Online sports betting is a rapidly growing industry, with many people seeking entertainment through various bets. One of the most popular bets is the moneyline bet, but what is it?

It's the most straightforward bet out there and great for bettors of all types. It is when a player wagers on which team will win the game.

What is a Moneyline Bet?

This type of bet is a sports wager where a gambler can wager on which player or team will win the game outright without worrying about the point spread, and the only thing that matters is who wins the match or tournament.

The Moneyline bet is in direct contrast to other bet types, such as point spreads, where the amount a team wins or loses remarkably affects the bet's outcome. Although this is a relatively simple bet, it can be risky, attracting more enormous odds, which means making larger bets to make a profit. And not all sports are good options with this type of wager.

Most of the time, it's better to focus on the spread over the long term rather than the moneyline, especially when it comes football betting. However, sports such as baseball, hockey, and soccer are great for this type of bet, as they are usually low-scoring.

Essentially, players should place this type of bet on these sports as the low scores create more unpredictability in the outcome. Individual sports such as boxing, tennis, and golf are also great for this type of bet.

Example: Moneyline Bets Explained

As various bets can be placed on sports, it is essential to understand clearly what the different bet types offer. Moneyline bets are straightforward bets on who will win the game, and there is no need to consider anything additional, like how much the team wins or loses.

However, in moneyline betting, it is crucial to understand who the favorites and underdogs are and how to recognize them. The favorite is indicated by a negative number (-120), while the underdog will have a positive number (+120).

The negative sign means players will need to risk more than they win, while the + sign means risking less than the amount won. So, for the favorite, players must wager $120 to win $100. In contrast, for the underdog, players only need to bet $100 to win $120. However, betting on the underdog is not always the way to go.

How to place a moneyline bet

What does a bettor need to do to place this bet online? Follow these six simple steps:

  1. The first step is to find an online sportsbook that accepts moneyline bets.

  2. Create an account and deposit funds.

  3. Select the sport and event to bet on after funding the account.

  4. Then, enter the amount to be wagered and click "Place Bet."

  5. The original wager and subsequent winnings are credited to the player's account if the bet comes through.

  6. Alternatively, if the bet loses, the bettor will lose the amount wagered on the event.

Understanding How Moneyline Bets Work

Also known as a straight bet or a single-game wager, these sorts of bets take work to win. With three different possible outcomes (win, lose, draw), implementing a few strategies is necessary to help improve a player's chances. Here are three methods for a moneyline bet explained:

  1. Betting on favorites and underdogs: When betting on a favorite, the player will want to ensure the line is small enough that the payout will be worthwhile. Usually, this means odds between -150 to -200 for a rewarding bet. When betting on an underdog, the user should look for a team that is significantly underestimated by the public yet has a good chance of winning.

  2. Look for mismatches: look for injuries. If one team is missing several of its best players, that can give the other team an advantage. In addition, teams playing at home typically have an advantage over teams playing away.

  3. Hedging the player's bets: to protect themselves, players can place a second wager on the other team as well. This is known as hedging a bet. Say the player put $100 on Team A to win at -150 odds. Should that team lose, the bettor loses $100, but if they win, they will only win back $66.67. Bettors could also put $66 on Team B to win at +200 odds to hedge that bet.

Therefore, if Team A loses, you lose your original bet of $100. But Team B has won, so the $66 bet at +200 would win you $132, less the $100 wager on Team A, giving a profit of $32; similarly, if Team A wins, you win $66.67, less the $66 that you've used to hedge your bet on Team B. So, you end up breaking even.

Three Types of Outcomes On a Moneyline Bet 

Depending on the sport, there are two or three outcomes that a player can experience in this type of bet. These three outcomes are win, loss, and draw.

  1. Win: The bet will win if the bettor correctly chooses the winning team or player.

  2. Loss: The wager is lost if the bettor chooses the wrong team and the opposing player or team wins. Players can also fail if there is a draw. If the bettor didn't bet on a draw as an outcome, the moneyline bet is lost too.

  3. Draw: This type of bet has an even moneyline meaning that a draw or draw no bet option is possible. The latter occurs when a draw is not offered as an outcome, which often happens in soccer. However, the bet is returned in full if there is a draw. And if the match ends in a draw, the bettor will only win if they have wagered for a draw.

Sports With Moneyline Betting 

In professional sports, moneyline betting is one of the most basic ways to gamble. But, basic is not always the best, and many top US sports are not conducive to this type of bet.

Sports such as football and basketball are best avoided as it is hard to make a profit from them. However, sports that have lower final point scores or individual sports are a much better bet. Therefore, soccer, hockey, baseball, golf, tennis, and boxing are much better options. It's actually better to place this type of bet on these sports.

Can You Put Moneylines In Parlays? 

Yes, players can put moneylines in parlays, and they are a risky proposition but can also be lucrative betting options for beginners or veteran bettors. When players combine two or more moneylines into a parlay, they are still betting on the outcome of the games.

However, the odds of winning decrease as the bettors take multiple chances. There are a few things to remember when placing wagers in parlays, as there's no room for error if you plan to make a profit. For example, as wagering on favorites best suits parlays, understanding each matchup's nuances is vital regarding favorites and underdogs.

So, in a nutshell, parlays offer a way to increase the potential payout on a bet, but they are also riskier.

Responsible Gambling With Moneyline Betting 

Many responsible gambling tips can be applied when betting. However, it is essential to remember that this type of betting is a form of risk-reward betting and should only be used when the potential reward outweighs the potential risk.

In addition, players should only bet what they can afford to lose and always consult a professional bettor before making any bets. Here are a few things players can do to bet responsibly:

Setting Gambling Limits: and deciding how much money can be comfortably lost. This will help keep players from spending more than they can afford.

Time limits: set a limit on the number of games or bets. Players should not get carried away and bet on every match or hand, choosing a round or bet and sticking to it.

Use Tools: players can use tools to bet more effectively, such as moneyline calculators.

Using A Moneyline Calculator 

For players looking to make more informed betting decisions, a moneyline calculator is a valuable tool. A calculator allows players to calculate potential payouts on a bet, which can help them to make informed betting decisions. Just enter the bet amount and the odds for the two teams or players, and the calculator will tell the bettor how much they stand to win (or lose) if that bet is successful.

This information can help the player decide whether a particular wager is worth taking. It's important to note that these calculators only estimate potential payouts, and the actual payout may vary depending on the bookmaker or casino where the player can place their bet.

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Some commonly asked questions (FAQ):

What does moneyline bet mean in sports betting?

Moneyline bets are the most basic wagers in sports betting in layman's terms. It simply involves a bettor placing a bet on a team or player they think will win without any other conditions.

How do moneyline bets work in online betting?

Bettors typically see two options when betting on a moneyline in an online betting app: the favorite and the underdog. An unfavorable odds number indicates the favorite, while a favorable odds number reveals the underdog.

Is a moneyline bet a smart betting option?

While they can be riskier than other bets, they also offer greater rewards. By understanding how moneyline bets work and carefully assessing the risks and rewards involved, players can decide whether to place these bets.

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