What Is a Moneyline Bet? Odds, Payouts, and Settlement Rules
By Dale Merrin ·
Overview
A moneyline bet is a wager on which team or player will win an event outright. You do not predict the winning margin or combined score. The displayed odds determine your potential profit, while the market label and sportsbook rules determine whether overtime, a draw, or a tie counts.
For example, choosing a team at +150 means you are backing that team to win. A successful $100 stake produces $150 in net profit, plus the return of the original $100 stake, according to CBS Sports’ explanation of moneyline pricing. Your total return would therefore be $250.
The apparent simplicity of picking a winner does not remove the need to check the details. Before confirming a wager, you need to know what the positive or negative price means, distinguish profit from total return, and understand whether the market is settled after regulation or after any additional play.
How American moneyline odds work
American moneyline odds use a positive or negative number to express the price of a selection. The sign and number tell you how profit relates to your stake. They do not change the underlying prediction, which is still that the selected team or player will win.
In a standard two-way market, negative odds commonly identify the favorite. The number shows how much you would need to stake to make $100 in profit. At -150, for example, a $150 winning stake produces $100 in net profit. Positive odds commonly identify the underdog and show the profit from a $100 stake. At +150, a successful $100 stake produces $150 in profit. CBS Sports describes both conventions, while DraftKings defines the negative selection as the favorite and the positive selection as the underdog.
The size of the price matters as much as its sign. A heavily negative price offers less profit relative to the amount risked. A larger positive price offers more potential profit, but the sportsbook price also reflects a lower implied chance of that selection winning. SportsLine notes this inverse relationship between favorite strength and profit relative to the stake.
Treat “negative means favorite, positive means underdog” as a two-way-market shortcut, not an infallible label for every market. A three-way moneyline contains three priced outcomes: one side wins, the other side wins, or the event ends in a draw. FanDuel’s guide describes those three available selections. In a multi-outcome market, the favorite is the outcome with the shortest offered price relative to the alternatives. That selection can still have a positive number. Read the complete market and compare all its outcomes rather than identifying the favorite from the sign alone.
Calculate profit and total return
A correct moneyline payout calculation separates three amounts: your stake, your net profit, and your total return. The stake is the amount risked. Net profit is what you win above that stake. Total return is the profit plus the returned stake.
For positive odds, FOX Sports gives the calculation as stake multiplied by the odds, divided by 100:
Net profit = stake × (positive odds ÷ 100)
For negative odds, use the absolute value of the displayed odds:
Net profit = stake × (100 ÷ absolute odds)
In either case:
Total return = stake + net profit
Here is one consistent example using a $60 stake on each selection:
| Moneyline price | Stake | Net-profit calculation | Net profit | Total return |
|---|---|---|---|---|
| +150 | $60 | $60 × (150 ÷ 100) | $90 | $150 |
| -150 | $60 | $60 × (100 ÷ 150) | $40 | $100 |
The +150 wager returns the original $60 plus $90 in profit. The -150 wager returns the original $60 plus $40 in profit. Both bets use the same stake, but the underdog price pays more if it wins.
This distinction prevents a common reading error. If a bet slip displays a $150 return for the +150 example above, that does not mean you made $150 in profit. Of that amount, $60 is your returned stake and $90 is new money. Conversely, a sportsbook or guide may use “payout” to mean either profit or total return, so check which amount the figure includes.
The formulas also let you review a wager without defaulting to a conventional $100 example. If you change the stake, substitute the new amount while leaving the displayed price unchanged. Calculate profit first, add the stake once, and compare the result with the return shown on the bet slip before confirming.
Moneyline vs. spread and total bets
A moneyline asks who wins. A point spread asks whether a team wins or loses relative to a specified margin. A total asks whether the teams’ combined scoring finishes above or below a stated number. FanDuel distinguishes the three wager types in these terms.
The practical difference is the outcome your selection must satisfy:
- Moneyline: Your selected team or player must win under the market’s settlement rules.
- Point spread: The final score is adjusted by the listed handicap, so the margin matters.
- Total: The winner does not determine the bet. Combined scoring is compared with the listed over-under number.
Suppose you believe a team will win but are uncertain about the margin. The moneyline expresses that view directly. A spread selection requires the team to perform well enough against the handicap, even if it wins the event. As CBS Sports explains, the moneyline concerns the winning side, while spread betting concerns the margin of victory.
That simpler prediction does not mean a moneyline is automatically preferable. Its price may require risking much more than the available profit, particularly for a strong favorite. Choose the wager type that matches the outcome you are actually trying to predict, then evaluate its price separately.
