Moneyline bets are the simplest way to guess your way to fortunes. How about adding complexity, thrill, and earning potential to it by considering the possibility of a draw? Welcome to three-way Money line betting, an engaging twist to the classical money line bets.    

What is a 3-way moneyline? Why does it matters? How do you ace it? Let’s explore it all, one at a time with baazigarsports.com  

What is a 3-Way Moneyline?

The three-way money line is an extension of the traditional two-way moneyline.   

In a traditional money line, you wager on either of the two competing teams to win a given contest. Simply put, it entertains just two outcomes, either your team wins or loses. In either case, your winning chances are 50%. Each outcome has its associated odds that reflect its probability. The higher the odds, the lower the possibility of the outcome and vice-versa. The bookmakers present odds for each team in a format like -110, +120, etc. Here, the negative value indicates the favorite, while the positive value indicates the underdog.

Three-way Moneyline is a self-explanatory term. It brings another outcome into the mix, the draw. With three possible outcomes to bet on - win, loss, and tie - your chances of winning plummets to 33.34%. Sportsbooks display the odds for all outcomes similarly to the two-way moneyline, with one team as the favorite (negative odds), and the other as the underdog (positive odds). Likewise, the draw has its own set of odds usually presented with a positive value.  

The 3-way betting is applicable in soccer, hockey, and other sports where ties are common within the regular game time. Mind you, this bet does not extend to extra time, which is often used to determine a winner. In American football and other sports where ties are far too rare, they are usually offered as a prop, not a proper 3 way bet. 

A three-way moneyline offers better payouts than classic moneyline bets, making it more favorable for punters. Since the tie option is rarer than outright wins and losses, the odds tend to be higher. So, if you call the outcome right, a big payday comes your way. 

Three-Way Moneyline Types: 

You have two options with moneyline bets, Draw No Bet and Double Chance. 

Draw No Bet: 

As the name says, Draw No Bet allows you to skip the draw as an outcome. If the team you bet on wins, your bet is successful. Conversely, the sportsbook will refund your bet if the contest ends in a draw. But in case the team you bet on loses, you lose your stake. Oddsmakers modify the odds to hedge against a draw.      

Double Chance:    

In a Double Chance, you double your chances of winning by paying for it. Herein, you bet on a specific team to win or draw, or either team to win. Your chances go up but at the expense of adjusted odds to reflect the reduced risk.

What is a 3-Way Moneyline? Understanding with an Example 

For a better understanding of moneyline 3-way meaning, consider fictitious odds and payouts for a match in a Three-Way Moneyline Betting scenario. 

Outcome 1: Team A to Win (Odds: 2.00): 

Suppose you place a $100 wager on Team A to win. If it does, you receive a payout of $200 (your initial $100 stake plus $100 in winnings). If Team A loses or the match ends in a draw, you lose your $100 stake.

Outcome 2: Team B to Win (Odds: 3.50): 

You opted to bet $100 on Team B to win. If it emerges victorious, you receive a payout of $350 (your initial $100 stake plus $250 in winnings). If Team B loses or the match ends in a draw, you lose your $100 stake.

Outcome 3: Draw (Odds: 2.80): 

Betting $100 on a draw means that if the match ends in a draw, you receive a payout of $280 (your initial $100 stake plus $180 in winnings). If either Team A or Team B wins, you lose your $100 stake.

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Two-way Moneyline & Three-way Moneyline Comparison: 

Here’s how the three-way moneyline distinguishes itself from the classical moneyline. 

What is a Three-Way Moneyline in Football? 

What is a 3-way money line in football, you might wonder. Well, the concept remains more or less the same with a few football-specific twists. You wager on one of three outcomes: Team A wins, Team B wins, or the contest ends in a draw. The likelihood of each outcome dictates the odds they carry. However, the following characteristics of football influence the three-way betting dynamics.  

Possibility of a Draw:

Football is a low-scoring game, thanks to scoring difficulty, defensive strategies, game regulations, and other factors. So, the possibility of a tie is higher than in most sports, especially in league stages where the luxury of extra-time and shootout isn’t available.

A study puts the percentage of drawn matches (within 90 minutes of play) at 25.5% in the Premier League, FA Cup, Championship, and EFL Cup from 2015 to 2020. The ties were most common in the Championship (27.6%), followed by the Premier League (23.8%), the FA Cup (22%), and the EFL Cup (21.1%). 

Here is a breakdown of all ties in the Premier League, FA Cup, Championship, and EFL Cup from 2015 to 2020   

Extra Time & Shootouts:

A typical football match stretches across 90 minutes of play excluding the time wasted on stoppages, injuries, and more. Often, the match result is achieved in the extra time in knockout competitions or certain leagues. When the extra time and penalty shootout come into play, the probability of a draw is out of the equation and the match has an outcome. 

