What Is A Moneyline Bet? — Wager Explainer
Moneyline bets are the simplest and most straightforward of all sports bets. A bet with two or three possible outcomes, depending on the sport. If a moneyline bet lists two players or teams, the bettor has selected one player or team to win.
For soccer (European football) or boxing matches/MMA matches, Moneyline bets have a third option, a 'tie', where there is no winner or loser. Some sportsbook apps offer draws as an option for moneyline bets. Some apps offer so-called "no draw" options where you can only select the winner or team and not the results of the draw. If the bettor chooses the outcome correctly, the sportsbook will pay the bettor the odds they are due.
The reason Moneyline is a straight forward bet is that there is no point spread. All a bettor has to do is choose the winning side or team or specifically a draw if it is offered as an option in a soccer/European football match or boxing/MMA match. . “Just win, baby,” are the words of late great Raiders owner Al Davis.
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| betting on money line |
Moneyline bet explained
Looking at the possible bets, we come across the three elements of moneyline betting: the favourite, the underdog and the 'even' or 'pick'.
(1) The favorite
Favorites are players or teams that are considered more likely to win. Using $100 as the standard betting unit, bettors must wager the listed amount (i.e. -150) to win $100. In this case the bettor would have to wager $150 to win $100. If the bet wins, the sportsbook will pay out $250, the sum of the wager ($150) plus the win ($100). Favorites are always represented by a minus sign (-) on the moneyline.
(2) The underdog
Underdogs are players or teams that are considered less likely to win. Again using $100 as the standard betting unit, the bettor would need to wager $100 to win the listed amount (i.e. +150). In this example, the bettor bets his $100 and he wins $150, so in total he is paid out $250. Underdogs are always represented by a plus sign (+) on the money line and pay out more money than the bettor originally wagered.
(3) Even or Pick ‘em
An 'even' or 'pick 'em' game occurs when two teams are so close in level of play that the sportsbook believes they have an equal chance of winning or losing.
In such cases, the bettor will receive the same amount if the bet is successful on either side. In this example, the bettor wagered $100 and won $100, resulting in a total payout of $200. Even or pick em games usually have the words "even" (EV) or "pick em" (PK) on the money line. Expressed as an equal bet amount (+100), or a combination of terms such as (Even +100). If the bettor makes an even or picking play, they will be paid the same amount as their wager.
The three types of outcomes on a moneyline bet
Win
A bettor wins a bet if he or she correctly selects the winner or team. Or a tie if specifically offered as a potential outcome. Draws are usually offered as an option in football/European football matches or boxing/MMA matches.
Loss
Bettors lose their bets if they choose a winner or team poorly. Bettors also lose if they choose not to 'draw' in a game or battle that ends with such a result.
“Draw” or “Draw no bet”
A 'Draw No Bet' occurs when a Moneyline bet can result in a draw not being offered. This mostly happens in soccer/European soccer matches, where Moneyline bets only offer the option of one team winning. A draw in this type of bet will result in a full refund of the wager, as if the bet had ended with a "push". Their bet is if they choose a draw as a result. Failure to do so will result in the bettor losing their wager.
(Note: If you use the promotional 'Risk Free Bet', the results will be slightly different.)
The connection from the moneyline to the point spread
Moneyline bets do not involve selecting based on point spreads, but are related to point spreads in terms of potential payouts. For example, picking a team with a 3-point favorite (i.e. -160 ML) will have a higher payout than picking a team with a 7-point favourite (i.e. -350 ML).
As an example, a team that is a 3-point favorite in an NFL game may have a moneyline status of -160 for every $100 wagered. This reflects the fairly small gap in his level on the team. The underdog price in this case is around +135. As the point spread increases, picking your favorite in Moneyline betting requires you to bet more money to get the same return. The 7-point favorite team could be -350 on the money line, while the underdog on the other side would be +285.
Please note that spread to moneyline conversion varies from sport to sport. His 7-point win in an NFL contest isn't quite the same as his 7-point win in the NBA.
For example, a very popular player in the NFL may have a moneyline in the -700 or higher range. But there are frequent upsets correspondingly, with underdog wins paying around +500 if they go that way, and risking just $100 to win $500. Point spread is definitely a great equalizer!
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