What is a three-way moneyline bet?
A typical moneyline wager in sports betting has two outcomes. One side (the favorite or the underdog) wins and the other side loses. One side gets paid, the other does not.
For this reason, these traditional moneyline wagers can also be referred to as two-way moneyline bets, as any result where either the underdog or the favorite doesn’t win (aka, a tie occurs) would result in all bets that were placed on the event being labeled as a “push” (or void). In this scenario, any money wagered on the result would be refunded.
Three-way moneyline bets are different in that they introduce a third betting outcome, the tie. When a tie occurs in a three-way moneyline bet (a tie being determined by the terms of the bet) then any wagers that involve either side winning the match or contest will be graded as losses and not pushes.
Most three-way moneyline bets will focus on regulation results, meaning that to win your bet your side must be ahead at the end of regulation. If the game is tied at the end of regulation, the result would be a draw and only those who bet on a tie/draw would win their bets.
Example: The Oilers and Rangers are tied 3-3 after 3 periods of play. The Rangers win the game in OT. Those who wagered on the Rangers via the three-way moneyline (regulation line) would lose their bets, but those who wagered on the Rangers via the two-way moneyline (includes OT/SO) would win their bets.
Important details about three-way moneyline bets:
- Three-way moneyline bets have three legitimate outcomes (one side wins or there is a tie)
- When a tie occurs, those who wagered on a side to win will lose their bets (even if the match is decided in extra time)
- In most three-way moneyline bets, a tie is defined as any time the match or score is tied at the end of regulation time
What is the difference between a three-way moneyline and two-way moneyline bet?
The main difference between the two-way and three-way moneyline bets is the introduction of the tie. The tie means that there are now three outcomes that can resolve the bet, making it more difficult to predict, as any bet with three potential outcomes as opposed to two is generally harder to win.
As we can see with our example below, given that the tie outcome makes three-way moneyline bets harder to win, online sportsbooks reward bettors by giving more generous betting odds on the sides.
In the above example, Edmonton is the favorite at -290 on the traditional (two-way) moneyline (74.36% implied probability). Columbus is the underdog at +235. However, the Oilers move up to -180 for bettors (64.29% implied probability) who take them on the three-way (60 min or regulation) moneyline, where a tie would result in a loss.
The 10% or so difference between the betting odds means two things for bettors. One, a bigger payout if they win, and two, a bigger risk of losing their bet. Since NHL games can’t end in a tie, the two-way moneyline would pay out as an Edmonton win if they won in OT or a shootout.
In theory, the three-way moneyline can often offer better value to gamblers but only if the risk of a tie is small enough to warrant taking on the inherited risk.
How to win three-way moneyline betting
Three-way moneyline betting varies greatly from sport to sport. In some sports like soccer, three-way betting is actually the accepted norm as scoring is so low and ties happen so often that betting ties becomes almost as popular as betting a side.
In many other popular leagues, three-way moneyline betting is less traditional and seen more as a side market to be used on rarer occasions. However, like any betting market, the three-way moneyline can often be a good resource for finding bets that are potentially undervalued or overlooked.
When to use the three-way moneyline
The simplest way to know when you should think about taking a side on the three-way moneyline, over the traditional two-way moneyline, is when you think the side you are betting on has a better-than-expected chance of winning the match in regulation.
In our example from above, the Oilers were set as heavy favorites (-290 on the moneyline), but their favorite status dropped by 10% or so to -180 on the three-way moneyline when we introduced the tie into the equation. This line is more appealing from a return perspective as a one-unit bet would return 0.56 units in return, as opposed to just 0.34 units on the traditional moneyline.
Mar 7, 2024; Columbus, Ohio, USA; Columbus Blue Jackets defenseman Andrew Peeke (2) blocks the shot attempt of Edmonton Oilers center Connor McDavid (97) during the third period at Nationwide Arena. Mandatory Credit: Russell LaBounty-USA TODAY Sports
While our risk of losing does increase, a heavy favorite like the Oilers from our top example will still have an excellent chance of closing out the game in regulation given their overall superiority.
In this sense, while three-way moneyline bets do have more risk involved, they also offer better returns over the long run and can often be used as a way to extract more value from your bets. In this sense, three-way moneyline bets should mainly be used in instances where you think the chances of a tie outcome (a game going past regulation) isn’t high enough to warrant skipping out on the more generous betting odds available on the three-way moneyline.
