When it comes to sports betting, the easiest bet you can place is the “moneyline bet”. If this is something you haven’t heard before, or you just want to brush up on your knowledge when it comes to the types of bets you can place, you’ve come to the right place! Mr Betting’s expert sports betting team has prepared a thorough guide to betting on moneylines for gamblers of all levels.
In this article, you’ll find out the moneyline meaning, how to place successful moneyline bets, how to calculate moneyline odds and more.
What Is A Moneyline In Sports Betting?
Of all sports bets, a moneyline bet is the simplest and most straightforward bet there is. Depending on the sport it’s used in, this type of bet may have two or three possible outcomes. When two teams or players are available for a moneyline bet, punters select one of them to win.
Moneyline wagers may also offer a third alternative, known as a “draw,” in which there is neither a winner nor a loss, in the event of football or a boxing match/MMA bout. A “Draw no bet” option, in which only a winning player or team may be selected and a draw outcome is not possible, is offered by certain sportsbook applications in addition to options for draws on moneyline bets.
Bookmakers will pay the odds owed to bettors when their outcome is successful. The absence of a point spread is what makes the moneyline bet an easy and clear wager. To place a bet, a bettor only has to select a winning side, team, or, in the case of a boxing or mixed martial arts bout, a draw if it’s an option.
Moneyline Betting Explained
The favourite, the underdog, and “even” or “pick ’em” are the three main points of a moneyline wager that you will come across when examining possible bet types. These three are explained below.
The Favourite
The individual or team considered to have the best chance of winning is the favourite. A bettor would need to stake the specified amount (i.e., -150) in order to win £100 using £100 as a normal betting unit.
A bettor would need to stake £150 in this case in order to win £100. The sportsbook would pay £250 in the event that the bet wins; this would include the £150 stake and the £100 win. A favourite is usually shown on the moneyline with a negative sign (-).
The Underdog
Betting on underdogs means making a stake on a player or team that is favoured to lose. The amount given (i.e., +150) for an underdog win would require a bettor to stake £100, again using £100 as the normal betting unit.
The payoff in this case would be £250 as the bettor would have wagered £100 to win £150. A bettor will receive a payout greater than their initial wager when they are the underdog, which is always shown by a plus sign (+) on the moneyline.
Even/Pick ‘Em
When two teams are so evenly matched in terms of skill that the bookmaker determines to price them as having equal odds of winning or losing, the result is an “even” or “pick ’em.” Bettors would get paid the same amount for a winning wager on either side in this case.
Bettors would receive a £200 payment after winning £100 on a £100 bet. The terms “even” (EV) or “pick ’em” (PK) are often shown on the moneyline in an even or pick ’em game. It will be shown as the equivalent bet amount (+100) or as a mixture of words, such as even +100). The same amount staked will be awarded to a bettor who wins an even or pick ’em play.
The 3 Types Of Outcomes From Moneyline Bets
One of these three possible outcomes—a win, a loss, or a draw/draw no bet—will nearly always be the outcome of your wager using moneylines on betting sites.
Draw/Draw No Bet
The term “draw no bet” refers to a situation in which a moneyline wager that has the potential to result in a draw is not provided. In football matches, this happens when a moneyline bet only provides the possibility for either team to win.
Bettors will receive their whole stake back in the event of a draw in this kind of play, just like they would in a “push.” Nevertheless, if a moneyline bet has a draw option, the only way for bettors to win their money line bet is if they choose a draw as the result.
Loss
If bettors are unable to correctly choose the winning person or team, they will most likely lose their money. If a bettor chooses not to pick “draw” in a game that has such a result, they will also lose.
Win
Correct selection of the winning team, or a tie is mentioned as a possible result, will get bettors their money back. In a boxing or MMA fight, the draw is usually given as an option.
The Connection Between The Point Spread and Moneyline: NFL Example
The moneyline bet is related to the point spread bet in terms of its possible payoff, even though the moneyline would not involve choosing a selection based on the spread. For instance, the payoff on a 3-point favourite (i.e., -160 on the moneyline) will be higher than that on a 7-point favourite (i.e., -350 on the moneyline).
For instance, a 3-point favourite in an NFL game may have a moneyline status of -160 for every £100 bet, reflecting what is thought to be a very narrow difference in team strength; the underdog in this scenario would be valued at about +135. When placing a moneyline wager on the favourite, you have to stake more money in order to get the same return when the point spread widens. A club that is a 7-point favorite may have a moneyline of -350, while the opposing underdog is +285.
Be aware that each sport has a different way of converting spread to moneyline. An NBA 7-point victory and an NFL 7-point victory are not exactly the same.
For instance, really strong favourites in the NFL may have a moneyline as high as -700, which means you would have to stake £700 to win £100. Accordingly, shocks are often, and if you choose that path, winning as the underdog would pay about +500, meaning you would only have to risk £100 to earn £500. The great equaliser is without a doubt the point spread!
How Does A Moneyline Bet Work and Why Do Moneyline Odds Change?
A market-leading sportsbook establishes a line to start a moneyline. To find out if a sportsbook establishes markets, do some simple research on Google. Very few people actually do. The market-setters, or the bookmakers that take high-limit bets from knowledgeable, successful players, are the ones that sportsbooks most commonly imitate.
A moneyline usually has the following lifespan:
1. A market is opened by a market-setting sportsbook, sometimes referred to as a sharp sportsbook.
2. Competitors steal ideas and copy them.
3. The closer the game gets, the more information floods the market. By using this information, the bookies are able to potentially bring the line closer to its “real” chances.
