What is a Moneyline Bet? Complete Moneyline Betting Guide for North Carolina

Fact Checked by Blake Weishaar

Now that North Carolina sports betting is live, plenty of players who've never wagered before are partaking. Well, no betting market is more straightforward than the moneyline wager, which we'll discuss below.

Best Moneyline Betting Sites in North Carolina

As of March 2024, online sports betting is live in North Carolina. The bill that legalized North Carolina sports betting apps moved quick in late Spring 2023 and now a number of online sportsbook apps in the state are legal to bet on including BetMGM, Caesars Sportsbook, DraftKings Sportsbook, FanDuel Sportsbook, and more.

What is a Moneyline Bet?

The moneyline is arguably the most straightforward market people bet—you're simply picking which team you think will win the game outright. Moneyline bets don't require you to worry about making a point spread bet or anything like that. Instead, it's just picking which team to win the game.

With moneyline bets, each team will have "-" or "+" odds. The favored team will have "-" odds while the underdog has "+."

Let's look at some examples below of teams in North Carolina:

  • Charlotte Hornets: -300 at your favorite sportsbook. This indicates that the Hornets are favored due to the "-," or higher absolute value odds.
  • Carolina Panthers: +125 at your favorite sportsbook. With "+" odds, this shows that the Panthers are the underdog in this matchup, but not by much, as the closer you get to +100 or -100, this demonstrates how even the teams are.

How Does Moneyline Work in Sports Betting?

As mentioned, a moneyline sports bet is made on which team you think will win outright.

The best way to think about these odds is through the lens of winning or wagering $100. You can wager less than $100, though, of course.

With favored teams, the odds associated with it are the amount you need to wager to win $100. In contrast, the number associated with "+" odds is the amount you'd win on a $100 bet.

Using the above example, if the Hornets are -300 at your favorite sportsbook, you must bet $300 to win $100. For the Panthers at +125, you'll win $125 on a successful $100 bet. 

And sometimes, sportsbooks will offer promotions such as odds boosts that allow you to win more money while betting moneylines, so keep an eye out for new North Carolina sportsbook promos.

Understanding Moneyline Betting

In addition to understanding that a moneyline wager is picking which team you think will win outright, it's essential to understand how to identify the favorite and underdog. In most sports, teams are overwhelmingly better than others, and the odds will reflect that.

The Favorite 

Favored teams in a moneyline wager are notated with "-" or negative moneyline odds. With "-" odds, the number associated is what you'd need to bet to win $100. Using the example above of -300, this also shows an implied probability to win of 75%.

The Underdog 

For the underdog, they're notated by "+" odds. With these wagers, you'll win whatever the number associated with the odds is on a successful $100 bet. Using the Panthers example above of +125, the implied probability of winning the game is 44.44%.

Even, EV, or Pick' Em

While many teams are better or worse than others, there will be certain matchups where the teams are on par with one another. When this happens, you may see the wager notated with a "PK," meaning it's a "Pick 'Em" or "EV" for even odds.

Pick 'Em moneyline bets carry odds of -100, so you'll need to wager $100 to win $100. These can also be viewed in positive odds of +100 – either way, it's the same implied probabilities to win.

How to Read Moneyline Odds

While we discussed this above, we'll use the section below to flesh out how to read moneyline odds at sportsbooks such as BetMGM North Carolina. These are important to understand so you don't feel pressured to wager more than you're comfortable with the win a particular amount. We'll be using American odds.

Positive Odds (+)

With positive odds, this notates the underdog in the matchup. Let's use an example of the Carolina Panthers hosting the Kansas City Chiefs.

The Chiefs are the defending Super Bowl Champions and would likely be a heavy moneyline bet favorite against the Panthers.

As a result, the Panthers are +235 on the moneyline. If you were to wager $100 on the Panthers to win, sports bettors would receive $235.

Negative Odds (-) 

Now on the flip side, let's look at the Kansas City Chiefs in this Panthers matchup.

Since "+" or positive odds are for the underdog, "-" or negative odds are used for the favored team.

In this example, let's say the Chiefs are -375. This suggests the Chiefs are quite a heavy favorite. To win $100 on this wager, you'd need to wager $375.

Remember, the number associated with negative odds illustrates the amount you'd need to wager to win $100.

Even Odds 

Using the Panthers/Chiefs example, let's say Chiefs quarterback Patrick Mahomes is missing the game due to injury, resulting in even odds for each team.

