Moneyline Betting Guide
Whether you’re new to moneyline betting or simply looking for some extra tips and tricks, you’re in the right palace. Our expert moneyline betting guide has all you need to know about this classic wager — and once you’re up to speed, why not compare sportsbooks with BettingOdds to find your perfect site? Let’s jump in!
What is a Moneyline Bet?
Plain and simple, a moneyline bet is a wager on the team or athlete you think will win a sporting event. It’s one of the most popular markets and is the perfect way to get started if you’re new to sports betting.
How does it work? The bookmaker looks at a specific game and determines the ‘moneyline’ — essentially, the chance of each team winning. The odds are represented with positive and negative numbers. Let’s break it down with an example.
Imagine an NFL game between the 49ers and the Rams:
- San Francisco 49ers -250
- Los Angeles Rams +205
The negative number identifies the favorite — in this case the 49ers — and is the amount you’d need to wager to win $100. The positive number indicates the underdog, and is the potential profit from a $100 bet. We’ll discuss these calculations in more detail later in the guide. You may also occasionally see games where both teams are given a negative number, usually when they’re very closely matched.
Some sports like soccer have the potential for a draw, so you’ll see a three-way moneyline bet. It works in exactly the same way. Take the following English Premier League match, for example:
- Everton +500
- Draw +340
- Arsenal -190
That’s all there is to it!
The Pros and Cons of Moneyline Betting
Wondering if moneylines are right for you? Here’s a quick rundown of the benefits and drawbacks.
Pros & Cons of Moneyline Betting
Positives
- Simple to learn – The easiest bet you can make, all you have to do is pick the team you think will win.
- Easy to calculate payouts – It’s simple to see what you stand to win from your bet thanks to the moneyline odds format.
- Available on a range of sports – Moneyline bets can be placed on most events at US sportsbooks.
- Betting on the underdog – If you back the underdog and they pull off an upset, you could land substantial profit.
- Point spread doesn’t matter – You won’t have to worry about the margin of victory when it comes to a moneyline bet.
- Can be cashed out – Many betting sites allow you to cash out your moneyline bet early to lock in a profit or minimize a loss.
Negatives
- Not always good value – If a match has a clear favorite, the potential winnings may be rather small relative to the amount you have to stake.
- Limited strategic depth – As moneyline bets are less specific than markets like point spread or totals, they may not suit bettors who like to apply more analysis to their wagers.
How to Place a Moneyline Bet
Placing a moneyline bet is easy. First off, you’ll need a sportsbook account — here at BettingOdds, we’ve selected the top names in the business to make your search easy. Simply click through to sign up and make a deposit, and then follow these simple steps to make your first moneyline bet. We’ll use FanDuel as an example.
You’ll be able to check all your active wagers from the ‘My Bets’ page, where you’ll also find the option to cash out early if eligible. And if your bet wins, the profit will be immediately placed in your sportsbook wallet. Good luck!
Moneyline Odds Explained
Before you place a moneyline bet, it’s a good idea to understand the math behind it — in particular the concept of implied probability, which will give you a rough idea of the chance of each outcome.
Again, we’ll use a quick example to illustrate it, this time with an NBA game:
- Milwaukee Bucks -134
- New York Knicks +114
We already know that a winning Bucks wager of $134 would net a $100 profit while a winning Knicks wager of $100 would land you $114. But what’s the probability of each outcome occurring? The calculation is different for negative and positive moneyline odds.
Negative Moneyline Odds
In our example, the Bucks have odds of -134. First, remove the minus sign from the odds. Then, plug them into the following formula:
- Implied probability = odds / (odds + 100)
- Implied probability = 134 / (134 + 100)
- Implied probability = 134 / 234
- Implied probability = 0.5726 = 57.26%
Positive Moneyline Odds
The Knicks have odds of +114. To calculate the implied probability they’ll win, use this formula:
- Implied probability = 100 / (odds + 100)
- Implied probability = 100 / (114 + 100)
- Implied probability = 100 / 214
- Implied probability = 0.4673 = 46.73%
So, the bookmaker estimates the Bucks have a 57.26% chance of winning and the Knicks have a 46.73% chance of winning. You can then use these numbers to decide which team to back, taking into consideration the level of risk and potential payout.
