In sportsbetting the underdog of a given event is the side of the market that is perceived as having a less likely chance of winning. Often abbreviated dog, the underdog carries a positive point spread and yields a plus money return on the moneyline. The other side of the same market with a greater perceived chance of winning is known as the favorite.
Underdog moneyline
Underdogs are perceived as having a lower chance of winning relative to the favorite yielding a larger potential return when betting on their outright victory. American odds format displays underdog moneylines with positive numbers. A team with +200 odds of winning carries a 33.3% implied probability and yields a $200 profit on a $100 initial risk.