Moneyline betting may sound more sophisticated than it is, placing a moneyline wager is simply putting out your money on which team/person will win the game/match that he/she/they are competing in.
Moneyline bets have been around since the dawn of betting as people have been wagering their hard-earned funds on the outcomes of sporting events for as long as there have been sporting events.
The MGM sportsbook in Las Vegas has been an elite option for sports bettors of all calibers for decades, and when online sports betting became legal in 2018, the BetMGM Online Sportsbook became a go-to place for bettors off all experience levels.
If you are interested in betting with BetMGM but are a little confused or intimidated by the process, don’t fret. Here’s a look at how to place moneyline wagers with BetMGM.
How to Bet Moneylines on BetMGM
Moneyline betting is simple. Here’s a list of the steps:
Step 1: Create an Account or Sign In
If you have an account, simply sign in and start betting. If you don’t have one, head over to The Game Day’s BetMGM full review page and click through the link using the promo code “GAMEDAY" to take advantage of the sportsbook’s best offer.
Remember all information is secure and only used to affirm your identity.
Step 2: Deposit
Enter your money. BetMGM has a plethora of depositing and withdrawal options, however if you deposit with a credit card you will not be able to withdraw via that method.
Remember that your deposit and first wager will depend on how much your initial risk-free bet pays back in site credit if it is unsuccessful.
Step 3: Peruse Betting Markets
Consult the various available moneyline wagers that BetMGM has to make. If you know which one you’re interested in betting, click on the league icon and find the game you want to bet.
Step 4: Place Your Bet
Tap the moneyline odds, enter the stake you wish you bet and press “place bet" to get your action in.
Step 5: Root for it to Win
Root for your bet to be successful!
What Does Moneyline Mean on BetMGM?
Moneyline betting at BetMGM is the same as it means anywhere else. Betting moneylines is simply wagering on which team or athlete will win its game or match. Each team or athlete is assigned odds, and all that needs to happen for the wager to be successful is for the team or athlete to win its/his/her match or game.
For instance, if I’m betting on the New England Patriots to defeat the New York Jets in an NFL game, I would tap the Patriots’ odds under the moneyline section, enter my stake, press place bet and root for them to win. As long as New England won by at least a point, my bet would be successful.
If I wanted to wager on Novak Djokovic to defeat Carlos Alcaraz in a match at the U.S. Open, I would simply follow the steps listed above and hope for him to advance. As long as Djokovic did, my bet would pay out.
Moneyline wagers do not require any number of points or for the team/athlete to cover a spread. The club could win 2-1, 60-0 or 99-98. As long as it’s the team I bet that finishes ahead, my bet pays out.
BetMGM Moneyline Rules
BetMGM, like most sportsbooks, has rules associated with moneyline betting on its platform. For instance,
- Minimum Stake: All wagers must be at least $0.50.
- Cash Out: If you place a moneyline bet are not confident the team you bet on can close the game out, you will typically be allowed to cash out early for part of your original stake or a small profit.
- Push: If you placed a moneyline bet on an NFL game, or a two-way moneyline wager on a soccer game, and the game ends in a tie the result is a push and the bettor receives his/her stake back.
Moneyline vs Spread
Betting the moneyline is simply betting on which team will win. Betting for or against the spread involves wagering on a team to either win by more than or lose by fewer than a minimum number of points.
For instance, if I think the Patriots are going to defeat the Jets, I can bet them on the moneyline. But if New England’s moneyline odds are -200, and I think it’ll defeat New York by at least a touchdown, I can bet on New England to cover a six-point spread. If the Patriots do so, my payout would be more lucrative since spread odds are typically -110, which pays out an extra $0.40 per every dollar wagered compared to a -200 moneyline bet.
Betting the spread is riskier since teams typically do not play to cover the spread. If a team wins by one-or-more points it’ll take the victory even if it means the spread bettors ultimately end up with a losing ticket.
Underdog vs Favorite
Determining the underdog and favorite is simple in most cases. Typically, the favorite is the team with minus moneyline odds, and the underdog will usually be given plus-money odds. The closer the numbers are to each other, the more the outcome of the game/match is in doubt.
Periodically, both the underdog and favorite will have minus moneyline odds. Usually the spread in those games/matches is -1 or “pick ’em." and the moneyline odds will be -105, -110 or -115. The favorite in those instances is determined by which team has minus odds farther from 100.
BetMGM NFL Moneylines
BetMGM is a great option for gamblers looking to place moneyline NFL bets. BetMGM has moneyline odds for every game, every week all season, from the preseason to the Super Bowl.
