What Is Moneyline Betting?

What Is Moneyline Betting?

The Illinois sports betting menu is teeming with choices. Indeed, the plethora of options can be overwhelming, especially for newcomers. However, there are ways to simplify the betting process.

Submit your moneyline bet. This prevalent betting style simply requires you to choose which side you believe will emerge victorious. There’s no need to fret over additional points or ponder complex situations. The moneyline focuses solely on the end game: determining which side will win.

Even though it’s fundamentally simple, there are certain concepts necessary for successful moneyline betting. Our comprehensive guide to moneyline betting in Illinois will delve into every aspect of this elementary bet type.

What is a moneyline bet?

The moneyline bet, one of the most sought-after wager types at online and mobile sportsbooks in Illinois, is particularly prevalent in team-based sports like the NFL and NBA. It is typically listed in the main game listing, alongside the point spread and total.

What Is Moneyline Betting? 1

In individual sports like golf and tennis, the moneyline is often available for different head-to-head matchups. When the moneyline is offered, the decision for bettors is straightforward. However, this doesn’t guarantee an easy win on the bet.

When you place a moneyline bet, you’re simply choosing who you believe will win. The odds will be displayed for both teams, clearly indicating the favored team and the underdog. Later, we’ll explain how the odds work for moneyline betting.

How to bet the moneyline

As a quick example, let’s take a look at a typical NFL contest game listing, which might appear as follows:

  • Chicago Bears +5.5 (-110), Moneyline +215, Over 45.5 (-110)
  • Los Angeles Rams -5.5 with odds of -110, a moneyline of -260 and Under 45.5 with odds of -110.

The numbers adjacent to the team names, from left to right, represent the odds for the three primary types of bets: point spread, moneyline and total. Deciding to place a moneyline bet involves choosing between the Rams with odds of -260, or the Bears with odds of +215.

After choosing, click on the box with the matching odds. This will add the wager to the betting slip. Next, input the wager amount, confirm that all details are accurate and click submit to finalize the bet.

Online moneyline betting rules in Illinois

Most moneyline wager rules for online betting are generally standard throughout the industry, but there may be occasional exceptions that you need to take into account. Here are the key points to understand:

  • As soon as the game or contest begins, moneyline bets are active.
  • Most wagers will be dependent on the entire duration of the game, including any additional time required. However, some might focus solely on the standard game time. The betting provider will distinctly outline the wager, so ensure to review it thoroughly to confirm it matches your preferences.
  • If a contest is postponed after it has started, the moneyline bet will still be deemed active as long as it is completed within a practical timeframe, for instance, 24-48 hours.
  • If events are entirely canceled or rescheduled for a future date, the moneyline bet will be deemed null and bets will be reimbursed.

This encompasses the crucial details, but we want to emphasize once more that some books may have unique variations in the house rules. It remains a good habit to regularly check the terms and conditions at the sportsbooks.

How to read moneyline odds

To illustrate how moneyline bets function, let’s take a look at the odds for a Major League Baseball game. Moneyline betting is a favored method for placing bets on baseball. The odds for each game will be displayed and might appear as follows:

  • Tampa Bay Rays +130
  • Los Angeles Dodgers -150

In this contest, the Dodgers are predicted to triumph. This is evidenced by their negative odds, as in moneyline betting, favorites are assigned negative numbers while underdogs receive positive ones.

The oddsmakers indicate a paper mismatch when the numbers are significantly different. On the other hand, if the odds are extremely close, the bookmaker predicts a game that could potentially be a toss-up.

Why do moneyline odds move?

Odds for moneyline bets are made available well before the events occur. For sports that have frequent games, like the NBA or NHL, odds are released the night prior to or on the same day as the game. For less frequently played sports such as the NFL, the odds are released several days ahead.

Following the initial launch, fluctuations in the numbers are quite usual. As the public begins to express their opinions, a distinct preference might appear. In order to balance the activity as effectively as possible, sportsbooks might modify the lines.

Therefore, moneyline odds may vary across different operators. For instance, DraftKings in Illinois might provide moneyline odds of -150 on the Bears, whereas FanDuel might offer -140 for the same match.

The small variations can significantly accumulate over the season. Don’t forget, you have the option to explore and find the most attractive betting prices. Our live odds feed keeps tabs on the most recent figures at various legal books, so make sure to revisit frequently.

