Definition
Moneyline is a bet on which team wins outright; no point spread involved. Price adjusts to reflect team strength. Favorites are priced negative (risk more to win less); underdogs positive (risk less to win more). No handicap to cover — if your team wins by 1 point, the bet wins. Moneylines exist for every major sport. In low-scoring sports like baseball and hockey, moneyline is the primary market.
Worked Example
Eagles −220 vs Giants +185. Bet $220 on Eagles to win $100 ($320 total). Bet $100 on Giants to win $185 ($285 total).
Eagles implied probability: 220 ÷ 320 = 68.75%. Giants implied: 100 ÷ 285 = 35.09%.
Together, the implied probabilities add up to 103.84%. The overround is 103.84% − 100% = 3.84%. The theoretical hold is 3.84% ÷ 103.84% = 3.70%. Theoretical hold assumes stakes are split so the total payout is the same for either result. It is not a fixed share the book keeps. Actual book profit depends on the stakes it takes and the result.
Why It Matters
Moneyline focuses on who wins, without a point spread to cover. Converting each price to an implied probability helps you compare prices across sportsbooks.
Moneyline questions
What does -110 mean on a moneyline?
-110 means you risk $110 to win $100. A minus number is the stake you need to win $100. The same price is common on spreads and totals, where both sides are close to even.
What happens to a moneyline bet if the game ends in a tie?
At most sportsbooks, an NFL tie makes a two-way moneyline a push, and your stake comes back. Soccer uses a three-way moneyline, where the draw is its own result. Each sportsbook states its rule in its house rules.
Is a moneyline bet or a spread bet better?
Neither is always better. A moneyline needs only a win, but a favorite pays less. A spread bet pays close to even money, but the favorite must win by more than the spread. Compare the implied probability of each price.
How do I turn moneyline odds into a probability?
For a minus price, divide the odds by the odds plus 100: -150 is 150 / 250 = 60%. For a plus price, divide 100 by the odds plus 100: +130 is 100 / 230 = 43.5%.