When betting an NFL moneyline be sure to look for value. We don’t generally advocate for bettors to place moneyline wagers that are -150 or shorter since the risk isn’t worth the potential payout, unless it is either a parlay leg or to satisfy a promotion.
Is the team you’re planning to bet on a plus-money underdog for what seems like no reason? Is there a team with moneyline odds that look off to you? Do your homework, sniff out the odds that don’t smell right and you’ll be cashing in on the BetMGM app this NFL season.
BetMGM has a slew of bets available for Super Bowl wagering, including moneylines, spreads, totals, props and much more. And just like any other sportsbook offers Super Bowl bonuses, BetMGM also makes sure to offer these great opportunities to stretch your wins.
If you don’t love the favorite’s betting odds in the Super Bowl, you can try to bet that team live or in-game, which is another feature the BetMGM Online Sportsbook offers. For instance, the Los Angeles Rams were -200 favorites to win Super Bowl LVI before the game, but those odds ballooned to +150 in the second half — and +135 during the fourth quarter before Matthew Stafford engineered the team’s fourth-quarter comeback.
If you had waited to bet the Rams live, you could’ve made a huge profit instead of netting just $0.50 on the $1.
Moneyline Bet Strategies
As referenced above, betting live can be a good strategy if you want to bet on a team but hate its moneyline odds. There is risk in doing that too since a -200 favorite can quickly become a -1000 favorite if it jumps out to an early two-score lead. But there’s reward too if the game is close, or the favorite falls behind.
Try to sniff out value where there is some, but don’t forget also to do your homework. You wouldn’t want to bet a +200 underdog who is missing its top-two players on the road against a championship contender.
I like to target home underdogs, especially when the odds don’t seem to make sense. The best sport to follow that philosophy is in the NBA, even though the odds sometimes accommodate injuries or load-management rest days for star players.
The best strategy is to trust your gut, especially when it aligns with your research, have fun and be responsible. You don’t want to jeopardize your future for a risky wager.
Moneyline Betting for Beginners
Moneyline bets are a great place to start if you are a new or novice gambler. Simply betting a team to win or lose is a great way to dip your toe into sports betting to help you get comfortable before diving in head first with parlays, props, teasers, over/unders and the vast array of betting options that BetMGM has.
Start small. Place a moneyline wager on your favorite team to win in your preferred sport. If it hits, maybe bet on your favorite team as a plus-money underdog. Maybe bet on a different team with longer odds. Maybe try a two-team parlay. Then assess your comfort level.
It’s always good to have in mind, as well, to check different sportsbooks odds and find where your bets can have an edge. Having said this, BetMGM has a great platform for new bettors, and before long you’ll be a seasoned pro able to place all the different wagers that are out there.
How to Calculate Moneyline Odds?
Calculating moneyline odds might seem hard but is not that difficult, especially if you’re betting a team with plus-money odds. All American odds are in relation to a $100 wager, the plus-money odds are your total profit in a $100 bet. This means that a $10 bet at +150 pays out $15 in profit plus your initial stake. For a $50 wager at +150, the profit is $75 plus your initial stake.
Minus-money odds are slightly more difficult to calculate, but same as plus-money bets they are related to a $100 wager. Minus-money odds are the amount of money needed to wager to win $100 in profit. So for a -110 moneyline wager, which is the sportsbook’s version of a coin flip, bettors will profit $0.90 for every $1 bet. A -200 moneyline wager will net the bettor a profit of $0.50 on the dollar.
Fortunately, BetMGM calculates the odds and payouts for every wager so you know exactly what your winnings will be from the minute you put your bet in.
Why Are Moneylines a Good Bet?
They are simple and they are direct. All you need to do is place your wager and watch the team you bet on to win, and you win. No spreads to cover, no prop bets needed, no total points to reach. Simply watch the game or match and as long as the person you bet on wins so do you.
Can Moneylines Be a Bad Bet?
Because upsets happen, and even -500 moneyline odds teams can lose. For some games and matches the return isn’t worth putting out the risk. If you know your team is good at playing down to its opposition and is a -450 favorite in a game, there really is no benefit to placing a moneyline wager — particularly given the likelihood of that team to fail in covering the spread — because you’d earn just $0.22 in profit for every $1 bet.
What Sports Are Available for Moneylines?
Any sport where there are games or matches. You can bet moneylines in team sports and individual sports. As long as there’s an event where someone can defeat another person or team BetMGM will offer moneyline odds.
Is There Bet Insurance on Moneylines?
Sometimes. If you place a parlay with BetMGM, sometimes the sportsbook will offer insurance if one leg fails. Other times, BetMGM will have promos where it will reimburse a bettor with a free bet if his/her initial wager falls short.