Money lines are among the most popular betting options offered as part of a sporting event. In the US, money lines are usually offered for national sporting events such as the NBA All-Star Game or the Masters, and many bookmakers also offer this bet for big-name football games.
If you’re new to betting, these are some of the most recognizable bets you might encounter, and they can be quite a complicated wager to comprehend. This article will shed some light on the theory and practice of money lines in betting so you can better understand and place these bets.
Theory Of A Money Line Wager
In theory, a money line wager is quite simple. You’re agreeing to wager a set amount (the stake) on the outcome of a sporting event. So if you’re placing a wager on the Super Bowl, you’re agreeing to wager $100 on the outcome. If the game ends in a draw, you lose your bet (unless you wanted to risk it on a side bet).
The catch is in determining the odds of an event happening. With most sports, bookmakers will provide you with odds that are usually highly favorable to the casino. In the case of the Super Bowl, the New England Patriots are 13-5, which is very close to the 1.8 ratio of a typical money line wager.
Types Of Money Line Wagers
A few different types of money line wagers exist. The most popular of these bets is the Yankees vs. Red Sox money line, which pits two long-time rivals against one another. Since 1912, the Boston Red Sox and New York Yankees have engaged in a heated rivalry that has spanned seven decades and several World Series. And while the hatred between the two teams has been a steady source of entertainment for fans, it’s also spilled over into the betting markets, particularly when it comes to their home games. In total, there are 12 active games between these two teams this year with a combined total gross winnings of over $19 million. On the other side of the spectrum, there’s the Jacksonville Jaguars and Tennessee Titans for a game that started in 2002 and features two teams that have little to no historical rivalry.
The point is that money lines are most often associated with sports that generate a lot of excitement and betting revenue. And while the theory of a money line wager is straightforward, the practice can be a bit tricky. This is particularly the case when you’re wagering on a game with high attendance and large audiences, as most bookmakers will try to lock you into agreements where possible. However, online bookmakers have taken the guesswork out of these agreements and provide you with the safe, secure and convenient methods of wagering you expect from an online casino.
Odds And Ends
To start, let’s cover some odds and ends that you should know about when placing a money line bet. First, odds are always expressed as odds-on and odds-off, or alternatively, as fractions. For example, if an event has an official over/under on the number of touchdowns scored (2.5), you can express your odds as 2.5-3. Since the over/under is set at 5.0, your odds of winning are 8:1 (2.5/5.0).
Second, and quite possibly the biggest difference between betting and gambling, in most sports betting cases, you are agreeing to wager a set amount on the outcome of an event (the stake). For example, you put down $100 on the New York Yankees vs. Boston Red Sox game this year, the stake is $100. In other words, you’re not risking any more than you’re entitled to win. Most casinos and bookmakers also allow you to set limits on how much you’re willing to risk, so you can set a budget and stay within your means. Third, most bookmakers offer these odds as a courtesy to their customers, so they can get a small piece of the action. In other words, if you’re a loyal customer, they’ll feel obligated to give you the best odds available. This practice is known as tying-in, and it’s usually done as a favor to existing customers. So, while it may not seem like a favor at the time, consider it a small promotional gift.
The Practice Of Placing A Money Line Wager
In theory, placing a money line bet is quite simple. You’re agreeing to wager a set amount (the stake) on the outcome of an event. In practice, it can be a bit more complicated. For example, you may want to add an additional factor into your calculations. Or you may have a favorite team and want to place a wager on their behalf. Or perhaps you want to handicap an event and can’t figure out how to properly calculate the combined odds of all the participants. These are all things you need to consider before hitting the books or pulling out your credit card.
Luckily, you have a few options when it comes to placing a money line bet. First, if you’re a fan of a particular team or player and want to bet on their appearance, you can do so with the help of an online bookmaker. For example, you can use a service like Odds Monkey to enter your payment information and immediately receive the results of all the games your team is involved in, along with all the relevant stats. Second, if you’re placing a wager on a game that’s been pre-paid (paid in advance), you can use the service of the bookmaker to automatically collect your winnings (minus the fees they charge).
Finally, if you want to get really sophisticated, you can use software such as Rivalry to generate custom picks for MLB, NBA, NFL and NHL games, calculating exactly how much you should wager based on every play made and the implied probability of each event occurring.
In conclusion, money lines are one of the most recognizable types of sports betting options because they feature two long-time rivals. But while the rivalry between the Boston Red Sox and New York Yankees has been entertaining to watch, it’s also led to some fascinating numbers when it comes to the betting markets. In 2012, for example, the two teams played 12 times with the Yankees posting a 9-3 record, including three home-field advantage situations. In the end, the Red Sox won five of the twelve games with four of the five victories coming by way of shutout.
This year alone, the two teams play 12 times with the Red Sox posting a 6-6 record, including four home-field advantages. While you’d want to be careful not to get too overly-familiar with the theory and practice of betting, it’s still an option available to the average sports fan. Just keep in mind the odds and you should have no problem winning or losing your wager. And if you ever start to lose confidence, just use the services available to help you place an order for a pizza.