Even odds are even easier for moneyline bets to understand. These can be viewed as -100 or +100, resulting in the same payout. When you have a winning bet, you'll win whatever you wagered. So, if you wager $50 on even odds, bettors win $50.

Understanding Implied Probability of Moneyline Odds 

While we've gone over how much profit you'll receive from negative odds and positive odds wagers, understanding implied probability could provide a new lens into understanding your likelihood of winning with a sportsbook like Caesars North Carolina.

Starting at -100, this is an even 50% chance.

From here, every five points you ascend or descend accounts for roughly 1.22%.

So, at -375, this is an implied probability of nearly 79%, whereas +235 is close to 30%.

For moneyline odds, they don't need to add up to an implied probability of 100%.

Potential Outcomes of a Moneyline Bet

A moneyline bet has three outcomes: a winning bet, a losing bet, and a push/draw. We'll navigate those below.


If you bet on the Panthers against the Chiefs and the final score is 20-18 in favor of the Panthers, this is a winning moneyline bet.


If you pick a team to win, like the Hornets, and the final score is 110-109 in favor of the Miami Heat, this is a losing moneyline bet.

Push or Draw

During the NFL regular season, ties are possible, meaning you can push/draw on moneyline wagers. If the Panthers and Chiefs are tied at the end of regulation, they will head to overtime. After overtime is played during the regular season and the Chiefs and Panthers are still tied, the game would end in a draw, meaning the bet would be a push.

A push for a moneyline bet will be if there's no winner or loser of the game. If this happens, you'll receive your original wager back. This can occur with point spreads as well. And rest assured, the majority of sportsbooks like FanDuel North Carolina will honor a push in sports betting. 

What is a 3 Way Moneyline?

Three way moneyline bets aren't something you see in most sports, like basketball, baseball, college football, or college basketball. This is something you can find during the NFL regular season, but it's most common in soccer, where you pick either team or a tie, which is far more common there.

Moneyline vs. 3 Way Moneyline

With traditional moneyline bets, you're picking between two teams. If you want to bet the moneyline, there are two results other than a push you'll worry about.

However, with a three-way money line bet, you can now bet on each team and a tie as an outcome. As mentioned, this is routinely seen in soccer and could be a wager you make on North Carolina FC at a sportsbook like DraftKings North Carolina.

A draw in soccer is almost always notated with positive odds. In the NFL, ties are possible, but these aren't readily seen as one of the more prominent wagers. There are more bets, such as prop bets, which could include a "draw" moneyline, acting as somewhat of a three-way moneyline bet. This may not be available at every sportsbook, though.

How Moneylines Connect to Other Bet Types

While you may only think of a moneyline bet as picking which team you think will win the game outright, this does have somewhat of a trickle-down effect on other wagers, including point spread bets and parlays.

Below, we'll look at these.

Moneyline vs Point Spread Bet

As mentioned previously, there are teams, regardless of the sport, that are simply better than one another. With moneyline bets, this is notated with overwhelming negative odds. For a point spread bet, there's a number of points designated as the gap in power between the two teams in an attempt to make them equal.

For spread betting lines, you'll typically see exactly or nearly -110 odds. This means that you'll win $10 for every $11 wagered.

Formula to Convert Point Spread to Moneyline 

There's a trickle-down between each wager type, including a formula to convert the spread to a moneyline bet.

However, the outcome of the moneyline odds changes depending on the sport.

Let's use the Panthers and Chiefs example again with a nine-point spread, favoring the Chiefs.

There are numerous conversion calculators out there, but one thing you'll notice is how much the moneyline odds change as you hit certain point-spread milestones.

We'll list the projected moneyline odds based on the spread in NFL games (college football is slightly different), going to nine points, which is the original bet in this example.

  • 1 point: Favorite (-122); Underdog (+101)
  • 2 points: Favorite (-131); Underdog (+108)
  • 3 points: Favorite (-164); Underdog (+135)
  • 4 points: Favorite (-211); Underdog (+171)
  • 5 points: Favorite (-234); Underdog (+188)
  • 6 points: Favorite (-261); Underdog (+208)
  • 7 points: Favorite (-319); Underdog (+249)
  • 8 points: Favorite (-366); Underdog (+282)
  • 9 points: Favorite (-416); Underdog (+314)

As you'll notice, there are notable multipliers as you hit three, seven, and nine points. This is due to NFL games mainly scoring in increments of three points (field goals), six points (touchdowns with no extra point), and seven points (touchdown and extra point).

