Bet Type Guide

Bet Type GuideMoneyline Betting Explained

The moneyline is the simplest bet in sports: pick the winner. The odds tell you how much you can win relative to your stake. This guide explains how moneyline numbers work, how to calculate payouts, and when moneyline beats the point spread.

By BettingInDC Editorial Team · Updated May 16, 2026 · Our methodology

How moneyline odds work

Moneyline odds are written with a plus or minus sign followed by a number. The sign identifies the favorite or underdog; the number sets the payout.

Minus (-) = favorite. The number is how much you must risk to win $100. A -150 favorite means risking $150 to win $100.
Plus (+) = underdog. The number is how much you win if you risk $100. A +200 underdog means risking $100 to win $200.

Pick-em games (where the teams are evenly matched) typically post both sides around -110 each, with the small difference between -110 and even money representing the sportsbook\'s margin.

Example: Commanders vs Cowboys moneyline

Commanders -150 | Cowboys +130

If you bet $150 on the Commanders and they win, you collect $250 total: your $150 stake back plus $100 in profit. If you bet $100 on the Cowboys and they win outright, you collect $230 total: your $100 back plus $130 in profit. If your team loses, you forfeit your entire stake.

Calculating payouts

Two simple formulas cover every moneyline payout:

Favorite (minus odds): Profit = Stake × (100 / abs(odds)). A $200 bet at -200 returns 200 × (100/200) = $100 profit.
Underdog (plus odds): Profit = Stake × (odds / 100). A $50 bet at +180 returns 50 × (180/100) = $90 profit.

Every sportsbook in DC displays the potential payout automatically when you enter your stake on the bet slip, so manual calculation is rarely needed in practice.

Implied probability

The moneyline implies how often the sportsbook expects the bet to win:

Favorite (minus odds): Implied probability = abs(odds) / (abs(odds) + 100). A -200 favorite implies 200/300 = 66.7%.
Underdog (plus odds): Implied probability = 100 / (odds + 100). A +180 underdog implies 100/280 = 35.7%.

The two implied probabilities for a single game always sum to slightly more than 100%. The extra (typically 4-6%) is the sportsbook\'s edge, also called the "vig," "juice," or "overround."

When to use moneyline

Moneyline is the right pick in three scenarios:

Backing a real underdog. A +200 underdog at moneyline pays $200 profit for $100. The equivalent spread bet at -110 only pays $91 profit for the same stake.
Avoiding the spread. When you trust a team to win but not by a specific margin, moneyline removes the spread variance. Useful in low-scoring NHL or MLB games where 1-run/1-goal margins are common.
Three-way soccer moneyline. Soccer\'s three-way moneyline includes a draw option, which changes the math entirely. See our soccer betting guide for details.

When to avoid moneyline

Avoid moneyline when:

The favorite is heavy. A -350 NFL favorite returns only $29 profit on $100. The spread on the same game probably pays out at -110 with similar win probability if you think the team will cover.
You want a defined risk-reward. Spread betting gives you a more predictable risk profile.
You\'re building a parlay. Moneyline odds in parlays compound poorly when heavy favorites are involved.

Where to bet moneylines in DC

All six DC sportsbooks offer full moneyline coverage on every sport: FanDuel, DraftKings, BetMGM, Caesars, Fanatics, and theScore Bet. Line shopping (comparing moneyline prices across operators) can yield 5-15% better returns over time, especially on underdog bets where small differences in the plus number compound.

Moneyline & Implied Probability Calculator

Enter American odds (e.g. -150 for a favorite or +200 for an underdog) and a stake. The calculator returns the decimal equivalent, implied probability, profit, and total payout.

Moneyline Calculator

American odds

Stake ($)

Decimal odds: --
Fractional odds: --
Implied probability: --
Potential profit: --
Total payout: --

Implied probability is the breakeven win rate for the bet at these odds, ignoring sportsbook margin. Two paired moneyline sides typically sum slightly above 100%; the extra is the vig. See the spread guide for the hold calculator.

Frequently asked questions

What does -150 mean in moneyline odds?

A -150 moneyline means the team is the favorite. To win $100 in profit, you must risk $150. If you bet $150 and the team wins, you collect $250 total ($150 stake back + $100 profit). The minus sign always indicates the favorite; the bigger the number, the bigger the favorite.

What does +130 mean in moneyline odds?

A +130 moneyline means the team is the underdog. A $100 bet returns $130 in profit. If you bet $100 and the team wins outright, you collect $230 total ($100 stake back + $130 profit). The plus sign always indicates the underdog; the bigger the number, the bigger the underdog.

What is implied probability from moneyline odds?

Implied probability is the percentage chance the sportsbook is essentially assigning to the bet. For a -150 favorite: 150 / (150 + 100) = 60% implied win probability. For a +130 underdog: 100 / (130 + 100) = 43.5% implied win probability. The two implied probabilities typically add up to slightly more than 100%; the extra is the sportsbook's margin (the "vig").

When should I bet a moneyline instead of a spread?

Moneyline is best when you think the underdog has a real path to win outright (so the +200 price pays off) or when the favorite is moderate enough that the moneyline price is manageable. Avoid moneylines on heavy favorites (-300 or worse) where the spread gives you a much better return for similar risk.

Does the moneyline include overtime?

In most US sports the moneyline settles on the final result including overtime. NFL, NBA, NHL, MLB, and college sports all settle ML on the final score. The exception is soccer, where the standard 3-way moneyline excludes overtime and settles only on the result at the end of regulation; in cup competitions that go to extra time, a separate "to lift the trophy" market is used.

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