What is a 3 Way Moneyline Bet in Hockey?

When you land on an online sportsbook for the first time, it is pretty easy to become overwhelmed by the sheer number of bets that you can place. Far more than if you went to a physical bookmaker. One bet that seems to give people a lot of confusion is the 3-way moneyline bet. This is because it is a type of bet that you may have sort-of heard of before, but aren't quite sure whether you have. So, what is a 3-way moneyline bet in hockey? Let's take a look!

What Is a Moneyline Bet In Ice Hockey?

What is a 3 Way Moneyline Bet in Hockey
What is a 3 Way Moneyline Bet in Hockey explained

Firstly, let's discuss a moneyline bet. This is the type of bet that you may have heard of.

If you place a moneyline bet on a sport, then you are betting on which team you believe will win that game.

It is the simplest bet that a person can place on a sport. If you bet on a team to win and they win, then you get some cash in your pocket. If you bet on a team to win and they lose or draw, then you get nothing.

It is important to note that a moneyline bet is purely on a per-game basis. It is only choosing the winner of a game. If you bet on who would win the Stanley Cup far in advance, then that would be a futures bet. 

What is a 3 Way Moneyline in Hockey?

Now you know what a moneyline bet is, we need to expand upon that idea a little bit to tell you what a 3-way moneyline is. It isn't that much more difficult to understand.

As we said, with the moneyline, if a team you bet on draws, then you don't win anything. The team can only win.

With a 3-way moneyline bet, the team that you bet on can either win or draw the match. This means that you have two potential ways of winning the bet. Although, this does have a few disadvantages (we will discuss those in a little while). 

How Does a 3 Way Moneyline in Ice Hockey Work?

It is important to note that not every online sportsbook will offer a 3-way moneyline. In comparison to the moneyline, and pretty much every other bet that you will find at an online sportsbook, it isn't an especially common bet, so most online sportsbooks will not offer them. There is no sense in offering something if the vast majority of gamblers are going to give it a skip, after all.

When it is on offer, then it will be clearly marked as a 3-way moneyline. When you place this bet, you will want to bet on the team that you believe will win the match. However, you are also acknowledging that the game could also end in a draw. The odds won't be great, but it is a bet that doesn't carry a huge amount of risk.

We do encourage you to steer clear of this method of betting if there is a clear favorite. There is no sense in placing a moneyline if one of the teams in the hockey match-up is almost a dead cert to win. You would be screwing yourself out of a nice bit of cash. 

The Pros and Cons of a 3 Way Moneyline in Hockey

So, what are the pros and cons of a 3-way moneyline in hockey? Why would you even want to place this type of bet? When would you avoid it? Let's look.

The Pros

This is one of the least-risky bets that you can place. It is far less risky than a moneyline. This means that it can be ideal in a couple of situations.

Firstly, it may come in useful if you can't pick a clear winner in the game. You believe that the two teams are going to be evenly matched, so allowing for that draw is allowing you to hedge your bet a little bit.

Secondly, some people will use it to earn some cash on a new sportsbook or to blow off some free bet credit. A 3-way moneyline bet doesn't pay out a whole lof of cash on a win. However, to most gamblers, money is money. Even if you are increasing your bankroll in small increments, you are still increasing it! 

The Cons 

Sadly, these bets don't pay out a lot. Your standard moneyline isn't going to pay out a lot of cash as it is. If you make that moneyline even less risky.

This means that you shouldn't place a moneyline if money is on your mind. It may be worth making riskier bets elsewhere. A 3-way moneyline is probably going to be great for more casual gamblers, but not for everybody else.

As we said, most sites may not even offer them, which is a massive downside if you are in the mood for a 3-way. 

What is a Moneyline bet in Hockey? – Conclusion

A moneyline in hockey is betting on the winner of a game. A 3-way moneyline is allowing you to bet on either the winner or to predict a draw in the game. It isn't a bet that will pay out particularly well when you place it, but it is one that can give you a bit of cash for very little risk.

Check out our list of the best online sportsbooks if you are in the mood to place a 3-way moneyline bet.