Every sportsbook lists a favorite and an underdog for nearly every game. The favorite is the team or player expected to win, while the underdog is considered less likely to come out on top.
Because favorites are more likely to win, they offer a smaller payout than underdogs. Understanding how favorites are priced across different betting markets is one of the first steps to becoming a smarter bettor.
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What Is a Betting Favorite?
Betting Favorites on the Moneyline
Moneyline betting is the simplest way to bet a favorite. American odds display favorites with a minus sign (-).
For example:
- Favorite: -200
- Underdog: +170
A -200 favorite means you would need to risk $200 to win $100 in profit.
In general:
- -120 = slight favorite
- -200 = clear favorite
- -300 or shorter = heavy favorite
As a team’s chances of winning increase, the odds become more negative, and the payout decreases.
Keep in mind that favorites win more often, but they don’t always provide the best betting value. The goal isn’t simply to pick winners. It’s to find odds that are better than a team’s true probability of winning.
Betting Favorites Against the Spread
Point spread betting gives favorites a handicap to create a more balanced betting market.
Instead of betting on a team to simply win, you’re betting on whether it can win by more than the posted spread.
For example:
- Rams -4.5 (-110)
- Bengals +4.5 (-110)
A bet on the Rams would require them to win by five or more points to cash. Winning by four or fewer points, or losing the game outright, would result in a losing spread bet.
Spread betting often provides similar odds on both sides (typically around -110), making it an attractive alternative to laying a steep moneyline price.
Betting Favorites in Futures Markets
Favorites also exist in futures markets, such as:
- Super Bowl winner
- NBA champion
- World Series winner
- League MVP
Unlike game betting, the favorite in a futures market is often listed with plus odds because there are many possible outcomes.
For example:
| Player | Odds |
|---|---|
| Player A | +450 |
| Player B | +650 |
| Player C | +900 |
Even though Player A is the favorite, +450 implies only about an 18% chance of winning. Being the favorite simply means they have the best odds in the field-not that they’re likely to win outright.
Should You Always Bet the Favorite?
No.
Favorites win more games than underdogs, but sportsbooks adjust the odds to reflect those higher expectations. Consistently betting every favorite is not a profitable long-term strategy.
Instead, compare the implied probability in the odds with your own assessment of the matchup. If you believe the favorite’s chances of winning are greater than the odds suggest, the bet may offer value.
Final Thoughts
Understanding what a betting favorite is helps you interpret sportsbook odds and make more informed wagers. Whether you’re betting moneylines, point spreads, or futures, remember that favorites provide a higher probability of winning-but not necessarily the best value. Successful sports betting is about finding favorable prices, not simply backing the team most likely to win.