Here we explain how Moneyline odds work, where you can go to place your bets, and which wagering markets will give you Moneyline action. You'll also get some insight into sports betting in New York.
Legal online gambling is coming to New York starting Saturday Jan. 8. Because the Moneyline is such a popular option for placing sports bets all of the licensed operators will offer this option.
There are plenty of factors to consider before deciding which is the best sportsbook for your moneyline bets. But everything else being equal, you're looking for the best odds. While each sportsbook takes a similar line you'll find the Moneyline odds vary from sport to sport and operator to operator.
What is a Moneyline Bet?
With a Moneyline bet all you need to do is select who you think will win a contest. Forget about point spreads, forget total scores. Pick a winner, and if they win, so do you.
How to Make a Moneyline Wager
Because Moneylines are so easy to understand, they're a versatile system for operators to use across betting markets. You should be able to find a Moneyline on every available sport, even if you can't find any other action.
A vast majority of sporting events result in a winner and a loser - some sports like soccer offer a Moneyline on a draw. It's also easy to roll up a selection of Moneyline wagers into a parlay when you think you're on a hot streak of picks.
Understanding Moneyline Odds and Sports Betting Odds
Let's break down how to read and understand Moneyline odds. The American Odds system is the default for operators in New York, and it goes like this.
A minus sign (-) in front of a number indicates the favorite, while the plus sign (+) is your underdog. And the higher the number, the bigger the odds.
But what does the number represent? The plus sign tells you what you'd win based on a $100 wager by betting on a winning underdog. The minus sign indicates what you would have to bet on the favorite in order to win $100.
Moneyline Favorite vs. The Underdog
Simply, the favorite is the side of the contest the oddsmakers expect will win, and you can see who the favorite is by the minus sign before the number on the Moneyline. The underdog is who is expected to lose, and there will be a plus sign before that number.
Example of a Moneyline Betting in NY
Let's use a game from earlier this season as an example, when the Buffalo Bills played the New York Jets in NFL Week 10. If you've been following this season, you won't be surprised to know that the Bills were a huge favorite.
We shopped around a little and found that the best odds we could get at sportsbooks planning to launch in New York were as follows: BetRivers Sportsbook NY gave the Bills at (-670) to win the game, while BetMGM Sportsbook NY had the Jets at (+600).
Suppose we had $100 riding on Gang Green through BetMGM and they managed to pull out the upset. That (+600) tells us we'd walk away with $700. Our original bet of $100, plus the $600 in winnings. But that didn't happen. The Bills won and if we'd put $100 on that outcome that (-670) nets us out a takeaway of $114.93.
Last but not least, the sites and apps will do this math for you before you risk anything, so don't worry about scratching out arithmetic problems on the back of your junk mail before placing a wager. When you fill in your desired bet amount in an online betting slip it automatically calculates and displays your potential winnings for that stake.
Types of Outcomes on a Moneyline Bet
When you bet on the Moneyline you're betting on one side to win and one side to lose.
Win the Game
If the result you've bet on is what happens, you're in the money, it's that simple. You're going to get your stake back and winnings based on what the odds were when you placed your bet.
A winning bet on the underdog is always going to bring back a bigger return than one on the favorite.
Lose the Game
If your pick doesn't come back with the win, you lose any money you wagered on the Moneyline. And if your Moneyline bet is tied into parlay bets? That's a loss as well.
There are really two things that could happen if the game you bet on ends in a tie or draw. You could lose. If there's a Moneyline option for a draw, that's treated as a loss if you picked either team to win. You'll see a draw Moneyline in sports like soccer, rugby, and cricket.
If there isn't a Moneyline for a draw, and the contest ends in a tie, your bet will be canceled. You'll get your stake back. Your pick didn't win or lose, and neither did you. Most sportsbooks call this outcome a "push."
Leagues to Place Moneyline Wagers on in NY
When you look at the game lines on your favorite betting sites and apps, you'll find the Moneylines front and center alongside the point spread and totals odds. Here are just a few of the betting markets that feature Moneylines but know that this is just the tip of the iceberg.
NFL Football Moneylines
The NFL is the hottest betting market in American sports, and there's plenty of action to be had just betting on Moneylines. Pick your winners and parlay a few of them if you're feeling frisky!
More money is bet on NFL games than any other sport in the US. A large slice of that action goes on moneyline betting either as straight bets or part of a parlay. This means that the moneyline odds on an NFL game matter a lot to the sportsbooks. They spend a lot of time and money trying to set the right lines because they can lose a lot of money if they are off by even a small amount. It's hard to find occasions when you will have an edge on a New York sportsbook on a moneyline bet in an NFL game.