When to use the three-way moneyline:
- When the line being offered on the three-way moneyline is big enough to warrant the extra risk involved with including a tie
- When you think the chance of a blowout win for the team you are betting is higher than expected
- When the three-way moneyline offers better value than the point spread or puck line
- When you think there is a general mid-price between the two-way and three-way moneyline odds, or you think the risk of a tie is smaller than expected
What sports offer a three-way moneyline?
Three-way moneyline bets are offered in most major sports. Even if some leagues don’t recognize official ties (such as the NHL which uses shootouts to decide tied games), three-way moneyline bets can still be offered and will often be referred to as the regulation line. In these cases, any game tied after regulation (before the OT period or shootout) will be considered a tie.
We go through the nuances of the three-way bet and how it is offered across all the major sports below.
Three-way moneyline bets in soccer
Most soccer games end after 90 mins (plus injury time). In the three-way betting market, any soccer game that ends in a tie after those 90+ minutes are up is deemed a tie, meaning that if you bet on either side to win outright, your bet would be deemed a loss.
Soccer is one of the more unique sports when it comes to game betting as the three-way moneyline bet is an extremely common bet to make. In fact, on most sportsbooks, the three-way moneyline will often be the featured and more liquid market for bettors to select.
As we can see on DraftKings Sportsbook, the two-way moneyline (referred to as draw no bet) is actually secondary to the three-way moneyline.
Since soccer ends in ties so often, the three-way moneyline is often the only place you can get decent returns when betting a favorite (and hence is favored by most recreational bettors as well).
In the above example, the favorites in this case (Man Utd and Crystal Palace) are both significantly shorter on the two-way moneyline than they are on the three-way moneyline (where a tie results in a loss). While the two-way moneyline gives us protection against a tie, the gap between the two betting lines will often warrant taking your side on the three-way moneyline and going for the bigger payout.
Three-way moneyline in hockey
In hockey, if play is tied after 60 minutes (3 periods) of play, the result is considered a tie for three-way moneyline betting. Around 20-25% of NHL games go to OT on a seasonal basis, so the gap between the traditional two-way moneyline and three-way moneyline odds can often be significant.
Bettors in hockey have three choices if they want to bet a side: the two-way moneyline (tie no bet), the three-way moneyline (tie is a loss) or the puck line (-1.5/+1.5 point spread). Often the three-way moneyline can be a good go-between (from the two-way moneyline to puck line). Since empty net goals can be random and some teams are better than others defensively at limiting late goals, the three-way moneyline can often be a more appropriate bet than the puck line, which requires teams to win by two or more.
Three-way moneyline in other sports
Football (NFL)
NFL football games rarely end in a tie. Still, the three-way moneyline bet is available to bet on most sportsbooks. Different sportsbooks will have different rules, but most regular season three-way moneyline bets are not regulation-only bets, and games are only declared a tie if the score is tied AFTER OT. However, playoff rules can differ as NFL playoff games cannot end in a tie.
Below are the NFL market rules from DraftKings Sportsbook regarding three-way moneyline bets.
Basketball (NBA, NCAA college basketball)
Three-way moneyline betting is extremely rare in basketball. NCAA college basketball and NBA games don’t end in ties, so many sportsbooks simply don’t offer the three-way moneyline.
If there is a three-way moneyline offered, it will generally mean that any game that extends past regulation will be considered a tie for the purposes of the bet.
Baseball (MLB)
Baseball and MLB games are similar to basketball in that baseball games cannot end in ties. Any three-way moneyline bet will likely consider a tie to be any game that extends past 9 innings.
Boxing / UFC
MMA fights from leagues like the UFC can offer alternate moneylines or betting lines on some of their fights.
UFC fights can end in a draw, but that is a rare occurrence, so three-way moneylines are rarely offered.
FAQs about three-way moneyline bets
Does a three-way moneyline include overtime/extra time?
Most three-way moneyline bets do not include OT or extra time. In leagues like the NHL or in soccer matches, games that are tied at the end of regulation are considered a tie.
Different sportsbooks have different terms and regulations regarding three-way moneyline bets, so it is always best to consult the sportsbook's rules before placing your wager.
How do you win a three-way moneyline?
A three-way moneyline bet has three different outcomes, win (either side) or a tie. You can win a three-way moneyline wager when the side you bet on is ahead at the end of regulation (wins in regulation) or by betting on the tie and having the match be tied at the end of regulation.
What happens in a two-way moneyline if you bet and it’s a tie?
A two-way moneyline does not include the tie as an option, so when a game ends as a tie, the bet is void and all bets are returned.
