Moneyline Betting Explained: Odds and Payouts

A moneyline bet is a wager on a team or player to win the event or period specified on your ticket, without a point spread. Your potential profit depends on the odds and your stake, not the winning margin.

Here's how moneyline betting works, using hypothetical prices and payouts. The key distinction is simple: profit is what you earn on a winning bet, while total return includes your original stake. Before betting, also check whether the market includes overtime or offers a draw as a separate result.

What is a moneyline bet?

A moneyline asks you to pick the winner. If your selection wins under the market's settlement rules, your bet wins, whether the winning margin is one point or twenty.

That differs from a point spread, which adds a handicap. Say a hypothetical basketball team is favored by 5.5 points. A three-point victory wins its moneyline bet but loses a bet on that team at -5.5.

A total is different again: it concerns the combined score rather than which side wins.

Moneyline betting doesn't mean every selection pays the same amount. A heavily favored team generally offers a smaller profit relative to your stake. An underdog generally offers a larger one, reflecting the lower chance suggested by its price.

Moneyline betting explained: plus and minus odds

American moneyline odds use a plus or minus sign:

• Negative odds: Show how much you must risk to make $100 in profit. At -200, risking $200 would earn $100 if the bet wins.
• Positive odds: Show the profit from a $100 stake. At +150, risking $100 would earn $150 if the bet wins.
• Even money: At +100, a winning bet earns profit equal to your stake.

You don't have to bet $100. Those figures are reference amounts; payouts scale with your actual stake.

A minus sign doesn't mean the sportsbook deducts that number from your winnings. It indicates a price where potential profit is smaller than the amount risked. Also, the sign alone doesn't identify which side is favored in every market, particularly markets with three possible outcomes.

How do you calculate a moneyline payout?

Use these formulas for American odds:

• Positive odds profit = stake × odds ÷ 100
• Negative odds profit = stake × 100 ÷ absolute odds
• Total return = stake + profit

“Absolute odds” means the number without its minus sign. For -200, use 200.

Example: $100 at -200

Say you bet a hypothetical $100 on a favorite at -200:

1. Divide 100 by 200: 0.50.
2. Multiply your $100 stake by 0.50: $50 profit.
3. Add the original $100 stake: $150 total return.

If the bet loses, you lose the $100 stake. You don't lose $200 simply because the odds were -200.

Example: $100 at +150

Say you bet a hypothetical $100 on an underdog at +150:

1. Divide 150 by 100: 1.50.
2. Multiply your $100 stake by 1.50: $150 profit.
3. Add the original $100 stake: $250 total return.

These hypothetical payouts show how the price changes your return on the same stake:

Figures are rounded to the nearest cent. These are winning-bet returns, not amounts you receive regardless of the result.

Does a moneyline include overtime or a draw?

The market description and settlement rules control the answer. Don't assume that every bet labeled “moneyline” covers the same period.

Two-way markets

A two-way market offers two selections. Check whether it covers regulation only, includes overtime, or includes another deciding procedure. If a tied result is possible, check how that result is handled before placing the bet.

Three-way markets

A three-way market offers the home side, the away side, and the draw. In a regulation-time market, backing a team means it must win within that defined period.

For example, say you back a soccer team in a three-way regulation-time market. If regulation plus stoppage time ends level, your team selection loses, even if that team later wins in extra time or on penalties.

For postponements, cancellations, retirements, and other interruptions, check the relevant settlement terms rather than assuming how the bet will be handled.

Is a moneyline favorite always the better bet?

No. A selection can be more likely to win while still being poorly priced. A bigger potential payout doesn't automatically make an underdog good value, either.

Consider a hypothetical $100 bet at +150. Its break-even win probability is:

100 ÷ (150 + 100) = 0.40, or 40%.

If your estimated win probability were 45%, the expected profit per $100 bet would be:

1. Winning contribution: 0.45 × $150 = $67.50.
2. Losing contribution: 0.55 × $100 = $55.
3. Expected profit: $67.50 − $55 = $12.50.

That's a mathematical average based on your estimate, not a promised outcome. If the estimate is wrong, the apparent edge may disappear. You can test those inputs with our +EV calculator.

When assessing a betting recommendation, look at the results and the odds behind it, not just confident language. Review our track record, and assess today's picks at the prices available to you rather than treating them as instructions to bet.

What moneyline betting mistakes should you avoid?

• Confusing profit with total return. A $250 return on a $100 stake means $150 profit, not $250 profit.
• Treating favorites as safe. A short price still carries the risk of losing your full stake.
• Ignoring price differences. For the same selection and settlement terms, +150 pays more than +140, while -140 costs less per dollar of potential profit than -150.
• Mixing up markets. A regulation-only selection isn't interchangeable with one that includes overtime.
• Parlaying favorites just to increase the payout. A standard all-to-win parlay needs every active leg to win; adding selections adds ways for it to lose.
• Increasing stakes after a loss. Set an affordable limit beforehand, and don't raise it to try to recover money.

Before confirming a bet, check the selection, market period, odds, stake, and displayed potential return. A correctly calculated payout won't help if you've selected the wrong market.

Only bet what you can afford to lose.

Frequently asked questions

What does a +150 moneyline mean?

A +150 moneyline means a winning $100 bet earns $150 in profit, for a $250 total return including your stake. Other stake sizes scale proportionally, so a winning $20 bet earns $30 profit and returns $50.

How much does a $100 moneyline bet pay?

The payout depends on the odds. For example, a winning $100 bet at -200 returns $150 total, while a winning $100 bet at +200 returns $300 total.

Can a moneyline bet push?

A moneyline bet can push if the market's rules treat a tied result that way, returning your stake without profit. In a three-way win/draw/loss market, a draw is a separate winning selection, so bets on either team lose rather than push.

Is moneyline betting easier than spread betting?

Moneyline betting is simpler to understand because you select the winner without a point handicap. That doesn't make it easier to profit: the odds still need to offer value relative to the selection's actual chance of winning.