What is a Moneyline Bet?
What is a Moneyline Bet?
If you’ve ever spent any time around sports bettors, chances are you’ve heard of moneyline bets. These are some of the simplest bets you can make, as they’re simply a choice on which team you think will win.
These bets are widespread, especially in sports like football, basketball, baseball, or even individual events like tennis.
However, while moneyline bets might be easy to understand, that doesn’t mean they’re easy to win. Below, we’ll look at how to read these bets and provide tips on getting the most value out of them.
Moneyline Bets Explained
Have you ever seen a game preview in your newspaper’s sports section or on a TV ticker? Alongside other information like the teams and their record, you might see numbers in parentheses next to each participant. It looks something like this:
Atlanta (-105) vs. New Orleans (+110)
Those parenthetical numbers are the moneyline (often shortened to “the line”). They can instantly convey which team is favored and how much you can expect to earn from betting on each of them.
Sportsbooks also handicap each match, giving one team or player a built-in advantage.
Spread betting involves giving the underdog a certain number of points. Using the example above, if New Orleans was a 3.5-point underdog, Atlanta would need to win by at least 4 points for you to win your bet.
Moneylines accomplish the same thing, except instead of giving one team points, the sportsbook will pay out more or less depending on how much they’re favored.
You can expect to win less money when betting on favorites, whereas you’ll have bigger rewards betting on underdogs. The catch, of course, is that the favorites usually win — so it’s up to you to find the balance between backing the most likely outcome and predicting a shocker.
How Does a Moneyline Bet Work?
The theory behind a moneyline bet remains the same regardless of which sport you’re betting on or whether you’re betting on a favorite or an underdog.
However, the mechanics can change depending on the context.
Betting on a Favorite
Before releasing the lines on a sporting event, we will decide which team or player should be favored and by how much.
Once they decide, they’ll create a moneyline reflecting their confidence in the outcome. The heavier the favorite, the more lopsided the moneyline will be.
Negative numbers represent favorites on the moneyline. In the example above, Atlanta would be the favorite, as they’re listed at (-105).
That number depends on how much you’d risk to win $100. In this case, you’d need to risk $105 to get that hundred bucks.
If you bet $100 on Atlanta in this scenario and won, the sportsbook would pay you $195. That figure represents your stake ($100) plus your winnings ($95).
Betting on an Underdog
By definition, every time there’s a favorite, there has to be an underdog (unless it’s a pick ‘em, which we’ll get to shortly).
Underdogs aren’t expected to win as often as favorites, and, as with favorites, you can have slight underdogs or heavy underdogs.
As you might expect, we would present underdogs with plus signs on the moneyline. New Orleans would be the underdog in our scenario, which is why they have (+110) by their name.
That means that, for every $100 you bet, you would win $110 if successful. The sportsbook would pay you $210, your stake ($100) plus your winnings ($110).
In certain sports where there can be massive discrepancies in talent, such as college sports or individual events, you may see some incredibly lopsided moneylines. For example, it's not uncommon to see an SEC team be listed at (-5500) or worse when playing a podunk non-conference opponent.
Pick’em Moneyline
Sometimes, a game is too close to call, and a favorite or underdog is not listed. These games are called “pick ‘ems.” Basically, that’s us saying that either team could be considered a slight favorite, so it’s up to you to pick the winner.
Both teams will be listed in these contests with negative numbers — typically either (-105) or (-110). In this case, the extra money you must put up to win $100 represents the vig, or the commission you pay.
That means a pick ‘em bet will function like betting on a favorite. You’ll have to pay $105 or $110 to win $100.
So, for a pick ‘em contest where both teams are listed at (-110), you’d get $190 back on a $100 bet (your initial bet plus $90 profit).
How to Read Moneyline Odds
The numbers in a moneyline are all based on $100 bets. Using the above example, if you bet on Atlanta, you’d need to risk $105 to win $100, which is why Atlanta is (-105). Conversely, a $100 bet on New Orleans would return $110 if you won, so New Orleans is (+110).
You’ll see these kinds of moneylines on more than just outcomes. You can also bet moneylines on props, futures, and even over/unders.
