Money line betting guide: Everything to know about the money line and how to wager

The money line is one of the most popular wagers in sports betting, so let's explore what it means

Sports betting has come a long way since its legalization, and 38 different states have adopted it in some form. From point spreads and over/under betting to parlays, futures and prop bets, the options at the best sportsbooks are enough to make one's head spin.

Some of those methods can be difficult to comprehend. However, there is one type of wager that is fairly simple, and that's a money-line bet.

Below, we'll discuss the method of sports betting known as money-line wagering. We'll explain what a money-line bet is and how to place one.

What is a money-line bet?

Money-line bets are the most basic wagers you can make and are ideal for beginners. Unlike other bets, you simply are betting on the winner of a specific game or match, whether it be a team or individual sport. 

With the exception of sporting events that can end in a draw, such as soccer and boxing, you have two options for a money-line bet in a game. Unlike point-spread betting, where the margin of victory is the focus, only the winner of the game or match matters when wagering on the money line.

Along with the point spread and over/under, the money line is one of the most popular options among bettors. 

How do you read money-line odds?

Usually, one team or individual in the event is the favorite and the other is the underdog. The favorite normally has a "-" symbol in front of its odds, while the underdog has a "+" symbol. 

When oddsmakers make the number after the "-" closer to 100, they believe that the matchup will be tightly contested. The farther the number is from 100, the stronger they feel about the favorite being victorious. The negative number also shows how much must be wagered to receive $100 should your bet win. The heavier the favorite, the less you will win in relation to your stake.

Regarding underdogs, a number closer to 100 after the "+" also means oddsmakers think the game will be a close one. The larger the number, the less likely the underdog will win the contest. The positive number indicates how much you would receive if you wager $100 and win. The heavier the underdog, the more you will win in relation to your stake.

There are occasions when both competitors have a "-" before their odds. This indicates that oddsmakers consider the matchup to be almost even and neither participant a favorite to win. And if a team or individual is listed at +100, that means it's basically a toss-up on whether or not it will win. If it does, the payout would be $100 for a $100 wager.

It's important to remember that the most attractive potential payouts are the most difficult to win. For example, if a side is +900, it's highly unlikely that it will emerge with a victory. Therefore, it probably isn't a great idea to lay down a bet on that team, even though the reward would be huge.

Let's look at the money-line odds from the 2025 College Football Playoff national championship to further explain. The Ohio State Buckeyes were the -400 money-line favorite, while the Notre Dame Fighting Irish were +300. The -400 implied that Ohio State was a sizable favorite and that bettors would have to lay $400 if they wanted to profit $100. Conversely, since Notre Dame was viewed as a big underdog, you wouldn't have to wager as much to get a much bigger payout—in this case $100 to profit $300 (or three times any bet stake).

Money-line betting across the major sports

One factor in the size of money-line odds is the parity of the league or competition. Even though the gap between the best and worst teams in North America's professional leagues may be enormous, a last-place club can beat a first-place opponent on any given night.

However, it's almost a certainty that top European soccer clubs will defeat opponents from lesser divisions. The talent discrepancy in college basketball and football also can be massive, leaving the possibility of a huge underdog winning outright against a superior foe all but remote.

Here's how money-line betting works in the popular U.S. sports leagues:

Football

Football is the most popular sport to bet on in the U.S., and the NFL is the most popular league. Therefore, money-line bets are widespread for NFL betting and college football betting, especially since there is a good amount of time between games for bettors to do extensive research in order to determine who they want to back.

Money-line betting on NFL and college football works the same as it does in other sports. For example, if the Buffalo Bills are -210 and the New York Jets are +180 when the AFC East rivals next meet, Buffalo is the favorite and New York is the underdog.

Basketball

Money-line betting in the NBA and college basketball is not as prevalent as it is in football, as teams usually play multiple games per week. But NBA betting is the same as other sports, meaning if the Los Angeles Clippers are -162 and the Memphis Grizzlies are +136 in their contest, Los Angeles is the favorite and Memphis is the underdog.

Baseball

For MLB betting, the odds on the money line normally are lower than in other sports because of the regularity in which teams play, which is from 5-7 times per week. Taking that into consideration, a weaker team defeating a stronger one is not uncommon, especially since the clubs normally play a three- or four-game series.

