In sports betting, a dog, short for “underdog,” refers to the side that oddsmakers believe is less likely to win. Bettors who place wagers on the dog stand to win more money if the dog pulls off an upset because the odds are usually higher compared to the favorite. The payout is greater due to the lower probability of winning.
Dog Example
For example, if the Chicago Bears are playing the Green Bay Packers and are considered the underdog, betting on the Bears would yield a higher payout if they win because they are less favored to win the game.