How to Read Betting Odds for NRL and AFL Matches

When you’re betting on Aussie sports like NRL or AFL, one of the first things you need to understand is how to read betting odds. It might seem complex at first, but rest assured, we’ve crafted a guide that simplifies the process for you.

At OZ Sports Picks, we empower everyday bettors like you to understand how odds work, how to use them, and where to find the best betting platforms. Whether you’re just starting out or you’re already into sports betting, our guide equips you with the knowledge to make smart choices.

We’ve created this comprehensive guide with step-by-step help, clear examples, and tips tailored for Australian punters. And yes, we’ll cover odds in NRL and AFL—two of the most popular sports in Australia, making this guide highly relevant to your betting interests.

What Are Betting Odds?

Before we dive deep, let’s start with the basics. Betting odds tell you two things:

How likely is something to happen (like a team winning)?
How much money can you win if your bet is correct?

In simple terms, odds are numbers that tell a story. When you look at odds, you’re looking at probability. But don’t worry, you don’t need to be a maths expert.

Here’s a quick example:

If the odds are 2.00, and you bet $10, you’ll get $20 if you win. That’s your $10 back, plus $10 in profit.

Is that fair?

But here’s the thing—odds come in different formats. So let’s break those down.

Understanding Different Types of Betting Odds

Now, let’s talk about the different types of betting odds. In Australia, you’ll mostly see Decimal Odds, but it’s helpful to know about Fractional Odds and American Odds too, just in case you come across them in your betting journey.

1. Decimal Odds (Most Common in Australia)

This is the most common format you’ll see on Aussie sportsbooks. It looks like this:

NRL Example: Sydney Roosters @ 1.90
AFL Example: Melbourne Demons @ 2.30

To calculate your winnings, just multiply your bet by the odds:

$10 x 1.90 = $19 (That’s $9 profit plus your $10 stake back)
$10 x 2.30 = $23 ($13 profit)

Decimal odds are super simple and beginner-friendly.

2. Fractional Odds

These are common in the UK, and they look like this:

5/1 (read “five to one”)
2/3 (read “two to three”)

If the odds are 5/1, for every $1 you bet, you get $5 in profit.

These aren’t as common here, but you might still see them on international sites.

3. American Odds (Moneyline)

Mostly used in the US. They come with a plus or minus:

+150 means bet $100 to win $150
-200 means bet $200 to win $100

Again, these are rare on Australian sites, so don’t stress too much about them.

How to Read Betting Odds in NRL

NRL matches are packed with betting markets—from winners to first try scorers. Let’s look at how odds appear and what they mean.

1. Match Winner (Head-to-Head)

You’ll usually see something like this:

Brisbane Broncos: 1.80
Sydney Roosters: 2.10

Here, the Broncos are the favourites. Why? Lower odds mean the outcome is more likely, according to the bookmaker.

If you bet $20 on the Broncos and win:

$20 x 1.80 = $36 (That’s $16 profit)

If you think the Roosters have a chance and bet $20:

$20 x 2.10 = $42 (That’s $22 profit)

More risk, more reward.

2. First Try Scorer

These bets can have odds like 8.00 or even 15.00. That’s because picking the first scorer is harder.

If you place $10 on a player at 10.00 odds:

You win $100 if they score first.

So if you like risk, this one’s for you.

How to Read Betting Odds in AFL

AFL betting is massive in Australia. And just like with NRL, knowing how to read odds will help you place smarter bets.

1. Premiership Winner

These are future bets—picking who will win the AFL Grand Final. You’ll see odds like:

Collingwood Magpies: 4.50
Carlton Blues: 10.00

So if you bet $50 on Carlton:

$50 x 10.00 = $500 payout ($450 profit)

It’s a long shot, but the rewards are huge if you get it right.

2. Line Betting (Points Spread)

Let’s say the odds are:

Essendon -9.5 @ 1.90
Hawthorn +9.5 @ 1.90

Essendon must win by 10 or more points for the bet to win. Hawthorn can win the game or lose by less than 10 for your bet to win.

This type of bet gives more even odds, no matter how strong or weak a team is.

How Odds Reflect Probability

Let’s say odds are 2.00. That means there’s a 50% chance of it happening. Here’s a simple formula to find the implied probability:

Probability = 1 / Decimal Odds

So:

1 / 2.00 = 0.50 → 50%
1 / 1.50 = 0.67 → 67%

This is how bookies decide odds. They use stats, form, injuries, and betting trends.

Where to Find the Best Odds in Australia

You need to compare sportsbooks to find the best odds. That’s where we come in. At OZ Sports Picks, we provide in-depth sportsbook reviews so you can choose platforms that suit your style.

Here are some top picks with odds you can trust:

Leon Bet Review – Great for AFL and NRL fans.
N1 Casino – Offers both casino and sports betting.
Spinbet – Easy interface with crypto options.
Gamdom – Unique features for esports and sports.
Roll XO – Great for crypto bettors.