Two-way and three-way moneyline settlement
Two-way and three-way moneylines offer different possible selections, which changes how a tie can be settled. You must also check whether the market includes overtime or stops at regulation because those terms vary by sport, market label, and sportsbook.
A two-way moneyline lists two possible winners. If the rules include overtime or another additional period, the bet can remain open until that play determines a winner. If the event is ultimately treated as a tie and no draw selection was offered, the market may be graded as a push. A push voids the wager and returns the stake rather than producing profit.
A three-way moneyline adds the draw as a selectable outcome. If the applicable settlement point produces a draw, the draw selection wins and wagers on either side lose. DraftKings’ introductory explanation confirms that a three-way moneyline includes the tie or draw and does not refund the other selections.
Overtime treatment cannot be inferred from the words “moneyline” alone. For example, the published Fanatics Sportsbook house rules describe two-way moneylines that include additional play and become pushes if no winner is determined. The same rules also contain three-way markets settled at regulation in some contexts and at another specified point in others.
The DraftKings house rules published by the Massachusetts Gaming Commission provide another illustration of why the exact label matters. They describe two-way moneylines as including overtime, unless otherwise stated, while three-way markets can be settled at the end of regulation. They also identify exceptions tied to the particular competition or market.
Accordingly, “overtime counts” and “a tie is refunded” are not universal moneyline rules. Before betting, check:
- whether the market has two or three selections;
- whether “draw” or “tie” is available;
- whether the label says “regulation,” “60 minute,” or another defined period;
- whether the displayed rules include overtime, extra innings, or shootouts; and
- what the sportsbook does if no winner is determined at the settlement point.
The market name is part of the wager. A team can win after overtime while failing to win a regulation-only moneyline, because those are different selections settled at different times.
Implied probability is not the same as betting value
Moneyline odds express both potential profit and an implied probability. A shorter price implies a greater chance of winning and offers less profit relative to the stake. A longer price implies a smaller chance and offers more potential profit.
For example, the moneyline table published by CBS Sports associates -150 with an implied probability of 60% and +150 with 40%. It also shows that a $100 winning stake at -150 produces $66.67 in profit, while the same stake at +150 produces $150.
Those figures explain the price, but they do not tell you whether either selection is a worthwhile bet. Value depends on how your assessment of the outcome compares with the offered odds. A team can be the most likely winner and still have an unattractive price if the required risk is too high relative to its realistic chance of winning.
Consider the logic behind a shorter negative price. If you believe a selection should be priced at -145 but it is available at -130, the offered price requires a smaller stake to target the same $100 profit. CBS Sports uses that comparison as an example of a potentially favorable price. The important judgment is not merely “Will this team probably win?” It is “Does its chance of winning justify this price?”
Displayed implied probabilities also reflect the sportsbook’s posted prices. They should not be treated automatically as margin-free estimates of the true chances. A complete no-vig calculation would require evaluating all prices in the market and adjusting for the sportsbook margin, which is outside the basic moneyline calculation covered here.
Use implied probability as a translation tool, not a prediction handed down by the odds. It shows the chance represented by the price. Your betting decision still requires comparing that price with your own evidence-based assessment and accepting that the wager can lose.
How to place and review a moneyline bet
Placing a moneyline bet involves selecting an outright winner, entering a stake, and reviewing the price and settlement terms before confirmation. The bet slip should match the team, player, market, and amount you intended to choose.
- Open the relevant event and locate the moneyline. Confirm whether it is a two-way or three-way market and note any regulation or overtime wording.
- Choose the team or player. Select the displayed price beside the outcome you believe will win under those rules.
- Compare the available price. For the same selection, a higher positive price or a less negative price produces more profit for an equal stake.
- Enter a pre-set stake. Choose the amount before reacting to the possible return, and keep it within the limit you decided you could risk.
- Review the bet slip. Check the selection, moneyline price, stake, potential profit or return, and settlement label.
- Confirm only if every field is correct. FOX Sports likewise advises checking the team or player, odds, and payout before placing the wager.
Price comparison matters even when your predicted winner does not change. Suppose the same selection is available at +120 and +115. With a $50 stake, +120 produces $50 × 1.20 = $60 in net profit. At +115, the calculation is $50 × 1.15 = $57.50. The +120 price therefore offers $2.50 more profit for the same outcome and stake.
Finally, distinguish a single moneyline from a moneyline parlay. Combining several selections can raise the potential return, but every included leg must win for the parlay to succeed. SportsLine notes that one losing leg makes the entire parlay a loss. A list of favorites does not remove that condition, so review each leg and the combined requirement rather than focusing only on the larger displayed return.