When you bet on your favorite team or player at online sportsbooks, the moneyline bet is very popular. For the simple reason, bettors at online sportsbooks bet on the team they think will win. It doesn’t matter by how many points a team wins, just as long as it wins. We take a look at the moneyline bet from a wider angle, and how you can use it when you bet on online sports.
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Before live bettors can bet on a team the oddsmakers must first determine the price on every team. The moneyline bet, therefore, determines the number of money the bettors must risk. If you win, the moneyline also determines the size of your payout. You can also place your bets on the moneyline on your cell phone.
Moneyline Bet And Odds
The moneyline price starts with even money which we call odds. The odds can be anything from +100 or -100. To simplify it for you, it doesn’t matter on which team you bet; either you’ll win or lose the same amount of cash you risked. Our best USA sportsbooks offer you a bonus on your first deposit which you can use to bet on the moneyline.
If you’re still new at betting at online sportsbooks ten to one you saw the minus price. The sports betting team that has a minus rating is the favorite. And, the team with the ‘plus’ is the underdog. If the underdog wins, the bettor wins, but he or she will also pocket a pretty penny.
Moneyline Bets: Pros and Cons
You don’t need to be a seasoned sportsbook bettor to know that the favorite NFL teams usually win their matches. This is why oddsmakers compel bettors to pay higher prices on the favorites. In the past UFC fight against Amanda Nunes (-600) and Felicia Spencer, a bettor bet $1 million on Nunes to win. Although Nunes was the favorite by a substantial margin, she won. And, the bettor won $166,666.70. Very risky stuff! Because the underdog, in this case, Spencer could have caused a major upset and he would have lost the entire $1 million.
If we move onto baseball the moneyline price for the favorite is 150. To win $100 you must risk $150, not only do you get back the $150, but you win $100. Now, what happens when the favorite loses the game? You’ll lose the $150 bet. For the most part, favorites will win their games but they also carry a certain element of risk. If they win you only win the money you risked.
Moneyline Bets The Underdog
Underdogs lose most of their games, not so? This is why oddsmakers make their odds attractive to entice bettors to bet on them. Seasoned bettors also bet on the underdog and not only on the favorite team. So, how do oddsmakers sweeten the pot to entice bettors to bet on the underdog? They offer them plus money should the underdog win. Therefore, if you back the underdog and they win, the payout will be so much bigger.
Remember the plus sign next to the underdog? That’s the extra money you’ll win if the underdog causes an upset. If the moneyline price on the baseball underdog is +150, and you risk $100 on the underdog. You will win $150. If the underdog loses, you’ll lose your initial $100 bet. The takeaway here is, when you bet on the underdog it’s riskier, but the rewards are good.
There have only been three underdogs in the MLB since 2005 with a moneyline price of +375. The Nationals were the underdog against the Twins in 2007. Guess what? As the +395 underdogs they won, it remains the biggest upset of all time.
Which Sports Use Moneyline Bets?
All the sports available at sportsbooks use the moneyline. But, the sports that use the moneyline bet are baseball, hockey, soccer, and hockey. Interestingly, all the low-scoring sports use it. The outcome of a goal or 1 point can decide the final result of the game.
How Does The Spread Work?
Even though, basketball and football offer moneyline betting, it’s not as popular as spread betting. In basketball and football, oddsmakers convert the spread into a moneyline price. Let’s say, the Minesota Vikings are the favorites on the spread with 10 points. On the moneyline it translates into something like -700.
If you fancy the Vikings to win the game, but you’re not sure if they’ll win by 10 points or more. You can disregard the spread, and bet on the Vikings -700 on the moneyline.
Due to the high price of the odds you must risk $700 if you want to win $100. Should the Vikings win, you’ll get back your $700 including the $100 you won. If the Vikings lose, you can kiss your $700 good bye. Which explains why point spreads are more popular in basketball and football. The risk is lower and it’s easier to understand them.