What are Win Bet/ Money Line Wagers?
As far as sports betting goes, there will always be options that seem untapped. For the most part, these options are untapped, not because they are unprofitable, but because the bettors have little or no understanding about how they work. So, they’d rather stake within familiar territory. Win bet falls within this category. In this guide, we will be shedding light on the grey areas about win the bet, and groom you on all you need to know to successfully pull off a winning nine bet.
What is a Moneyline/Winbet?
The truth about the Moneyline bet is that if you have ever indulged in betting, you have at some point played it once without knowing. You may not know because of the fancy name given to it, but it is as straightforward as it could get. Moneyline or win bet is simply a bet that the success of it hinges on the probability of one team or individual winning. At some point, you may have placed a bet with a friend or family on a team to win or not. If you have ever done that, then you haven’t. So, in this case, your chances of winning or losing a bet solely depend on your pick-winning and nothing else. You are less concerned about the point margin they win by.
How does Moneyline/Win bet Payout?
For win bets, the payout is estimated based on the strength of the two teams or individuals playing for that event. If you have read our previous guides, you must have seen us chip in the terms, underdog, and favorite. If you haven’t, you need not to worry as well.
Just to brush up your memory, the underdog is the team that’s least expected to win, while the favorite is the team that’s most expected to win. For every event, there is mostly always an underdog and a favorite. The difference is that for some events, the underdog could be weaker while for some, the underdog could be stronger. This explains why there would be varying amounts of payouts for different moneyline bets. So essentially, the weaker the underdog is, the higher the payout would be and invariably, the stronger the favorite is, the higher the payout would be.
At this point, you may be wondering about how you could tell the difference between the favorite and underdog in a money line or win the wager. Simply, the favorites are represented with a (-) sign before it, while the underdogs are represented with a (+) sign before it. Below is a sneak peek to help put this in perspective.
How do you read a money line/win bet?
This is probably the most important part of this guide. If you can’t read a moneyline bet, you won’t even be able to figure out how much your winnings would be. Let’s take you step by step about some basic stuff you need to put in mind.
Now let’s start with an Underdog:
The amount that’s placed by the (+) sign is the amount the punter will win for a $100 bet. All you have to know is that the odd is set at the $100 yardstick. This doesn’t in any way imply that you can’t bet more or less than $100. You can even place $10 on a winning bet. So let’s say you want to stake $10 on Tampa Bay Buccaneers to win, your payout would be 11.0. How did we arrive at that? Simply multiply the stake amount by the odds and divide by 100. That is: (10 x 110)/100. If your stake is $500, your winnings would be $550. That’s quite easy to understand, right?
For the Favourite:
The amount placed before the (-) sign is the amount the punter will give up or bet per se to win $100. $100 is still the yardstick here, but the technicalities are a bit different. To calculate how much you would make in profits for every $1 wager on Jacksonville Jaguars, you just have to take 100 and divide by 130, this would give you $0.77.
So to get how much your payout would be for any amount you make on Jacksonville Jaguars, you have to multiply 0.77 by the stake amount. If you are staking $200, that means you will be winning $154 as profit.
From what you can take from the way the odds are being read for the favorite and underdog, you can see that the constant here is the unit, which is 100. For every winning that is calculated, it’s not inclusive of your stake amount. You will still get your stake back, added to your calculated winnings.
Is there Juice on Moneyline Bets?
You might be wondering how sportsbooks make their money off money line bets generally, but looking at it from the surface level, it just seems that they are just providing without getting any cut from the bet. But that’s false, most sportsbooks get specified cuts on most bets, moneyline bets especially. Though, not many bettors know how much cut the sportsbook gets. The amount of cut the sportsbook gets on a bet is called Juice.
For example, when you bet on a favorite at -110, one would expect your payout, inclusive of your stake would be $190. Your payout is $190 because the juice has been taken from it. This invariably means that your stake amount was $110. That $10 difference is what your bookie takes when the bet goes south.
Sportsbooks make juice from moneyline bets.
What are the benefits of Win Bets?
- Less complicated
For betting, it is always advisable to go for options that don’t require so much to win. You know for sure that for a winning bet, the outcome you are looking out for is a win from the team or person you selected. Once that happens, you can expect to get your payout for sure.
For a newbie, moneyline is one of the most advisable options to bet on. Because since they are not privy to the intricacies surrounding betting, it is better they bet on options that it is easy for them to read. The only thing about moneyline bets that may seem a little complicated is how the payout is calculated. Even that hurdle is provided for by sportsbooks, as there is an odd calculator that could help the bettor figure out the potential payout of a wager.
- Impressive Potential Payout
Every bettor finds the idea of high potential payouts exciting. You have to admit, bettors are probably one of the most ambitious people out there. You want to bet to win and that should always be the aim.
However, it does make sense why bettors play options that give them a higher chance at winning big, like parlays. While we can’t particularly compare the payout of win bets to parlays, we can assure you that the payout is relatively impressive. From the example we have discussed above, getting about a $100 profit on a $100 bet is not bad at all. One scenario where you can win astronomically on win bets is in the case of offsets. In this case, the underdog could be given a high amount of odds to win, because they are least expected to, only to have the situation turning against the expectation of the bookie. If a bettor had placed a winning bet on that team, you can imagine how widely they would be smiling at the bank.
Disadvantages of Win Bets
- Little room for error
While this is the case with virtually most bet options, bettors always find it receptive when they have some level of cushion on a bet. That if one goes south, they could still be allowed some returns because of the conditions surrounding the bet option. Sadly, this is not the case with win bets.
Considering how win bets work, it’s either the team you selected wins or losses. If the team loses, you are entitled to no payout. If on the other hand, the team wins, then your payout would be disbursed. No risk, no gain, at the end of the day.
- Betting on a strong favorite is not as profitable
You would realize from the way betting on favorites is structured for money line bets that the payout is not commensurate to the amount of money risked. Strong favorites are given so little odds, betting on them would be like you are working like an elephant and earning like an ant. It is even more annoying than when the bet loses, it would seem like you were risking a whole lot to win just so little. To make good returns from betting on strong favorites, your stakes have to be way higher than what they would be on other bets, and that in itself is risky.
Tips and Strategy Advice
With betting, you just have to be strategic to assure an impressive winning streak of winnings. Luck could only last for a short while. If you want to win, you have to plan and be intentional about any move you make. Here, we will be let in on some helpful tips that you should have etched in your minds as you explore Moneyline/wager bets.
- Favorites aren’t always guaranteed to win
The fact that after checking the favorite out they have a good win/loss ratio and that their odds are way lower than the underdog doesn’t necessarily guarantee that it is a sure bet. So, not every favorite would end up winning. So if your best strategy is to always bet on favorites only, you would be shocked at how badly that could turn out for you. Do your research, look out for teams that the sportsbook may have underrated, and spreading your winning potentials.
- Take note of injuries and form
A team could be top on the table and still lose to an underdog because of some explainable circumstances. Say some of the top men in the team are injured, if you were privy to this information, you could try your hands on wagering the underdog to win.
Given the circumstances, the underdog has a high chance of winning, even though the odds may not be reflective of that. This explains why it is pertinent to do your findings before the start of every game and not to rule out an underdog for any reason at all. Diligently look into the favorite team and check if no factor could make them lose.