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How Bets Work Betting Odds Odds can be displayed in two ways: Fractions or Decimals What does it mean? two numbers separated by a slash, i.e. 10/1, this is a fractional betting odd. How Do Point Spreads Work? The favorite team, also known as the 'chalk' in betting lingo, is associated with a minus (-) value, so the Cowboys are favored by. An article explaining the role of odds in sports betting, including details of the This makes perfect sense, as you would expect to win less when betting on an.