What is a Moneyline Bet? Complete Moneyline Betting Guide for Kentucky

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Complete Moneyline Betting Guide for Kentucky

Moneyline bets are going to be one of the most popular wagers when sports betting in Kentucky officially launches in September.

Kentucky sports betting is live with  Kentucky sportsbook mobile apps opening their virtual doors to bettors on September, 28, 2023, so now is a perfect time to learn everything there is to know about prop betting.  

Betting the moneyline is a simple wager to start using Kentucky promo codes & bonuses on to get in on the action. Here's our comprehensive guide on moneyline betting.

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Best Moneyline Betting Sites in Kentucky

Mega sportsbook apps like DraftKings, BetMGM and FanDuel are some of the best around for money line wagers because of the huge array of sports and events that they cover. Here's a couple of our favorite Kentucky betting apps to consider when betting the moneyline:

👑 BetMGMBest Overall Moneyline Sportsbook
💵 Caesars SportsbookBest Moneyline Parlays
💻 DraftKingsBest Live Moneyline Bets
📊 FanDuelBest Moneyline Odds Boosts
Last Verified:June 14, 2024

As you can see, Kentucky sports fans will have a number of options when it comes to choosing who to bet the moneyline with, but BetMGM Sportsbook in Kentucky would be a great choice for bettors given the brilliant site layout and a huge range of event coverage. 

What is a Moneyline Bet?

A money line bet is the most straightforward bet anyone can have. You are simply betting on which team wins the game. The simplicity of a moneyline bet is one of the main reasons why it's such a popular wager with sportsbook players.

With a moneyline wager, you don't need to cover any points spreads or player prop options, you simply need to back the winner of whatever match of your choice. It's a bet that requires skill and judgment, but one that can be hugely rewarding, especially if you are backing the outsider.

Must be 21+ and present in KY. Bonus issued in non-withdrawable bonus bets that expires after 30 days. Unique user identity verification required. Restrictions apply. See terms at sportsbook.fanduel.com. Gambling Problem? Call 1-800-GAMBLER.

How Does Moneyline Work in Sports Betting? 

The moneyline is the cornerstone of sports betting markets, and moneyline odds are nearly always sit top of any list of markets on a specific event.

Let's take an NFL game as an example: There will be hundreds of betting lines on a Kansas City Chiefs game on a sportsbook, some of which can be quite complex for a rookie bettor to understand. If you like the Chiefs to beat Dolphins, then you simply back the Chiefs on the moneyline. As long as they score at least a point more than the Dolphins, you can strike add another tick to your winning bets column.

Understanding Moneyline Betting

Moneyline betting on sports is normally a two or three-way market. In a soccer match, there are three possible outcomes: home, away or tie (or draw).

Kentucky sportsbooks will offer odds on each of the three outcomes and moneyline players will have the choice of which option to bet. It is also crucial to remember that moneyline odds change regularly. This can be because of a number of factors, such as weight of money, late information or team news etc.

Moneyline odds will often point the way to a clear favorite, whose odds will be the shortest of all. The favorite is the person or team that the sportsbooks believe is the most likely winner of an event, hence the shortest odds.

Favorites can come in all shapes and sizes depending on the event, but in a match-up, the favorite will always be a negative (-) moneyline odds number, such as -135, which means you must risk $135 to win $100.

If you are looking to back the winner of a PGA event before the event has begun, then you will almost certainly be looking at a + odds favorite, and often it will be at least +600 ($100 wager wins $600).

Bonus Bets Expire in 7 Days. One New Customer Offer Only. Must be 21+ to participate & present in KY. Gambling problem? Call 1-800-GAMBLER. Visit BetMGM.com for Terms & Conditions. US promotional offers not available in NY, NV, or Puerto Rico.

The Underdog 

Where there is a favorite, there has to be an underdog to balance the book. An underdog is the player or team deemed least likely to win the game.

Underdogs will always be the longest odds in any market, whether it be a 2-way or 3-way moneyline. Underdogs will nearly always be positive (+) moneyline odds, even in a match bet.  

Even, EV, or Pick ‘Em

Every now and again a matchup will bring together two evenly matched players or teams. This is often referred to as a "pick 'em" game because the moneyline odds are almost identical. In this scenario, moneyline odds will often be negative (-) on both sides, usually around the -110/-115 mark.

Pick 'em matches are also not uncommon in three-way moneyline odds markets, such as soccer. If the sides in question are evenly matched then moneyline odds will be similar for the home win, the away win, and the draw.

How to Read Moneyline Odds

Moneyline odds will either be displayed in a list or across a row. Each player or team will be listed and next to them you will see a number representing their odds.

Sportsbook players can often sort moneyline odds so that they can be viewed in either alphabetical order or in price order, in which case the team or player that are shortest odds will be displayed first.

