What is a Moneyline Bet? Complete Moneyline Betting Guide for Virginia

Fact Checked by Blake Weishaar

Welcome to the ultimate guide on moneyline betting in Virginia, where the exhilarating world of sports wagering has taken a turn with the advent of Virginia sports betting. Whether you're a seasoned bettor or just diving into the excitement, this comprehensive guide will provide you with the knowledge to make informed decisions while betting the moneyline.

Best Moneyline Betting Sites in Virginia

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1
Best Choice
Caesars Sports
Best Choice
Terms apply for all bonuses. Must be 21+ to participate.  
Must be 21+ to participate. T&Cs apply.
Live Betting
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Same Game Parlay
Deposit To Qualify
$10.00
Promo Code
VFB1000
2
Terms apply for all bonuses. Must be 21+ to participate.  
Bonus Bets Expire in 7 Days. One New Customer Offer Only. Must be 21+ to participate & present in VA. Gambling problem? Call 1-800-GAMBLER. Visit BetMGM.com for Terms & Conditions. US promotional offers not available in NY, NV, or Puerto Rico.
Live Betting
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$10.00
Promo Code
VFBBONUS
3
Terms apply for all bonuses. Must be 21+ to participate.  
Must be 21+ to participate in VA. T&Cs apply. Play Responsibly. Gambling problem? Call 1-888-532-3500
Live Betting
Live Support Chat
Same Game Parlay
Deposit To Qualify
$10.00
Promo Code
Not Required
4
Terms apply for all bonuses. Must be 21+ to participate.  
Deposit required. Paid in Bonus Bets. Bets wager excluded from returns. New Customer only. Must be 21+ and Present in VA. T&Cs apply. Gambling Problem? Call 1-800-GAMBLER.
Live Betting
Live Support Chat
Same Game Parlay
Deposit To Qualify
$10.00
Promo Code
Not Required
5
Terms apply for all bonuses. Must be 21+ to participate.  
Must be a new verified Betway patron. 21+ and present in VA. Opt-in may be requiredd. Make your first min. deposit of $10+, place a wager up to $50 (with odds of at least –300 and receive up to $200 as bonus bet funds. Wager must be settled within 7 days from new account opening. Qualifying wager restrictions apply. Any bonus bet funds earned must be used within 7 days of receipt. Bonus bet funds are not the same as cash, must be used in the Sportsbook, and are subject to restrictions. Promo subject to full T&C’s us.betway.com/sport/bonus-terms. Gambling problem? Call/text 1-800-GAMBLER.
Live Betting
Live Support Chat
Same Game Parlay
Deposit To Qualify
$10.00
Promo Code
Not Required
6
Terms apply for all bonuses. Must be 21+ to participate.  
Must be 21+ to participate. T&C apply.
Live Betting
Live Support Chat
Same Game Parlay
Deposit To Qualify
$10.00
Promo Code
Not Required
7
Terms apply for all bonuses. Must be 21+ to participate.  
Must be 21+ to participate and present in VA. T&Cs apply.
Live Betting
Live Support Chat
Same Game Parlay
Deposit To Qualify
$10.00
Promo Code
Not Required
8
Terms apply for all bonuses. Must be 21+ to participate.  
Offered by Seminole Hard Rock Digital, LLC. Must be 21+ and physically present in VA to play. Terms and conditions apply. In VA, CALL 1-800-GAMBLER
Live Betting
Live Support Chat
Same Game Parlay
Deposit To Qualify
$10.00
Promo Code
Not Required
9
Terms apply for all bonuses. Must be 21+ to participate.  
Must be 21+ to participate and present in VA. T&Cs apply.
Live Betting
Live Support Chat
Same Game Parlay
Deposit To Qualify
$10.00
Promo Code
SPORTS

What is a Moneyline Bet in Virginia?

A moneyline bet is a straightforward way to wager on the outcome of a sports event by picking a team or player to win. This is the simplest type of bet that you'll find among sportsbooks. 

There are three types of moneyline bets: positive odds for underdogs, negative odds for favorites, and even odds for evenly matched contests.

