Moneyline Betting Guide
Pros & Cons of Moneyline Betting
- 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.
- 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.
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%.