Moneyline betting is a straightforward way to bet on sports. You simply pick which team or player you think will win a game or match. Unlike other types of bets, like point spreads, where you also consider how much a team will win by, moneyline bets are just about choosing the winner.
- Positive Odds (+): If a team is listed with positive odds, like +150, it means they’re the underdog. If you bet $100 and they win, you’ll get $150 in profit.
- Negative Odds (-): If a team is listed with negative odds, like -150, it means they’re the favorite. To win $100, you need to bet $150.
Though this is probably considered the simplest type of bet, it can be confusing to understand how payouts work if you don’t know how to read odds. So we’re here to break it down for you.
Sports that are typically lower scoring (baseball, soccer, hockey) are usually bet using a moneyline. However, it is also popular in football.
- Negative Moneyline Odds: When you Bet on the Favorite
- Positive Moneyline Odds
- What are Good Moneyline Odds and How to Identify Them?
- How to Identify a Good Moneyline Bet?
- What are the Best Moneyline Strategies to Win?
- Moneyline vs Spread: Key Differences
- How to Calculate Moneyline Odds?
- Free Moneyline Bet Calculator
- Bottom Line
- Moneyline Betting FAQs
- Want to Use Your Moneyline Betting Knowledge?
Negative Moneyline Odds: When you Bet on the Favorite
One of the most frequently asked questions about negative odds is, “Do negative odds result in a lower potential profit?” The answer is no.
Your profit on those odds is just less than it would be compared to positive odds.
So, what happens if you bet on negative odds? Well, negative odds typically denote favored teams. Consequently, your wager won’t profit as much as it would with positive odds, even though you’re more likely to win the bet.
How Does a Negative Moneyline Work?
For instance, a $100 wager on +220 odds would return a profit of $220. However, a team with -220 odds would require a $220 bet to return a profit of $100.
Say you want to bet on a game where the Tennessee Titans are the underdogs at +185 and the New England Patriots are favored to win at -215.
In this case, you would need to bet $215 on the Patriots to earn a $100 profit.
Betting on a team with negative odds is probably a safer bet because they’re considered the favorite, but it also costs more and returns a lesser profit. This example is the same for every sport.
For the favorite, the calculation for your profit is (100/Odds) * Bet Size. So if your team is listed at -150 and you bet $100, your profit would be (100/150) * $100 = $66.67.
Understanding the Implications of Negative Moneylines
Negative moneylines not only indicate the favored team but also provide insights into the betting landscape.
Here are a few additional points to consider:
- Risk vs. Reward: While negative moneylines offer a higher chance of winning, they come with lower potential profits. It’s essential to weigh the risk and reward before placing a bet.
- Market Perception: Negative moneylines often reflect the consensus opinion of bettors and oddsmakers regarding the stronger team. Understanding market perception can help inform your betting strategy.
- Adjusting Bet Size: Since negative moneylines require larger bets to yield a significant profit, bettors may need to adjust their bet size accordingly. This ensures a balanced approach to risk management and potential returns.
- Comparing Negative Moneylines: When comparing negative moneylines across different sportsbooks, slight variations may exist. Analyzing these differences can help identify value and maximize potential profits.
Positive Moneyline Odds
Positive odds are assigned to the perceived underdog i.e., every time you place a positive moneyline bet, you actually bet on an underdog. Moneyline odds are often referred to as American or US odds.
Unlike point spreads, where teams may be favored by 2.5 points – moneyline odds are awarded to teams individually and involve bigger numbers.
Positive numbers refer to teams not favored to win; underdogs. These teams may be less likely to win, but they will also bring in more money if they do.
How Does Positive Moneylines Work?
Here’s an example. Say you want to make a wager on who will win a specific game. Using the same odds as before, the Tennessee Titans are underdogs at +185 and the New England Patriots are favored to win at -215.
Since the Titans are the underdogs, their profit margin is also higher. For a $100 bet on Titans, you’d turn a profit of $185 for a final payout of $285.
