Before you place any bet, you should know exactly what it pays. The math differs by odds format, and sportsbooks count on bettors not checking.

Decimal odds are simplest: multiply stake by odds for total return. A $20 bet at 3.00 returns $60 — $40 profit plus your stake back.

Fractional odds show profit per unit staked: 5/1 means $5 profit for every $1 bet. American odds use +200 (win $200 per $100) and -150 (risk $150 to win $100).

Parlays multiply the odds of each leg together, which is why the payouts look huge — and why the true probability of hitting is tiny. Always calculate before you commit.