The biggest reason is that you can get more value by shopping for odds to get the best value for your insights.
What Is A Moneyline Bet in NY?
A moneyline bet is a straight bet on a selection to win. Usually, the market offering moneyline bets in the US or New York will have just two or three options depending on the sport. This isn't always the case though as we can see multiple-player fields in the likes of an outright golf market on, for example, the PGA Tour.
Moneyline bets are usually a bet on the favorite or the underdog in a two-way market in popular US sports such as basketball and the NFL, or in passionate New York sports and leagues such as the MLS and MLB. The moneyline odds are a template for and a measure of the quality of each individual team in the game. New York sports fans can start making moneyline bets today with legal sports operators such as Caesars Sportsbook NY or BetMGM Sportsbook NY, among many other legal providers in the state.
How Is A New York Moneyline Bet Used?
We can use a moneyline bet in New York if we want to wager on one of the main US sports. For example: If the Bills and Eagles meet in Super Bowl 57, top sportsbooks could offer moneyline odds of Buffalo -115 or Philadelphia 49ers +110.
Sometimes there's an obvious favorite in a game, and that team will likely not be beaten, bar disaster. They will have the minus sign (-) and a bigger number beside the moneyline odds, or there can be a much closer implied probability like the above example.
The underdogs will be what's known as "plus money" with a plus sign in front (+) of the odds. Crimson Tide was -10000 on the moneyline vs Duke at +2000. So if you bet $100 on Alabama, you'd have won a single dollar. Games like these with such an obvious favorite sometimes won't be added to the betting odds and markets at all.
We might see moneyline odds where there is a decent favorite to win the game but it's not cut and dried. For example the Kansas City Chiefs (-163) vs the New England Patriots (+143). This would be a tight enough game and we can see that the moneyline varies. You would win 100 if you placed $163 on the Chiefs and they win outright or place $100 on the NE Patriots to win a profit of $143 should they do the business.
If there are no real moneyline favorites in the betting we will see moneyline wagers such as the Los Angeles Lakers -110 vs Golden State Warriors -110 in the betting odds. This is the standard bet with circa 5% juice for the bookmaker, similar to the point spread bets. Many games and teams in the top US sports will be pretty evenly matched in terms of moneyline odds and skill.
Outcomes of a Moneyline Bet in New York
If you want you can play around and bet different moneyline odds to find your comfort level and the style of wagering that suits you. Remember that you'll win some and you'll lose some. Sometimes you will even get your money back as we explain below.
But, in any case, you should use sign up using one of the many promo codes for New York sportsbooks before making a moneyline bet. In many cases, you can earn a risk free bet upon sign up.
Winning Moneyline Bets
The goal as bettors is to win more moneyline bets than we lose, especially if we are wagering on favorites. If we have a bet on the Miami Dolphins in the NFL and they win the game at odds of +120, bettors would theoretically be paid out $120 for every $100 they wager or $12 for every $10 staked.
Losing a Moneyline Bet
Losing a moneyline bet will be a regular occurrence so be prepared for ups and downs. For example: If we back the San Francisco 49ers in the National Football League (NFL) on the moneyline at odds of +120 for $100 and they lose the game, we lose our wager.
In popular US sports betting some plays people bet will automatically go into overtime and your moneyline bet still stands in accordance with the rules.
However, in the case, the whistle is blown in the game and the teams have officially drawn the match we see what is known as a "push" and your bet stake is returned. In a 3-way market such as in soccer, if there is a draw in the game and you have backed one team to win, you lose your bet.
Calculating Moneyline Odds
Favorites and underdogs differ in US Sports in terms of strength weighting and implied probability, so if you're backing particular team wins such as the San Francisco 49ers be careful to pay attention to the betting wager.
The bigger the number after the minus sign (-) the stronger the team is but the more you have to wager to win $100 on the bet. The bigger the number is after the plus sign (+) the more you win should the wager click. Examples below.
Positive or plus odds (+) usually mean we are working with an underdog team to win rather than the money line favorites. We can have money bet on the New Orleans Saints at +150 versus the Philadelphia Eagles. If we were to place $100 on the Saints at +150 we would get a return of $250 if the team performs to our expectation.
Minus odds (-) mean we are playing the moneyline favorites to win 100 dollars or equivalent. The New York Yankees are -120 vs the Toronto Blue Jays and if you stake $120 on them and they win we return $220. The implied probability on the NY Yankees here is calculated using the risk/reward formula: 120/220 = 54.54%. Many sharp bettors bet on the favorites if there's value to be found.
Even odds are something we see all the time on the point spread bet but not quite as much or as exact on the moneyline. The moneyline wager is betting in its simplest form. An example of even odds would be the standard 5% or so juice market: Toronto Raptors -110 vs the Milwaukee Bucks -110 in the NBA. Essentially a pick'em where you can wager on either team to win using the guideline of wagering $110 to win $100.
