In betting, you will encounter three different bets. These are point, total, and Moneyline. The difference between Moneyline and point bets lies in the involvement of scores. In the former, if the team you bet on wins, then so do you. The scores are not involved. While at the point, you are to bet on a specified margin.
So, in this betting, one risks or gambles with their money on a team that will defeat the other team. Or, in even simpler terms, you will bet on the team that you think is likely to win.
Explaining the terms
So, while you are looking at the bets, you are likely to come across three terms. Those are favourites, underdogs, and even or pick ‘em. Let’s get acquainted with these terms.
As the name suggests, it is the favourite team of the majority—the team which people believe is more likely to win. So, taking $100 as the standard betting unit, if one bets on $150, they are likely to make a profit of $100. Now, you are likely to earn $250 if the team wins. A favourite team uses the symbol of -.
Underdogs are the teams that are less likely to be won in the public’s eyes. For example, taking $100 again as the standard betting unit, one is likely to bet $100 to earn a profit of $ 150. In this case, you will earn $250. The underdogs are represented using the symbol +.
Even or Pick ‘em.
If both the teams playing are close in the level of the game, then the sportsbook will give the tag of win or lose to both the teams. In such a situation, if one wagers $100, they will make a profit of $100. Thus, they will get the initial payment of $200.
There are three possible outcomes after a game. These are win, loss, and draw, or draw no bet.
- Win – If the team they betted on won, so did they.
- Loss – if the team they betted on lost, so did they. They will also lose if they don’t opt for a draw.
- Draw no bet – this option means that both the teams are likely to win, and in this case, they are likely to get back their stake.
Connection to the point spread
Although the Moneyline bets are different from the point bets, they are connected when it comes to the checkout of their payments. Selecting a 3-point favourite would be more profitable for you than a 7-point favourite.
For example, betting on a 3-point favourite team having a status of 160 requires a bet of $100 while the underdog would be $135. When the pointer increases, one would have to bet more to get the same return.
While betting the money line on a 7-point, the favourites would be -350 while the underdogs would be +285.
Moneyline odds seem to be quite confusing, but let’s try to understand them with examples to interpret them in simpler terms.
For example, Albama footballs would be highly favoured against FCS opponents. So, the sportsbook will be offering free money in this circumstance.
If we take another example, the Kansas City Chiefs against the Chicago Bears. The majority favours these teams against each other. Here, the bets get interesting. Let’s take the odds of -350. The bettor would bet $350 to win $100. Thus, if one bets $100 on bears, they are likely to make a profit of $245. If one bets on the chiefs, they are likely to make a profit of $28.5.
Let’s talk about NFL and NBA to get a clearer view.
Since we are familiar with the money line bet meaning, it is simpler to understand the NFL Moneyline. Well, as it might now have hit you, It is nothing but betting on the team that, according to you, will win over the other teams. To understand this, look at the example given below:
Example: Green Bay Packers (-500) vs Chicago Bears (+300)
From the information provided, we can interpret that the Packers are favourites while the Bears are underdogs. If you bet $500 on the packers, you will have a profit of $100. The extra amount that is paid is the juice. If you bet $100 on bears, then you are earning a profit of $300.
Here, too, we are betting our money on the winning team. One thing to keep in mind is that the – sign represents the favourites while the + sign represents the underdogs. Let’s consider an example:
Example: Brooklyn Nets (-250) vs New York Knicks (+400)
In this situation, if you bet $250 on the nets, you will earn a profit of $100. If you bet $100 on the Knicks, you are likely to win $400.
Now do the Moneyline odds appear simpler since you looked at the NFL and NBA Moneyline bets? Let’s quickly dive into some tips that will help you choose the winning team and will get you a profit.
Tips for the bets
Since Moneyline bets are very simple in nature, this makes them easier to win. So, here are just some suggestions to help you with betting the money line.
- Betting is all about selections. It’s better if you research the team you think is going to win before you put your money down. Gambling is all about using a strategy to increase your chances of winning the bet. Studying your team’s previous games will help you analyse them and arrive at a better conclusion.
- After all the information provided earlier in this article, you may have concluded that betting on the underdogs is more profitable. But there are even chances that the underdogs will lose the game. Thus, you will have the chance of losing money. It’s better to keep a record of the amount of money that is being spent and earned.
- Underdogs seem to make you win a profit. But just because you will profit more if they win does not mean you can ignore the favourites. As mentioned, favourites are the team the majority prefers and thus, they usually have more chances of winning.
- While you are on your way to selecting the team, it’s better to think practically and with a clear head, as it allows you to get the best probability. Since it has a connection with points when it comes to payment, understanding the point spread also helps in making a better decision.
This was all about the Moneyline bets and all the related terms and theories that will help you expand your knowledge about betting. I hope this article has made this concept easy and helped you understand it better.