A betting line is a form of wagering whereby the bookmaker or sportsbook set gambling odds and determine the favorite and underdog teams in a match. This handicap creates a margin (line) between the two teams, where there are only two outcomes possible, and sets the parameters for wagering on the game.

Let's use point spread and say a sportsbook believes that the Cleveland Cavaliers are a 20-point better team than the Washington Wizards. The bookmaker can handicap the Cavaliers by 20 points, which creates our line bet.

In this scenario, there are two options for the bettor: back the Cavaliers to win by more than 20 points, or the Wizards to get within 20 points. Both outcomes of this bet will be of equal odds.

Here's a real-life example: in a game between the Brooklyn Nets and the Charlotte Hornets, a sportsbook imposes these handicaps on the two teams:

Nets + 7.5
Hornets – 7.5

This line has now evened the playing field in the contest, meaning both teams now have an equal chance to win with the handicaps imposed. Given the Hornets are the favorites in this game, they must win by eight points for the bet to win. For a wager on the Nets to pay out, the underdogs must not lose by eight points or more. With point spread, the odds are usually set to -110 unless specified by the sportsbook. That means a $10 wager on the Hornets would give you $9.10 if they won.

Moneyline Bet

Moneyline bets are the most popular wagers in sports betting. With this wager, a gambler bets which team or player will win a match or tournament outright. New bettors love these wager types as sportsbooks do not impose handicaps on them.

Almost all sports games have a favorite and underdog though, and a bookmaker will adjust their odds to reflect the likelihood of each team/player winning the game.

Favorites immediately draw new bettors, but the rewards for backing this team will be significantly less than the underdog. The more likely a favorite is to win means bettors will receive proportionately lower payouts in return.

Here is where finding value comes into play. If you have a solid reason to think an underdog will win, backing them may prove lucrative, depending on what odds the bookmaker assigned them. The bigger the underdog, the greater the payout.

 

Here is a perfect example of a moneyline bet using the Floyd Mayweather versus Conor McGregor boxing match from 2017:

Floyd Mayweather - 500
Conor McGregor + 400

Who do you think will win the fight?

-500

At -500, Mayweather is the overwhelming favorite, with his odds reflecting it. In this scenario, you would need to stake $500 on Mayweather to win $100.

+400

If you fancied McGregor to upset the odds and win the fight, a $100 bet on the Irishman would return $400 — a hefty profit.

Knowing when a bet is good to place is all about finding value in the market. It's more than betting on who will win a game; it's considering whether the price/odds of that team/player are truly representative of what is likely to play out.

Reverting to the Mayweather vs McGregor example gives us a prime perspective on value. This was the miss-match of all miss-matches. Yet some diehard mixed martial arts (MMA) and Irish fans convinced themselves that McGregor would pull off an upset in his boxing debut; against arguably one of the greatest boxers of all time, no less. Here we find value in backing Mayweather in a near certainty of a contest.

Sure, staking $500 to return $100 sounds risky, but the odds should have been closer to -1100 for Mayweather to win that bout when assessing the form (and lack of) between both fighters.

With so many fans backing McGregor to win, the disparity between the odds of each fighter shrunk. Odds on McGregor started at +700 in June but shrank to +400 by the time he entered the ring. The match also highlights that the timing of a bet is crucial to its value. Backing a popular underdog early on will give you better odds than waiting until the day of the event.

Take it slow and steady; make small bets and spread your bankroll.