Calculating the Vig
You might have noticed these two probabilities don’t add up to 100%. That’s because the bookmaker adds vigorish, which is the fee they take for accepting the bet. With that in mind, the amount you stand to win doesn’t perfectly reflect the actual probability.
You can calculate the amount of vig on a given event by adding the implied probabilities together and subtracting 100. So in the example above, the vig is 46.73% + 57.26% - 100% = 3.99%.
Moneyline Bets vs Point Spread Bets
Once you’re familiar with moneylines, it’s an easy jump to betting on point spread. While you’re backing a team in both instances, there’s a key difference — point spread introduces a score margin to the winning conditions of the bet.
Take an upcoming Wizards vs Pacers game as an example, where the point spread is 8.5. The Wizards are the favorites, so they need to win by at least 8.5 points for your bet to succeed. On the other hand, back the Pacers and they need to either win outright or lose within the point spread for your bet to land.
Point spreads are designed to make the teams more evenly matched in terms of odds. These are usually offered at -110, whether you’re betting with or against the spread. While that does mean a lower potential payout, it also means backing the underdog is a more viable option — they don’t have to win, but simply cover the spread.
Ultimately, neither point spread bets nor moneyline bets are categorically better than the other. Which you choose depends on your betting strategy, your understanding of the teams or players involved, and your risk tolerance. Point spreads offer reduced risk but may require more analysis, while moneyline bets are simpler but may involve higher risk.
Live Moneyline Betting
Moneylines are also popular for in-play betting, particularly if you’d rather get a sense of a team’s form before deciding who to back. To access these markets, simply head to the ‘in play’ or ‘live now’ section of your sportsbook.
Keep in mind the moneyline odds will fluctuate as the match unfolds, so there’s an element of timing involved if you want to get a good price.
You may also be able to cash out your bet early, albeit at adjusted odds. For example, if your team is ahead but they’re looking a little shaky, you could cash out and lock in a profit. Likewise, you could cash out a losing bet before it runs its course, minimizing your loss or freeing up some of your stake for another pick.
Compare Sportsbooks, Sign Up, and Place a Moneyline Bet
That wraps things up for our moneyline betting guide. If you’ve made it this far, you’re clued up and ready to try it for yourself. Of course, you’ll need to open a betting account first — so why not browse our selection of top sportsbooks?
We’ve partnered with the best in the business to make your search easy. When you find a site you like the look of, simply click through to sign up, make a deposit, and claim your welcome bonus.
Frequently Asked Questions
What is the moneyline?
Moneyline refers to a bet placed on the winner of an event. The odds are typically represented with negative numbers for the favorite and positive numbers for the underdog. These numbers indicate how much you stand to win from a successful wager. The sportsbook sets the moneyline based on the probability of each team winning, as well as how many bets have already been placed on each outcome.
What is the point spread?
The point spread refers to a margin a team must win or lose by for a bet to succeed, for example 6.5 points. If you bet on the favorite (-6.5), they must win by the point spread. If you bet on the underdog (+6.5), they must win the game outright or lose by less than the point spread.
Can I cash out a moneyline bet?
Usually, you can cash out a moneyline bet at most sportsbooks. You’ll be notified when you place the wager if it’s eligible for early cash out. To do so, head to your betting summary and select the bet. Choose total or partial cash out and confirm, although keep in mind you’ll receive a reduced payout.
Can I make a moneyline parlay bet?
Yes, you can make a moneyline parlay bet. To do so, you need to back at least two teams in separate events and combine them into a parlay within the betslip. Most sportsbooks allow up to 15 legs in a single parlay.
What is the ‘vig’?
The ‘vig’ — short for vigorish — or ‘juice’ is the fee the bookmaker charges on each wager, and how it makes a profit. Essentially, that means the odds you’re paid out at don’t quite reflect the actual probability of an outcome occurring. You can calculate the vig by adding together the implied probabilities of each outcome and subtracting 100 — it’s usually around 3% or 4%.
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