Moneyline Parlay Odds Explained 

Another popular way to bet the moneyline at sportsbooks like WynnBET North Carolina is with moneyline parlay wagers.

A parlay is taking numerous contests and adding them to one betslip. The odds and the risk associated with needing multiple moneyline bets to win are then considered.

Yes, with parlay wagers, all games on a betslip must settle as a win for a parlay to be successful.

Let's make an example of all teams based in North Carolina, including the Hornets, Panthers, and Carolina Hurricanes.

  • Panthers: +235
  • Hornets: +125
  • Hurricanes: -205

These three moneyline odds combine into a parlay with +1021 odds. Each sport carries a different weight as the point spread to moneyline conversion above.

However, the best way to think about parlay odds is to convert American odds to decimal odds (as a side note, fractional odds are available, too).

Looking at the examples above, you'd have 3.35, 2.25, and 1.488, respectively.

To get an estimate of the parlay odds, you'd multiply each of these decimal odds together and then subtract one.

So, 3.35 x 2.25 x 1.488 is 11.2158. After subtracting one, you're left with 10.2158, which is +921. Again, though, each sport is weighted differently, but this is a method you can use to get a general gist, or just visit your favorite online sportsbooks and see it there.

Moneyline vs Over Unders

Over/Under wagers, or totals bets, are when you wager if you think the combined points will go beyond or fall short of the line provided.

With moenyline wagers, you're picking which team you think will win outright, automatically assuming that team will score more points.

However, with totals, do you think your team will account for all of the points, or do you think the team you're betting on with a moneyline wager will make up the difference?

For example, if the total in a Heat and Hornets game is 235.5 points, you'll wager whether the score will be 236 points or more or 235 points or less.

If you bet on the Hornets, you have to think about how many points they'll account for as the winner and whether the Heat, who you think will lose, can score the rest for an over wager or if they'll fall short, which would result in betting the "under."

Tips for New Moneyline Bettors

While a moneyline bet is straightforward to understand, there are still some tips to take before betting on moneyline favorites or moneyline underdogs.

Understand Home-Field Advantage 

Home-field advantage is something that can be underrated in sports. Playing in front of your home fans can be just what a team at home needs to win. Depending on the strength of each team, you'll see a "home-field advantage" baked into the odds. For the Panthers, this could be a point spread of -3 points, a standard home-field advantage spread, resulting in a moneyline of around -164.

Consider the Spread & Total 

Depending on the sport you're betting on, you might have better betting options than the moneyline, such as the point spread or totals.

Using the Panthers as an example again, let's say they have a point spread of -2 with -110 odds, and on the moneyline, they're -130.

Well, it's not often that NFL games end with a point differential of less than three, so leaning toward the point spread could be the better option, as you're getting -110 odds as opposed to moneyline odds of -130.

Shop Around 

Moneyline odds change at each online sportsbook. There could be some bets with a few extra points of value. If North Carolina launches more than one online sportsbook, these additional minutes of research, known as line shopping, could result in more money on winning bets. Professional bettors do this, and you'll often see them betting with multiple sportsbooks to get the best value possible.

Take Advantage of Sportsbook Promotions 

Most sportsbooks will have promotions available to you. With these sportsbook offers, you can make even more money with moneyline betting. This could include a profit boost on select games, insurance for parlay moneyline wagers, deposit bonuses, bonus bets, or odds boosts. Odds boost are bets that would include "Buffalo wins and Carolina wins," the odds are changed from whatever the standard parlay is to a new boosted value, determined by the sportsbook.

Get Started Betting the Moneyline

As you can see, moneyline betting is straightforward to understand, but there are numerous other things to consider when making them. All of the top online sportsbooks will have solid moneyline bet value compared to one another, but certain sportsbooks could have more value on the favorite or underdog. For example, DraftKings tends to have better value on moneyline favorites, while FanDuel does for underdogs. This isn't always the case, but it's something to remember as you explore moneyline betting.

We hope you treat all the information here as a robust moneyline sports betting FAQ section as you venture into betting in North Carolina.

Moneyline Betting in North Carolina FAQs


Richard Janvrin

Graduating from the University of New Hampshire with a BA in Journalism, Richard has written for notable sports outlets such as Bleacher Report. Now with TopUSCasinos.com, Richard is able to combine his sports and gambling interests to spend time exploring online sportsbooks and casinos.

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