When betting on a game, the most straight forward wager is betting on the Moneyline. When you bet on the Moneyline, you are betting on a team to win or to lose. There are two types of Moneyline bets. The 2-way Moneyline and the 3-way Moneyline. Each type has its pros and cons that can change the odds on your bet.
This is your standard win/loss bet. If you bet a team on the Moneyline, you win if they win and lose if they lose. If a tie occurs, you get your money back. Because of this, you will steeper odds on favorited teams and better odds on underdog teams. In the example below, the Denver Broncos are -600 favorite. Because it is a 2-way Moneyline, if the game were to end as a tie, you would get your money back. How you can tell you are betting on the 2-way Moneyline is there is no option to bet on a tie.
The 3-way Moneyline will look different than the 2-way Moneyline because of the 3rd option to bet; the draw. The example below shows Chelsea vs Manchester City on 9/25/21. Instead of 2 options, you now have 3 and the 3rd option is to bet the draw. Soccer is a great example to use because when betting soccer, it is common to bet the 3-way Moneyline as a good portion of games end in a draw.
Below are the 2-way Moneyline odds for Chelsea vs Manchester City. As you can see, the odds change because you get your money back if there is a draw. The upside of 2-way betting is having that insurance in case of a draw. The downside is you pay for that insurance at lower odds.
Those are the two forms of Moneyline wagering that can be placed on sports. Each option has its pros and cons, but it is up to the bettor to decide which they are more comfortable with. For more betting tutorials, check out our betting tips at www.bettinghero.com/betting-tips/. There you can find breakdowns for every aspect of sports betting.