Moneyline Betting

Moneyline betting is an excellent place for new sports bettors to begin their gambling careers. It is the most straightforward type of wager to make and is one of the three most popular bet types among U.S. sports bettors (along with spread betting and over/under or totals betting).

In this guide, we’ll explain how moneyline betting works, including how to read the odds and how to identify favorable moneyline betting scenarios.

What is a Moneyline Bet?

A moneyline bet is a wager on the outright winner of a sporting event. Moneyline bets don’t factor in overtime or extra innings, nor is the margin of victory considered; as long as the team/player you bet on is ahead at the end of the game, your bet will pay out.

The team that is most likely to win in the eyes of the sportsbook and betting public is deemed the “favorite” while the team projected to lose is the “underdog.” These terms will come into play in the section where we discuss how to understand moneyline odds.

In some cases, such as for soccer matches and other events that could end in a draw, a three-way moneyline is used. With three-way moneylines, there is still a betting favorite but there are now two underdog options.

Moneyline bets are available before a match begins, but in some cases, they can also be played while live-betting after the game starts.

Examples of Moneyline Bets

Understanding Moneyline Odds

As alluded to above, moneyline odds will feature a favorite and an underdog. The favorite will almost always have a “-” symbol next to their odds, while the underdog will almost always have a “+” symbol next to their odds.

Sometimes, if the teams are very evenly matched, both teams will have a “-” symbol next to their odds. When that happens, the favorite is the team with the larger number displayed after the “-” symbol.

You can use these symbols and the number after to calculate the profit on your winning bet. If your wager wins and you’re using a cash stake (NOT a bonus bet or other bet credit), your cash stake will be returned in the payout along with your profit.

The easiest way to calculate is to base around a $100 mindset. When betting on the favorite, the numbers after the “-” symbol indicate how much money you would need to wager to win $100.

For example, if you were betting on the Dallas Cowboys as -200 favorites over the New York Giants, you would need to place $200 as a stake to profit $100; this would result in a $300 payout ($200 stake + $100 profit = $300 payout).

Betting on the underdog takes a different approach; this time around, the number after the “+” sign denotes how much money you would win on a $100 wager.

With the same example, if the Cowboys were -200, the Giants would likely be around +180. This would mean a $100 wager on the Giants would win $180 and pay out $280 ($100 stake + $180 profit = $280 payout).

It’s important to know you do not have to bet $100 or more on each wager. Payouts will adjust proportionately to the size of the stake you use.

Since the favorite is more likely to win, you’ll need to risk more money to make a bigger profit. Conversely, betting underdogs can lead to larger paydays when they win, but this doesn’t happen as often.

Strategies for Moneyline Betting

According to BetMGM, moneyline favorites of -115 or lower (such as -150 or -200) won 66.5% of the time during the 2022 NFL season. This means in roughly one out of three NFL games, the underdog will win (this is a similar number across the “Big Four” North American sports leagues).

Keeping that in mind, there are a few strategies for moneyline betting that you should consider when making your bets:

• Avoid heavy moneyline favorites: Betting on a favorite with odds lower than -200 (such as -225, -250, etc.) tends to carry a risk that is not nearly worth the reward. At those numbers, you are risking twice the stake to win half the profit. A better option in this case is to look into spread betting on the favorite as opposed to a moneyline wager.
• Bet favorites early and underdogs late: Most of the time, once the sportsbook opens the markets for a sporting event, the odds for the moneyline favorite are the best they’ll get. As the public begins wagering on a favorable line, the odds on the favorite will move, leading to a lower payout for a stake of the same size. This strategy is admittedly easier for NFL betting than for other sports given teams play on a weekly rather than daily or every-other-day schedule, but tracking the line movement will help you see the value in this approach.
• Shop the lines: Odds shopping is one of the most important strategies we can offer, regardless of the bet type you’re playing. Subtle differences in sportsbook odds can lead to changes in the amount of money you’d win compared to only using one sportsbook. You may find some sportsbooks offer better odds for NBA and NHL action compared to their peers while having less player-friendly odds for MLB and NFL. Take the time to compare odds before you decide to place a bet, as even small variations in the lines can lead to staggering differences in profit over time.

Conclusion

Now that you’ve learned how to identify moneyline favorites and underdogs, read the odds, and strategize your approach, you’re ready to make your first moneyline bet. If this quick guide was helpful to you, we encourage you to check out our sportsbook review pages to help you decide the best places to put your moneyline knowledge into action.

If moneyline betting doesn’t suit your betting style, you can also dive into our guides on other types of sports betting to find something that better fits your needs. There is no “right” way to bet on sports, so do what works for you.

FAQ

What do the plus (+) and minus (-) signs mean in moneyline betting?

The plus and minus signs in moneyline betting are used to denote the betting favorite (-) and betting underdog (+). Betting favorites are the outcome most likely to win, so you’ll need to risk more money upfront to get a larger profit. Since underdogs aren’t as likely to win, smaller stakes can yield larger returns when underdogs win.

How do I calculate potential payouts on a moneyline bet?

You can calculate potential payouts on a moneyline bet by looking at the numbers after the “+” or “-” sign. Numbers after the plus sign show how much money you would win on a $100 wager, while numbers after the minus sign indicate how much money you would need to bet to win $100. Potential payouts scale proportionally to your stake, so you don’t have to wager $100 or more with each wager.

What is the difference between moneyline betting and point spread betting?

The difference between moneyline betting and point spread betting is that moneyline wagers only worry about who wins outright while spread bets focus on the margin of victory. A moneyline underdog could lose outright but win a spread bet if they managed to keep the final score close. Similarly, a moneyline favorite can win outright but lose against the spread if they don’t win by enough points.

Can moneyline bets end in a tie?

Yes, moneyline bets can end in a tie. This is most common for three-way moneyline bets (in sports like soccer where a tie is a somewhat expected outcome) but it can also happen on two-way moneyline bets on NFL action, where ties are quite rare but happen from time to time.

What is a three-way moneyline bet?

A three-way moneyline bet is a wager type that accounts for a tie as a possible outcome. It is most commonly used in soccer betting, but it can also happen in other sports, leagues, and competitions if a draw could occur.