With all that said, oddsmakers tend to set MLB money-line odds closer to even than in most of the other sports. Thus, a game between the San Diego Padres and St. Louis Cardinals could see San Diego as a -120 favorite and St. Louis as a +115 underdog.

Hockey

The betting volume for hockey historically is lower than that of the previously mentioned sports, primarily because of the overall popularity of the game. However, NHL betting features a fiercely loyal fanbase that will place wagers on a regular basis.

NHL money-line betting is the same as it is in other sports, even though many people confuse it with puck-line betting, which is hockey's equivalent to the point spread. If the Toronto Maple Leafs are listed at -125 and the Boston Bruins are +140, Toronto is the favorite and Boston is the underdog.

What are the best strategies to consider when placing a money-line bet?

A common betting strategy when wagering the money line is parlaying multiple money-line bets, which presents a higher potential payout if you select multiple favorites with heavy odds. For instance, if you parlayed the Los Angeles Lakers (-650), Auburn Tigers (-400) and Winnipeg Jets (-340), you would get -115 odds.

In this case, you would have a higher confidence level backing teams that oddsmakers expect to win because the odds you receive are more reasonable. Your odds are often further enhanced, as sportsbooks often offer boosts on parlay betting. 

Parlays aside, you always want to find the best possible odds before wagering on the money line. Shop around for the odds most advantageous to you, just like you would when looking for any product you would use in your everyday life. If you like the Oklahoma City Thunder to beat the Golden State Warriors and FanDuel has the Thunder at +115 but DraftKings has them at +120, wouldn't you prefer to receive the additional winnings at DraftKings should Oklahoma City pull off the upset? The search for the best odds is quite easy and well worth it, especially in the long run.

Is a money-line bet a valuable bet?

It certainly could be if you have a wise and methodical approach. Every money line indicates the chances a team or individual has to win the event. If you believe one with +100 odds (or a 50% chance to win) has the better chance of recording a victory, that side would have value.

In the case of heavy favorites, a team that has -250 odds, its implied chances of winning are nearly 71.5%. When researching that particular game, if you feel the chance of the club emerging victorious is even higher, then betting it at -250 is a valuable wager.

The payout will be small, but if your predictions are consistently on point more than those of the oddsmakers, your long-term profit can be fruitful.

Can you parlay money-line bets?

As mentioned earlier, you can implement parlay betting if you want to wager on multiple teams to win. Doing so means you have to select at least two individual wagers and combine them into one bet. But each leg of the parlay must hit in order for you to win the bet.

Parlaying money-line bets is permitted at most sportsbooks and tends to be a favorite of many bettors, as the odds you can earn often are more beneficial. Every additional leg to a parlay gives you a higher potential payout, especially when the odds of each leg are lower than -110 or plus money.

However, the chances of winning a parlay decrease with each additional leg. And if just one leg of your parlay does not hit, the entire bet is considered a loss.

FAQ

How are money-line odds determined?

The likelihood of each team or individual winning the event is the determining factor oddsmakers use when setting money-line odds. Some things that are taken into account when setting the odds are player injuries, the event location and the overall performance of the participants throughout the season. There is a correlation between the money line and the size of the point spread in every matchup.

How and when do money-line odds move?

There are many reasons money-line odds would move, and one is how much action from bettors there is on each side of the event. If one team is getting considerably more action than the other in a game, the odds may be moved in the opposite direction by the sportsbooks. Another factor that would make the odds move is an injury to a key player.

What is a 3-way money line and when is it available? 

This type of money line is primarily found in soccer. It is also the most common bet in the sport. In addition to each side winning, you also have the option to bet the match ends in a draw. For example, if Manchester City is facing Liverpool in an English Premier League match, Man City might be +280, Liverpool may be -120 and a draw could have odds set at +300.

A similar type of bet is available in hockey and is known as the 60-minute line. The third option for that wager is betting that the game is tied after regulation.

What is a pick'em and how does it apply to money-line bets? 

"Pick 'em" is the term used in point-spread bets where neither side is awarded points because oddsmakers believe them to be evenly matched. For money-line bets, this is known as even odds, and the sides would be +100. The payout would be the same regardless of which side you wagered on, meaning a successful $100 bet would result in a $100 profit.

Scott Erskine

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