As moneylines grow in disparity, it becomes easier to use them to see how likely the sportsbook thinks each outcome will be. However, you’ll need to translate the moneyline into a different format.
For example, if a team is (-400), the sportsbook thinks they’re roughly a 4-to-1 favorite over the underdog. That means the sportsbook expects them to win about 80% of the time.
This can be especially useful when making futures bets. If you look at who’s favored to win the Super Bowl before the season starts, you’ll see lines that range from +500 to +10000 or more.
In that case, the favorite would be expected to win the Big Game about 16% of the time, whereas the longshots are seen as having less than a 1% chance of hoisting the Lombardi Trophy.
Moneyline Bets in Different Sports
As mentioned above, moneylines function identically across sports, but that doesn’t mean that there aren’t a few little differences you should be aware of.
Whether you like betting on team sports, individual sports, or sports that don’t have traditional scoring systems, there are things you need to know before you even think about placing a bet.
Traditional Team Sports (Football, Basketball, Baseball, Hockey)
This is the easiest format to understand. When making a moneyline bet on a team sport, you simply pick the team you think will win, decide how much you want to wager, and collect your winnings if you’re right.
When deciding where to set the line in a team sport, we will consider the team’s overall strength, current injury situation, home-field advantage, and much more. We will even consider factors like whether the team has been on the road for a long time or the weather report.
Barring something like a significant injury, moneylines in team sports are usually pretty stable. You may see the line shift slightly as the game gets closer, but you’ll rarely see a big underdog become an overwhelming favorite.
Individual Sports (Tennis, Golf, etc.)
Moneylines in individual sports work just like they do in team sports. In sports like golf, which feature many individual players competing simultaneously, you may also see a line for “the field.”
The lines in individual sports can be much more volatile than team sports. You’ll have many of the same things factored in — like injuries, recent performance, fatigue, and the like — but you’ll also see that things like head-to-head records, environment, and even personal issues have an impact.
Tiger Woods can provide a great illustration of this. At his peak, he was the most dominant performer in golf (arguably any sport), and the odds reflected that. There were times when he was the outright favorite to win massive events like The Masters, which is basically unheard of.
However, you can track issues in his personal life by watching how his betting odds fluctuate. Those odds first started to dip in 2010, after his controversial divorce, and they fell even further after his back surgery in 2014. By the time he had his car accident in 2021, his days of being a favorite were well behind him.
Soccer and Combat Sports (Boxing/MMA)
Soccer and sports like boxing and MMA can provide unique challenges to moneyline bettors; in both cases, draws are common enough for moneylines to account for their possibility.
In these cases, we have something called a “three-way moneyline,” and it’s exactly what it sounds like. You can bet on any of the three outcomes: Team A wins, Team B wins, or it’s a draw.
Soccer matches also often feature 90-minute moneylines. These are bets on the score at the end of regulation, without extra time or penalty shootouts.
Because the potential for a draw is significant, it usually drags down the other odds, making them longer. It’s not unusual to see all three outcomes listed with a positive line, rather than the one positive/one negative line you’ll see in other team sports.
Advantages and Disadvantages of Moneyline Betting
Betting on moneylines is one of the most popular choices here at Fanatics, alongside most other online and in-person sportsbooks. However, just because it’s popular doesn’t mean it’s right for you.
There are some clear pros and cons to betting on moneylines, and you should know and understand them before you place a single wager.
The most significant advantage of moneyline betting is its simplicity. All you have to do is understand the payout structure and pick a winner; there aren’t many moving parts to follow in the heat of the moment.
You’ll also be able to determine if you won or lost your bet quickly — no need to do the math like you do with point spreads. This also eliminates the possibility of heartbreak in a meaningless game via a backdoor cover.
There are downsides, however, including the fact that many favorites provide minuscule returns. You’ll often see situations where you risk $300 or more just to win $100; this can feel meaningless if you win, but it’s disastrous if you get unlucky.
You also won’t get any cushion like you do with spread bets. If you back a massive underdog and they lose by a measly point, you still lose. That can be heartbreaking.
