Moneyline bets present are the most straightforward. A moneyline wager requires bettors to choose which team will win a game with no point spread involved.
Odds can vary wildly on a moneyline bet. Using a moneyline calculator breaks down the math on the odds, which allows bettors to assess a moneyline’s true value.
The following page includes the GamingToday.com MoneyLine Betting Calculator, as well as several valuable tables and graphs designed to help bettors gain an edge with moneyline betting.
3 Best Betting Apps
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You’ve probably seen Caesars Sportsbook ads during any major game, especially during the NFL season. It’s one of the top sportsbook apps, which comes as no surprise given it’s backed by Caesars Entertainment. Bettors will like the user-friendly app, its myriad sports options, and often short wait-time on payouts. If Caesars Sportsbook is legal in your state, you can claim a $1,100 first bet insurance using Caesars Sportsbook promo code TODAYCZR.
What Is A Moneyline Bet?
Legal US sportsbooks generally present several different ways to wager on sports. Moneyline bets represent just one of several different wagering options, which include point spread, totals, parlays, and in-game betting.
A moneyline wager allows the bettor to put a bet on which team or athlete will win a contest. The moneyline underdog will always pay out at better odds than the favorite. But underdogs are more likely to lose, so there’s an important tradeoff.
Skilled bettors look for value on moneyline bets by evaluating teams that have a better chance of winning than the implied probability of the odds suggests. Sharp bettors are sharp because they can come with up their own estimations of whether a team will win. So, bettors who want to become sharps must hone this crucial skill.
Moneyline favorites are listed with “-” odds, and the underdog is listed at “+” odds.
For example, here’s a look at a line offered by Caesars Sportsbook on the 2022 Bills/Chiefs game:
|Buffalo Bills||+2.0 (-110)||Over 55.0 (-110)||+115|
|Kansas City Chiefs||-2.0 (-110)||Under 55.0 (-110)||-135|
Caesars Sportsbook sets the Kansas City Chiefs as the favorite in the game, with odds of -135 odds. To calculate “-” odds, divide 100 by the odds, then multiply that quotient by the amount you bet.
For example, suppose you want to calculate how much profit a $50 bet on the Dodgers would yield. First divide 100 by 135 (without the “-”), which yields 0.74. Then multiply that number by your $50 bet to arrive at the profit (0.74*$50=$37).
A $50 bet on the Chiefs at -135 odds would yield $37 in profit. Then, the $50 wager would return to the bettor. So, the bettor would earn $87 total from a win on that bet.
To calculate “+” odds, divide the odds by 100 and multiply that product by the amount of the wager.
To calculate the payout of a $50 bet on the Buffalo Bills, divide 115/100 and multiply by $50 (1.15*$50=$57.50). A winning $50 moneyline bet on the Bills returns $107.50 total to the bettor. ($57.50 in profit plus the original $50 stake.)
Decimal odds can be used to make the calculations above simpler.
For example, bettors can use the Gaming Today moneyline calculator to convert Kansas City’s -135 odds to 1.74 decimal odds. Multiplying 1.74 by a $50 bet yields $87, and subtracting the stake yields potential profit ($87-$50=$37).
What Is A Moneyline Betting Calculator?
The Gaming Today Moneyline Betting Calculator allows for quick calculations for any wager amount and payout odds. Using American, decimal, fractional, Hong Kong, Indonesian, or Malay Odds, you can input the odds and the amount of a wager and see the payout that would come if the bet is a win.
While it’s valuable to understand and be able to calculate favorite and underdog Moneyline odds for all of the different odds notations, the moneyline calculator can save a significant amount of time and energy.
One of the most important features of the Gaming Today Moneyline Betting Calculator is the Implied Probability feature.
For any favorite or underdog input, the calculator produces the implied probability of that team winning. Astute bettors can use the calculator to find teams that have a higher actual win probability than the implied probability dictated by the odds.
The “To Win” window displays the amount of profit yielded by any combination of odds and wager amount. To calculate the return to the bettor, add the “To Win” number to the original amount of the wager.
How To Use The Moneyline Calculator To Place A Sports Bet
Suppose you wanted to put the Gaming Today Moneyline Calculator to work to decide how you wanted to bet on a game. Here’s another look at the lines offered on that game by Caesars Sportsbook:
|Buffalo Bills||+2.0 (-110)||Over 55.0 (-110)||+115|
|Kansas City Chiefs||-2.0 (-110)||Under 55.0 (-110)||-135|
To calculate a $50 moneyline wager on the Buffalo Bills, enter $50 in the “Bet Amount” window and put “+115” in the “American Odds” window. Hit enter or click on the “Convert Odds” button and see how the moneyline calculator converts that information into several different useful categories.
The calculator converts the “+115” odds into all of the different notations you might see used by a sportsbook.
The +115 American odds convert to 2.15 decimal odds, 23/20 fractional odds, 1.15 for Indonesian/Hong Kong odds, and -0.8696 Malay Odds. A tool like our moneyline calculator can be a crucial component of a winning betting strategy when evaluating odds at sportsbooks that use different notations.
The “Implied Probability” output tells you that at +115 odds, the Bills have a 46.51% implied probability of winning. If they think Buffalo’s actual chance of winning the game is higher than that, skilled bettors will take that bet.
The “To Win” output yields the profit produced if the Bills win. A winning $50 bet on the Bills yields $107.50 total. ($57.50 profit plus the original $50 bet).