Sometimes you’ll see a moneyline with a lot of positive numbers. Currently, if you were to look up the odds for which teams will be in the SuperBowl 2025, they would pretty much all be listed as positive numbers. In this case, the higher the positive number, the lower the team is on the totem pole.
Since right now there is still a lot up in the air and a lot of potential for things to shift, everyone is pretty much considered an underdog. However, as an example let’s say you want to make a wager that the Ravens (currently +900) will win. Every $100 bet, in this case, would turn a profit of $900 in return if they win.
For the underdog, the profit calculation is (Odds/100) * Bet Size. So if your team is listed at +650 and you bet $100, your profit would be (650/100) * $100 = $650.
Draw or Tie: When the Results are Identical
The third moneyline bet type puts a draw or a tie into the game. This means that we can have no winner during the regular period of the match. So, you can’t use favorite or underdog odds for this market.
Instead, either bet (favorite or underdog) counts as a “push” if the event ends in a draw. What happens next is that you will get your stake amount back. So, your initial bet on the favorite or underdog and the odds for either of them don’t really matter, as all you get is your intact or partial stake amount back.
It may happen that you bet on sports that cannot end in a tie. In such cases, the bet you placed (moneyline or underdog) could either win or lose.
For all the other sports, there is a 3-way moneyline bet, which lets you pick one of the three possible outcomes.
What are Good Moneyline Odds and How to Identify Them?
When the outcome of a game is a draw or tie, but neither of those options was provided as a moneyline bet then the full amount of the bet will be returned. Nothing was lost or gained. This type of result is also referred to as a “push” in the sports betting community.
This type of result can occur in the NFL, as it did in the ’21-’22 season between the Detroit Lions and Pittsburgh Steelers when they went to overtime and the game ended 16-16. Prior to the game, according to Caesar’s Sportsbook, the moneyline odds were -250 Steelers and +205 Lions. No matter the money bet on either moneyline outcome, it would have been returned in full.
- Learn the basics about how to bet on basketball.
- Start reading football odds and make bets with higher confidence.
- Use this betting odds calculator to predict your potential profits.
How to Identify a Good Moneyline Bet?
Though a lot of bettors prefer betting on other markets, there are some great incentives to moneyline betting. Though moneyline betting often has low return rates for favored teams and athletes, the real value in moneyline betting comes from the underdogs.
This doesn’t mean that it’s never worthwhile to bet on favorites. It’s just important to recognize the right opportunities.
One of the best opportunities to bet on a favorite is when you think a sportsbook has undervalued them use a BetMGM bonus code to have some extra cash to try for yourself. In moneyline betting, an undervalued favorite is one of the best strategies for success.
Finding Undervalued Moneyline Bets
To find an undervalued favorite, you also need to look at less high-profile games. High-profile games in the NFL attract a lot of betting interest and often the odds and subsequent payouts reflect that.
Here’s an example. Say the Detroit Lions are scheduled to play the Indianapolis Colts. Neither of these teams is high-profile enough to avoid moneyline betting. Doing your research and checking the moneyline market will help you assess the best option for an undervalued favorite.
On the flip side, a game that involves a popular team (say, the Patriots) as the underdog is also a great moneyline betting opportunity.
Often in these situations, the public will back the popular team (regardless of them being not favored). In this circumstance, betting on the other side would be a valuable and smart moneyline betting opportunity.
Consider Specific Matchups
Another important consideration is to look beyond not only the popularity of a team but also the quality of a team. For instance, there have been plenty of “good” teams who have lost infamous upsets to teams not considered as worthy.
Important things to consider are how consistent a team is and how the teams measure up. What are each team’s unique strengths and weaknesses? How do they each play under pressure?
The Patriots are considered a great team, but they still lost to the Eagles in the 2018 Super Bowl, despite being favored by 5.5 points to win.
Another important point to consider is where the teams are playing and if you think they will have an advantage at home. Considering these points will help you make successful moneyline bets.
Moneyline betting is ideal for times when you’re not convinced the favorite will cover the spread, but you still think they’ll win. Moneyline betting is a safe option in that case.
