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The American odds system is: Favorite: how much do I have to bet to win 100 $, and Underdog: if I bet 100 $ how much do I win.
Example with Miocic (-175) and Cormier (+165): You have to bet 175 $ on Miocic to win 100 $, and you win 165 $ if you place 100 $ on Cormier.
This means: if you have 100 $ to bet you'll get 157 $ back from the bookmaker by betting on Miocic, or 265 $ back by betting on Cormier.
The European system with decimal odds, 1.57 and 2.65 in this case, is way easier to use by the way. Good luck!
Example with Miocic (-175) and Cormier (+165): You have to bet 175 $ on Miocic to win 100 $, and you win 165 $ if you place 100 $ on Cormier.
This means: if you have 100 $ to bet you'll get 157 $ back from the bookmaker by betting on Miocic, or 265 $ back by betting on Cormier.
The European system with decimal odds, 1.57 and 2.65 in this case, is way easier to use by the way. Good luck!