Another method of generating interest in betting on the underdog in a sporting event (without assigning a point spread) is for the book to establish fixed odds on the event that give favorable payouts on the underdog.  These are commonly called moneyline bets.  Moneyline betting lines encourage some bettors to wager on the underdog in an event by returning a higher payoff than the original wager.  They simultaneously discourage some bettors from wagering on the favorite by returning a lower payoff than the original wager.  Since there is no point spread, it is a straight up, win or lose contest. 

Moneylines are indicated by (+) and (-) 3-digit (on rare occasions 4-digit) numbers next to the team name.  Again, the team with the (+) number is the underdog, the (-) indicates the favorite.  For example if Pittsburgh  is the favorite over Cleveland, the moneyline might be:

Pittsburgh (-240)

Cleveland (+200)

If you believe Pittsburgh will win and you want to win $100 for your bet, you will need to bet $240 on Pittsburgh given the -240 moneyline in the above example.

If you place $100 on Cleveland at +200, if Cleveland wins, your profit will be $200.

THE SPORTSBOOK'S ADVANTAGE

The sportsbooks advantage on a money line bet is that with balanced action on the game the losing bets pay off the winning bets, and there is still money left to the sportsbook as profit, or what the sportsbooks call hold.  We will discuss this in greater detail elsewhere.