As long as they win, so do you. The tradeoff is obviously lower odds and payout. However, there is great value in moneyline betting when you know what you’re doing.
What are the Best Moneyline Strategies to Win?
As moneyline is a simpler way of betting, your main focus when making strategies should be on which team is stronger or has more chances to win. However, there are multiple aspects that can lead you to determine this.
Before all else, we would like you to pay attention to basic betting strategies. First, you may want to manage your bankroll. It is always a good idea to start betting with small sums of funds. Also, you should not bet with amounts higher than you can afford.
Then, you can opt for one practical moneyline odds strategy and do shopping-line betting, meaning that you can compare odds on various websites and pick the most suitable ones. Another fine piece of advice here is that you can bet on sports that you know well. In contrast, you may avoid betting on events that don’t follow or know only the basics of.
More advanced bettors can consider doing research when placing moneyline bets. More precisely, you can check blog posts with analyses, discussions, and tips and learn a lot about the upcoming games you wish to bet on.
Even more, you may do your own statistical analysis and comparisons when it comes to various match aspects. For example, seeing the h2h scores, the 3-pointer, hit, or run percentages, as well as home-away win ratios, can help with placing more successful bets.
3 Way Moneyline Rule
As briefly mentioned before, standard moneyline bets imply two possible outcomes: the home or away team/player win. Yet, certain sports events may end in a draw, too.
While the regular moneyline bets, in this case, consider a “push”, which further means that you simply get your full or partial stake amount back, some operators let you place a 3-way bet.
Of course, understanding money lines of this type means knowing that you can place such bets only on certain sports. Some sports cannot even feature a no-winner game. Plus, some events, like basketball, are also typically highly unlikely to end in draws.
That’s why sportsbooks mostly allow you to place 3-way moneyline bets on soccer, hockey, or similar sports. Simply put, you may run into the Liverpool vs Chelsea match. An operator may provide the following odds for three moneyline markets:
- Liverpool +110
- Draw +270
- Chelsea +150
It’s pretty self-explanatory. You may place a $100 bet on Liverpool, which would bring you a $110 return. The draw bet would pay out a $270 return, and the bet on Chelsea to win would result in a $150 return.
In sports like hockey, the entire match cannot have a draw as a final outcome due to extra time or shootouts. This is where 2-way and 3-way moneylines differ. In fact, the odds for a 2-way moneyline would naturally be higher (e.g., Sabres +250, Senators +190).
These two teams may tie a match, after which they will play extras. So, you can place a 3-way bet on the period before extras, where the odds for both teams to win will be lower, but the third (draw) option will appear:
- Sabres +180
- Draw +300
- Senators +120
Moneyline vs Spread: Key Differences
Moneyline bets predict the outright winner of a match. Spread bets are different in the sense that you need to guess the amount of points, sets, or goals a team or player will win by.
Logically, the format of the money line odds (e.g., -160) differs from the spread bet format (e.g. -7.5 = -110, +7.5 = +140). The calculation of payouts is pretty much the same for both bet types, once you find the spread odds.
When it comes to taking risks and getting rewards, underdog moneyline betting usually carries bigger risks but higher payouts.
On the other hand, spread betting may come with odds as high as moneyline underdog bets would, but it is also less risky as there is a cushion (a team may lose outright but still cover the, let’s say, +9.5 spread by losing to the other team by eight points).
| Odds Type | Moneyline | Spread |
|---|---|---|
| Definition | Moneyline bets: Estimating the outright winner | Spread bets: Betting on the margin of victory or defeat. |
| Odds and Payouts | Moneyline: Have the positive or negative odds (-140, +220). | Spreads have the winning or losing margin (e.g., -11.5 for the favorites, +11.5 for the underdog), where both margins come with standard odds (-160, +200), which you can calculate the same way you would calculate the moneyline odds. |
| Risk and Reward | Higher payouts for underdogs, straightforward understanding of potential winnings. | Spreads lower the risk of betting on underdogs, as spreads provide a cushion. |
How to Calculate Moneyline Odds?
