Hockey betting odds represent implied probabilities and potential payouts. Understanding how to read odds and calculate implied probability is fundamental to identifying value in betting markets.

Moneyline Odds Explained

Favorites show negative numbers (-150) indicating amount to risk to win $100. Underdogs show positive numbers (+170) indicating profit on $100 bet. The vig (bookmaker profit) is built into both sides, which is why odds don't perfectly reflect 50-50 propositions.

Finding Value

Value exists when your calculated win probability exceeds the implied probability from odds. If you believe a team has 40% chance to win but odds imply only 35%, that's a value bet regardless of outcome.