Introduction of Moneyline Betting
It's the simplest and most straightforward type of bet in sports betting. A moneyline bet has up to three potential outcomes depending on the sport. A moneyline bet usually consists of two players or teams, and bettors need to choose a player or team to win their bet.
For football and boxing/MMA fights, a moneyline bet also has a "draw" option with no winner or loser. Many sportsbooks offer a draw option on a moneyline bet and also what's called a "Draw'' or “no bet" option where you can only choose a winning team without a draw result.In case the match ends in a draw, the amount of bet is returned to you.
One thing that makes moneyline so simple and easy is the lack of a handicap. All you need to do is pick a winning team or a draw in a football game.
Types of Moneyline Bets
There are three components within a moneyline bet:
The Favourite
The favourite is the team that has a better winning chance. With $100 as the standard betting unit, you would have to bet the listed amount (for example, with 1.50 odds) to win $100. In this case, you will need to bet $150 to win $75. You can find a favourite team simply by looking if they have the lower number on the moneyline. Or odds at, or below 2.00.
1 / 2.00 = 50%, so when their odds are less than 2. The implied probability is more than 50%.
The Underdog
The underdog is the team that is less likely to win. Like our previous example, let's say we have $100 as a standard betting unit. This means that you will have to bet $100 to win the listed amount (with 2.50 odds) for a winning underdog. This means that you need to bet $100 to make a $150 profit. The underdog is represented with a higher number on the moneyline market and usually pays out more than the original amount you bet.
The Evens
An 'evens' or also known as 'pick 'em', is when two teams are at almost the same level of performance that the sportsbook places them equally with the chance of winning or losing. In this case, you will need to receive the same amount of money bet during the pick. For example, bettors will bet $100 on a 2.00 odds, which adds up to $200. You can usually find the term "evens" or "pick 'em" listed on the moneyline for this kind of bet. This bet usually shows an equal betting amount (2.00) or a mix of the terms like (Evens 2.00). The winning event or pick 'em you play will reward you with the same amount you put in.
The Three Kinds of Results on A Moneyline Bet
Win
You can win this betting type when you pick the winning team outcome or a draw if there is an option as the potential result. The draw option is indeed exclusively available for football or boxing matches.
Loss
You lose the bet if you fail to choose the winning team. You can also lose the bet if you didn't select the "draw" option if a match does end up in a draw.
Draw
The Draw option occurs when the moneyline doesn't offer the draw option but where a draw result can potentially happen. Indeed, this frequently happens in football when a moneyline bet offers options for either team to win. When a draw occurs in this type of bet, you'll have your full money returned. However, if a draw option is an available option on a moneyline bet, then the only way you can win is if you select to draw as the outcome. Otherwise, you'll lose the bet.
When to Choose Moneyline Bets
New sports bettors usually ask, "why would I bet on moneyline rather than handicaps bets?" There are no straight answers to this, as moneyline and handicaps as an "or" or "either" options. You don't need to decide whether you should bet on moneyline or the spread as these are two different markets. Each of them has its benefits and you should have them both on your side.
Once you understand the benefits of both betting types and how they work, you'll know the best time to choose moneyline bets and other times when the handicap is more suitable. There are no exact rules on which one you should use, as what's most important is to bet on whichever type of bet you feel offers the best value in any situation. you can also check the three-way moneyline, a strategy related to this topic.
Successful bets on any sport are all about scoring the best value. If you're a bettor who only focuses your bets on handicaps, then you are likely to miss out on some great opportunities to find better values. We're not saying that you should stop placing your bet on handicaps, but if you see a moneyline bet that offers a great deal, then go for it! There are also times when a game has great value for both options.