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Positive Odds (+)

If your moneyline wager is positive odds in a matchup, then you are almost certainly betting on the outsider, or the player/team least likely to win, according to the sportsbook's odds.

The number next to the (+) sign indicates how much you will win to a $100 stake. So, for example, if you bet $100 on a +350 chance, you will win $350. If you stake $50 on a +350 chance, then your winnings would be $175 (half the stake = half the winnings).

Negative Odds (-) 

If you are backing the moneyline favorite in an NBA game, you will almost certainly be taking negative odds. This means that your stake will be higher than the amount you can win.

For example, a -135 favorite means that you will need to stake $135 to win $100. the number after the minus sign is the amount of $ you must stake in order to win $100.  

Even Odds 

Even odds are the middle between a positive and a negative wager. It's a 50/50 bet that sees the bettor double their money if the moneyline wager is successful. So a bettor that stakes $400 on an even odds selection would pick up $800 if the bet wins.

Even odds can apply to favorites or outsiders in moneyline bets, especially in a match-up, like a tennis match. 

Understanding Implied Probability of Moneyline Odds 

Odds of any kind represent an implied probability of an event happening and moneyline odds are a representation of the probability of a team or person winning that game or tournament.

It is important to understand that the sportsbook juice (or vig) means that moneyline odds will always tally up to over 100%, but working out the implied probability to a 100% market is still the easiest way to understand the correlation between odds and probability.

Let's look at a couple of simple examples, beginning with a tennis match between two players of equal ability. In a 100% book (ignore sportsbook juice for now) each player would have moneyline odds of evens, which indicates a 50% chance of success.

Here’s another example based on a +300 underdog: To understand how we convert odds into probability, we take a $100 risk and divide by a complete payout of $400 to get .25, or 25%. A +900 wager would therefore carry a 10% probability of winning ($100/$1000 payout = 0.10 or 10%).

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Potential Outcomes of a Moneyline Bet

A moneyline bet normally has two or three potential outcomes. In a tennis match, for example, there would be two (player A or player B), but in a soccer match, there would be three (home, draw or away).

Win 

To win on a moneyline bet, a bettor must complete a simple process. First and foremost, you need to pinpoint the event that you wish to wager on, then you must select one of the outcomes.

Once you have selected your outcome on the sportsbook, you must enter your stake and place the wager. If you have chosen correctly, you will be a winner and the returns will appear in your balance shortly after the event in question is completed.

Loss 

The process here is very similar to that of winning on a moneyline bet, apart from the final stage.

The same process of finding an event and selecting one of the outcomes applies. However, if you make the wrong call, you will lose the bet and the amount that you chose to stake on your selection.

Push or Draw

Push is the term used for when there is no winner or loser between a bettor and a sportsbook. When this happens, the bettor's initial stake is returned.

A push tends to occur in the spread and total bets, but it can occur in moneyline bets, especially in moneyline markets that specify standard time only applies.

Here's an example: Most NFL moneyline wagers will include additional time but sportsbooks will often offer a 60-minute moneyline market, and if the sides are tied at the end of the fourth quarter, all moneyline bets placed in that specific market will be settled as a push.

Must be 21+ and present in KY. Bonus issued in non-withdrawable bonus bets that expires after 30 days. Unique user identity verification required. Restrictions apply. See terms at sportsbook.fanduel.com. Gambling Problem? Call 1-800-GAMBLER.

What is a 3 Way Moneyline?

A 3-way moneyline occurs in sports where there are three possible outright outcomes; soccer is a perfect example - home win, away win and the tie (sometimes referred to as the draw).

When wagering on 3-way markets, the bettor must select one of either team A, team B or the tie. There also will be occasions where the odds make it possible to bet two of the three potential outcomes.  

Moneyline vs 3 Way Moneyline

The key difference between a standard moneyline bet and a 3-way moneyline bet is that extra possible outcome in the latter.

Standard moneyline bets have only two outcomes: team/player A or team/player B. 3-way moneyline bets are slightly more difficult because there is an extra possible outcome, and that tie (or draw) outcome is often a big runner when the competitors are evenly matched.

How Moneylines Connect to Other Bet Types

Moneyline bets are betting in its purest form. It's a straightforward wager that pits the bettor against the sportsbook to see who comes out on top. It's also a bet favored by the more experienced gamblers, especially when they spot an opportunity when moneyline prices are first made available.

Moneyline bets are also deeply connected to other popular bet types like individual team total points bets or point spread bets. If a team is going to win a game and cover their moneyline wagers, then that automatically gives them great prospects of covering and racking up a decent points total.

Individual players that cover their point spreads will also make it increasingly likely that their team proves the winner in moneyline bets.  

