Sports Betting Calculator Money Line
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In the world of sports betting, a money line bet is simply betting on which team you expect to win. It doesn’t have anything to do with a spread. You may also see a money line bet listed as “Money Line” or “ML” in different spaces.
Enter the amount of your wager in the box next to 'Amount ($)' and click on 'Calculate'. The amount of a winning parlay wager will appear in the box next to 'Payout'. Note: The 'Payout' does not include the. Bettors just need to take their stake x odds to equal their payout amount. For instance, if you bet $100 at 2.0 decimal odds, you’d get $200 if your bet won, your $100 stake back, plus your profit of $100. Read reviews, compare customer ratings, see screenshots, and learn more about Sports Betting Odds Calculator. Download Sports Betting Odds Calculator and enjoy it on your iPhone, iPad, and iPod.
Money lines are represented in negative and positive values.
Negative money line: -145, -220, or anything similar
When you see a minus (-) sign in front of a price, it shows you that team is the favorite to win the game.
That number also indicates how much money you need to bet/spend in order to win $100.
For example, a -220 money line means you need to bet $220 in order to win $100 provided the team you bet on actually does win.
Heavy favorites are known in sports betting as a “chalk” pick. A heavy favorite usually has a number pushing +300 or more. Here, you’re wagering a lot on the favorite to win a little. Don’t assume that a heavy favorite, or chalk pick, is a guaranteed winner…
Positive money line: +145, +220, or anything similar
When you see a plus (+) sign in front of a price, it shows you that team is the underdog. Higher numbers like +400, +500, +5000, etc. represent how much of an underdog the team is in the game. The higher the number the more likely the team is expected to lose in the eyes of the oddsmakers.
The number also indicates how much money would win in comparison to every $100 you wager.
For example, a +150 money line means you would win $150 for each $100 wager you place should that team win the game.
Money line examples:
Lets use an NFL example here:
New England Patriots -240
Miami Dolphins +220
To bet the New England Patriots to win on the money line, you would need to spend $240 on the bet for a chance to win $100 if the Patriots beat the Dolphins. Your return would be $340 – the original $240 stake (bet) and the $100 bet profit.
To bet the Miami Dolphins to win on the money line, you would spend $100 on the bet for a chance to win $220 if the Dolphins, as the underdog, beat the Patriots. Your return would be $320 – the original $100 stake (bet) and the $220 profit.
In both situations, it doesn’t matter if the team you bet on wins by one point or 100 points. You’re purely betting on the team you believe will win the game. As Al Davis said, “Just win, baby.” That’s exactly what you’d be looking for out of your selection. It doesn’t have to be pretty, it just has to happen or your original stake is lost.
Click Here for our 3-Way No-Vig Calculator
The tool to the left can be used to calculate no-vig odds and no-vig win probabilities. For example, if the moneylines of an NFL football game are NY Giants -160 / Atlanta Falcons +140 novice bettors often make the mistake of assuming the fair odds without juice are Giants -150 / Falcons +150. This is a mistake, enter -160 and +140 into our no-vig calculator and you’ll see the actual no-vig odds are -148 / +148. If you’re thinking okay what’s 2 cents worth… try doing the same for Saints -600 / Lions +450. The novice bettor mistakes the fair odds as -525/+525 while our tool shows the actual no-vig odds are -471 / +471.
The reason this illustration is important is because a novice bettor finding -500 when all other sites have -600 will be overly excited feeling he’s most certainly found a +EV (positive expected value) bet. As shown in this illustration that’s often not the case. On -600/+450 beating the favorite line by 100 cents is still –EV (negative expected value). Meanwhile although still –EV getting +465 when all other sites had +450 would be a FAR better bet, and here he’s only found 15 cents better as opposed to the 100 cents better on the favorite.
How do Bookmakers Add Vig?
At the risk of losing the casual reader I’ll go ahead and answer this question. The bookmaker first decides on how much advantage he wants to add to a betting line. For example if he has the probabilities as 82.5% favorite / 17.5% underdog and he wants to keep around 3.75% of the wagered amount on balanced action he’ll add this to each probability. .825*1.0375=0.8559 (85.59%) and 0.175*1.0375=0.1816 (18.16%). To see what these are in American odds, head over to our odds converter and in the implied probability field enter 85.59% to see this is -594. Next enter 18.16 to see this is +450.66. The bookmaker has a large enough advantage here so with the desire to use round about numbers he’ll most likely set the odds at -600 / +450. The juice is roughly the same on each as remember 6 cents added to a -594 price is peanuts, because the fair price of -600/+450 is -471/+471 (this was mentioned two paragraphs up). In any case notice the gap between -600 and +450 is 150 cents yet the Bookmaker has just a 3.75% advantage here.
To test this out on another line set, let’s say the bookmaker has handicapped the favorite having a 55% chance of winning and wants to add the same 3.75% advantage. The math is .55×1.0375=57.06% and .45×1.0375=46.69%. Using the implied probability field of our odds converter we see this gives us moneylines of -133 and +114 here the bookmaker is likely to round again to -135 / +115. His advantage is still in the 3.75% range of the previous example, yet the gap here is 20 cents instead of 150 cents. Hopefully you’re now seeing why moneylines cannot be averaged to remove juice.
Sports Betting Calculator Money Line Calculator
How to Remove Juice from Moneylines
To remove the juice from moneylines the first step is to convert the betting odds to implied probabilities using risk/return=implied probability. For a moneyline of -600, if a bettor risks $600 they win $100 and therefore the return is $700 ($600 stake + $100 win). So here the math is 600/700=0.8571 (85.71%). If the opponent’s moneyline is +450 and a bettor risks $100 it is to win $450 and therefore the return is $550 ($100 stake + $450 win) so the math is 100/550=0.1818 (18.18%). Now note that implied probability represent how often you need to win on average to break even, and here 85.71% + 18.18% = 103.89%. The reasons the probabilities total greater than 100% is because of the bookmaker advantage called juice or vig. To remove this we need to divide each implied probability by the overall percent market (in this case 103.89%). So 85.71/103.89=82.5% and 18.18/103.89=17.5%, you see these now total 100% so the vig is removed. We now know the no-vig win probability of -600 / +450 is 82.5% and 12.5%. You can save doing out this math by using the tool at the top of our article. Perhaps I’ll write another article in the future on converting these percentages to American odds format, but for now you can enter them into our odds converter tool under the implied probability field to solve the answer is -471/+471.
Best Use of this Knowledge
Now that you understand a bit more about moneylines, you can use this information to “handicap the market”. Although they don’t openly accept US players, it is well known Pinnacle Sports offers the highest betting limits and fastest payouts while operating on the lowest margins. For NFL football games point spreads are priced -104 instead of the usual -110, and Pinnacle accepts massive wagers on these ($30,000 and $100,000 per bet limits in some cases). A good idea is to watch their website and compare their prices on moneylines, totals and point spreads to other sites such as www.bookmaker.eu (which accepts US players). If at any time you find a line better at Bookmaker or another site than is offered at Pinnacle you might have a smart bet. The next step would be to return to this page and calculate Pinnacle’s No-Vig price. If the odds you’re getting are better than Pinnacle’s no-vig price chances are you have a +EV (positive expected value) wager.
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