What are Moneyline Odds?
Moneyline odds show the price of backing a team, player, or side to win an event outright. In a moneyline bet, the bettor simply picks who they think will win. There is no point spread or handicap involved. The chosen side only needs to win the event for the bet to cash.
In the U.S., moneyline odds often appear in American odds format, using numbers like +150 or -150. The plus number usually shows the underdog, while the minus number usually shows the favorite.
How do Moneyline Odds work?
Moneyline odds price each side’s chance of winning an event. The selected team, player, or side simply needs to win for the bet to cash.
Moneyline odds also reflect implied probability. Favorites have shorter prices because sportsbooks see them as more likely to win, while underdogs have longer prices because they are considered less likely to win.
For example, a basketball moneyline might look like this:
Team | Moneyline odds |
|---|---|
Los Angeles Lakers | -150 |
Boston Celtics | +130 |
The Lakers are the favorite because they have negative odds. A bettor would need to stake $150 to make $100 in profit.
The Celtics are the underdog because they have positive odds. A $100 stake would make $130 in profit if they win.
The final winning margin does not matter. The Lakers could win by 1 point or 20 points, and the bet would still win.
Two-way vs. three-way moneyline betting
Two-way and three-way moneyline bets both focus on who wins an event, but they handle possible outcomes differently.
Number of outcomes:
- A two-way moneyline has two possible outcomes. The bettor picks team or player A to win, or team or player B to win.
- A three-way moneyline has three possible outcomes: home win, draw, or away win.
Draw rules:
- In a two-way moneyline, a draw is not part of the market. If a two-way market ends in a tie under the sportsbook’s settlement rules, the bet is usually pushed and the stake is returned.
- In a three-way moneyline, the draw is its own betting option. A bet on the home team or away team loses if the match ends in a draw.
Sports where they are common:
- Two-way moneylines are common in sports that usually produce a winner. Examples include basketball, baseball, tennis, and American football.
- Three-way moneylines are common in soccer and hockey, where games can end level after regulation. In hockey, the three-way market is often called the "60-minute line" because it settles on the score after 60 minutes of regulation play.
Bet settlement:
- A two-way moneyline is settled based on the final result, including any overtime or extra time. If your team wins in overtime, your bet still cashes.
- A three-way moneyline is settled based on the result at the end of regulation. Extra time, overtime, and penalty shootouts do not count toward the bet.
Moneyline odds vs. point spread betting
Moneyline and point spread betting both focus on the result of a game, but they do not work the same way.
What the bet is based on:
- A moneyline bet is based on who wins the game. The selected team or player only needs to win for the bet to cash.
- Point spread betting is based on the margin of victory. The selected team needs to win by more than the spread, or lose by less than the spread.
Winning margin:
- In moneyline betting, the winning margin does not matter. A team can win by 1 point or 20 points, and the bet still wins.
- In point spread betting, the winning margin matters. For example, if a team is listed at -6.5, it needs to win by at least 7 points for the bet to cash.
Favorite and underdog pricing:
- Moneyline favorites usually have lower payouts because they are expected to win. Underdogs usually have higher payouts because they are less likely to win.
- Point spreads are used to make both sides closer in price. The favorite gives points, while the underdog receives points.
Bet settlement:
- A moneyline bet is settled based on who wins the game.
- A point spread bet is settled based on the final score after the spread is applied.
Moneyline odds vs. totals betting
Moneyline and totals betting are based on different parts of a game.
What the bet is based on:
- A moneyline bet is based on who wins the game. The selected team, player, or side only needs to win for the bet to cash.
- A totals bet is based on the combined score of both teams. The bettor picks whether the final score will go over or under a number set by the sportsbook.
Match result:
- In moneyline betting, the winner matters. The final score only matters because it decides who won.
- In totals betting, the winner does not matter. A team can win or lose, but the bet is settled by the total number of points, goals, or runs scored.
Bet settlement:
- A moneyline bet is settled based on which side wins.
- A totals bet is settled based on whether the combined score finishes over or under the sportsbook’s line.
Conclusion
Moneyline odds are one of the ways to bet on the outright winner of an event. The plus sign marks the underdog, and the minus sign marks the favorite. A two-way moneyline gives two possible outcomes, while a three-way moneyline includes the draw as its own option.
In this market, odds are prices. A favorite may be more likely to win, but that does not always make it a good bet. A better approach is to understand the market, compare prices, and track how odds move before placing a bet.
For more on betting markets and terminology, visit The Advantage blog.
Frequently asked questions
What does +200 mean on a moneyline?
+200 means the team is the underdog. A $100 bet returns $200 in profit if the team wins, plus your original stake. The bigger the positive number, the bigger the underdog.
What does −200 mean on a moneyline?
−200 means the team is the favorite. You need to bet $200 to win $100 in profit. The bigger the negative number, the heavier the favorite.
Are moneyline odds the same as American odds?
Not exactly. American odds are an odds format. Moneyline is a bet type. U.S. sportsbooks often display moneyline bets using American odds, but the terms are not the same.
Can a moneyline bet include a draw?
Yes, if it is a three-way moneyline. A three-way moneyline has three outcomes: home win, draw, or away win. A two-way moneyline usually does not include the draw.
Do moneyline odds include overtime?
It depends on the sportsbook and sport. Some moneyline markets include overtime, while others are settled at the end of regulation time. Bettors should check the market rules before placing a bet.
Is a moneyline bet only for team sports?
No. Moneyline bets can also apply to individual sports, such as tennis, boxing, MMA, and golf matchups. The bettor picks the player or fighter they think will win.