This guide explains how hockey odds work in straightforward terms for readers who want to compare lines and make informed decisions. It covers the main markets you will see, the common odds formats, how to convert odds into implied probability, and practical payout examples. The content is designed for beginners and intermediate readers who want a step-by-step workflow to spot value, avoid common mistakes, and check operator rules. You will also find a short decision framework to use before placing a wager.

Moneylines name the favorite with negative American odds and the underdog with positive odds.

Convert odds to implied probability to compare market pricing with your own projections.

Check grading rules and the vig; small differences in hold can change long-term expected results.

What hockey odds are and why they matter

Quick definitions: moneyline, puck line, totals

Hockey odds are the publicly posted prices for specific game outcomes. They show how a sportsbook or operator prices a result and determine the payout if you pick that result. Right away, the moneyline pays based on which team wins, the puck line is hockey's version of a spread and usually sits at plus or minus 1.5 goals, and totals are wagers on the combined goals scored by both teams.

These three markets send different signals. A moneyline expresses which team the market favors, the puck line shifts risk and reward by requiring a margin of victory, and totals let you bet on whether the game will be higher or lower scoring. Understanding these basics helps you compare prices and decide where your edge might be.

How odds reflect implied probability and market pricing

Odds are essentially price signals that convert to implied probability, which tells you how likely the market thinks an outcome is. Converting prices to implied probability makes it easier to compare lines across books and to your own forecast; learn the conversion formulas and examples in the conversion section below.

Quick implied-probability and payout calculator

Use this to check implied probability and returns

Common odds formats at a glance: American, decimal, fractional

When you will see each format

The three main formats you will encounter are American, decimal, and fractional. American odds are common in the United States and use positive numbers for underdogs and negative numbers for favorites; decimal odds are common in Europe and show the total return per unit staked; fractional odds are an older British style that expresses profit relative to stake.

Knowing the format matters because the same market can look very different across formats even though the underlying price is the same. Conversions follow standard formulas that are consistent across sports and operators, so once you can switch between formats you can shop lines more easily.

As a quick rule of thumb, think of decimal odds as the multiplier of your stake, while American odds tell you how much to risk or how much profit a standard stake yields. A decimal 2.50 means you receive 2.50 units for each unit wagered. A positive American price like +150 means a $100 stake wins $150; a negative price like -150 means you must stake $150 to win $100. For the technical conversion formulas, see the conversion section below.

For American odds the formulas differ depending on sign. For positive American odds (underdogs) the implied probability is 100 divided by the odds plus 100. For negative American odds (favorites) the formula is the absolute value of the odds divided by that value plus 100. These methods let you turn a posted price into a percentage chance the market assigns to an outcome, which is essential for value comparisons. Investopedia implied probability

Step 1. If the price is positive, use implied probability = 100 / (odds + 100). Step 2. If the price is negative, compute implied probability = (-odds) / ((-odds) + 100). These steps produce a market probability you can compare to your model or intuition.

How do hockey odds translate to probability and payouts?

Hockey odds are prices that imply a probability; convert American or decimal odds to implied probability to compare the market's view with your own projection, then factor in the house margin to judge expected value.

Decimal conversion and using implied probability to find value

Decimal conversion is simpler: implied probability is 1 divided by the decimal odd. This yields the market's percentage for the outcome. When your internal estimate of an outcome's chance exceeds the implied probability shown by the market, that indicates positive expected value and is worth further consideration. Action Network odds formats

Worked example: if a decimal line is 2.50, implied probability = 1/2.50 = 0.40, or 40 percent. If your projection for the same outcome is 48 percent after reviewing injuries and matchups, that gap suggests a value opportunity once you account for the book's margin.

Moneyline explained: favorites, underdogs, and grading rules

Reading negative and positive prices

$Minimal side by side infographic comparing American decimal and fractional hockey odds with examples American plus 150 decimal 2.50 fractional three to two on Funded Plays dark brand background$

Moneyline prices use negative numbers for favorites and positive numbers for underdogs. The sign also tells you how payouts work: a positive price shows how much profit a standard stake wins, and a negative price shows how much you need to stake to earn a standard profit. Use the quick examples later in the article to memorize these payouts.

