In sports betting, a "favorite" and an "underdog" are terms used to describe the two teams or players involved in a particular sports event. These terms indicate their perceived chances of winning the match or event. The favorite is the team or player expected to win, while the underdog is the team or player expected to lose.

Favorites

The favorite is the team or player that has a higher likelihood of winning according to oddsmakers or bookmakers.

They are represented with a minus (-) sign next to their odds. For example, if a team is listed as -200, it means you would need to bet $200 to win $100 if that team wins.

Betting on the favorite offers a higher chance of winning but usually yields a smaller payout since they are already perceived as the stronger side.

Underdogs

The underdog is the team or player that is not expected to win the match or event.

They are represented with a plus (+) sign next to their odds. For example, if a team is listed as +300, it means you would win $300 on a $100 bet if that team wins.

Betting on the underdog offers a higher potential payout because they are considered less likely to win. However, the risk of losing the bet is higher when betting on the underdog.

Example

Let's say there's a basketball game between Team A and Team B. The oddsmakers have set the odds as follows:

Team A (Favorite): -150

Team B (Underdog): +200

If you bet $150 on Team A and they win, you would get a payout of $100 (plus your original $150 back). On the other hand, if you bet $100 on Team B and they win, you would get a payout of $200 (plus your original $100 back).

Keep in mind that odds can vary depending on the sportsbook and the betting market, so it's essential to understand how odds work before placing any bets.