One of the most straightforward and commonly used betting types is the moneyline bet.
Understanding how Moneyline odds work helps anyone who want to get started with sports betting.
In this blog post, we will explore what a moneyline bet is and how it works in sports betting.
What is Moneyline?
Moneyline odds represent the amount of money that needs to be bet to win $100 (for negative odds) or the potential profit on a $100 bet (for positive odds).
A moneyline bet is a type of sports betting wager where a bettor chooses which team or player will win a specific game or event. Moneyline bets are based on odds and do not involve a point spread. The moneyline odds for each team or player represent the amount of money that must be wagered to win $100 or the amount of money that will be won if a $100 bet is placed.
For example, in a football game between the New England Patriots and the Miami Dolphins, the moneyline odds may be listed as follows:
New England Patriots -200
Miami Dolphins +150
In this example, the Patriots are the favorite to win the game, and the Dolphins are the underdog. A bettor who wants to bet on the Patriots would have to wager $200 to win $100, while a bettor who wants to bet on the Dolphins would win $150 for a $100 bet if the Dolphins win the game.
Positive Moneyline odds indicate an underdog, while negative Moneyline odds indicate a favorite.
Positive Moneyline Odds
Positive Moneyline odds are represented as a positive number (e.g., +200, +350, +500) and indicate the potential profit on a $100 bet.
For example, if you bet $100 on a team with odds of +200 and win, you would receive $200 in profit (plus your original bet of $100).
Positive Moneyline odds are used for underdogs, as they are less likely to win, but offer a higher potential payout.
Negative Moneyline Odds
Negative Moneyline odds are represented as a negative number (e.g., -150, -200, -300) and indicate the amount that needs to be bet to win $100.
For example, if you bet $150 on a team with odds of -150 and win, you would receive $100 in profit (plus your original bet of $150).
Negative Moneyline odds are used for favorites, as they are more likely to win, but offer a lower potential payout.
Calculating Payouts
To calculate the potential payout for a winning bet with Moneyline odds, you can use the following formulas:
For Positive Moneyline Odds: Total Payout = Bet Amount + (Bet Amount x Moneyline Odds / 100)
For Negative Moneyline Odds: Total Payout = Bet Amount / (Absolute Value of Moneyline Odds / 100) + Bet Amount
For example, if you bet $100 on a team with odds of +350 and win, your total payout would be $450 (including your original bet of $100 and $350 in profit). If you bet $200 on a team with odds of -200 and win, your total payout would be $300 (including your original bet of $200 and $100 in profit).
Understanding Implied Probability
Implied probability is a concept closely related to Moneyline odds. It refers to the estimated probability of an event occurring based on the odds. To calculate implied probability, you can use the following formulas:
For Positive Moneyline Odds: Implied Probability = 100 / (100 + Moneyline Odds)
For Negative Moneyline Odds: Implied Probability = Absolute Value of Moneyline Odds / (Absolute Value of Moneyline Odds + 100)
For example, if you have a team with odds of +200, the implied probability would be 33.33% (100 / (100 + 200)). If you have a team with odds of -150, the implied probability would be 60% (150 / (150 + 100)).
How Do Moneyline Bets Work?
Moneyline bets are relatively simple to understand, and they are one of the most popular types of sports bets. The odds for a moneyline bet are determined by the sportsbook based on a variety of factors, including the team’s or player’s recent performance, injuries, and other relevant information.
When a bettor places a moneyline bet, they are simply choosing which team or player they think will win the game or event. The odds for each team or player will be listed, and the bettor will decide how much they want to wager based on those odds.
If the team or player that the bettor wagered on wins the game or event, they will receive a payout based on the moneyline odds. If the team or player loses, the bettor will lose their wager.
Advantages and Disadvantages of Moneyline Bets
One advantage of moneyline bets is that they are relatively easy to understand, and they offer a straightforward way to bet on a team or player to win a game or event. Additionally, because moneyline bets do not involve a point spread, they can be a good option for bettors who want to bet on a favorite team or player but do not want to risk a large amount of money.
One disadvantage of moneyline bets is that they can offer relatively low payouts, especially when betting on a favorite team or player. Additionally, because moneyline bets are based on odds, they can be challenging to predict accurately, making them riskier than other types of bets.
The Takeaway
Moneyline bets are a popular type of sports betting wager that involve betting on a team or player to win a specific game or event.
Moneyline bets are straightforward to understand and offer a simple way to bet on a favorite team or player without involving a point spread. However, they can offer relatively low payouts and can be challenging to predict accurately, making them a riskier type of bet.
As with any form of sports betting, do your research and bet responsibly.
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