Moneyline Sports Betting Guide: How it Works

Many new sports bettors always ask, what is moneyline betting? For beginners, this is an excellent starting point, since this is one of the simplest bets available. This simplicity is why it remains a top pick even for veterans.

Moneyline betting is available in various forms depending on the form, and to understand it, you'll also need to learn how it's indicated in various odds formats. This guide will explain all you need to know and will also let you in on one of the top bet options that many individuals combine with the moneyline bets.

The Best Sportsbooks Where You Could Find Moneyline Betting

Pros and Cons of Moneyline Bets

Pros and cons

• An excellent option for beginners
• A direct bet (pick the winner or loser)
• This betting option is broadly covered

• Low potential returns when betting on favourites

Moneyline bet: A top option for beginners and veterans

Sports betting gives you the option to place wagers on various sporting events, and there are several betting options you can use to do so. You have the totals, point spread, prop bets, and moneylines. From the list of betting options available, the moneyline bet stands out as an excellent option for beginners.

So, what is a moneyline bet?

The moneyline bet is a direct wager on the winner or loser of an event. Sports betting sites will have odds that reflect the favourites or underdogs in a match. Depending on the sport, you may have the option to place a bet on a draw, giving you three possibilities. When you find the moneyline bet option at a sportsbook, here is what you'll need to take note of:

- Favourites: The individual or team that has the best chance of winning an event is known as the favourite in a moneyline bet. Sports betting sites offer low odds on favorites because the bet is secure and carries much lower risk.

- Underdogs: The underdog is the individual or team that is least likely to win the event. Since the sports betting site's analysis identifies the underdogs as the weaker side, the operator will offer them odds with a much higher potential payout. In the American odds format, underdogs usually have positive (+) odds.

Various options for placing a moneyline bet

If you're interested in Premier League betting in Canada or any other sports market, you'll find several options when it comes to moneyline. These options will vary depending on the sport and quality of individuals or teams participating in the event.

• Two-way moneyline: This is a moneyline bet that only gives you the option to bet on the winner or loser of the event. There is no option for a draw, since this outcome isn't available in some sports. Some sites will list this as a straight moneyline, and you'll find it on basketball, baseball, and UFC matches.
• Three-way or 1X2 moneyline: For events that have the option to end in a draw, the three-way moneyline bet is an option. You have the option to place a bet on the winner, the loser, or a draw. Soccer matches are popular for offering the three-way moneyline bet option.
• Draw no bet: Sometimes, sports betting sites offer a unique moneyline bet for sports that can end in a draw. This is a “Draw no bet” option that lets you bet on the winner or the loser and get a refund if the match ends in a draw.
• Pick'em moneyline: This is a moneyline bet on an event where analysis doesn't indicate a clear favourite or underdog. In a pick'em moneyline, the sportsbook will provide equal odds on both sides of the bet. So, you get the same payout regardless of the team you bet on.

Types of odds you can find with moneyline bets

There are different ways to view the moneyline odds, and top sports betting sites will give you the option to pick an option you prefer. Our sports betting guide provides an in-depth look at the various sports betting odds types, but here's a quick summary for those that apply to moneylines:

American odds

These are among the simplest odds to read, using positive or negative values to represent the odds of an event. If you find negative odds, like -130 odds, it represents the favourite in a match. In simple words, the odds is an indication of the amount you need to bet to land a $100 potential payout. In this case, for a potential payout of $100, you’d need to wager $130.

Positive odds represent the underdogs. For instance, an event might have +150 odds on the underdogs. However, this time, the odds tell you the potential win if you place a $100. In this instance, placing a $100 bet offers a potential payout of $150.

Decimal odds

Sports betting sites in Canada often offer decimal odds on various sports events, though you can still switch to other options. With decimal odds, multiplying your stake by the odds gives the potential payout. So, if you find an event and a team with 5.00 odds, you can place a $20 bet for a $100 total payout ($20 bet + $80 win).

So, how do you identify the favourites or underdogs from moneyline odds in a decimal format? This is easy, as the team with odds closer to 1.00 is typically the favourite. So, if a match has individual A at 1.5 odds and individual B at 4.0 odds, team A is the favourite while team B is the underdog.

Fractional odds

The fractional odds appear as fractions, and you can tell your potential win for a specific bet amount from the values. These odds will have a numerator at the top, which is the potential win you'll receive. The denominator, which appears at the bottom, is the amount you need to wager.

For example, if you choose to try Formula 1 betting in Canada, you might find 4/1 odds on a racer like Lewis Hamilton. This means that for every $1 wager, there is a $4 potential win. However, the total payout you receive is $5, which is the sum of the potential win and wager amount.

Moneyline and Parlays

As you try to read more about what is moneyline betting, you'll come across other terms like parlays, props, point spreads, and totals. These are all types of bets, but parlays are the most important when it comes to moneyline bets.

Before explaining the relationship between moneyline and parlay, we first need to answer the question of what is parlay betting. Parlay is a type of bet that allows you to combine several bets into one. So, you can have a bet on the team to win event 1, event 2, and event 3, all combined into one parlay.

It's common for bettors to combine several moneyline bets to make up a parlay, which is what makes them closely related. However, for the parlay to payout, each individual bet must win. So, if the wager consists of the following:

• Wager 1: A moneyline on Canada to win a soccer match against Spain.
• Wager 2: A bet on the Toronto Raptors to win a basketball match against the New York Knicks.
• Wager 3: A bet on the Montreal Canadiens to beat the Toronto Maple Leafs.

In the parlay formed from the three wagers above, each prediction must be correct for the parlay to be successful. So, Canada must win for wager 1 to click, and so on. Once all three individual bets win, the parlay pays out.

So, why do bettors include moneylines in a parlay? The reason is simple. It offers a better payout than making individual moneyline bets. However, it does carry a higher risk.

Conclusion: Taking the easy option with moneylines

When it comes to sports betting, it's up to you to decide what works. With the moneyline bet, you're taking the simple option that eliminates the need for complex analysis. However, while the moneylines are easy to understand, they still expose you to risk. For this reason, engaging in proper risk and bankroll management is crucial.

Moneyline is an excellent option for beginners, allowing you to focus on one aspect of sports betting and fully understand it before moving on to more advanced betting options and strategies. You can visit a trustworthy betting site using our link to see how moneylines work in real time and set up an account.

FAQs: What is moneyline betting