Different Types of Sports Betting Odds: Moneyline Odds
Moneyline odds are the potential payouts on wagers given in either positive or negative currency amounts. Moneyline odds are favored by Americans. For this reason, the term “American odds” is often used.
Moneyline odds are quite simple (especially if you like to bet in $100 amounts). A quick glance at the odds tells you the likelihood of the bet winning and also the potential payout. Here’s how moneyline odds work.
During Sunday’s Baseball game, the New York Yankees are expected to win against the Boston Red Sox. As such, the favored Yankees get a negative moneyline of -$300. This means you must bet $300 to win $100 on a Yankee win. Since the bet is expected to win, the bookmakers want to balance out the bet by making you risk a larger amount. On the other side of the bet, we have the Red Sox as the underdogs. A bet on Boston to win is expected to lose. Since most people wouldn’t bet on a losing team, they payout is increased to make the bet more enticing. In this case, Boston may have moneyline odds of $300. Every winning $100 bet pays $300. The payout is to entice you to take a chance on the expected loser and increase the number of bettors.
Instead of just making a moneyline bet on one game, many prefer to make a parlay bet (making two bets, and both must win). The moneyline odds on the underdog bet above pays $300 for every $100. However by betting on two teams to win, the moneyline payout increases. Instead of $300 moneyline odds, you may get $800! This is a great way for someone who doesn’t want to risk a large amount to still have a chance at big winnings.
Keep in mind that moneyline odds aren’t the only odds format used. Moneyline odds are just one of the three main ways to show odds in gambling. The other two are decimal odds and fractional odds. Decimal odds are favored by continental Europeans and use decimals to show the odds. Fractional odds are preferred in the United Kingdom. No matter the type of odds use, the payout is still the same. For example, the moneyline odds of $300 in the above example convert into 3/1 fractional odds and 4.0 into decimal odds. Decimal odds add the original bet hence the additional of the one.
So now no matter the type of odds given, you should be able to convert it into easy to understand moneyline odds. Good luck with your bet!