Ultimately, the best time to bet moneylines is when you think an underdog has a good chance to win outright, or if the spread is tight enough, it makes more sense to keep things simple rather than grabbing an extra point or two. This is especially true in sports with tighter margins, like soccer, hockey, or baseball.
Strategies for Moneyline Betting
If you want to try your hand at moneyline betting, here are a few simple tips you can use to give yourself an edge.
Go Line Shopping
The smartest bettors don’t just accept the first lines offered. Instead, they shop around to find the best lines possible. Getting even a slightly better payout on a wager you want to make can have a massive impact on your bottom line, so it’s worth spending a few minutes to see what’s available.
Watch Live Lines
Moneylines can shift dramatically once a game starts, so it’s worth checking out the live betting section right here at Fanatics Sportsbook to see if there’s any value there.
This is especially true if a favorite falls behind early. You can often get a great deal on them at that point. You may just strike gold if you think they have what it takes to return from an early deficit.
Be Cautious Betting Heavy Favorites
Some games feel like foregone conclusions. You may think there’s no way in the world that Team A can lose to Team B, so risking a lot of money on them to win a little feels like a no-brainer. You can’t lose, right?
As any experienced sports bettor can tell you from hard-earned experience, you can lose. If you’re on the wrong end of a massive upset, you can see all those little wins you stack up betting on favorites erased.
Only Bet on Underdogs If You Think They Can Win
Unlike making spread bets, there’s no value in coming close with a moneyline bet. Either your team wins, or you lose.
That means you shouldn’t bet on an underdog because you think the payout will be good or the game will be close. If you don’t honestly believe they can win, save your money.
Common Moneyline Terms Explained
Like any other specialized hobby, moneyline betting has its terms and jargon. Below, we’ll list some of the most common terms you’ll likely encounter and what each term means.
- Favorite: The team or player favored to win the game. In a moneyline, sportsbooks represent the favorite with a negative number.
- Underdog: The team or player that isn’t expected to win. Sportsbooks will list underdogs with positive numbers.
- Pick’em: An event in which there is no clear favorite. Sportsbooks will list both participants with the same negative number; this represents the vig you must pay.
- Juice/Vig: the fee a sportsbook tacks on to each bet. For example, you must risk $110 to win $100.
- Payout: How much money you stand to win on a successful bet.
- Three-way moneyline: A moneyline with three outcomes (win, lose, or draw).
- Outright: Picking a team to win outright (instead of “covering the spread,” which is when a team loses but keeps it close enough that anyone who wagered on them will win their bet).
Conclusion
Moneyline bets are simply wagers on which team will win a particular event, and they’re some of the most popular options here at Fanatics Sportsbook.
Because moneyline bets are so easy to understand, they’re perfect for beginners while also being versatile enough for experienced punters, and they’ll likely form the backbone of your wagering strategy.
However, as with any other type of bet, they’re not without risk. It’s easy to lose a moneyline bet, especially if you don’t fully understand the odds, so research before putting any money down.
Regardless of what type of bets you like to make, the important thing is to have fun and bet responsibly. Betting on sports is something you should do for fun, not profit, so stop if you feel things are getting out of hand.
FAQs
What is a moneyline bet?
A moneyline bet is a wager on which team or player will win a match. Underdogs get better payouts in moneyline bets, whereas you’ll have to risk more money if you want to bet on favorites.
How do I read a moneyline bet?
We will present moneylines with a positive or negative number in parentheses. A negative number means the team is favored, and a positive number denotes an underdog. The number represents your potential payout if your wager was successful.
What happens if there’s a tie?
If you’re betting on a three-way moneyline and a tie was one of your options, you’ll either win or lose your bet, depending on whether you bet on a draw. In a two-way moneyline (such as what you’ll find in football), the bet will be deemed a push, and we will return your money.
Are moneylines better than spread bets?
Moneylines aren’t better or worse than spread bets — just different. Moneylines are often better for newbies because they’re easier to understand, but spreads might be the better choice if you like to bet on favorites.
Can I parlay moneyline bets?
Of course! You can stack multiple moneylines into a single parlay to get better odds, but if even one of your bets loses, you’ll lose your entire wager.