The future of the global online sports betting industry looks very bright considering rapidly growing revenues and profits. According to the GGR (Gross Gaming Revenue), the sports betting market was worth around $85 billion back in 2019 and it is expected for this number to rise to $134 billion significantly in the following four years.
Thanks to the amazing technological advancements that are not only shaping the global sports betting industry but all other industries, it has never been so easy to engage in online sports betting activities. Regardless of your gaming device and budget, there are hundreds of renowned and reputable online sports betting sites at your disposal at any given time. Offering great bonuses, excellent coverage of sports markets, and great betting odds, the most renowned online sportsbooks are not short on different types of sports bets.
As one of the most popular iGaming forms globally, the growing online sports betting industry offers something for everyone. The vast majority of sports betting fans and enthusiasts are already familiar with the main betting concept that includes different betting types such as straight bets, parlay bets, total line bets, teaser bets, and a super popular moneyline bet you can place on all popular sports. To learn more about moneyline bets, how they work, and how to use them, keep reading.
What is a Moneyline Bet?
When compared to other betting types out there such as parlays, moneyline betting is the most used, most simple way to engage in online sports betting activities. While veteran sports bettors place both moneyline and other types of bets, we always recommend newbies to start with moneyline betting. The concept behind moneyline bets or moneyline betting is quite simple and it could be a way for you to start making some money on the side.
You pick a sports team or a player to win and if your pick wins, your sports betting site pays you the respective amount. In moneyline betting, there are no point spreads so playing a moneyline bet has never been an issue. While moneyline betting is rather simple to understand, understanding payouts related to moneyline bets can be a bit confusing for newbies. Both sides of moneyline bets come with different betting odds and different payouts.
In moneyline betting, the favorite player or team is the one expected to win, and in moneyline bettings, expected winners are commonly listed with a (-) minus sign. The underdog team or player in moneyline betting is the one expected to lose and the underdogs are most commonly listed with a (+) sign. In other words, when you look into a moneyline bet, you immediately know which side is the favorite and which side is the underdog thanks to their assigned plus and minus signs. It also should be noted that the plus side always brings bigger payouts while the minus side always pays less.
Understanding Moneyline Bets
Moneyline betting is very popular in sports such as hockey, soccer, football, and baseball that we refer to as low-scoring sports. To understand moneyline betting, let’s take one example. In an NFL game, the Kansas City Chiefs meet with New England Patriots. Moneyline odds on this game offered by an online sports betting site can be displays as:
- Kansas City Chiefs (the underdog) +150
- New England Patriots (the favorite) -120
As explained in the previous section, the favorites are always assigned a minus sign while the underdogs are assigned a minus sign. If you place a bet of $100 on the New England Patriots, you win $180 if the favorites win the game. In this case, you get back your $100 plus $80 in winnings. If you place a bet of $100 on the Kansas City Chiefs, you win $250 including your stake and your win of $150. In moneyline betting, betting on the underdog carries a greater risk but if your pick wins, you get a bigger payout.
The majority of online sports betting sites display American odds with the minus and plus signs. The number near the minus sign suggests how much you need to wager to win a payout of $100 while the number located with the plus sign suggests what you would win for making a bet of $100. In some cases, there is no obvious favorite or underdog specified so both teams or players may be assigned minus signs with differing odds.