There are a number of ways to express odds – or the certainty of a particular outcome – on a sporting event. In football and basketball, spread betting is the most common way to bet, because each sport’s scoring system results in high numbers of points. Therefore, a spread can be offered on a matchup
between two teams with clear parameters for beating the spread and covering the spread. With spread betting the outright winner or loser of the matchup is unimportant; it’s whether or not you picked the team that won by either taking the points (underdog) or giving the points (favorite).
Money line betting is different than spread betting because it only pays for picking the winning team in a matchup. This makes it the perfect method of betting on sports like hockey, soccer, baseball, tennis, golf, boxing, or MMA betting where no spread can be offered because the number of points scored by each team is small. Moneyline odds are usually represented by 3 to 5 digit number, each expressing the likelihood of the respective team to win. Here are two money line odds examples:
MLB Baseball Matchup: Washington Nationals vs. New York Mets
- Washington Nationals -350
- New York Mets +400
Soccer Matchup: Arsenal vs. Newcastle United
- Arsenal -200
- Newcastle United +700
The favorite in any money line bet is always the team/player with a negative number. In the first example, that’s Washington Nationals with a -350 line. The underdog has a positive value. In the first example that’s the New York Mets with a +400 line.
The same holds true for our soccer example with an Arsenal vs. Newcastle United matchup. Arsenal is the favorite at -200, while Newcastle United is a clear underdog at +700.
What do Money Line Odds Values Represent?
The values given for each team in a matchup with Money Line Odds are fairly simple in nature. Each number represents the positive or negative result of a $100 bet.
The favored team – the Washington Nationals from the first example above – with -350 money line odds means one must bet $350 to win $100. On the other hand, the New York Mets – with +400 odds – means that if one bets $100 and wins, the payout will be $400. Another way to think of underdog betting in this case: one gets $400 for every $100 bet.
The same goes for our soccer example. One must bet $200 to make $100 with the favored Arsenal team, or $100 to make $700 with the underdog Newcastle United team.
We are using the $100 figure to keep the math simple, since Money line odds are usually expressed in 3 digit form. In reality, you could bet any amount of money you want. Just remember that you will be paid according to the equivalent value derived from a $100 bet.
For example, suppose you bet $5 on the Washinton Nationals to beat the New York Mets. The Nationals are favored with a -350 money line, creating a fraction of 100/350 that represents how much money will be paid out per dollar bet. If you bet just $5, you calculate your payout following this form: (100/350) x $5 [Your Bet] = $1.43 [Your Payout]. The parenthesis indicate that the 100/350 calculation must be performed first before multiplying by your bet.
Alternatively, if you take the New York Mets, you would use the following calculation: (400/100) x $5 [Your Bet] = $20 [Your Payout].
In each calculation, the “100″ value is used to turn the absolute value of the money line odds into a fraction, which is then multiplied by your bet value to produce a payout.
After doing a couple “practice” money line bets at your sportsbook, it will become like second nature, and in some cases very profitable. Don’t forget, sports like NFL football that traditionally have spread betting can also have money line odds as well.