The Favored Team

The favored team is the one with negative odds, indicating that sportsbooks perceive them as more likely to win the event. For example, if the Washington Commanders have odds of -130, you would need to bet $130 to make a profit of $100 if they emerge victorious. Essentially, any team with negative odds in a sporting event is the favorite. Now, if you use Virginia sportsbook promos, you can improve those odds and subsequently, improve your profit. 

The Underdog

The underdog is the team or player with positive odds, suggesting that they are considered less likely to win the event by VA sports betting apps. For instance, if the Virginia Tech Hokies have odds of +200, a $100 bet on them would result in a $200 profit if they win, highlighting their underdog status and the potential for a higher return on investment compared to the favored team.

Pick 'Em (Even Odds)

Pick 'em or even odds occur when both teams are perceived as equally likely to win by sportsbooks. This is a relatively rare occasion, and it signifies a matchup where neither team is considered the clear favorite or underdog. In such cases, both teams would have moneyline odds around +100 or -100, making it an unusual and closely contested event in the betting landscape.

Keep in mind that you could use offers such as the ESPN BET Virginia promo to provide boosted odds in the case of pick 'em scenarios.

Moneyline Betting: Potential Outcomes Explained for VA Bettors

After placing a moneyline bet, there are three possible outcomes for your wager. The two most common are a win or a loss while the third is a draw and is only possible at some sports. The nature of these outcomes is contingent on the odds assigned to each team or player in a given sports event, maintaining a level of ambiguity that adds suspense to the wagering experience.

Win

A win in moneyline betting occurs when the team or player you bet on emerges victorious in the specified sports event. For example, if you place a moneyline wager on the Washington Nationals with odds of -150 and they win the game, you would make a profit of $100 for $150 wagered.

Loss

When it comes to moneyline betting, a loss is quite simple. If the team you bet on loses, your moneyline bet loses as well. In doing so, you'll lose your entire bet, so make sure you are smart when placing a moneyline wager. 

Draw

A draw occurs when the sporting event ends without a clear winner between the teams or players. However, it's important to note that moneyline bets typically focus on sports where draws are less common, such as basketball. For example, if you place a moneyline bet on the Washington Wizards with odds of +200 and the game ends in a draw, your bet would result in a loss, as the outcome didn't align with the win or loss predictions.

How to Read Moneyline Odds: Calculating Payouts on Moneyline Bets

Payouts on moneyline bets in Virginia are calculated based on the odds associated with the chosen team or player. The odds typically tell the bettor three things: who is the favorite, who is the underdog and by how much a team is favored or how much they are the underdog. And it's a given that sports betting operators like BetMGM Virginia will offer the best moneyline odds available. 

At most sportsbooks in the state of Virginia, you can find odds typically listed as:

  • Game Moneyline
  • Washington Commanders -110
  • Dallas Cowboys +110

Negative Odds

If you're considering a moneyline bet on a sportsbook like Caesars Sportsbook VA, you may see odds like -150 for the Washington Commanders against the New York Giants. In this scenario, you'd need to wager $150 to win $100 if the Commanders win, reflecting their status as the betting favorite.

Positive Odds

Suppose you're exploring moneyline betting at bet365 Virginia, and the Washington Capitals boast positive odds of +140 against the Vegas Golden Knights. This means that the Capitals are the underdog and that you'd receive $140 with a sports betting win on a $100 bet. 

Even Odds

Even odds, also known as a "pick 'em" situation, occur when both teams or outcomes are considered equally likely to win by sportsbooks like DraftKings Sportsbook VA. If two teams have Moneyline odds of +100, it means that for every $100 you wager, you have the potential to profit $100. Even odds reflect a balanced and closely contested matchup where neither team is perceived as a clear favorite or underdog, making the betting landscape more unpredictable and intriguing.

Implied Probability

Implied probability in the context of moneyline betting is the estimated likelihood of a particular outcome based on the odds provided by the sportsbook. It is expressed as a percentage and represents the bookmaker's implied expectation for the success or failure of a bet.

