The most common form of betting on hockey is moneyline wagering – simply betting on which team you think will win the game, with the moneyline price on that team determining how much you could win on your bet.
For example, Team A is a -150 favorite, and Team B is a +130 underdog. That means for every $1 you want to win with a bet on Team A, you will have to bet $1.50. For every $1 wagered with a bet on Team B, you will win $1.30. In order to win $100 betting Team A, you must bet $150. A $100 bet on Team B will win $130.
There is also betting on the total, which is the cumulative number of goals scored in a game. For example, Team A is playing Team B, and the total is five. A bet on the Over wins if the total number of goals – Team A’s goals + Team B’s goals – exceeds five, and an Under wager wins if the total is less than 5. If the total lands on five goals, the bet is graded a push and money is refunded.
Hockey also offers puckline betting, which is hockey's version of a pointspread. The favorite on the puckline will usually be -1.5, meaning it must win by more than 1.5 goals, and the underdog will usually be +1.5, meaning it must lose by no more than 1.5 goals. However, unlike moneyline wagering, the price on the favorite is often plus-money because the team must win by more than 1.5 goals, meaning the payout will be better. Conversely, the price on the underdog is minus-money because you’re getting 1.5 goals, your payout will be less.
For example, Team A is +1.5 on the puckline, with a price of -240, against Team B at -1.5 on the puckline, with a price of +200. That means for every $1 you want to win with a wager on Team +1.5, you must bet $2.40 and for every $1 wagered on Team B -1.5, you will win $2.00.
There are alternative wagers in hockey, including individual period totals, alternative pucklines and totals, as well as team and player props.