Moneyline bets are the most simple form of sports betting for those looking to win big payouts with relative ease. Moneyline odds are so easy to understand, that it’s really no surprise how popular they’ve become with seasoned professionals and beginners alike.
Moneyline odds are the first set of odds that the most profitable bettors look at when deciding where to wager their money — and for good reason.
You might be wondering what moneyline bets are or how to read moneyline odds. Don’t worry, you’ve come to the right place.
This guide will cover what the moneyline is, how to read moneyline odds, how to calculate the moneyline payout, and other useful insights.
Read on so you can be confidently equipped with all the knowledge necessary to start enjoying a fruitful sports betting campaign.
Contents
What Does Moneyline Mean in Betting?
Moneyline bets mean you are simply wagering on what the outcome of the match will be.
Even if you’ve never officially wagered with a sportsbook, there’s a good chance you’ve made moneyline bets in the past.
Have you ever said to a buddy something like, “Bet you Manchester City will beat Manchester United”? If you have, then you just proposed a moneyline bet.
Depending on the sport or event, there are usually three possible outcomes of a match. A team can either win, lose, or draw. Sometimes, a draw is unlikely or impossible.
Take football, for instance, if it’s an elimination game then a draw (push) isn’t possible. In this case, the moneyline bets on a sportsbook would present 2-way moneyline odds.
Now consider a regular-season football match where, unlike an elimination game, the match could potentially conclude in a draw. The moneyline odds on the sportsbook would present three options to wager on — otherwise known as 3-way moneyline bets or 1X2 “to win” bets.
Depending on the sportsbook, you may see moneyline bets presented as “to win” bets. Don’t worry, it’s the same bet type — just a different wordage.
How Do Moneyline Bets Work?
If you’re in a moneyline (to win) marketplace, you’re asked to pick the outcome of the match you’re considering. If you guess correctly, you’ll win your bet — it’s as simple as that.
Each possible outcome of the match will have moneyline odds associated with it.
Take a look at this example from a sports betting moneyline on Parimatch:
You’re able to determine this is a 3-way betting moneyline (1X2) because a draw is a possible outcome. The moneyline odds are the numbers next to each outcome. If you select Kagera Sugar to win, and they do, you’ll receive a payout reflective of the decimal odds.
Understanding Moneyline Odds
The moneyline odds indicate three important factors, which all smart bettors must consider before wagering. Looking at the moneyline odds will reveal the favourite/underdog, potential payout, and implied probability.
Favourite/underdog
The underlying theme with sports betting is weighing risk versus reward.
Moneyline bets on the favourite are less risky thus less rewarding. On the contrary, moneyline bets on the underdog have more risk and yield a higher payout.
Whichever team (or outcome) has the lowest decimal odds next to their name is the favourite. Logically, the team with the higher odds is the underdog.
Sometimes the draw option is the favourite (most likely) outcome.
Potential payout
Perhaps the most important aspect of moneyline odds is the moneyline payout. After all, aren’t the payouts the whole reason why bettors bet?
With some very simple maths, you can calculate the total moneyline payout (and profit) by factoring in the moneyline odds.
If maths isn’t your thing, don’t worry, most online sportsbooks like Parimatch automatically calculate the payouts for you.
If you’re curious how the formula works, here it is:
Your stake * Decimal Odds = Total Payout
Total Payout – Your Stake = Total Winnings
For example, if you wagered 10,000 TZS on the home team to win at decimal odds of 2.0 the formula would look like this:
10,000 TZS * 2.0 = 20,000 TZS (total payout)
20,000 TZS – 10,000 TZS = 10,000 TZS (total winnings)
If you picked correctly, you would profit 10,000 TZS or in other words, you would double your money.
Implied probability
Moneyline odds are the only way to determine the implied probability of a match.
If you’re uncertain what implied probability is, you’re not alone. A lot of first-time bettors can get confused, but it’s actually really easy to understand.
Implied probability is simply the chance of an outcome happening according to the oddsmaker. When you calculate implied probability using moneyline odds, you’ll be able to better understand the risk level of a bet.
For instance, after calculating implied probability you’ll come up with a percentage that illustrates the chances — i.e. Barcelona has a 90% chance to win.
Here’s the formula:
(1/decimal odds) * 100 = Implied Probability
Here’s an example using the moneyline odds from a Ligi Kuu match on Parimatch:
Implied probability of Young Africans to win:
(1/1.30) * 100 = 76.9% chance
Implied probability of a draw to happen:
(1/5) * 100 = 20%
Implied probability of Dodoma Jiji FC to win:
(1/9.2) * 100 = 10.8% chance
You may have noticed that when you add up all the implied probabilities, the number is over 100%. This is intentional by the oddsmaker. The remaining percentage is the bookmakers cut — commonly referred to as the bookmakers “juice”.
Check out our comprehensive guide if you want to learn more about how to read and calculate sports betting odds.
Benefits of Moneyline Bets
There’s a huge variety of bet types offered on Parimatch. Here are some of the reasons why sports betting moneyline is so popular among bettors across the globe.
Simplicity
By now you’ve probably realized how simple moneyline bets are. Pick a team to win and you’re done.
This basic style of betting is very attractive to bettors. Why make it more complicated than it has to be?
Of course, the other bet types out there are captivating as well but, the more intricate the bet, the more room there is for error.
Also, the simpler the bet, the less you have to pay attention to when you’re watching the event live. After all, most sports bettors are looking for a way to add some more excitement to a match — and a simple bet is the best way to do that.
Easy way to find value
The most successful bettors don’t bet on hunches, they bet on value. This means they scour through odds and pull the trigger on “high-value bets”.
Considering how simple moneyline bets are, it’s much easier to spot value with moneyline odds relative to other bet types (handicap, totals, correct score).
Consider the “correct score” bet type for example, where you’re asked to predict the exact score of a match. It goes without saying that accurately predicting this outcome is much more difficult. As a result, it’s harder to know if you’ve come across a value bet.
Now think of moneyline bets, where all you have to do is predict one of three (or sometimes two) outcomes. Simply calculate the implied probability of the moneyline odds and compare it against your own prediction. If you think the implied probability is lower than what you predict, you’ve just found yourself a value bet.
Big payoffs on big upsets
Although moneyline bets are simple and great for beginners, it doesn’t mean you can’t win huge sums of money. In fact, some professional bettors only bet on moneyline odds.
If you’re looking to make the most cash with moneyline bets, you’ll need to pinpoint matches that will result in upsets. That is to say, which moneyline odds aren’t an accurate portrayal of what you believe will happen.
Oddsmakers can’t get their predictions right 100% of the time. Your duty as the bettor is to find moneyline odds that contradict your own predictions.
When you back the bookmaker’s underdog, the odds will be much higher — resulting in a big payoff. In other words, the bigger the upset, the bigger your payout will be.
Moneyline bets are a fantastic way to win loads of money but it’s not the only avenue you can take. Here are some of the other most popular (and profitable) bet types that Parimatch offers:
- Double chance
- Handicap
- Asian handicap
- Total (over/under)
- Correct score
- Both teams to score
- Draw
- No draw
- Half-time/full-time
Conclusion
Moneyline bets are hands down the most popular bet type across nearly every online sportsbook.
Since moneyline bets are simple to understand and relatively easy to win, it’s no surprise how popular they’ve become on Parimatch.
If you’re interested in seeing what moneyline odds look like on Parimatch, download our intuitive dual-language mobile betting app or check out our website.
You don’t need an account to see moneyline odds, but if you do want to sign up, it’s free to download our betting application.