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How to Moneyline Bet on DraftKings | Complete Guide

ByFrank Ammirante

Oct 10, 2022

DraftKings originated as a daily fantasy sports platform before expanding into a sportsbook and evolving into one of the leaders in the iGaming space. The operator gets high marks for user experience, app functionality, useful promotions, and expansive betting markets.

Whether you’re a novice or experienced player, DraftKings has you covered, no matter your preferred bet type, including moneylines, which are the most popular wagering type in the industry.

Today, we’re going to focus on how to approach moneylines on DraftKings, describing instructions on how to place a bet along with best practices to put you on a path toward success.

How to Do Moneyline Bets on DraftKings

Navigating a betting site like DraftKings is easy because of its organized layout, especially with a traditional wagering type like moneylines. Here are the steps involved:

Step 1: Create an Account or Sign In

The first thing you need to do is sign in or create an account if you haven’t already. To sign up, click on the Get Bonus button above or head to our DraftKing Sportsbook review and click on one of the Get Bonus buttons, which will unlock the best welcome bonus.

Next, input your personal information, including your name, address, etc. Wait for a confirmation e-mail and you’re ready to roll. Alternatively, if you already have an account, sign in with your username and password.

Step 2: Deposit Funds

In order to put money into your account, you’ll need to select “Deposit," which is prominently displayed in a green trim on the top-right of your screen. There are several banking methods available for you, making it a convenient process. You’ll need to deposit a minimum of $5, which will immediately show up in your balance. Now, you’re ready to find your bet.

Before signing up, new bettors can get the , create an account using promo code GAMEDAY150, deposit at least $5, and place a $5+ wager on a pregame moneyline in any sport as their first bet. If that bet wins, receive eight (6) $25 free bets, totaling $150.

Click "Get Bonus" below to activate now!

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Step 3: Navigate the Betting Markets

It’s time to find your preferred wager. First, think about which sport you’d like to target. You can access each one by selecting “A-Z Sports," which are arranged in alphabetical order. You may also choose from the “Popular" section if this is applicable to your sport, giving you quick access. Once you’ve done that, you’ll see a list of games featuring moneylines.

Step 4: Add to Your Bet Slip

In order to add a pick to your bet slip, all you need to do is click on the one that you want. Let’s say that I want to place a wager on an MLB moneyline. When I’ve accessed the “Baseball" page, I can click my preferred choice. You’ll now have to type in your stake to see your potential payout, which is based on the odds. For example, a +120 moneyline would pay $120 on a $100 wager.

Step 5: Straight or Parlay?

The last step would be to decide whether you want to place a straight bet or make a combination of two or more in a parlay. If you want the former, simply select “Place Bet." To create a parlay, you’ll want to go back to the selection of games, whether it’s another MLB contest or it can be from multiple sports. Click your next choice to add it to the bet slip. You’ll now see the updated odds if it were in a parlay.

What Does Moneyline Mean on DraftKings?

Moneyline wagering is the most simple bet type available. All you need to do is choose a team to win. You don’t need to worry about the winning margin. Let’s take a look at an example to get a better understanding:

MLB: Rays (+120) at Yankees (-140)

In this case, if I take the Rays (+120), I would need Tampa Bay to win at Yankee Stadium. If I go with New York, I’d be taking the home favorite (-140).

The moneyline is based on the implied probability of a given outcome. The Yankees are -140 favorites here, giving them approximately 58.3% chance of winning, while the Rays are about 45.5%, according to the odds.

The key here is to target games where you think the moneyline is too high (bet on the underdog) or too low (take the favorite).

DraftKings Moneyline Rules

The rules for moneyline are among the most simple of each bet type, you just have to remember the following:

  • Baseball games need to go at least five innings (4.5 if the home team is leading) for the bet to stand. Sometimes, you may see a game settled early because of rain, where this rule will take effect.
  • Overtime counts unless you’re taking the 3-way moneyline, where you can take either team to win or draw after regulation. This is popular in soccer, but you can also do it in hockey.

Moneyline vs. Spread

Moneyline and spread are similar in that both involve choosing a team to win a given game. The difference here is that moneyline only requires you to pick the winner, while the spread involves the projected winning margin. Let’s take a look at an example using an NFL game:

Moneyline: Denver Broncos +130 vs. Kansas City Chiefs -150

Whether I take the Broncos or Chiefs, I just need the team to win the game, regardless of score.

Spread: Denver Broncos +3.5 (-110) vs. Kansas City Chiefs -3.5 (-110)

If I take the Chiefs, I would need them to win by four or more points. Even if they win the game but it’s by three or fewer, it doesn’t matter — I’d still lose my wager.

Betting on the Broncos would require them to either win outright (by any margin) or lose by three points or fewer.

As you can see here, the odds are different. Usually, spreads have a standard of -110 odds, but it could fluctuate between +100/-120 on either side. On the other hand, moneylines can vary significantly, depending on the implied probability of the game. You may see +500 or +1000 underdogs as well as -1000 favorites.

Underdog vs. Favorite

When betting moneylines, you’re either selecting the underdog or favorite. The underdog has plus odds (+), meaning that your payout is greater than your stake. The favorite has minus odds (-), so you’ll need to risk more than your potential winnings.

Here’s an example, using an NFL game:

Washington Commanders (+200) at Dallas Cowboys (-250)

The Commanders are +200 underdogs here, so if you stake $100, you’ll win $200 if they defeat the Cowboys. If you take Dallas, you’ll be risking $250 to win $100.