Usually, the sportsbook factors in the outcome within regular time only. Suppose, you chose to go with Team A but the game ended in a tie after full-time. Now, Team A goes on to win the match after extra time, you lose the bet because Team A’s win did not come in the regular time.

1st half - 3-way Bet: 

Sportsbooks often allow for the 1st half - 3-way bet football. Herein, you are free to wager on win, loss, and tie outcomes in the 1st 60 minutes (4 periods) of the contest. If you call it right, you win the bet. The rest two periods are pushed out of context.    

There are 3 possible outcomes in 1st half 3-way bet football:

1. Team A wins
2. Team B wins
3. The game is tied in the first half 

What is a 3-way moneyline in Hockey? 

When it comes to the 3-way moneyline in hockey, you wager on any of the three outcomes, Team A wins, Team B wins, or the game ends in a draw. Here too, the odds are more favorable in a 3-way moneyline compared to the classic moneyline, helping you rake it. 

Many sportsbooks offer 60-minute lines (aka 1st inning 3-way bet) in hockey that mimic the three-way money lines. Here, the match outcome is insignificant, as the 3-way bet is settled at the end of the three regulation periods. Again, three outcomes are possible in this scenario. 

1. Team A wins
2. Team B wins
3. The game is tied after 3 periods

It's much like the bet 3 way in football.

When to go for a Three-way Moneyline Bets

A three-way money line can be a money spinner if you shape your wagering decisions on the specific circumstances. Here are some considerations for each scenario:

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The Frequencies of a Draw: 

If the frequency of draws is high in a given sport or tournament, a three-way moneyline makes sense. Even in the knockout stages of tournaments where overtime or shootouts come into play, the 60-minute lines allow you to explore the 3-way bets.   

Balanced Competition: 

In games where one team is a clear favorite, you are better off with two-way moneyline bets. However, when two evenly balanced teams lock horns, ties are a viable outcome. In this case, you can make the most of the 3-way bets to hedge your stakes.  

Higher Potential Payouts:

If you wish to mint it, 3-way money lines are the way to go. The risk is higher though, the odds are longer than 2-way money lines, which results in higher payouts. However, it is wise to consider your risk tolerance levels, betting strategy, and other dynamics before jumping on the bandwagon. 

Conclusion: 

What is a 3-way moneyline? You know it by now. It builds on the traditional moneyline bets to boost your wagering experience and earning potential. You can explore it in sports like football and hockey where draws often come into play. It is a good idea to understand the nuances of the particular sport, odds, risks, and other aspects before going for three-way bets.

FAQs

1. Define 3-way moneyline betting in 1 sentence

As the name suggests, 3-way moneyline betting has 3 possible outcomes which are as follows: win, lose, or tie.

2. Is 3-way moneyline betting different from regular betting?

Yes, regular betting includes 2 possible outcomes which are win or lose whereas the 3-way moneyline betting has the possibility of 3 outcomes, win, lose or tie. 

3. Is 3-way moneyline betting applicable for all the sports?

3-way moneyline is only possible for sports which has the possibility of tie. For eg, soccer and hockey

4. What are the 3 options included in 3-way moneyline betting?

The 3 options included in 3-way moneyline betting are Win, Lose or Tie. This is possible for sports where there are 2 teams playing and the possibility of result could be either of the 3- Team 1 wins, Team 2 wins or there is a tie between the 2 teams. 

5. Which betting is considered to be more complex for sports enthusiasts?

3-way moneyline betting is any day more complex in nature because the bettors here have to consider 3 possibilities rather than 2 which is winning or losing.

6. Why do bettors prefer 3-way moneyline betting over the regular one?

a 3-way moneyline offers a better pay to the bettors as compared to the regular one because of the complexity it involves. 

7. What are the different types of 3-way moneyline betting 

There are 2 different types of 3-way moneyline betting. One is, draw no bets and the other one is double chance. Draw No Bet allows you to skip the draw as an outcome. If the team you bet on wins, your bet is successful whereas you will be eligible for the refund if the contest ends in a draw. But in case the team you bet on loses, you lose your stake. In a Double Chance, you double your chances of winning by paying for it. Herein, you bet on a specific team to win or draw, or either team to win. 

8. How is payout calculation done in 3-way moneyline betting?

In 3-way moneyline betting the payouts are based on the odds which are associated with the outcome. 

9. What should a bettor keep in mind when dealing with 3-way moneyline betting?

Any sports enthusiast, whether a beginner or an expert should plan and strategise beforehand. It’s important for bettors to first analyse the teams involved on which they are placing the bet. Other facts to be kept in mind include, historical data, external factors during the match which means weather condition and injuries, if any. Lastly, always start small and then gradually move to bigger bets.