When you’re looking at online sports betting, you will find odds in different formats depending on the sportsbook. Compared to decimals and fractions, moneyline sports betting is perhaps one of the easiest to understand and the most popular with sportsbooks in the United States.
While moneyline may be the easiest for seasoned sports betting pros, that doesn’t mean it’s clear to people unfamiliar with the system. Here’s everything you need to know if you’re new to moneyline but ready to jump in.
Moneyline Betting 101
With moneyline sports betting, you place a wager on the team you think will win. When looking at the odds, you can see who is favored and who is the underdog.
For example, if your see that the Red Sox are +300 and the Rangers are -200, the Rangers would be the favorite based on the minus sign. The exact number shows not only how favored they are, but how much you would make, as profits depend on the number.
We’ll get deeper into calculating odds and profits. But just know that with moneyline, you are simply betting on the team you think will win.
How to Make a Moneyline Bet
To make a moneyline bet, you need to determine which team you think will win a game. You’ll also want to consider if that team is a favorite or an underdog.
When underdogs win, there is far more money to be made. When a favorite wins, the profits can be fairly small. So if you discover that the team you think will win is by far the favorite, placing your bet may not be worth it. But when you think the underdog will win, it’s time to place your wager!
Next, you’ll want to find a sportsbook to place your wager. Going with reliable, recommended sportsbooks such as our affiliates is a great place to start. But don’t go with the first sportsbook you click on! The beauty of online sports betting is that you can shop around for the most favorable odds for your bet.
Calculating the Odds with Moneyline
As we’ve mentioned, with moneyline online sports betting, you will typically see a 3-digit number with a plus or minus sign. While the plus and minus signs show whether a team is favored or not, the 3-digit number shows just how favored (or not) they are. But it also shows exactly how much you will win based on your wager.
Here is how that works:
- With favored teams (minus sign), the number shows how much you’d need to bet to win $100.
- For underdogs (plus sign), the number shows how much you would win with a $100 wager.
Here’s an example of this in action. Let’s imagine a game between the Lakers and the Thunder. The Thunder are favored with -155, and the Lakers are the underdogs at +145.
If you bet $300 on the Thunder, and they win, here’s what you’d get:
100 ÷ 155 = .645
.645 × 300 = $193.55 profit
But what is the formula for the underdogs? It’s similar, but a little different. And here’s where you’ll see bigger profits:
145 ÷ 100 = 1.45
1.45 × 300 = $435 profit
As you can see, the bigger the number for the underdog, the more you can profit when they win. However, it’s important to consider the sportsbook’s odds compared to the team you think will win. A +400 team could lead to big profits, but not if they lose.
Why Bet Moneylines
The best part about moneyline online sports betting is how straightforward it is. It is only based on which of the two teams will win or lose. No margins of victory, no other games to watch, or final score totals. This makes it more exciting as a winner takes all end.
With moneyline sports betting, you can enjoy getting lost in one game rather than spend the evening checking scores. Just decide who you think will win, how much you want to wager, and enjoy!
Online Sports Betting Moneyline Strategy
You don’t need to be an expert in a sport or a team to recognize the odds and where your wager should go. Here are some tips for recognizing what the numbers in moneyline sports betting mean.
When There Isn’t a Favorite
If you see odds that are barely different, then that means this is a close match, and the sportsbook knows that. For example, you might see +105 for one team and -110.
This might not be the right game to bet on. Not only is it a toss-up, but there is far less money to be won. Check out different games and see if there’s a better option.
Not Betting on the Spread
When you have a low-scoring sport like hockey, baseball, or soccer, most sportsbooks may not even offer you the option to wager on the spread. But the beauty of moneyline sports betting is its focus on winner vs. loser.
So when you’re putting down a wager, we recommend simply backing the team you think will win.
Moneyline Bets Tips
When it comes to moneyline sports betting strategy, it’s all about knowing when to choose the underdog vs. the favorite.
Why bet the favorite? There is more surety in a payout. There’s still money to be won, but the profits may be smaller and require larger wagers to even turn a profit.
Underdogs, on the other hand, are a risk. However, you can put down far less money and get a larger profit if they do win. This is far more lucrative online sports betting.
Knowing which to place your wager on has a lot to do with luck, of course. But you can also take a close look at the odds, patterns, history, and trends to get a sense of who might come out as the winner.
Compare Opening Numbers to Current Odds
When games are announced, there will be initial odds placed by sportsbooks. As game time draws closer, odds will be updated based on new information. By taking a look at the opening numbers in addition to the current numbers, you can get a full picture of what the sportsbooks are thinking. Based on how the odds develop over time, you can adjust your wagers accordingly.
Consider Where the Games Are Happening
Some teams historically dominate on the road. Others feed off their home crowds. Knowing whether a game is home or away and how that might affect the specific teams can be key to determining who you think will win.
Find the Matchup’s History
There are major upsets in sports all the time when emotions are high, and you’ll often see these between two rivals.
Before you wager on a game, consider the matchup’s history. While one team may be the favorite, the underdog may be more determined than ever to win that game.
Look at Recent Team Results
Many teams have a historic track record and legacy. A brand may have established itself as a powerhouse. But what have they done lately to convince you they’ll win?
Before you bet on teams that catch your eye, research their recent track record. This might reveal if:
- Their team is having an off year
- A key player is out for injuries
- A historical underdog team is on a winning streak
How to Win Big with Moneyline Bets
Gambling is always a risk. However, there are some simple ways to increase your profits.
Learn to recognize patterns. When a team is doing well, it might be time to bet on them. Also, look out for discrepancies. If you see that a team is +300, and you think it should be closer to +230, it’s time to take advantage of those odds. As descrpenacy between the posted odds and the expected odds increases, the higher the excpected value (EV) of the wager becomes.
As you participate in more online sports betting, you’ll begin to recognize a great deal when you see it.
Sports Betting with Moneyline — The Takeaway
Now that you understand the basics of moneyline sports betting, it’s time to put your strategy and sports knowledge to the test. Moneyline is a simple way to show the odds of a game. When you place a wager on the underdog that’s shown with a plus sign, there is more of a profit to be made. So keep an eye out for any underdogs that you think are likely to win.
Check out our affiliate sportsbooks, shop around for the most favorable odds, and place moneyline sports bets today.