Sports betting has become one of the most popular hobbies among football fans. It gives you a stake in the game, both financially and emotionally, keeping you engaged throughout the game. If you’re a beginner, the moneyline bet offers a simple place to start since it’s straightforward and requires the least research.
But what exactly is the moneyline bet? How does it work, and when should you use it over other NFL betting lines? Keep reading to find out.
What Is an NFL Moneyline Bet?
The NFL moneyline bet is simply a wager on the team that will win the game. It only focuses on two possible outcomes: either Team A wins or Team B wins. Moneyline odds are presented with positive (+) or negative (-) figures. This lets you know which team is the favorite and which is the underdog, and by how much.
Negative Moneyline (-)
A negative moneyline indicates the team is most likely to win. Its figure shows you the amount of money you need to place on a bet to win a hundred bucks. If the Kansas City Chiefs are at -480, you need to bet $480 to make a $100 profit if they secure the win.
Positive Moneyline (+)
On the other hand, a positive moneyline is your underdog indicator. The number shows you the amount of cash you stand to make from a $100 bet should the underdog pull off an upset. For instance, if the Denver Broncos have a +660, you stand to make $660 in winnings.
When to Use the Money Line Bet
Knowing when to use a moneyline and when to minimize your risk with a different NFL betting line is key to a successful betting strategy. Here are some circumstances where a moneyline bet can be ideal:
The moneyline bet is a good choice when you feel the favorite team will likely win. Compared to the point spread, it offers you the chance to win at a lower risk. But remember that moneyline bets bear a higher risk when betting on the underdog than a point spread.
Upsets and Underdogs
Looking for a high payout? If you can tolerate the risk, moneyline bets can be lucrative when betting on underdogs. If you foresee an upset, the potential payout on an underdog moneyline is significantly higher than on the point spread.
Tips for Successful NFL Moneyline Betting
Beating the sportsbook isn’t easy, especially if you rely entirely on lady luck. To stand a chance, you need to develop a betting strategy. Here are some tips to follow:
In NFL moneyline betting, research is irreplaceable. You need to assess team strengths, game dynamics, head-to-head records, and other historical data. On top of performance-related stats, you should also keep up to date with team news, such as player injuries and even the vibes of the locker room.
Bets Within Your Means
Before you start, you should set a budget for your moneyline bets and stick to it. If you lose, be prepared to accept it. Chasing losses or overextending your bankroll can leave you in a hole. You don’t want to ruin a good betting strategy because of a single lost bet.
As with any other NFL betting line, moneylines aren’t guaranteed, even when wagering on the favorite. The one key rule of betting is never to bet more than you can afford to lose.
Shop Around for Odds
One mistake many punters make is sticking to a single bookie. Sportsbooks offer different moneyline odds for the same games, and you should try to find the best value you can get for your bet. Rather than settling for the first one you see, shop around to maximize your winnings.