4. The sportsbooks increase the boundaries when they gain greater assurance in their figures. With a minor adjustment, depending on housing risk, the bookies often follow the lead setters in the market.
5. At the start of the game, the line shuts. The most accurate representation of the event’s probability is, in principle, provided by the closing line.
The information that is entering the market is crucial in this case. The information covers weather, injuries, and other factors. When savvy bettors place maximum bets, sportsbooks respond. When a line shifts, more experienced players usually intervene in order to win the game against the bookies and beat the betting trends. This increases everyone’s betting experience overall.
Line Bet Shopping: How To Bet On The Moneyline And Win
The implied market probability and the bettor’s assessed probability should be compared to this amount when deciding whether to place a moneyline wager. For instance, there is merit in believing that the 49ers have a better than 80% chance of defeating the Bears.
But what if you could locate the 49ers at -350 elsewhere? The value of your 49ers bet now increases even further. Line shopping means bettors need to look for the best moneyline deals available on the market via “line shopping”. You already know you’re going to bet on the 49ers, but “shop around” to see if you can obtain better odds rather than taking the -380 that a certain bookie is offering you before you place a moneyline bet.
It might not seem like a big difference to pay -380 instead of -350, but that’s a £30 difference if you’re playing for £100. Granted, no one would turn down £30 if it was offered to them, but most people’s lives would remain unchanged. However, when you multiply that £30 by hundreds or thousands of wagers, you begin to realise the long-term impact it has on your profit margin.
Is Moneline Betting Worth It?
For those who are placing bets with new online sports betting sites, the moneyline bet is generally a solid alternative. You win if the team or player you’ve chosen wins. Above all, and maybe the most crucial point is that the bookmaker usually takes a relatively minimal vig. Whether you bet on sports for enjoyment or to make money, it’s always a good idea to place your bets in low-vig markets.
Secondly, bettors can quickly determine whether a bet qualifies for their value criteria. All you have to do is translate the moneyline to implied probability and then make an assumption of how that figure compares to your own estimation.
The team’s or athlete’s interest is finally aligned with your own when you bet the moneyline. The best example of this is a fairly typical NFL occurrence. Let’s say a team is behind 24-20 in the last drive of the game, but they have driven to the opposition 20-yard line, where they are facing a fourth down. As a +3 underdog, they finished.
Obviously, the team would kick a field goal if covering the spread was their objective. However, the team’s objective is unaffected by the dispersion. They’re hoping to win the match. Either they will cover the spread and win the game, or they will lose and give up a touchdown. Having a bet on the moneyline would be much more enticing in this situation. If the team wins and scores, you’ll gain about +140 on your bet as opposed to needing to lay -110 to acquire three points that are ultimately worthless.
What About Moneyline Parlay Bets?
Many sports betting fans adore parlay betting, although it’s not the simplest bet to place. Simply betting on moneyline bets may be more in favour of bettors with less experience, although ultimately, returns from parlays are typically far higher than those who bet on the money line.
Although parlays can be applied in online betting and bettors can combine moneyline bets, they’re not generally the best choice for novice bettors. The reason for this is that the majority of bettors place stakes with negative expected values (-EV). Additionally, the majority of the bets in a parlay, if not all of them, must have a +EV for the parlay to have a +EV.
When bettors combine many profitable wagers, they increase their winnings. Parlays only give the bookies money more quickly since they increase the bettor’s likelihood of losing because most bettors are unable to clear that threshold. They should avoid the need to bet on parlays until they have more gambling experience under their belt and are certain that they have reasonable expectations.
Correlated parlays represent an anomaly. In other words, the chance that one leg of a parlay will strike raises the chance of another. These bets connect two or more associated events. The simplest approach would be to take the over on the game’s total and use the moneyline of a highly-scoring, favourite team. A strong performance by the team will probably result in a large number of points, increasing their chances of winning.
Live Betting
As technology has advanced over time, in-play betting has grown in popularity. The bookies are now able to post in-game lines faster and more effectively thanks to their upgraded technology. This provides other alternatives for the bettor to locate value, arbitrage, and midrange opportunities, but those are for a different article and another day.
Sportsbooks usually provide live lines during pauses in the action. A moneyline between the markets is typically included. Because the sportsbook doesn’t have as much time or information to provide a sharp line, live betting may present bettors with fantastic opportunities. They frequently add more vig in the lines than normal to make up for this. When searching the moneyline for live betting value, keep this in mind.
Moneyline Bets FAQ’s
A Moneyline Bet: What Is It?
A betting on the result of an event is known as a moneyline bet. It is a wager on the team or opponent that the bettor believes will win.
What Does A +200 Moneyline Wager Mean?
A £100 wager would result in a £200 payout if the money line was set at +200. As the underdog in the match, it also indicates that the team is not predicted to win.
How Can I Calculate Moneyline Bets At A Sportsbook ?
The amount that your bet would pay out must be determined. Examine the whole numbers by the teams. Positive ones, with a stake of £100, indicate how much money you would gain if you win with the underdog. Negative ones show you the amount of risk you would have to take in order to earn £100 next to the favourite.
When Betting On Moneylines, Is There A Specific Strategy?
Absolutely, while placing a wager on moneylines, many tactics can be applied. Finding out about both teams is the best course of action when it comes to a moneyline involving two teams.
Although their chances of winning are lower, teams with a losing record might nevertheless surprise people. One possibility is that a club that had been losing a lot of games has just recently begun to win. A team may gain momentum with something like that. Consider all other relevant elements and the risk vs benefit ratio. Occasionally, you can spot something that the bookies might have overlooked when you consider the situation.