To calculate implied probability from Moneyline odds, the formulas differ for positive and negative odds:

  • Positive odds (+): If a team has odds of +200, the implied probability is 100 / (200 / 100 + 1) = 33.33%.
  • For negative odds (-): If a team has odds of -150, the implied probability is 150 / (150 + 100) = 60%.

Understanding implied probability helps bettors assess the perceived likelihood of an outcome and determine if there is value in a particular bet according to their own assessments. If the implied probability is lower than the bettor's own probability assessment, there might be perceived value in placing the bet. Conversely, if it's higher, the bet may not be considered favorable.

Terms apply for all bonuses. Must be 21+ to participate.  
Bonus Bets Expire in 7 Days. One New Customer Offer Only. Must be 21+ to participate & present in VA. Gambling problem? Call 1-800-GAMBLER. Visit BetMGM.com for Terms & Conditions. US promotional offers not available in NY, NV, or Puerto Rico.

What Sports Can You Place Moneyline Bets On In Virginia?

In Virginia, the world of sports betting offers a diverse range of options, allowing enthusiasts to engage in wagering on various exciting events. From timeless favorites to emerging competitions, the state's sports betting scene caters to a broad spectrum of interests, promising an exhilarating experience for every type of sports fan.

  • NFL Moneyline NFL moneyline betting adds an extra layer of excitement to the football season, allowing fans to wager on the outright winner of a game. For instance, if the Washington Commanders has Moneyline odds of -120 against their rival, a successful $120 bet would yield a $100 profit, reflecting their status as the favored team. Conversely, if the underdog has positive odds, say +150, a $100 bet on them would result in a $150 profit should they secure the victory.
  • NBA Moneyline NBA moneyline betting provides basketball enthusiasts with the opportunity to predict the outright winner of a game. For example, if the Washington Wizards have Moneyline odds of -140, a successful $140 bet would generate a $100 profit, indicating their favored status in the matchup. On the other hand, if an underdog like the Charlotte Hornets has positive odds of +180, a $100 bet on them would result in a $180 profit should they pull off the upset win.
  • NHL Moneyline NHL moneyline betting allows hockey fans to wager on the straightforward outcome of a game, selecting the team they believe will emerge victorious. For instance, if the Washington Capitals are favored with Moneyline odds of -160, a successful $160 bet would yield a $100 profit, underscoring their expected dominance in the matchup. Conversely, if the underdog, such as the Carolina Hurricanes, has positive odds of +200, a $100 bet on them would result in a $200 profit if they defy the odds and secure the win.
  • MLB Moneyline MLB Moneyline betting offers baseball enthusiasts the chance to predict the outright winner of a game without the need for point spreads. For instance, if the Washington Nationals have Moneyline odds of -130, a successful $130 bet would generate a $100 profit, indicating their favored status in the matchup. Conversely, if the underdog, like the Baltimore Orioles, has positive odds of +160, a $100 bet on them would result in a $160 profit should they secure an unexpected victory.

Learn More About Moneyline Betting in Virginia

Moneyline betting in Virginia brings an electrifying dimension to the sports betting market, offering bettors a direct path to predict outcomes and capitalize on their insights. Whether it's the thrill of backing a favorite or the potential windfall from supporting an underdog, the diverse range of sports available for moneyline betting caters to every taste. 

Virginia's sports betting scene, with platforms like ESPN BET and FanDuel Virginia, provides an engaging space for both seasoned sports bettors and newcomers alike, fostering a sense of community around the love of the game. 

As the excitement unfolds across NFL, NBA, NHL, MLB, and more, the strategic simplicity of moneyline betting ensures that every victory or upset is accompanied by the satisfaction of a well-placed wager. With the dynamic world of sports constantly evolving, moneyline betting remains a dynamic and accessible way for Virginians to engage with their favorite teams and players in a whole new light.

Virginia Moneyline Betting FAQs

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The experts at BetVirginia who bring you the latest updates in Virginia sports betting. We pull together decades of experience to give you analysis as well as comparisons of the best VA online gambling apps.

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