Betting on moneylines is one of the most common ways to wager on sports like baseball and hockey. Oddsmakers determine which team is more likely to win the game and set a price according to that win probability.
The larger the advantage one side has over the other, the larger to moneyline odds will be which forces sports bettors to pay a premium for wagering on the best teams or players.
For example, Team A is estimated to have a 60 percent chance of beating Team B and therefor has a moneyline set at -150. A negative moneyline means that for every $1.50 wagered, a winning bet will return $1.00. If Team B is set with a moneyline of +130 – a positive moneyline – that means for every $1.00 wagered, a winning bet will return $1.30. However, Team B has a lower probability to win the game.
Bettors can either wager on the moneyline favorite (-150) or the moneyline underdog (+130) to win the game outright.