MLB betting, odds: New York Yankees haven't been this big of an underdog since 1976

There's something comical about the New York Yankees being in an underdog role. Their payroll this season was nearly $265 million, the third highest in the league behind only the New York Mets and Los Angeles Dodgers. They have 27 World Series championships. No other team has more than 11 rings. The Yankees and underdogs don't belong in the same sentence.

The Yankees looked like they were on their way to setting regular season records in the first half of the season. Things didn't turn out that way. They struggled mightily in July and August and ended up not even reaching the 100-win milestone. In the ALDS, they were pushed to the brink by the Cleveland Guardians and their 28th-ranked payroll.

However, they've made it to the ALCS. The Yankees haven't been to the World Series since 2009, an extremely long drought for this franchise. If they plan on ending that drought this season, they'll have to do it as a sizable underdog, a position they haven't been in for almost 50 years.

Astros are heavy favorites

The Houston Astros are -185 favorites to win the ALCS against the New York Yankees and advance to the World Series. The Yankees haven't been this big of an underdog in any playoff series since the 1976 World Series against the Cincinnati Reds. The Big Red Machine swept that World Series in four games.

The Yankees are not used to being this big of an underdog, and the most recent time it happened, things didn't go that well. Additionally, their recent history against the Astros is also alarming.

These two teams have met twice in the ALCS in recent years. In 2017, the Astros won the series in seven games. In 2019, Jose Altuve hit a walk-off home run in Game 6 to send the Astros to the World Series. Of course, Yankees fans will point to the fact that the Astros cheated in 2017 and some will allege they also cheated in 2019. However, the results stand. Additionally, the Astros shut the Yankees out in the 2015 AL wild card game.

Even more recent history doesn't support the Yankees here. The Astros went 5-2 against the Yankees during the season series. In one of the more remarkable stats you'll see, Yankees pitchers did not throw one pitch with a lead against the Astros this season over seven games. Both of New York's wins were come-from-behind and in walk-off fashion.

The Yankees are up against it from a pitching perspective as well. The Astros have had time to rest their bullpen and set up their rotation. Justin Verlander and Framber Valdez are lined up to start the first two games of the series for Houston. Both will be available to pitch multiple games in the series if necessary.

As for the Yankees, they'll start Jameson Taillon in Game 1 and likely Luis Severino in Game 2. Gerrit Cole, the expected Game 3 starter, will need to pitch on short rest if he wants to make multiple starts in the series. Nestor Cortes can probably only give the Yankees one start.

With the mismatch on the mound in Game 1, the Astros are -185 favorites to win.

Of course, it's baseball, so all of this might mean very little. However, the Astros are sizable favorites for good reason and if the Yankees want to advance to the World Series, they'll need to do it as sizable underdogs. What a world.

Current World Series odds

The Astros aren't only favored to win the ALCS, they're the betting favorites to win the World Series at BetMGM. Currently, Houston is +160 to win it all.

The Philadelphia Phillies have a 1-0 series lead in the NLCS. They stole home-field advantage with a Game 1 victory in San Diego on Tuesday. Here are the current World Series odds at BetMGM ahead of Wednesday's action:

• Houston Astros (+160)

• Philadelphia Phillies (+250)

• New York Yankees (+275)

• San Diego Padres (+500)