Most moneyline markets for NHL games are graded for the whole game, including overtime and shootouts, unless the market explicitly states it is regulation-only. That distinction matters for how a result is settled and for your strategy when you compare lines across operators. Covers NHL guide NHL Tips regulation time betting

How payouts and simple examples work

Simple payout examples help you translate numbers fast. A +150 price on a moneyline means a $100 stake wins $150 profit; a -150 price means you must stake $150 to win $100 profit. Memorizing a few of these conversions speeds up your on-the-fly decisions at the board.

Before placing a bet, check whether the book labels the market as regulation-only. That language changes which periods count toward settlement and can flip the value of a price relative to another operator that grades full-game results. Covers NHL guide

Puck line: hockey’s spread and when to use it

Typical puck line setup (plus or minus 1.5 goals)

The puck line is the puck-based spread that most books set at plus or minus 1.5 goals. That means a favorite must win by at least two goals to cover, while an underdog covers if it loses by one goal or wins outright. The puck line changes the implied difficulty of a win and therefore alters the pricing for both sides. Action Network puck line

Funded Plays Challenges

Compare two lines

How puck line pricing affects favorites and underdogs

Because the puck line requires a larger margin for favorites, favorites priced on the puck line often carry shorter payouts than on the moneyline for the same matchup. Conversely, underdogs can become more attractive on the puck line because they can still cover with a one-goal loss. Puck line markets are usually settled for the whole game unless an operator states otherwise, so check grading rules when shopping lines. Covers NHL guide

Practical scenario: a 2-1 final loses a minus-1.5 puck line for the favorite but would count as a favorite moneyline win. These score examples show why knowing the required margin is essential before choosing a market.

Totals (over/under): what they mean and push outcomes

How totals are set and settled

Totals are wagers on the combined goals scored by both teams. Sportsbooks set a number and assign over and under prices; the payout follows the listed price. Totals settlement often includes overtime and shootouts unless a market specifies regulation-only, and books may apply push rules when the final total equals the posted number. Sports Gaming 101

What a push means and when it happens

A push occurs when the final combined goal total equals the posted total; most two-way totals result in a refund for both sides in that case. For example, if you bet the over on 5.5 goals and the game finishes 3-3, the over wins, but if you bet on exactly 6.0 and the game ends 3-3, that is a push and stakes are returned under normal rules. Covers NHL guide

The vig and house edge: why probabilities sum to more than 100%

What the vigorish is and how it shows in two-way markets

The vigorish, or vig, is the margin a book embeds in prices to ensure a long-term edge. When you convert both sides of a simple two-way market to implied probabilities, they typically add to more than 100 percent because the book's margin is included in the prices. Spotting the vig helps you understand why the market's numbers are not a pure probability estimate but instead a priced product that favors the operator. Investopedia vigorish

Try comparing implied probabilities on two lines

Compare implied probabilities on two recent lines to see how the vig changes the apparent value; this helps identify where shopping across books matters.

Compare two lines

How lower margins affect long-term expected results

Lower hold or lower vig on a market means that, all else equal, the bettor faces a smaller built-in disadvantage. When you find two books with similar lines but different margins, preferring the lower-margin line improves your expected result over many bets. Use the implied-probability conversion to adjust for the vig when comparing books. Investopedia vigorish

Practical illustration: if two sides show implied probabilities that sum to 104 percent, the extra 4 percent is the market margin. That 4 percent is not a hidden number; it is reflected in poorer long-term returns unless you find edges that exceed it.

