The Basics: The 3-Way Moneyline
We have previously covered the moneyline vs spread. A moneyline bet is known to be one of the simplest wagers in sports: simply, who is going to win? Because this is normally the question, there is normally only 2 options – either team. However, in some sports there is a third option, hence the 3-way moneyline!
The 3-Way Moneyline Scenario
In the 3-way moneyline instance, there are three options surrounding the outcome of the event: Team A wins, Team B wins, or a draw (or ‘tie’). Since there are now three instead if two options, this leads games to be more difficult to predict. This means there can be extensive value in these picks.
Let’s look at soccer bets specifically. Wagers are decided after full-time. This means after 90 minutes plus any additional time, whatever the score is, this is where the bet ends. This is extremely important to note, as mistakes can be made if you are not careful. For example, when I was placing my first FA cup bet, I placed the bet on Everton to win. They did win, but I did not win the bet. Why? Because they won in the extra time that was needed to determine a winner in the win-or-go-home scenario. I was extremely confused and almost thought I had outsmarted the system when I place the bet, knowing full well there had to be a winner. “Why even give the option for the draw? This created a large negative hold.” But little did I know this was because the initial moneyline is determined for normal time. With that being said, understand the fact that initial moneylines are set for normal time, even if a winner must be determined.
3-Way Moneyline Important Notes
1) You can work around this 3-way moneyline if you would like in two ways. Firstly, you can bet the win/draw option. This means exactly as it sounds, you are betting for a team to either win or draw. This paired against that team losing leads to the two-way moneyline. If it is a must win game, the other option is to bet the “to qualify” option. This takes out the normal-time requirement and is you betting on who will move on to the next round (or win at any point). This could be normal-time, extra-time, or in a penalty shootout.
2) There is still the option to live-bet extra time. Obviously, you cannot do this prior to game time, but if normal-time ends in a tie, you can bet which team will win in the extra time period. There is another 3-way moneyline since there is still the option of a tie. Until it gets to a shootout, the normal moneyline will have three options.
Soccer and hockey are the two most popular sports that follow this formal moneyline format. Funny enough these two sports are known to be two of the least predictable sports. While hockey is the lowest because a few lucky bounces can change the game, soccer is extremely tough because of the three options. This combined with the nature of the 3-way moneyline allows for the added value. Do your research here. Look for trends. Even make a basic (or complex) model and see how it works out. Have fun with the unpredictability of this unique option.