The payout is higher on underdogs, but the implied probability is lower. On the other hand, favorites have a better chance at winning, but you’re risking more money.

DraftKings NFL Moneylines

When NFL moneylines, you’ll want to target underdogs. This is an unpredictable league where upsets happen on a weekly basis, so going with this approach can be profitable in the long run. You’ll find a lot of value on underdogs.

Likewise, it’s best to stay away from favorites because the juice is too high. This means that you’ll be staking more than your winnings. This can be a drain on your bankroll over time.

Here’s an example to help you understand more:

Let’s say that the Tampa Bay Buccaneers are -3.5 (-110) favorites on the road against the New Orleans Saints. If you take them on the spread, you’re risking $110 to win $100.

However, since they’re favored by 3.5, their moneyline is likely to be around -160. This means that you’re risking $160 to win $100. Is an extra $50 of risk worth it when the spread is only -3.5? No, because all you need is Tampa Bay to win four or more.

On the other hand, instead of taking the Saints at +3.5, you may opt to go with them on the moneyline at +140. Instead of risking $110 to win $100, you’d get a $140 payout on a $100 stake. This is why you should target underdogs. Stick to the spread with favorites.

Super Bowl

Super Bowl odds feature the same moneyline wagers as the rest of the NFL season. You’ll have a chance to take a team to win the big game. Alternatively, you can go with:

  • 1st/2nd/3rd/4th quarter moneyline
  • 1st/2nd half moneyline

In this case, your team only needs to win the quarter or half. The final result does not matter.

Moneyline Bet Strategies

Here are some strategies to keep in mind when placing a moneyline wager:

  • Shop around multiple sportsbooks to find the best line, which will save you money in the long run.
  • Consider a team’s home and away splits and recent performance.
  • Think about the head-to-head matchup — are there any mismatches?
  • Determine if you feel that the moneyline is too high or low — is one team under/overvalued?
  • Don’t lay too much juice on favorites.
  • Prioritize straight bets over parlays, putting more units on the former.
  • Monitor any line movement or last-minute injuries.

Moneyline Betting for Beginners

  • Create parlays of heavy favorites, minimizing your risk while still taking advantage of higher implied probability.
  • Focus on underdogs for straight bets because you can find value on an upset.
  • Research each team’s strengths and weaknesses to see how they match up.
  • Find the best odds by searching through different NFL betting sites.
  • Don’t risk too much of your bankroll on one game.

How to Calculate Moneyline Odds?

Moneyline odds are displayed in American style on DraftKings. This is where each side has a negative or positive integer that relates back to $100. Here’s how to calculate the odds:

Underdog: Atlanta Braves +110 over New York Mets

  1. Divide the moneyline by 100: 110 / 100 = 1.1
  2. Multiply the result by your stake: 1.1 x $100
  3. Your payout here is $110 on a $100 wager

Favorite: New York Yankees -150 over Boston Red Sox

  1. Divide the moneyline by 100: 150 / 100 = 1.5
  2. If you’re risking $100: 100 / 1.5 = $66.67 payout
  3. If you want to win $100: 100 x 1.5 = $150 risk

The higher the number on the negative integer, the more you’ll be risking. If the underdog moneyline is greater, that means you’ll have a chance to win more money.

Why Are Moneylines a Good Bet?

Here are a few reasons why moneylines are a good bet:

  • You can find value in underdogs.
  • All you need is for your team to win.
  • Parlay a few heavy favorites to reduce your risk.
  • It’s easy to understand for beginners.

Can Moneylines Be a Bad Bet?

The main way that moneylines can be a bad bet is if you’re laying too much juice on a heavy favorite. Imagine you’re wagering $10 per game at -150 odds. If you lose two wagers, that’s already a net loss of $30, which essentially amounts to three $10 bets. You would need to maintain a high winning percentage in order to be profitable while betting on these odds.

Be sure to limit your straight bets on heavy favorites. Focus on putting them in parlays because you’ll reduce your risk that way. For example, instead of taking a -150 on a single wager, parlay it with another -150. Instead of risking $15 to win $10, you’d be staking $10 to win about $18. While it’s more difficult since you need to win two games instead of one, you’re risking less money.

What Sports Are Available for Moneylines?

You’ll be able to choose moneyline on any sport where a winner is determined, such as:

  • NFL
  • NBA
  • MLB
  • NHL
  • Soccer
  • MMA
  • Formula One
  • Golf
  • Tennis
  • Rugby

Is There Bet Insurance on Moneylines?

DraftKings will sometimes have promotions related to Parlay Insurance, where you’re refunded a certain amount of money if your wager loses by one. This bet type can include moneylines.

You can also use your welcome bonus on a moneyline wager if it’s your first bet with the site. If it loses, you’ll be reimbursed up to a maximum number.

Author

Frank Ammirante

Before joining The Game Day, Frank spent three years in the fantasy sports and betting industry, writing for websites like RotoBaller and 4for4football. Frank is an active member of the fantasy baseball and fantasy football community, participating in high-stakes leagues like NFBC/NFFC as well as industry competitions like Scott Fish Bowl, RazzBowl, and TGFBI. Frank is a member of the FSWA and IBWAA. Give him a shout to talk fantasy sports and sports betting.

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