Baseball betting is different than most other sports in that there is no traditional point spread set for the game. Sportsbooks use what is called the moneyline to level the playing field between the favorite and the underdog in a particular game. Wagering on the moneyline, you are simply picking who you think will win the game outright and they just need to score more than the other team.
A typical moneyline would look something like this:
New York Yankees -150
Boston Red Sox +140
The easiest way to think about moneylines is in terms of $100. In the above example the Yankees are the favorite meaning you would need to risk $150 to win $100. If Yankees prevail you win $100 plus you get your initial $150 investment back. If Yankees lose it would cost you $150. A winning wager on Red Sox gives you $140 (plus you’ll get back the $100 bet), while a losing wager on BoSox would cost you $100.
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Another moneyline could look ike this:
Los Angeles Dodgers -230
Washington Nationals +210
In this case, Dodgers with let's say Kershaw on the hill are preceived to have a much, much better chance of winning thus odds on a moneyline are drastically higher. Here you would have to bet $230 on the Dodgers to win $100. And if you backed the Nats and they pull-off the upset you would win $210.
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A runline is very similar to a spread bet in football or basketball, except in baseball the runline is almost always 1.5 meaning the favorite must win by either 2 or more to cover, the underdog pays off if it wins the game outright or loses by one run.
New York Yankees -1½ +115
Boston Red Sox +1½ -135
Now, those supporting Yankees are betting $100 to win $115 but the team must win by two or more runs. Those siding with Red Sox must bet $135 to win $100 but are receiving 1.5 runs and will cash-in by winning outright or lose by one run.
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Another popular bet in baseball is betting the total, also known as 'Over' / 'Under' wagering. When betting baseball totals, you are wagering whether a games total runs scored (home team plus away team) will be 'Over' or 'Under' the amount of runs posted at your sportsbook such as:
New York Yankees/Boston Red Sox 'Over' 9.5 (-110)
New York Yankees/Boston Red Sox 'Under' 9.5 (-110)
This lines stipulates that you can risk $110 to win $100 by choosing if the game will have 10 or more runs scored ('Over'), or 9 or less runs scored ('Under').
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