs. This means that the implied probability of winning is calculated by 110/210, which equals 52.4%.

American odds can also be used to calculate the payout from a bet that wins. We'll take a look at this later in the article.

How Do Kansas Betting Odds Work?

Betting odds in Kansas will use the American odds format as described above. A sportsbook sets the odds based on what is the most likely versus less likely outcome. If a team is more likely to win a game, they are the favorite, while the other team is the underdog. Betting on a less likely outcome that has a lower chance of winning increases the total payout of the bet. Betting on a favorite, meanwhile, is a safer option but yields lesser returns.

What is the Difference Between Fractional Odds and Decimal Odds in KS?

Fractional odds and decimal odds are two other formats found in the sports betting industry. Both of these types are frequently used in Europe, it is rare to find them on American-based sportsbooks. Still, understanding the difference between fractional odds and decimal odds is a useful skill.

How Fractional Odds Work

Fractional odds are another common method sportsbooks use to display odds, especially in the UK. As the name suggests, odds are represented as a fraction, where the numerator constitutes how many times the sportsbook expects the outcome to fail, while the denominator indicates how many times the outcome is expected to succeed in a sporting event.

Consider a game between the Kansas City Royals and the Houston Astros. The operator sets the odds for the Royals to win at 6/10 ("six to ten"). This means that if the game were to take place 16 times (6+10), the Royals would win ten times while the Astros would win six. To calculate the implied probability of winning, divide the number of times the team is expected to win by the total number of trials. In this case, this would be 10/16 which equals 62.5% and means the Royals have a 62.5% chance of winning the game.

Say you bet on the Royals to win. To calculate your potential winnings from the bet, multiply your wager by the odds. For example, if you bet $20, multiply this by 6/10 (0.6), which means if your $20 bet wins you would receive $12 plus your initial bet amount back, or $32 total. With a little practice, fractional odds aren't so complicated after all.

How Decimal Odds Work

Decimal odds are common in the rest of Europe. Many consider these odds the most simple and intuitive to work with. Calculating the implied probabilities from decimal odds is very straightforward. To determine the probability of winning, all you have to do is divide one by the odds.

Let's use another example to practice this. In a hypothetical game between the Kansas City Chiefs and the Chicago Bears, the sportsbook sets the odds for the Chiefs winning at 1.56. This means the implied probability is computed by 1/1.56, which equals 0.64 or 64%.

Determining the possible winnings from the wager is also a simple process. For this, all you need to do is multiply the amount you bet by the odds and then subtract the bet amount. Using the same example, imagine you wager $90 on the Chiefs to win the game. Your potential winnings would be 90 multiplied by 1.56 (140.4), then subtracted by 90 (50.4). The total net payout would therefore equal $140.40, which would equal $50.40 in addition to the $90 amount initially wagered.

Different Types of Betting Odds

There are many different bet types that operators offer to their users. Taking advantage of this variety in betting options is a great way to enjoy a dynamic experience and find the best lines for the greatest payout. Now that we have a good understanding of different sports betting odds types, we'll take a look at some of these different ways to bet. 

Moneyline

A moneyline bet is the simplest bet type. Moneyline bets center around the final result of a sporting match. Betting on the winning team means your bet wins while betting on the losing team results in a loss. This straightforward approach to betting makes moneylines among the most popular wagers.

Moneyline odds are also easy to understand. All the examples given previously were essentially moneyline bets. Consider a game between the Chiefs and the Bears. If moneyline odds for the Chiefs are set at -120, this means they are the favorite and have a 54.5% chance of winning. In this case, a bet of $120 would return $100, meaning your net total would $220.

Point Spreads

Point spread bets are another popular way to bet. Rather than betting on the outcome of a sporting match, point spreads are related to the number of points scored in an event. If you bet on the favorite, this team must win the game by a certain margin of points. If you bet on the underdog, this team must lose by less than this margin or win the game. Here, the line (ex. -120) represents the amount a bettor can win from their wager. The point spread itself indicates the scoring margin.

For example, imagine a game between the Kansas Jayhawks and the Kansas State Wildcats. The odds show Jayhawks -4.5 -120, Wildcats +4.5 -120. In both cases, a bet of $1.20 would return $1 on a winning bet. The Jayhawks are the favorite, while the Wildcats are the underdog. If you bet on the Jayhawks to win the game, a point spread of -4.5 indicates they would have to win by 5 points or more for the bet to be successful. On the flip side, if you bet on the Wildcats, +4.5 means a loss by less than 5 points or a win would result in a winning bet. Bettors looking to make a point spread bet might want to check out PointsBet Sportsbook Kansas, which is known for its spread betting options.

