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%. Combined 103.8% — book takes 3.8% margin regardless of outcome.
Why It Matters
Moneyline eliminates spread-cover ambiguity. Win probability models translate directly into moneyline edges without needing margin projections, making model output easier to apply.