The moneyline odds formula features positive and negative odds. To illustrate, we now show you what happens if you bet $100 on a -140 money line. In short, these odds show you how much you need to stake in order to make a $100 profit. In this case, you will need to place a $140-bet.
Bet if you want to place a $100-bet with odds of -140, the formula requires you to divide the number 100 with the odds (140) and multiply that by your stake ($100). So, it goes like this: 100/140 = 0.714 x 100 = $71.43.
The underdog odds are easier to calculate. They let you know about your potential winnings if your bet is $100. For example, a +200 money line means that you will get $200 if you place a $100 bet and it wins.
Based on this, the formula for calculating underdog odds is (Wager amount) x (odds / 100). So, you may place a $50 bet with odds of +220. The winning outcome would involve this: ($50) x (220/100) = 50 x 2.2 = $110.
Moneyline Underdog Strategy
Some bettors may disregard the underdog moneyline betting as the less probable. But here’s the key: these bets always come with more competitive odds.
Therefore, the same stake amount on underdog would have a higher or sometimes, much higher payout than the one on the favorite.
Not only that, but you can also identify promising underdog bets by getting insight into numerous aspects.
Some of the elements you can look up and analyze include recent form and performances, player injury lists and updates, situational advantages, coach-player relationships, the overall atmosphere in a team, etc.
There are several ways to spot a good underdog. Let’s imagine that the Wizards are playing against the Lakers. The Wizards have a mixed win-loss ratio but haven’t lost a single game as a home team this season.
Their rivals, the Lakers, have won almost every game by then. But they will now play as an away team, and their best player, LeBron, will be missing from the squad.
Now, although bookies offer odds that look up to the Lakers as the favorites, this is an example of a strategic opportunity to place an underdog moneyline bet on the Wizards.
Free Moneyline Bet Calculator
If you want to compare the moneyline with fractional or decimal odds, or just check the implied probability of winning, try our moneyline bet calculator.
All you have to do is enter the odds and our calculator will do the rest. Calculating odds this way is a much faster and easier way to find out your potential winnings.
Odds Converter
Enter Your Odds (Converts Automatically)
| Fraction | Decimal | American | Implied Probability (%) |
|---|---|---|---|
| / |
Bottom Line
Once you feel like you understand the concept of moneyline odds and betting, you’ll be ready to start looking through online sportsbooks to see which one has the most favorable odds.
It’s also important to keep in mind that not all online sportsbooks are available in the 50 states. Find your home state at the list here and begin your sports betting journey. Good luck!
Moneyline Betting FAQs
This is the final stop where we briefly explain the moneyline betting and provide the most important information about it.
Yes! Parlays are a very popular way to bet on sports and combining multiple moneylines or adding a moneyline to prop bets, spread bets, etc. are also options.
Absolutely. For example if BetMGM has the Los Angeles Rams at -250, while DraftKings has the odds at -200, and you believe the Rams will win the game, you’ll get a greater profit from placing a bet on DraftKings.
No. Whatever the moneyline odds were when you placed the bet, will remain the same for your bet.
Micro betting or live betting as it’s also known, are bets made during the course of a game on props, what the next play will be, who will score next, etc. This form of betting does not relate to moneyline betting.
Yes. If a game were to go into extra time your moneyline bet would still be affected by the outcome of the result.
Because of the higher probability of winning: Negative odds indicate that the bookmaker considers this outcome more likely. While the payout is lower, the chances of winning are higher compared to betting on an underdog with positive odds.
This rule implies that you can place a bet on the “draw” outcome for sports that allow you to do so, in addition to picking one of the outright winners.
If you win a negative moneyline bet, you can have your stake amount back plus the profits you made. For a 3-way bet on a negative moneyline that ends in a tie, you may have a part or your full bet back.
It means that you can pick the outright winner of a game. It could either be the home or away team.
A draw can count as a moneyline only when you place a 3-way moneyline bet.
Want to Use Your Moneyline Betting Knowledge?
Now that you know everything about moneyline betting, try testing your knowledge on some of the bookmakers we recommend, and get some great bonuses.
