Moneyline
A wager on the MLB moneyline is the most straightforward way to bet on baseball, as well as most major sports. A moneyline bet is simply betting on which team will win the game at the given odds. Teams with a positive (+) next to their number are the expected losers (underdogs), while the teams with a negative (-) next to their number are the expected winners (favorites).
Example: Baltimore Orioles (-140) vs. Boston Red Sox (+125). In this scenario, a bettor that risked $140 would win $240 ($140 risked + $100 won) if the Orioles win the game at hand.
Run Line
For bettors that have been on other sports such as basketball or football, the “Run Line” is just another word for a point spread. In MLB betting, the Run Line is set at -1.5 or +1.5 and is the expected margin by which a team is expected by oddsmakers to win or lose by. Said another way, it is the starting score of the game, for betting purposes.
Example: Baltimore Orioles (-1.5) vs. Pittsburgh Pirates (+1.5). In this scenario, the Orioles have to win the game by two runs or more for the Orioles Run Line wager to be a winner.
Total
Also called an “Over/Under”, a total in MLB wagering is the total number of runs expected to be scored by both teams, as set forth by the oddsmakers. Typically between six and nine, the number of runs scored by both teams is combined to grade a bet as either going over that number or under.
Example: Baltimore Orioles vs. New York Yankees O/U 8. In this scenario, if there are more than 8 combined runs (i.e. Orioles 5 Yankees 4), the “Over” would be a winner. If there are exactly eight combined runs scored, the bet would be a “Push” and your money would be returned.