Money line bets are the simplest form of wagering as far as picking a distinct result of an event. When wagering on the money line, the bettor is simply picking who will win the game outright. With ML bets, it does not matter how many points one team wins by, just that they win the game. The way in which sportsbooks show the difference in talent or projection between the two teams with money line bets is by weighing the ML with heavier odds on the favorited team.
For example, a perennially excellent team such as the Patriots playing a below-average team such as the Redskins will often have substantial odds in their favor, such as the below.
Washington Redskins (+325) at New England Patriots (-450)
The plus sign always indicates the underdog team, and the amount you will win (or the equivalent) on a $100 bet. The minus sign always indicates the favorited team, and the amount you must bet to win the equivalent of $100. The above odds can be interpreted in the following manner – if wagering $100 on the Redskins ML, you would win $325 (plus the $100 you wagered) – if wagering on the Patriots ML, you would need to bet $450 in order to win $100 (plus the money wagered). This is how the sportsbooks create balance in an unbalanced game. As sportsbooks collect wagers on both sides of a game, they will adjust the money line odds for both teams to account for the money being attributed to each team within a game.
2-Way and 3-way Money Line
The 2-way moneyline is probably the most common wagering option where you place a bet on either team/player A or team/player B to win.
In a 3-way moneyline bet you also have the option to bet on a draw.