Types of Moneyline Bets in New York
New York bettors can begin to get accustomed to moneyline bets. Whether you're betting on the Super Bowl in NY or backing your favorite baseball player to hit a home run in the MLB for the Boston Red Sox in baseball moneylines.
Let's look at some examples of where we might use the moneyline bet.
- Moneyline Bets in Football
We are in the middle of the regular season and the New York Giants are lining up against the Miami Dolphins in the search for the Super Bowl. The Giants are not in the best of form and we can back them for $50 at +200 on the NFL moneylines as underdogs. The Dolphins are -150 favorites in American odds. If the New York Giants pull off the upset we could get our $50 back plus $100 profit.
- Moneyline Betting in Basketball
Moneyline betting is big in basketball, one of America's most passionate sports for the fans growing up. The Golden State Warriors are in town and they line up against the New York Knicks with Steph Curry looking to become the all-time highest 3-pointer scorer in NBA history. There are plenty of moneyline wagers on the Warriors in anticipation of Curry's feat and they go 12-10 up in play in quarter 1. The in-game moneyline odds are now -250 the Warriors vs +175 the Knicks.
- Moneyline Wagers in Baseball
Back to those Boston Red Sox and how much money do you want to risk on them beating the New York Yankees in the MLB Playoffs? Well, sports bettors can back the favorites Yankees at -130 (risk $130 to win $100), or the Red Sox sports betting odds are +120 (risk $100 to win $120). A tight match is expected!
- Moneyline Bets in Ice Hockey
The Stanley Cup puck is dropped and the New York Rangers get going against the Montreal Canadiens in the National Hockey League (NHL). New York Rangers are chalked up at +150 and the Canadiens are favorites on the card at -200. Let the action commence!
- Moneyline Parlay Bets
Moneyline bets can be combined in a parlay to give bettors a chance of a bigger potential payout. Many New York sportsbooks will offer a parlay card for simplicity. What happens in a moneyline parlay is the winnings rollover from 1 winning selection onto the next. Standard parlay odds will payout in the region of 3/1 for a two-team parlay or 6 to 1 for a three-game parlay. We can often add up to around 15 games into the multiple if we choose but we usually can't combine the moneyline with the point spread or other bet types.
- Moneyline Spread Bets
With moneyline bets, the payouts can differ depending on the win odds. In point spreads the payout is more evenly distributed on whichever side you back are given the handicap. Spreads are about how much a team wins by. If we back the New England Patriots at +150 on the money line in the Super Bowl for $100, we will win $150 profit, while if we hit the Los Angeles Lakers on the point spread betting at -110, we bet $110 to win $100, or the equivalent of. The underdogs will be given a plus handicap and the obvious favorite will be given a minus handicap on the point spread.
Final Thoughts: MoneyLine Betting in New York
We hope by now we've whetted all you New Yorkers' appetites for what's to come in the very near future and we want to help line your pockets with money. Sports Illustrated is an American sports magazine that provides sports news, expert analysis, highlights, stats and scores for the NFL, NBA, MLB, NHL, college football, soccer and other sports.
These are all the US sports you want to bet the moneyline on and bettors should be armed with all the relevant data and info to give them a fair shot. Sports betting, in the beginning, is all about having fun and the best place to start is with the moneyline wager.
FAQs About Moneyline Betting In New York
A spread bet works similarly to moneyline for bettors in terms of the odds but applies a handicap to the teams to make it a theoretical fair contest. The Giants, for example, could be -5 – or a 5-point favorite – against the Titans.
Never put yourself in danger of a gambling problem so stick to betting no more money than what is insignificant to you. Although odds are expressed in $100 terms, you can bet much, much less and just apply the ratios.
Moneyline bets are straight bets on a team or selection to win outright, usually a two-way market on the favorite or the underdog.
+200 moneyline odds mean you bet $100 to win $300 inc. stake (or equivalent). A plus sign usually means the underdog of two teams.
It depends on the team win odds. Favorites will pay out less than the underdog.
Most sportsbooks will let you parlay moneyline bets with other moneyline bets for a bigger potential payout.
In sports and leagues where overtime is automatic, your moneyline wager still stands but if the game officially ends in a draw a "push" can occur refunding your stake.
It will usually average out at around a 50% win rate if you are betting a mixture of favorites and underdogs on the money line over time.
Moneyline odds are the best bets to take for up-and-coming New York bettors. The kiss method: Keep it simple stupid.
Gambling winnings in New York are taxable at a rate of 4% - 8.82%. If a certain threshold is hit, more taxes will be applicable and you'll be hit with a W-2G form.