NBA Basketball Moneyline
Second only to pro football is the NBA when it comes to volume of bets, and with Moneyline betting, it's easy to get the hang of things. The Basketball Moneyline is another place where parlay frequently comes into play due to the difficulty of finding advantageous odds in a single bet. Like the NFL the oddsmakers are no fools when it comes to the NBA. Wrap several bets on the favorites in a parlay bet and you can get a decent payout even with a small wager.
NHL Hockey Moneyline
Any operator in the online gambling field will offer Moneyline betting on NHL hockey in addition to totals and puck lines (the hockey equivalent of the point spread). One interesting wrinkle here is the Moneyline is the most common type of wager on NHL hockey, as opposed to sports like basketball and football which tend to favor the spread bet.
MLB Baseball Moneylines
Moneylines are also the most popular way to bet on baseball, as the unpredictability of the scoring can play hell with totals or run lines. But someone has to win, and that's where the Moneyline comes in.
With so many games you're just not going to see the volume as you would an NFL game so there can be opportunities to find little edges in the odds, especially as you get into late-season games between eliminated teams. If the players' enthusiasm goes their will to win erodes and historical statistics have less predictive power. On the Super Bowl itself you know for sure that every player is trying 100% and the top sportsbooks will feel safe relying on their data.
Pros and Cons of a Money Line Bet
So as you no doubt know, any type of wagering has its advantages and drawbacks. Betting the Moneyline is certainly no exception. Moneylines are easy to read and understand quickly. The odds mean you can instantly see which team is favored and by how much.
There's no need to keep your eyes on the spreads, and you can just focus on enjoying the game. But the odds on Moneylines can leave you in a position where you feel like you need to bet big to get anywhere. This is why Moneyline bets are frequently tied into parlays where the risk and potential payoff is higher.
Moneyline Betting Tips for NY Sports Bettors
One way to maximize your Moneyline winnings is to shop around with the operators. Above we mentioned a Bills-Jets game where one operator gave the Bills at (-670), and second had the Jets at (+600).
Those two aren't the only game in town, and that's surely no guarantee they had the most favorable odds on every game that week. But just by way of comparison, the worst odds we saw on that same game were the Jets at (+500) and the Bills at (-909). These odds variations make a huge difference to the payout on a winning wager.
Another important thing to keep in mind is that Moneyline wagers are good long-term strategies. Keeping close track of what's coming in and what's going out will help you understand if your system is working.
Finally, be sure to look for odds boosts, which are common in the most popular sports and can give you better payouts depending on how the events play out. Odds boost offers can change every day so before you start your day's betting check out the promo codes page to make sure you don't miss out.
Point Spread Bets vs. Moneyline
So should you bet the Moneyline or the spread? It depends on multiple factors.
In a vacuum, we prefer spreads on football and basketball, and Moneylines on baseball and hockey. But the endless options the operators have to offer mean you can play the way you want to and take your business down the road if you don't like the way the game is set up.
And of course, some betting markets will only give you action on the Moneyline anyway. It's not like you can get total points on an MMA fight. The basic rule is the more points are scored in a sport the better it is to bet the spread. In low-scoring sports like hockey and soccer Moneyline betting options have the edge.
Final Thoughts on Moneyline Bets in NY
Betting a popular sport on the Moneyline is an easy way to get your feet wet in the world of online gambling. If you wager small early on, stick to a system and keep your wits about you, you can use Moneyline to increase your investment in your favorite games, and maybe even increase your bankroll.
Moneyline Betting New York FAQ
Moneyline bets are a large part of the sports gambling ecosystem. They are legal in New York via mobile betting apps or at retail sportsbooks.
Moneyline bets work simply by picking the side of the contest that the bettor thinks will win. The team that the bookmaker decides is favorite to win will be listed with negative odds e.g. -350. The team the bookies think will lose is listed with positive odds e.g. +300.
The payout on a moneyline bet can be substantial, especially if a big underdog hits. But you should remember to bet responsibly and understand that an underdog is an underdog for a reason.
There's no limit to the number of Moneyline bets you can make. That's not to imply that betting on every game in a sport on a given day is wise. But we're not going to stop you. Have fun but stay safe. Use the responsible gaming features of New York's licensed sportsbooks and you can avoid developing a gambling problem.
Bettors in New York can create parlays from their moneyline bets.