Looking for other calculators to use when sports betting? Check out:
Calculating Positive And Negative Moneyline Odds
The math used in calculating the payout on a moneyline is pretty simple. It is one of the most important first steps to understanding sports betting and is crucial to success. Below is a graph of profit won on $100 bets for negative odds. Note that it is a curve that approaches, but will never get to $0. Even -1,000,000 odds still yields some profit from a win:
And here is a graph of profit for positive numbers. The important difference is that the line is linear. As the odds increase, so does the profit. Both increase infinitely.
Looking at the odds offered by the sportsbook, note whether they are negative odds (for example -110) or positive odds (for example +120). The calculation changes based on if it is a positive or negative odd. Below we work through an example of a bet of $100 at -110 moneyline odds. It is important to notice that multiplying by -1 is required to give us the positive payout:
PAYOUT = BET AMOUNT / (-1 *MONEYLINE ODDS / 100)
So that looks like:
$90.91 = $100 / (-1 * -110/100)
That also means that you will be returned that amount AND your original bet, meaning you now have $190.91. Let’s work another negative example of a $100 bet at -150:
$100 / (-1 * -150 / 100) = $66.67
Now let’s work through a positive money example. Let’s say you bet $100 at +120
PAYOUT = BET AMOUNT * ODDS / 100
That looks like:
$120 = $100 * 120 / 100
In that case, you are returned your original bet plus profit, so you now have $220.
What Is Line Movement?
Sportsbooks make money by setting lines that bring in an appropriate amount of wagers on both sides of a bet. The house offers odds that factor in a cut of overall wagers, known as vig, that goes to the sportsbook.
In the Bills/Chiefs example from above, if 90% of bets come in on the Chiefs, the sportsbook stands to lose big money if Buffalo wins.
If the bets coming in on a game are too one-sided, the line on the game will start to move to try to prompt more bets for the other side. It’s important to remember that you’ll lose in the long run even if you win exactly 50% of the time. Sharp bettors are sharp because they can win despite this line movement.
Legal Online Sports Betting In The US
The Professional and Amateur Sports Protection Act (PASPA) was overturned in May 2018, giving US states the legal clearance to offer state-regulated sports betting. Several states now offer both retail and online sports betting, including New Jersey, Pennsylvania, Nevada, Illinois, Indiana, Colorado, and several others.
The top online sport betting brands in the US include the following:
One of the biggest brands to emerge in the booming online sports betting industry, DraftKings Sportsbook offers mobile sports wagering in eight states. The sportsbook offers every imaginable kind of wager across multiple sports.
That betting menu includes daily moneyline opportunities on all major US sports leagues, as well as numerous international leagues. A tool like the Moneyline Calculator can be an indispensable tool to use for evaluating the odds and implied win probabilities at DraftKings Sportsbook.
Another huge player in the legal sports betting market, FanDuel Sportsbook offers mobile sports wagering in seven states. Along with DraftKings Sportsbook, FanDuel Sportsbooks stands as one of the top two mobile sports betting brands in the US.
FanDuel Sportsbook’s vast selection of moneyline wagering options becomes a potentially profitable market for bettors using a moneyline calculator. Such a tool allows sharp players to compare odds across multiple sportsbooks and only place the most favorable bets.
A collaboration between FOX Sports and The Stars Group, the FOX Bet brand operates online sportsbooks in New Jersey, Pennsylvania, and Colorado.
The moneyline odds at FOX Bet can vary greatly versus some of its competitors, and bettors using a moneyline calculator tool gain a significant edge versus players that don’t.
Moneyline Calculator FAQs
Yes. More than a dozen states either currently offer online sports betting or have a launch of mobile sports betting products pending.
New Jersey, Nevada, and Pennsylvania represent the three biggest online sports betting markets in the US. Other states with legal online sports wagering include Colorado, Illinois, Indiana, Iowa, West Virginia, and a few others.
The Gaming Today Moneyline Betting Calculator can be used as a valuable resource on any moneyline bet. It’s especially useful for evaluating the implied probability of winning and payout odds.
The moneyline bet calculator’s ability to display odds across multiple notation formats (American, Decimal, Fractional, Indonesian/Hong Kong, and Malay odds) allows bettors to compare lines across sportsbooks that use different notations.
Even if you’re a veteran sports bettor, running every bet you’re considering through the calculator provides significant benefit.
Yes. Nothing in the terms and conditions of any US legal online sportsbooks prohibits the use of a moneyline calculator.
The calculator provides computations that any person could produce with pen and paper but in a much faster and more efficient manner.
For “+” American odds, divide the odds by 100 and convert that quotient into a fraction. To convert +160 into fractional odds, for example, divide 160 by 100 (160/100) and reduce that fraction to the lowest whole number denominator. American odds of +160 would convert to 8/5 fractional odds.
For “-” American odds, divide 100 by the odds and convert to the simplest form fraction. For -160 odds, for example, the calculation looks like 100/160, which reduces to 5/8 fractional odds.
To convert “+” American odds to implied winning probability, the formula looks like this:
100 / (“+” American odds + 100)*100 = implied probability
For example, +160 odds would be calculated as 100/(160+100)*100. This converts to 100/260*100, which ends up yielding a 38.46% implied probability.
To convert “-” odds, the formula looks like this:
“-” odds / (“-” odds + 100)*100 = implied probability
For instance, -160 odds would translate to 160/(160+100)*100, converting to 160/260*100, which yields a product of 61.54. The implied probability of -160 odds is a 61.54% chance of winning.
Several online sportsbooks offer comprehensive coverage of sports and ways to bet. Some of the best choices for online sports betting in the US include DraftKings Sportsbook, FanDuel Sportsbook, PointsBet, FOX Bet, and BetMGM.