If you are vaguely acquainted with betting, then you might already have heard of moneyline betting. This is the simplest form of wager and therefore the most popular. All it requires is a little knowledge about the odds and enough money to place the bet.
In moneyline betting, there are favorites and underdogs. The favorite is the team that is most expected to win, whereas the underdog is the one that is least likely to win. For this reason, you stand to win more money if the underdog comes through.
But is it wise to bet on the underdog every time? Is there a larger risk of taking the outsider every single time? Are there strategies that can prevent you from losing too much money? Well, read our complete guide to underdog moneyline betting to find out.
What Is Moneyline Betting?
This is the simplest form of betting, all you need to do is put some money down on a team and if that team wins then you’ve made some money. This is the most common form of betting along with spread betting, which we’ll cover a little bit more in-depth later.
With moneyline betting, all you need to be aware of are the odds. If a team has a three-digit number followed by a minus symbol (-) then this means that they are the favorites to win.
For example, if you have a team that is 110-, then this means that if you spend $100 and that team wins, then you’ll get a payout of $110. In general, betting on the favorite will yield fewer profits than betting on the underdog.
If you are betting on the underdog, then you’ll see that the team has a plus symbol (+) besides its three-digit number. This is the amount of money that you stand to win if you put down $100.
So if your underdog team has 80+, this means that if you put down $100 on a wager, then you’ll get $180 if your underdog team gets through. This is why underdog bets are more thrilling and riskier.
How Does Moneyline Betting Work With NHL?
Well, in the National Hockey League, betting on favorites is slightly less favorable than betting on underdogs. This makes for less confidence in the former, but a more realistic form of betting in the latter.
This is because hockey is the kind of sport where underdogs triumph. Underdogs have a 40% chance of winning a match, which are higher odds than are set in other sports and oddsmakers.
Moneyline Betting And Favorites In The NHL
In the NHL, there are generally much better odds to work with, this applies to both favorites and underdog candidates. However, you’ll still need to make sure that you do your research on your favorites rather than committing to favorites just because they are available.
For example, if Team A is the favorite with odds at -125 and they are playing Team B who are the underdogs with odds of +110, then it might not be worth that much betting on Team A, as the odds of them winning are quite narrow.
If the favorite team is winning overall but is playing underdogs that are coming off a winning streak, then oddsmakers will see that there is not much between the two games and the odds will reflect that lack of confidence in the outcome.
You’ll need to consider factors such as winning streaks and overall team strength when you are trying to place an informed bet.
If a team has a high-powered offense but is the underdogs, then this might be the case of placing an informed bet, as they might win and you might gain more money as a result.
However, if it is a close call, a lot of people side with the favorite, as this will be the safer option, even if it will result in fewer profits for you.
Moneyline Betting And Underdogs In The NHL
When it comes to betting on underdogs, you’ll want to be a bit more confident, although you won’t want to rely on the underdog every time. Again, this will rely on educated guesses and you’re doing your research.
You’ll always have to look at the matchups of various teams and think of all the extraneous factors that are available to you when you are placing your bet.
Considering the games that are very narrow, then betting on the underdog might actually be a good call. This is especially true if the underdog is going through a hot streak and you fancy their chances of emerging victorious against a better team.
If a favorite team has been very inconsistent whereas an underdog has won the last 3 or 4 games in a row, then it might be wise to be on the underdog for this match.
You should be wary of making bets that are too good to be true. Most of the time these matches will bear out as predicated and if you expect lady luck to come through for you every time, then you might find yourself more disappointed than not.
You’ll have to be wary of siding with odds that tend to shift as the game is approaching. If you have done your research, then you will be used to trusting your instinct a lot more.
NHL Moneyline Favorites – How To Parlay
Parlaying, for those of you not in the know, is when you place multiple bets, either on the same game or different games to get a bigger payout. However, the one downside of making a parlay is that all your bets have to come through for you to be able to collect any money.
Again, with the right amount of research, you can find a selection of matchups that are in your favor and give you better odds across the board.
For example, if you are going with a 5-part parlay that involves all favorites, then you might find your confidence in betting is much higher, as if they all come in, you have quite a large payout.
However, the more games you parlay, the likelihood of an underdog winning 1 or more games goes up radically.
NHL Underdog Favorites – How To Parlay
Betting on multiple underdogs is a more thrilling prospect, although it is a much riskier investment. Research will be much more crucial when picking underdogs, as you’ll need to weigh up all the stats to secure a successful bet.
You’ll need to think about things like: how good is the goalie in the underdog team? How has the team fared during the last 5 or even the last 10 games? These metrics will be good indicators of how the team might perform in this game.
The best method of playing underdogs in the NHL (Also check out Does Fanduel Do NHL) is to parlay them with favorites. This way you are statistically reducing your odds of failure, although you will still need to make educated guesses across the board.
Conclusion
We hope that our guide to betting on underdogs in the NHL has helped you determine whether you are going to go for this underdog betting strategy. Make sure that you do your research and keep your underdog bets within reasonable limits.
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