Odds explained · odds-on price
−120 odds: payout and meaning
A minus sign means an odds-on price, the kind usually offered on the favorite. −120 means you have to stake $120.00 to win $100 in profit; a $100 bet wins $83.33 and returns $183.33 including your stake.
−120 payout chart
| Stake | Profit if it wins | Total payout |
|---|---|---|
| $10 | $8.33 | $18.33 |
| $20 | $16.67 | $36.67 |
| $25 | $20.83 | $45.83 |
| $50 | $41.67 | $91.67 |
| $100 | $83.33 | $183.33 |
| $200 | $166.67 | $366.67 |
| $500 | $416.67 | $916.67 |
| $1,000 | $833.33 | $1,833.33 |
Payout = stake + profit. A losing bet loses the stake; a push (tie, where offered) returns it. In pounds: £100 wins £83.33. Any stake: bet calculator.
How much to bet to win a set amount at −120
| To win (profit) | Stake needed |
|---|---|
| $10 | $12.00 |
| $50 | $60.00 |
| $100 | $120.00 |
| $500 | $600.00 |
Break-even win rate at −120
The implied probability of −120 is about 54.55% (1 ÷ the exact decimal odds, shown rounded). That is the break-even win rate: if you bet this price many times on win-or-lose bets, you need to win more often than that to come out ahead. Whether a −120 bet is good value depends only on whether your honest estimate of the chance beats that number — the EV calculator does the comparison.
−120 is a common price on spreads and totals. When both sides of a two-way market are −120, the implied probabilities add up to 109.09%: the extra 9.09% is the bookmaker’s margin, and the fair price for each side is even money (+100). See the vig calculator for other markets.
−120 in a parlay
Two −120 legs parlayed combine to decimal odds of ≈ 3.36 (+236, rounded): a $100 two-leg parlay pays $336.11 if both win. Three legs: decimal ≈ 6.16 (+516, rounded), paying $616.20 on $100. For independent selections from different events, those prices imply a break-even chance of about 16.23% for all three winning — an implied figure that includes each price’s margin, not a forecast; bookmakers may refuse or reprice related selections. Payouts use the exact, unrounded combined odds. Build your own with the parlay calculator.
Compare nearby odds
| Odds | Fractional | Decimal | Implied probability | $100 wins |
|---|---|---|---|---|
| −130 | 10/13 | 1.77 | 56.52% | $76.92 |
| −125 | 4/5 | 1.80 | 55.56% | $80.00 |
| −120 | 5/6 | 1.83 | 54.55% | $83.33 |
| −115 | 20/23 | 1.87 | 53.49% | $86.96 |
| −110 | 10/11 | 1.91 | 52.38% | $90.91 |
Full betting odds chart → · How betting odds work · 18+ — odds describe a price, not a prediction or a recommendation to bet.