NEWSLETTER
If you are going to begin sports betting you will have to learn more about the popular bet types. You have probably heard the term moneyline. This is a popular bet type in which you are wagering on the outright winner of a game or contest. Let’s break down moneylines and everything you need to know about the popular bet type.
What is a Moneyline Bet?
A moneyline bet is a wager on the outright winner of a game or contest. The final score does not matter. All the bettor needs to win is for their team, individual, etc. to win.
For example, you might be interested in betting on the NBA. The Lakers are playing the Nuggets. If you bet the Lakers moneyline and they win, you win the bet!
More: Understanding sports betting spreads, totals, and more
Understanding Odds in Moneyline Betting
How do odds work with moneyline betting? Let’s take a look. When betting the moneyline, you will see odds listed next to the team or individual you are picking to win. There are positive and negative odds. Positive odds represent underdogs while negative odds represent a favorite.
If you are betting on a favorite, you have to bet more to get a decent payout because they are expected to win. Let’s look at an example of an NBA game between the Pelicans and the Thunder.
| Matchup | Spread | Moneyline |
|---|---|---|
| Pelicans | -7.5 (-110) | +270 |
| Thunder | -7.5 (-110) | -340 |
As you can see the Pelicans are the favorite with -340 odds. This means you need to bet $340 on the Thunder to win $100 if they win. You would receive a payout of $440 because you get your initial stake of $340 back.
If you bet on the underdog, the Pelicans, a $100 bet would win $270. If the Pelicans were to win, you would receive a payout of $370 including the stake of $100 you wagered. Keep in mind, it doesn’t matter if the team wins by 1 or by 40. You just need them to win if you bet the moneyline.
Calculating Winnings for Moneyline Bets
There is a formula you can use to figure out how much you need to bet to win a certain amount on a moneyline. Check out the formulas below.
- For Favorites: Win Amount x ((-1 x Moneyline)/100) = Wager
For example, let’s say you want to bet on a team that has a moneyline of -250. You want to figure out how much to bet to win $100.
- $100 x (-1 x -250/100) = $250
For underdogs, there are a couple of ways to do it.
- For Underdogs: Wager x (Moneyline/100)
If you are looking at odds of +325, you can use the formula above. If you are betting $100, you would multiply $100 by (325/100). That would be $100 x 3.25 which equals $325.
- For Underdogs: Move a decimal two places to the left from the far right and multiply by your wager.
If the odds are +300. You would multiply your wager by 3.00 to get your winnings. If the odds are +2500. You would multiply your wager by 25.0 to calculate your winnings.
Favorites in Moneyline Betting
When betting on moneylines, it is smart to stay away from huge favorites. The bigger the favorite, the more money you are forking over to win. Take a look at this NFL example.
| Matchup | Spread | Moneyline |
|---|---|---|
| Panthers | -14.5 (-110) | +800 |
| Chiefs | -14.5 (-110) | -1350 |
As you can see, the Kansas City Chiefs are massive favorites with a moneyline of -1350. That means you need to bet $1,350 to win $100. Now, you are thinking it’s a sure thing. Guess what? There are no sure things in sports betting. Don’t dish out a huge sum because if there is an upset, you will be in a major hole that will be hard to dig yourself out of.
Underdogs in Moneyline Betting
When betting moneylines, it is smarter to take a look at the underdog. Maybe a team is sitting at +120 or +130 and your research shows they have a higher probability of winning. In these cases, a $100 bet wins $120 or $130. This makes way more sense than forking over your entire bankroll on a huge favorite.
There are many important factors to research and look into when sports betting. Don’t just pick a favorite or underdog randomly. Be sure to do high-level analysis to figure out the right wagers to make.
Also, it’s always important to always compare odds at different sportsbooks. You want to get the best possible value and highest payout possible when betting. One sportsbook might have the underdog listed at +140 while they are +155 at another. The +155 has more value for you as a bettor because you would win $155 compared to $140 on a $100 bet.
Even Money Bets
What about an even money bet? All this means is the odds are +100. You bet $100 and you win $100. Sometimes in a game that is pretty evenly matched, you might see a team with +100 odds to win. Most of the time, you will see one team with negative odds as the favorite and the other with positive odds as the underdog.
What About Sports With Draws or Ties?
If you are looking at sports like soccer, you will find that there is usually what is called a three-way moneyline. You can bet on either team to win or if the game would be a draw. Take a look at this example.
| Matchup | Moneyline | Draw |
|---|---|---|
| Manchester United | +180 | +225 |
| Man City | +150 |
For this Premier League matchup between Manchester United and Man City, you can bet on either team to win or bet on a draw. If you bet $100 on Man City and they win, you win $150. If Manchester United wins or there is a draw you would lose the bet.
Now, let’s say you are betting on a regular season NFL game like the example from above.
| Matchup | Spread | Moneyline |
|---|---|---|
| Panthers | -14.5 (-110) | +800 |
| Chiefs | -14.5 (-110) | -1350 |
Regular season NFL games can end in a tie. If you bet the moneyline for the Chiefs and there is a tie, it is called a push. In this case, you get your initial stake back and there is no loss.
Moneyline Betting Strategies
Here are a few tips to follow when you are looking into betting moneylines.
- Research and analysis: Conduct thorough research and analysis on the teams or individuals involved in the matchup. Consider factors such as recent performance, injuries, head-to-head statistics, playing conditions, and historical trends. This information can help you make more informed decisions when selecting your moneyline wagers.
- Identify value: Look for instances where the moneyline odds may be mispriced or undervalued by the sportsbook. This could occur due to factors such as public perception, recent results, or injuries. By identifying value opportunities, you can capitalize on favorable odds and potentially secure higher profits.
- Fade the public: Pay attention to where the public is placing their money, as sportsbooks often adjust their odds based on betting patterns. If the majority of bettors are heavily favoring one side, consider betting against the public (fading) if you believe there is value in the opposing team or outcome.
- Consider underdogs: While favorites are often perceived as safer bets, underdogs can present lucrative opportunities for bettors. Look for situations where underdogs have the potential to pull off upsets based on factors such as matchups, motivation, and situational advantages. Betting on underdogs at favorable odds can lead to substantial profits if they win.
- Bankroll management: Practice responsible gambling to mitigate risk and preserve your betting capital. Avoid wagering more than you can afford to lose on any single bet, and allocate your bankroll strategically across multiple bets to diversify your risk. Additionally, consider implementing a staking plan, such as flat betting or proportional betting, to manage your wager sizes based on confidence levels and bankroll size.
- Search for the best odds: Shop moneyline odds from more than one sportsbook to make sure you’re gaining the best possible value for your wagers. Even minor differences in odds can have a major impact on your potential profits over time. Utilize odds comparison websites or tools to quickly identify the sportsbook offering the most favorable odds for your desired wager.
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