Calculating returns on moneyline bets

Moneyline odds not only indicate which side is likely to win, but they also allow you to instantly calculate the potential return on successful bets. To illustrate this, let’s contemplate the odds for this hypothetical NBA match-up:

  • Los Angeles Clippers -220
  • Chicago Bulls +250

When the odds are negative, as they are for the Clippers, the moneyline number indicates the amount we need to bet to earn a return of $100. For instance, a winning bet of $220 would yield a profit of $100.

The odds on the less favored Bulls indicate the potential return on a $100 winning bet. If we place a $100 bet on Chicago and they win the game, we could expect a return of $250.

This is the swift and straightforward method to solve it, but there are also some formulas available for use. When the odds are in the negative, we need to process the subsequent steps.

  • Bet Amount/(Odds/100) = Profit

We begin by finding the result of the odds divided by 100 within the parentheses. The potential return is then determined by dividing the bet amount by this result.

The formula is slightly adjusted for positive odds.

  • Profit = Bet Amount * (Odds/100)

We continue to divide the odds by 100, but in the case of positive odds, we multiply the outcome by the bet’s stake to calculate our possible earnings.

It’s also simple to view the possible return by including a moneyline bet in your slip. After entering a bet amount, the sportsbook shows the potential return. However, ensure not to hit submit until you are completely prepared.

Understanding the math is beneficial in the long run, as it will help you quickly identify value opportunities in moneyline odds by simply browsing through the listings.

Moneyline betting examples

Let’s go through some examples for each of the major sports to gain a comprehensive understanding of moneyline odds and payouts.

NFL moneyline betting

Moneyline, point spreads, and totals are the main types of bets for NFL games.

  • Minnesota Vikings +150
  • Green Bay Packers -175

The Packers are the favored team in this matchup. If you place a winning $100 bet on them at odds of -175, you stand to gain a profit of $57.10. If you bet on the Vikings and win at odds of +150, your $100 bet will return $150.

NBA moneyline betting

Betting in the NBA also involves spreads and totals, with the addition of moneyline.

  • Houston Rockets +120
  • Boston Celtics -140

In this case, the Celtics are slightly favored against the Rockets in the moneyline. If you bet $100 on the Rockets, who are the underdogs, with odds at +120 and they win, your return will be $120. On the other hand, if you place a $100 winning bet on the Celtics at -140, your profits will be $71.40.

MLB moneyline betting

Perhaps the most popular way to bet on MLB is the Moneyline, followed closely by the run line and totals.

  • Milwaukee Brewers +115
  • Chicago Cubs -105

Tight odds indicate a potentially narrow game. A victorious $100 wager on the Brewers, who are the underdogs, at odds of +115, will yield a $115 profit. On the contrary, if you place a $100 bet on the favored Cubs and they emerge victorious, the -105 odds imply a return of $95.20.

NHL moneyline betting

Betting in the NHL also tends towards moneyline betting, but options for goal line and totals bets are also provided.

A large discrepancy between the numbers suggests a potential disparity. The Blackhawks are the clear favorites in this instance, with a -220 bet of $100 potentially returning $45.50. Conversely, if you stake $100 on the underdog Senators and they emerge victorious, the +180 odds imply that you would receive $180.

NCAA football moneyline betting

The moneyline also offers value, despite college football spreads and totals receiving a significant amount of attention.

  • Purdue +280
  • Notre Dame -360

In college football moneylines, there can be significant spreads. In this scenario, the Fighting Irish are considerable favorites, resulting in a $27.80 profit from a successful $100 bet. However, if Purdue manages to upset the odds at +280, a $100 winning bet would yield a return of $280.

NCAA basketball moneyline betting

The scenario is similar with college basketball: while spreads and totals might receive more attention, there are also plenty of opportunities on the moneyline.

This game, which could potentially be a close one, could result in a decent profit for either side. If you bet $100 on Loyola Chicago with odds of -125, you could earn a return of $80 if you win. On the other hand, if you bet on the underdog, Illinois, with odds of +105, you could win a return of $105 on a $100 bet.

MLS moneyline betting

Soccer frequently leans towards the moneyline, but spread and totals bets also enjoy significant popularity.

  • Chicago Fire +115
  • New York Red Bulls are at -135 odds.

Several moneyline bets in soccer also offer the choice to opt for a tie, so stay alert. If you place a bet on the favored team, the Red Bulls, a winning bet of $100 will yield a return of $74.10. If you bet the same amount on the underdog team, the Fire, with odds of +115, you stand to make a return of $115.

Golf moneyline betting

Sportsbooks create head-to-head matchups based on the moneyline as tournaments unfold.

