If the team you bet at a PK wins, you win your bet. If the match ends in a draw, your bet is refunded, because it’s considered a push at +0 or -0 on the spread.
(Spread betting is about the margin of victory; if you bet a team at +1, you’d win your bet if the match ends in a draw, and push if your team loses by one goal).
Betting a PK is the same as a Draw No Bet wager, and odds posted by sportsbooks should be the same, or very close.
If the teams are evenly-matched, each team will be about -110 on the PK. But if one is much better, the odds will reflect that.
Let’s use Euro 2020 as an example (learn how to read American odds here if these numbers aren’t making sense).
France PK is -121 against Germany, because the two teams are considered fairly even. You have to wager $12.10 to win $10 on France — if they win, your bet cashes, if it’s a draw, your bet is refunded. Same goes for Germany, but you would bet $10 to win $10.
Italy on the other hand is a big favorite over Turkey, so their odds at a PK reflect that.
At a PK, Italy is -700. That means an Italy win cashes the bet, but a draw and your bet gets refunded. You’re risking $70 to win $10 on this bet, and this outcome has a greater than 84% chance of winning. If Italy loses, you lose the $70.
BetMGM and other sportsbooks give you tons of spread options, with the odds adjusted to match the likelihood of it happening.
Italy at -1 is -107 — sportsbooks give the Italians about a 50% chance to win by one goal. But Italy -2.5 is +480, meaning you’ll get nearly a 5x return on your bet if they win by three goals or more.
Turkey is +500 at a PK. A Turkey win and you 5x your return, a draw and your bet gets refunded.
In reality, many soccer bets are dressed up a little differently but mean the same thing. That’s why the odds for Draw No Bet and a PK are the same.