Over/Under (Totals)

Like a point spread, an over/under bet or totals bet is also related to the scoring in a match. For this type of bet, instead of focusing on a favorite or underdog team, it is the total number of points scored that is relevant. In this case, the sportsbook sets a number of points it expects will be the combined scoring for both teams. The bettor then wagers on if they believe the final score will be more or less than that amount.

Consider a Chiefs versus Raiders NFL match. A sportsbook sets the over/under at 52 -110. Again, the line indicates the amount the bettor stands to make from a win. A wager of $1.10 would return $1 for a successful bet. It is up to you to decide if you think the final combined score would be over or under 52.

On rare occasions, the final score is exactly the amount set by the sportsbook. This is called a push, and all bettors receive their initial wager back. If you're looking to place an over/under bet, BetMGM Kansas Sportsbook is one of the most reliable operators in the state.

Parlays

A parlay bet combines multiple wagers into a single bet. If all of the individual components of the bet are successful, the parlay cashes. Due to their being numerous components in a parlay, this bet type is risker than others. That said, this increased riskiness means that parlays can be especially profitable.

Parlays involve multiple odds, depending on what the bettor wishes to include in their wager. For example, you might bet a point spread on the Chiefs at -5.5 and for Patrick Mahomes to throw at least four touchdowns.

Again, the lines will indicate the amount the bettor stands to win. For the parlay to pay out, both of these individual bets must win. While parlays are riskier, they provide good opportunities for confident bettors to make more money.

Live In-Game Betting

Most betting takes place prior to the start of a match. In-game or live betting allows individuals to place bets in real time while the game is being played. Live betting is a lot of fun and a great way to stay engaged with the event.

Over the course of the match, the odds that certain events will occur inevitably changes. Sportsbooks, such as Unibet Kansas take this into account and will have fluctuating odds depending on how events in the game play out.

Say Kansas Jayhawks are favored against the Kansas State Wildcats, but early in the game the Wildcats secure a significant lead. The sportsbook uses this information to adjust the odds in favor of the Wildcats. While wagering on a win for the Jayhawks before the event would not have had lesser returns, a live bet on the Jayhawks while at this point would be more profitable in the event that Jayhawks make a comeback.

For both entertainment purposes and last-minute profitability, live betting is a great option for sports bettors.

Calculating Sports Betting Payouts in Kansas

Sports bettors in Kansas will have American odds to use for calculating their payouts. It is easy to find out how much profit a wager can return. Keep in mind that the calculation method varies between the favorite and the underdog. Let's take a closer look:

Negative Odds (-)

For the favorite, American odds indicate the amount a bettor must risk to win $100. Since there is a higher probability of this team winning, bets on a favorite return are less than those on the underdog. If you were to bet on a favored team at -130 odds, you would need to bet $130 to get a win of $100. The total payout would be $130 in addition to the initial $100 wagered.

Of course, bets greater or less than $100 are made all the time. To calculate the payout for other amounts, take the odds and divide them by one hundred. Divide the wager by this amount to calculate the winnings.

Let's consider an example of -130 odds and a $30 bet. First, 130/100 equals 1.3. Using this number, 30/1.3 equals 23.08. The bettor would win $23.08, for total payout of $53.08.

Positive Odds (+)

For the underdog, American odds represent the amount a bettor can win from risking $100. Betting on an underdog at +120 odds means that a risk of $100 would return a winning amount of $120. The total payout would therefore be $120 in addition to the initial $100 wagered.

With positive odds, payout is calculated by dividing one hundred by the odds and then dividing the wager by this amount.

To illustrate this let's use an example of a +130 odds and a bet of $30. First, 100/120 equals 0.769. Using this number, 30/0.769 equals 39. The bettor would win $39 for a total payout of $69.

Get the Best Betting Odds for Kansas Sports Bettors

The arrival of legal sports operators is an exciting development. Before you can start betting, it is essential to understand how odds and lines work and be comfortable reading them. Some might find Kansas betting odds confusing, all it takes is a little guidance to get a good grasp on how it all works. You can try your new skills with a Kansas sportsbook promo.

Now that you know the different kinds of Kansas sports betting odds and how to read them, you'll be able to find the best odds and make the most lucrative bets. Whether you enjoy football or horse racing, betting on sporting events is a great way to have fun and profit while enjoying sports. Remember to play responsibly and seek help if you have any concerns about having a gambling problem.

Kansas Odds for Sports Betting FAQs

Contributors

Stefan Krysa
Sportsbook Reviewer

Stefan Krysa is a leading voice in the online gambling industry and a betting analyst with BetKansas.com. Thanks to years of hands-on experience, Stefan Krysa has become one of the most trusted authorities in the online sports betting space.An avid bettor, Krysa provides top-notch analysis of Kansas sportsbooks, promo codes, and legislative updates. He's a source Kansas sports bettors can trust.

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