Definition
In sports betting, the underdog is the team or player expected to lose a matchup. Sportsbooks assign them higher (or positive) odds because their probability of winning is lower.
They serve two main purposes:
Highlight the less favored side in a matchup.
Offer higher payouts, since betting on the underdog carries more risk.
Real-World Example
NFL Game: New England Patriots vs. Buffalo Bills
Bills are –200 favorites (expected to win).
Patriots are +170 underdogs (less likely to win).
A $100 bet on the Patriots would profit $170 if they pull the upset.
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