Tips to Use Odds for Smarter Betting

Now that you know how to read odds, here are ways to use that knowledge:

Always compare odds across multiple sites
Bet on value—not just favourites
Use Promo and Rewards offers to boost payouts
Stick to your budget and bet responsibly
Use expert picks from our betting guide

And if you’re into crypto or fairness tools, check out our Provably Fair section.

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FAQs

How do I understand betting odds?

Betting odds tell you two main things: the implied probability of an event happening (how likely it is) and how much money you can win if your bet is successful. In Australia, you’ll primarily encounter Decimal Odds, which simplify calculating your potential payout.

What do decimal odds mean in Australia?

Decimal odds are the most common format in Australia and are displayed as a single number (e.g., 1.90, 2.30). They represent your total return for every dollar you bet, including your original stake. To calculate your total payout, you simply multiply your bet amount by the decimal odds. For example, if you bet $10 on odds of 2.00, your total return is $20 ($10 stake + $10 profit).

How can I calculate my winnings from betting odds?

If you’re using Decimal Odds (most common in Australia), you calculate your total payout by multiplying your bet amount by the odds.

Total Payout = Bet Amount x Decimal Odds
For example, if you bet $50 on a team with odds of 1.75, your total payout would be $50 x 1.75 = $87.50. To find your profit, subtract your original stake: $87.50 – $50 = $37.50 profit.

What's the difference between fractional and decimal odds?

Decimal Odds (e.g., 2.50) show the total return, including your stake for every $1 bet. They are prevalent in Australia and Europe.
Fractional Odds (e.g., 5/2, read as “five to two”) are common in the UK. They show the profit you’ll receive for a given stake. For 5/2 odds, you’d win a $5 profit for every $2 staked. You’d then get your $2 stake back on top of that.

Tell me about American betting odds.

American odds, also known as Moneyline odds, are primarily used in the United States and are presented with a plus (+) or minus (-) sign.

A minus (-) sign (e.g., -200) indicates the favorite. The number shows how much you need to bet to win a $100 profit. So, -200 means you must bet $200 to win a $100 profit.
A plus (+) sign (e.g., +150) indicates the underdog. The number shows how much profit you would win if you bet $100. So, +150 means a $100 bet would return $150 profit.

How do you read NRL match winner odds?

In NRL, match winner odds (or “Head-to-Head” odds) are typically displayed in Decimal Odds format.

Each team will have a number associated with it (e.g., Penrith Panthers: 1.60, Brisbane Broncos: 2.35).
According to the bookmaker, the team with the lower decimal odds is considered the favorite to win. Betting on the favorite offers a smaller potential payout.
The team with the higher decimal odds is the underdog. Betting on the underdog carries more risk but offers a larger potential payout if they win.

What do 'first try scorer' odds tell me in rugby?

‘First try scorer’ odds in rugby (like NRL) indicate the likelihood of a specific player scoring the very first try of the match.

These odds are generally much higher than match winner odds (e.g., 8.00, 15.00, or even higher) because it’s a difficult outcome to predict.
Higher odds mean a lower perceived probability but a significantly larger potential payout if your chosen player scores first.

Explain how AFL premiership odds work.

AFL premiership odds are long-term future bets on which team will win the AFL Grand Final and be crowned the premier at the end of the season.

These odds are often released well in advance of the season and fluctuate based on team performance, injuries, and betting volume throughout the year.
Teams considered strong contenders will have lower odds (e.g., Collingwood Magpies: 4.50), indicating a higher implied probability of winning the premiership.
Underdog teams or those less likely to win will have much higher odds (e.g., Carlton Blues: 10.00), offering a greater potential return for a successful long-shot bet.

What is line betting in Australian Rules Football?

Line betting (or “Points Spread”) in Australian Rules Football is a popular betting market designed to equalize both teams’ chances, regardless of their perceived strength.

A handicap (the “line”) is applied to the favorite team, and a corresponding advantage is given to the underdog.
For example, if Essendon is -9.5 @ 1.90 and Hawthorn is +9.5 @ 1.90:
- If you bet on Essendon -9.5, they must win by 10 points or more for your bet to succeed.
- If you bet on Hawthorn +9.5, they can either win the game outright or lose by 9 points or fewer,for your bet to succeed.
This makes betting on matches with a clear favorite more exciting and often provides more balanced odds.

How do betting odds show the probability of a win?

Betting odds directly reflect the implied probability of an outcome, as assessed by the bookmaker. For Decimal Odds, you can calculate this implied probability using a simple formula:

Implied Probability = 1 / Decimal Odds
For example:
- Odds of 2.00: 1 / 2.00 = 0.50, meaning a 50% implied probability.
- Odds of 1.50: 1 / 1.50 = 0.67, meaning a 67% implied probability. Bookmakers use statistics, team form, player injuries, and various other factors to determine these probabilities and set their odds. The lower the odds, the higher the implied probability of that outcome occurring.

Start Reading Odds Like a Pro

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