  • Phil Mickelson +125
  • Tiger Woods -115

The popularity of head-to-head golf bets is steadily increasing, paralleling the rise of the PGA Tour. In this match, if Mickelson outperforms with odds at +125, bettors who wagered $100 will receive $125. Conversely, a successful $100 bet on Woods, with odds at -115, would yield a return of $87.

Tennis moneyline betting

Sportsbooks will release moneyline odds for every match in a tennis tournament, for both men’s and women’s games.

  • Rafael Nadal +100
  • Novak Djokovic -105

In the initial stages of tennis tournaments, numerous mismatches can occur, but the odds typically become more competitive as the event progresses. For this particular match, a successful $100 bet on Nadal at +100 would yield a return of $105. Conversely, a $100 bet on Djokovic to win at -105 would result in a return of $95.20.

NASCAR moneyline betting

The moneyline is also utilized for head-to-head matchups in NASCAR races.

  • Ryan Blaney +190
  • Kevin Harvick -240

At the typical NASCAR race, dozens of drivers are lined up to compete and sportsbooks often create pairings from the pool of racers. In this case, a successful $100 bet on Blaney would yield a return of $190. Conversely, a winning $100 bet on Harvick would result in a $41.70 return.

UFC moneyline betting

Whenever there’s a UFC card, you’ll see moneyline odds for the winner of each match:

  • Justin Gaethje +260
  • Khabib Nurmagomedov -340

Certain matches may present valuable odds for both sides, while others, like this one, may have distinct favorites. Should you wager $100 on the favored Nurmagomedov and he wins, you would receive $29.40. However, if Gaethje manages an upset, a $100 bet would yield a return of $260.

How to handicap moneyline bets

In general, moneyline bets are straightforward. They’re an excellent place to start for beginners in sports betting. However, this doesn’t imply that winning is a piece of cake. Upsets can occur, and bets that appear to be a sure thing sometimes don’t turn out as expected.

Sports betting inherently brings certain challenges, so get ready. The aim when placing moneyline bets on a game or event’s outcome is to identify the team or player you believe has the highest winning odds. Below are some strategies to guide you towards achieving this goal:

  • Evaluate Strengths and Weaknesses Objectively: It’s important to determine if one side clearly outperforms the other. In the NFL, for instance, one team may excel at rushing while the other struggles to defend against it. In tennis, a player may consistently perform well at a specific venue while their opponent does not. Identifying these subtle advantages can increase your confidence in your decision-making.
  • Analyze Past Games and Shared Rivals: Teams and players that frequently compete against each other generate a wealth of data that can be used to evaluate past events. Even those who don’t compete often may have encountered some common adversaries. While history doesn’t guarantee future outcomes, it can offer insights into potential scenarios.
  • Prioritize Recent Performance Over Season to Date: No matter the sport, the season can be taxing. Athletes experience highs and lows, so understanding the current situation is essential. Those performing well might continue to do so, while those facing difficulties might persist in their struggles. Small bits of information like this can also help identify possible upsets.

Handicapping can aid in achieving your goals, however, it also comes with certain potential risks that need to be carefully avoided. Here are a few to be wary of:

  • Some individuals consistently wager on favorites or underdogs. The underlying hypothesis for those betting on favorites is that they win frequently, ensuring profitability over time. On the other hand, those who bet on underdogs believe that substantial wins compensate for intermittent losses. When placing a moneyline bet, simply select the victor and assess whether the bet is worthwhile. It’s as simple as that.
  • Wagering with a Biased Perspective: We all have preferred teams and players, as well as desired outcomes. However, this doesn’t imply we should gamble on them. Indeed, letting emotions guide your betting decisions can lead to long-term trouble. If you can’t set your personal preferences aside, it’s best to abstain.
  • Facing Defeats to Break Even: In sports betting, defeats are inevitable. The most effective strategy is to evaluate your missteps, gain knowledge from them, and look forward to the next chance. If you tackle defeats with resentment, believing that you’re “due” to break even, you might have to face an unpleasant surprise.

What to remember about moneyline betting

Online and mobile sportsbooks prominently feature the moneyline bet. This simple wager requires you to select the winner. The odds board guides you towards the favored outcome and indicates the potential return for successful bets.

Although it appears simple, the moneyline shouldn’t be mistaken as a straightforward way to make money. It isn’t. The same principles of handicapping apply to this type of bet as to any other. Do your research and make the most informed decision possible.