Separate moneyline wagers from different games can also be combined in a parlay bet on a bet slip. This is a popular bet type when a bettor wants to combine negative odds moneyline selections to create a bet that pays much bigger overall odds.

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Moneyline vs Point Spread 

The major advantage of a moneyline bet over point spread bets is that with the moneyline wager, you keep things simple and the margin of victory is not a factor. If you need to cover a point spread, then if your team wins only narrowly then you could still be betting on a loser.

A really good way of working out whether a sportsbook's betting lines are good value or not is by inputting the spread line into one of the many spread/moneyline conversion calculators available online.

The calculator churns out moneyline probability based on the lines and this can then be compared to the actual odds being offered. You will need to factor in the fact that the sportsbook odds will include juice.

For example, a spread of 5 on an NBA game would equate to a 65.8% implied probability for the favorite. In that scenario, fav odds should be -221.9 while dog odds would be +179.1. If you compare these numbers to what your sportsbook is actually offering, you should get an idea of which side of the wager is actually better value.

Moneyline Parlay Odds Explained 

Moneyline parlays are some of the most popular parlay bets around. They are popular because it's a great way of combining multiple negative odds events that combine to produce a positive odds return.

The downside to moneyline parlays is that they can be poor value bets. This is because, for every selection added to the parlay, the sportsbook juice is multiplied. The potential payout is much bigger than just backing moneyline bets separately, but not as big as it mathematically should be. 

The truth is, sportsbooks love bettors placing parlays because the juice is so good. That's why they push them so much.

Moneyline vs Over Unders

Over under totals markets are often a good pointer to how a game is expected to play out and that can be a useful guide for anyone looking to play the moneyline.

Generally speaking, the larger the point spread in a game, the more likely it is that the favorite will win the game. That means you are likely to get a smaller payout on the favorite than you might have expected, but bigger odds on the underdog. The bigger the spread, the more likely the favorite is to win by a big margin.   

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Tips for New Moneyline Bettors

The beauty of moneyline betting is its simplicity, but that can be misunderstood by novice bettors as a way of winning easy money, which is a big mistake.

Like all bets, it is important to do your homework before betting on a team to win in moneyline odds.

When starting out, it is important to keep stakes sensible and affordable, because one slice of misfortune can put pay to even the best-looking moneyline bet.

Understand Home-Field Advantage 

Home-field advantage is an important factor in moneyline odds betting but it is not as straightforward as assuming that all sides that are playing a home fixture are at an advantage.

Home-field advantage is something that is factored into moneyline odds but bettors may feel that in certain scenarios the odds this has resulted in slightly inaccurate odds.

In some circumstances, playing at home might actually be a disadvantage, especially when a team has been consistently underperforming, and/or is coming under intense pressure from their own fans.

Adversely, there are some teams that just thrive on their own patch so they will go off favorites even when playing a slightly superior overall side at home.

Consider the Spread & Total 

We've now looked at how both the spread of a game and the total points lines of a game can influence how you might bet the moneyline.

Both spread and total lines can be highly indicative of the way a game is expected to play out. The two are linked in that the higher a total line, the greater the spread is likely to be. Remember, big total points lines generally mean the favorite is expected to win by a wide margin, which means the spread will be higher.

The link between total points and spread lines is basically a sliding scale - the bigger the total points, the bigger the spread. And we know that the bigger the spread, the shorter the fav odds in moneyline odds.

Shop Around 

Kentucky sports fans will have access to a host of sportsbook apps in Kentucky that we expect to have many different unique and exciting odds and offers.

Sportsbook odds on all markets will vary so there will always be value to be found for anyone that shops around for the best moneyline odds.

Remember, the bigger odds equal bigger returns.

Take Advantage of Sportsbook Promotions 

There will be occasions where sports fans can use Kentucky sportsbook promotions for a moneyline bet.

Most sportsbooks offer substantial promos to new players and this bonus money can be used to place a money line bet.

It's effectively a free bet, and who doesn't like those? Remember, though, that if you bet a team to win using promo cash, you will not have the stake returned, only the winnings. 

Get Started Betting the Moneyline In Kentucky

Moneyline betting is a great way to bet, especially if you are new to sports betting because of the simplicity of the wager.

Remember that in sports like soccer, the moneyline is a three-way market so don't ignore the possibility that the game could end in a tie, or draw. If you think a team is going to win a game, don't bet them to cover a point spread - keep it simple and bet them on the moneyline. You'll get paid out no matter how big the margin of victory!

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Moneyline Betting FAQs

Author

Gavin Beech is a writer and contributor for BetKentucky.com and has worked in the betting industry for almost 20 years. Gavin is an experienced horse racing journalist, sports betting content writer and tipster. He has worked for some of the biggest online operators around, notably MailOnline and the Racing Post, where he is a regular on the Live Tipster slot.

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