How to Bet on Hockey
How to Read NHL Odds: American Format, Implied Probability, and Vig
Reading NHL odds takes about two minutes to learn. A negative number is the favorite; a positive number is the underdog. That's the core of it — but there's a margin baked into every line, and understanding that margin changes how you evaluate a bet.
What Do the Plus and Minus Signs Mean in Hockey Odds?
US sportsbooks use American odds format. A minus sign (–) tells you how much you must risk to profit $100. A plus sign (+) tells you how much you profit on a $100 wager.
- –175 favorite: Risk $175 to profit $100.
- +155 underdog: Risk $100 to profit $155.
Scale those numbers to any stake. Betting $35 on a –175 favorite wins you $20. Betting $50 on a +155 underdog wins you $77.50. The math is always proportional.
For a full breakdown of how these numbers play out on NHL moneylines, see Hockey Moneyline Betting Explained — With Real NHL Odds.
How Do You Convert Odds to Implied Probability?
Implied probability is what the odds say about each team's chance of winning. The formulas are straightforward.
- Negative odds: |odds| ÷ (|odds| + 100) × 100. At –175: 175 ÷ 275 × 100 = 63.6%.
- Positive odds: 100 ÷ (odds + 100) × 100. At +155: 100 ÷ 255 × 100 = 39.2%.
Add those two implied probabilities: 63.6% + 39.2% = 102.8%. A fair market would sum to exactly 100%. That extra 2.8% is the vig — the sportsbook's built-in profit margin.
What Is the Vig and How Does It Affect NHL Bets?
The vig (also called juice) is the commission embedded in the odds. It's not a separate fee — it's hidden inside the numbers themselves. On a standard totals market priced at –110/–110, the implied house edge works out to roughly 4.5%. That means over a large sample of bets at those prices, the book keeps about $4.50 of every $100 wagered.
Puck line juice varies far more than totals juice. A heavy favorite might be –1.5 goals at –130 while an underdog sits at +1.5 goals at +110. The spreads are identical; the juice reflects who is expected to cover. Before betting the ±1.5 goal puck line, check which side carries the expensive juice.
Totals markets — where you bet on combined goals scored — often sit closest to the standard –110/–110 structure. The Hockey Over/Under Explained — NHL Totals Betting Guide covers how overtime goals factor into final totals grading.
How to Read NHL Odds Across Different Bet Types
| Bet Type | Typical Odds Format | What the Numbers Show |
|---|---|---|
| Moneyline | –175 / +155 | Win probability and payout for straight-up result |
| Puck Line (±1.5) | –130 / +110 | Adjusted payout for covering a 2-goal margin |
| Over/Under Total | –110 / –110 | Equal-vig market on combined goals |
| Stanley Cup Futures | +800, +850 | Long-shot payout on season-ending outcome |
Futures odds like +800 (Edmonton Oilers) or +850 (Boston Bruins, Colorado Avalanche) carry a larger vig than single-game markets because the book holds money for months and adjusts lines as the season unfolds.
Why Comparing Odds Across Books Matters
Two books can price the same game differently. One might post –165/+145 while another lists –170/+150. Those gaps look small but compound over time. Shopping lines — checking two or three licensed sportsbooks before placing — is the single most mechanical way to reduce the vig's impact on your results. It's not glamorous strategy, but the NHL Betting Strategy: What Actually Moves the Line guide explains why line movement and shopping go hand in hand.
Always verify that any sportsbook you use holds a valid license in your state. Must be 21+ in most states (18+ where permitted). Gambling problem? Call 1-800-GAMBLER.
Reading NHL odds correctly means tracking both the payout number and the implied probability behind it. Once that math is automatic, every other part of how to bet on hockey — bet types, markets, strategy — gets easier to evaluate.