Moneyline bets explained: two-way and three-way (1X2)
A moneyline is a bet on who wins. How two-way and three-way (1X2) moneylines work, what a draw does, and how to read the prices.
The moneyline is the simplest bet in sports: you pick who wins. There is no point spread and no total, only a price on each possible result. This guide covers the two kinds you will see on OddsKeepr, the two-way moneyline and the three-way moneyline, better known in football (soccer) as 1X2.
The two-way moneyline
A two-way moneyline has one price per side. It is the standard winner market in American football, basketball, baseball, tennis, MMA and most other sports where a game almost always ends with a winner, and in hockey at North American sportsbooks (European sportsbooks usually lead with a three-way regulation-time market for hockey).
Take a basketball game priced like this:
| Team | American | Decimal |
|---|---|---|
| Team A | -150 | 1.67 |
| Team B | +130 | 2.30 |
Team A is the favourite: the minus sign means you stake 150 to win 100. Team B is the underdog: the plus sign means a stake of 100 wins 130.
- A stake of 100 on Team A at
-150wins 100 × 100 ÷ 150 = 66.67, a total return of 166.67. - A stake of 100 on Team B at
+130wins 130, a total return of 230.
If you are new to the signs, American odds explained walks through them, and decimal odds explained covers the other column (1.67 is rounded from 1.6667; the returns above use the exact price).
What counts
On most two-way moneylines in American sports, the result includes overtime, extra innings and shootouts, because the market is about who wins the game. Many sportsbooks also offer a separate regulation-time line, which works like the three-way market below.
A tie is rare but possible in some sports. Many sportsbooks settle a tied two-way moneyline as a push and return your stake. Others, common on Australian head-to-head markets such as the AFL and NRL, apply dead-heat rules: half your stake is paid at the full price and the other half loses. The house rules for the market decide.
The three-way moneyline (1X2)
In football (soccer), where a draw is a common result, the winner market is priced with three outcomes:
- 1: the home team wins (at a neutral venue, the team listed first)
- X: the draw
- 2: the away team wins (the team listed second)
The match is settled on the score at the end of normal time, stoppage time included, but not extra time or a penalty shootout. Only one of the three outcomes wins. If you back the home team and the match ends level, your bet loses.
Here is a match priced in decimal, with the same prices in American and fractional:
| Result | Decimal | American | Fractional |
|---|---|---|---|
| 1 (home) | 2.10 | +110 | 11/10 |
| X (draw) | 3.40 | +240 | 12/5 |
| 2 (away) | 3.60 | +260 | 13/5 |
A stake of 10 on the home team at 2.10 returns 10 × 2.10 = 21.00 if they win, a profit of 11.00. A stake of 10 on the draw at 3.40 returns 34.00. Fractional odds explained covers the third column.
Because the draw takes a share of the chances, both teams' prices are longer than they would be in a two-way market for the same match. If you want a team bet that is not lost on a draw, draw no bet and double chance explains the markets built for that.
Reading the prices as probabilities
Every price implies a chance: 1 ÷ decimal odds. The 1X2 prices above imply 47.62% for the home team, 29.41% for the draw and 27.78% for the away team, a total of 104.81%. The two-way prices imply 60.00% and 43.48%, a total of 103.48%. The amount over 100% is the overround, which measures the margin the sportsbook builds into its prices. Implied probability shows the conversion, what the vig is measures the margin, and fair odds takes it out, using this same 1X2 match. The calculator below does it for any market of two or three outcomes:
Read as American odds: −110
Read as American odds: −110
Margin 4.8%: the prices add up to 104.8%.
| Outcome | Implied | Fair chance | Fair price |
|---|---|---|---|
| Outcome 1 | 52.4% | 50.0% | +1002.001/1 |
| Outcome 2 | 52.4% | 50.0% | +1002.001/1 |
The fair price spreads the margin across the outcomes in proportion to their implied probabilities.
Comparing moneylines
The same team can carry different moneylines at different sportsbooks, and a small difference adds up over many bets. Suppose one sportsbook has Team A at -150 and another at -140:
| Price | Win on a stake of 100 | Implied probability |
|---|---|---|
| -150 | 66.67 | 60.00% |
| -140 | 71.43 | 58.33% |
The same winning bet pays 4.76 more at -140. For a favourite, the minus number closer to zero pays more; for an underdog, the bigger plus number pays more. OddsKeepr lists each outcome's price at the licensed sportsbooks it covers where you are and marks the best one; how to compare odds shows how to read the board.
Moneyline or spread?
In sports with a point spread, the moneyline and the spread are two views of the same game. The moneyline asks only who wins; the spread asks whether a team wins by more, or loses by less, than a set margin. A heavy favourite's moneyline can be very short, such as -400 (an implied 80%), while a spread prices both sides close to even money. See point spread betting, and for hockey and baseball, puck line and run line.
Betting always carries a risk of losing money, so if you bet, set a limit you are comfortable with and check that the sportsbook is licensed where you are. If gambling stops feeling like entertainment, free and confidential help is listed for every country under where to get help.