Definition
A market is a specific thing a sportsbook lets you bet on and prices with odds. It can be the winner of a game, a point spread, a total, a player prop, a futures bet, or any other priced outcome.
For American odds, implied probability can be calculated from the price. At negative odds:
implied probability = odds / (odds + 100)
Use the absolute value of the negative odds. A -110 price implies:
110 / (110 + 100) = 52.38%
That means the bet needs to win more than 52.38% before considering the sportsbook margin to have positive expected value.
Worked Example
In an NBA game, a sportsbook lists these markets:
- Lakers moneyline: -135
- Lakers -2.5 spread: -110
- Game total over 224.5: -110
- LeBron James over 24.5 points: -115
Each is a separate market because each prices a different outcome. If you bet $110 on Lakers -2.5 at -110, the bet wins $100 if the Lakers win by 3 or more points.
Why It Matters
Knowing the exact market keeps your analysis focused on the outcome being priced. It helps a bettor compare odds, calculate break-even rate, and avoid mixing up edges across different bet types.