How sportsbooks grade NHL markets and what shoppers should check

Common operator rules to verify (OT, shootout, voids)

Operator grading rules vary. Before placing a wager, check whether the moneyline, puck line, or total is regulation-only or a full-game market. That choice determines whether overtime and shootouts count for settlement and can materially change the outcome of a bet. Official rule pages and regulator resources are the authoritative references for these differences. Covers NHL guide

Minimalist 2D vector scoreboard showing two to one final represented by two accent pips versus one with graphical puck line and totals indicators explaining settlement and hockey odds

Regulators and operators publish rules and market descriptions that explain grading decisions. For example, regulator educational pages explain basic settlement rules while operator pages state exceptions and market-specific language. Making a habit of checking these pages before a wager prevents surprises when a result is settled. Sports Gaming 101 DraftKings hockey guide

Where to find grading rules and why they differ

Step 1: convert the market price to implied probability. Step 2: compare that probability to your internal projection. If your estimated probability is meaningfully higher than the market's implied probability after you adjust for margin, the line may offer expected value. Convert odds consistently so comparisons are apples-to-apples. Investopedia implied probability Funded Plays blogs

Shopping lines and accounting for the vig

Shop lines across multiple operators and prefer the line with the most favorable combination of price and grading rules. When you account for the vig, you may find that a slightly worse-looking price on a lower-hold book is preferable to a sharper-looking price on a higher-hold book. Make sure you also account for any grading differences that change which periods count. Investopedia vigorish

Practical payout examples: quick calculations you should memorize

Positive and negative American odds examples

Memorize these quick checks. A +150 price means a $100 stake wins $150 profit, for a total return of $250. A -150 price means you must stake $150 to win $100 profit, returning $250 if the selection wins. These simple conversions let you compare moneyline offers without pulling out a calculator. Action Network odds formats how funded plays evaluations work

Decimal odds examples and total-return calculations

A decimal 2.50 returns 2.50 times your stake, so a $100 wager returns $250 total, $150 of which is profit. Use decimal numbers for quick total-return math and convert to implied probability with 1/decimal when checking edge. Action Network odds formats

Common mistakes and pitfalls to avoid with hockey odds

Ignoring the vig or grading rules

Common errors include failing to check whether a market includes overtime, overlooking the vig when comparing lines, and assuming every book grades identically. These oversights can turn apparent short-term wins into long-term losses if not corrected. Investopedia vigorish

Misreading the puck line or overvaluing short-term results

Another frequent mistake is misinterpreting puck line requirements or reading a few outcomes as proof of a strategy. Short sample sizes can mislead; instead, keep records, convert odds to probabilities, and judge strategies over many bets rather than a handful of games. Covers NHL guide

A quick decision framework: three questions to ask before you bet

Question 1: What is the implied probability of the line? Convert the odds so you know what the market is pricing.

Question 2: How does that compare with your projection after factoring in the vig? Prefer lines that show positive expected value after accounting for margin.

Question 3: Are grading rules or operator-specific details likely to change the outcome? If yes, pass or shop for a clearer market. CBS Sports NHL betting guide

Conclusion: responsible play and next steps

Odds are tools that convert opinions and information into tradable prices. Learn to convert formats, check grading rules, and compare implied probability to your own projections so you can identify where the market may misprice outcomes. Visit Funded Plays.

Keep your approach disciplined: track your picks, limit stake sizes, and use official operator and regulator pages for definitive grading and settlement rules. Reliable habits and careful line shopping are more effective than chasing short-term streaks. Sports Gaming 101

Do NHL moneylines include overtime and shootouts?

Most NHL moneylines settle including overtime and shootouts unless the market is explicitly labeled regulation-only; always check the operator's market description before betting.

How do I convert American odds to implied probability?

For positive American odds use 100/(odds+100); for negative odds use (-odds)/((-odds)+100); decimal odds convert as 1/decimal.

What does a push mean on totals bets?

A push happens when the final combined goals equal the posted total; in that case most books refund the stake for that market.

Practice converting odds and recording your results to build a consistent process. Use regulator and operator rules pages for authoritative grading information and remember that no platform guarantees outcomes; disciplined recordkeeping and cautious line shopping improve long-term performance.