Moneyline Betting Explained: What is a Moneyline Bet, and how does it work?
Sports betting is a massive industry, and more companies are stepping into this field with innovations. Online sports betting, in particular, is gaining popularity among people. It’s because of convenience and accessibility.
There are many forms of betting that you can try and explore to win. The biggest factor is sports betting odds. It decides everything, how much to bet and how much you can win. There are several types of sports betting, and the simplest form is Moneyline betting.
What is Moneyline betting?
It’s the most straightforward of all. In this form of betting, you just have to predict the winner. There are possibly two outcomes of the bet: win or lose. However, some bookmakers offer a third option – a draw.
Be it a team or an individual game, the Moneyline bet remains the same. Because there is no point spread involved, Moneyline is easy to understand, and while starting, it is the best one.
Elements of Moneyline bet
The odds of a team or a player tell how much you are going to win. The odds are positive or negative.
When your selection wins, the bookmaker returns you the stake and the winnings.
If you lose, the bookmaker keeps the stakes.
If it’s a draw, you get your stakes back.
How does Moneyline betting work?
In Moneyline betting, you’ll find three aspects. Favorite, underdog, and even.
When teams or players compete in a match, one has better chances of winning over the other. The one who is more likely to win is considered a favorite. The odds of which are represented by a negative sign.
For example, if a team/player has -150 odds, it means you need to bet $150 to win $100. You would get $250 if your pick wins.
The least likely to win is considered an underdog, and the odds are represented by a positive sign. For example, if a team/player has +150 odds. It means you need to bet $100 to win $150. If you pick wins, the bookmaker will give you $250.
Even or Pick
There are times when both competitors are balanced and evenly poised. The bookmaker cannot create any difference and figure out the favorite or an underdog. In this situation, the odds are represented by EV or PK.
It means that you will receive the same amount you bet. If the odds are Even +100, you will bet $100, and if your pick wins, you will receive a payout of $200.
How Moneyline bet odds are set
- Market setters open a line, and sportsbooks copy and follow that line.
- All the other platforms copy the market.
- The size of a book decides the limit. Everyone starts with a low.
- Odds vary because of information. As the match approaches, more information flows in. It allows books to tighten their lines.
- When the numbers and information settle in books, feel confident and expand their limits.
- The line closes as the match begins. The odds represent an accurate picture of the contest.
The key to odds is information. The odds depend on it. Information related to weather, injuries, player availability, or team news. Anything connected to the match can affect the odds.
What happens to Moneyline in overtime?
It’s normal for a match of football, hockey, or soccer to go into overtime. If that happens and your pick wins, you still win the bet. However, you have an option of the market. In this option, you can limit your bet to the regular timing results. Whatever the score after the normal duration of the match is, you will win or lose as per your selection. It’s a risky option, but the odds reflect the reward accordingly.
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