3-Way Moneyline Explained: Soccer and NHL Odds, Fair Price

A 3-way moneyline is a bet on one of three results: home win, draw, or away win. Unlike a 2-way moneyline, the draw is its own outcome, so a bet on either team loses if the game ends level. In soccer it is the 1X2 market. In hockey it settles on regulation time only, so a game that goes to overtime counts as a draw.

Pinnacle's rules state it plainly (read 9 November 2026): "If a 'Draw' price is offered in a Money Line market, and the draw happens, then bets on each team lose. If a draw is not offered and a draw happens, then bets on both teams will be voided." That one sentence is the whole difference between 3-way and 2-way.

Definition. 3-way moneyline: a three-outcome market (home, draw, away), also written 1X2. Each price carries part of the bookmaker margin, so the three implied probabilities add up to more than 100%.

Key takeaways

• 3-way = home, draw, away. A team bet loses on a draw; a 2-way bet without a draw price is voided on a draw (Pinnacle General Rule 8).
• Soccer 3-way settles on 90 minutes plus stoppage time. NHL regulation 3-way settles on 60 minutes; overtime and shootouts do not count.
• Because the draw is a separate outcome, each team price on a 3-way line is longer than on a 2-way line.
• Pinnacle example: 7.790 / 4.300 / 1.518 sums to 101.97% implied, a 1.97% margin. Fair prices: 7.943 / 4.385 / 1.548.
• From 2016-17 to 2024-25, 20.5% to 23.5% of NHL regular-season games went to overtime each season (ESPN, 5 December 2025). That is roughly how often a hockey 3-way "draw" lands.

How does a 3-way moneyline work?

You pick one of three outcomes and are paid only if that exact outcome happens. A draw bet wins on a tie; both team bets lose. There are no refunds, which is what separates it from draw no bet and from a 2-way moneyline.

US sportsbooks show the same three prices in American odds. Pinnacle's article on Draw No Bet (6 August 2014, read 9 November 2026) uses Aston Villa 7.790, draw 4.300 and Chelsea 1.518. Converted:

Conversion: decimal 2.00 or more → American = (decimal − 1) × 100; below 2.00 → American = −100 ÷ (decimal − 1). The odds converter does it for any price.

What is the difference between a 2-way and a 3-way moneyline?

A 2-way moneyline has two outcomes; a 3-way adds the draw. At Pinnacle, a 2-way soccer money line with no draw price is voided on a draw, like draw no bet. In the NHL, the 2-way moneyline includes overtime and shootouts, while the 3-way is regulation only. The extra outcome is why 3-way team prices are longer.

For hockey, Pinnacle's rules (read 9 November 2026) say: "Unless otherwise specified, Game-period bets include overtime and penalty shootouts." A regulation 3-way market is one of those "otherwise specified" cases, so read the market name before you bet.

How do you find the fair price of a 3-way moneyline?

Add the three implied probabilities, divide each one by the total, and invert. With Pinnacle's 7.790 / 4.300 / 1.518 the total is 101.97%, so the margin is 1.97%. Dividing each probability by 1.0197 gives the fair prices: 7.943, 4.385 and 1.548.

Our arithmetic, multiplicative method, 9 November 2026. Pinnacle Terminal uses Power as its default devig; on a 1.97% margin the methods give close numbers, and the devig calculator shows them side by side. A book offering Chelsea at −175 (1.571) would be longer than the fair 1.548. One offering −200 (1.500) would be shorter than Pinnacle's own price. The margin itself is covered in overround explained.

How does a 3-way moneyline work in hockey?

An NHL 3-way moneyline is settled after 60 minutes of regulation. If the score is level at the end of the third period, the draw wins and both team bets lose, even though the game then has a winner in overtime or a shootout. It suits bettors who expect a close game or a regulation win.

How often does the draw land? ESPN's 5 December 2025 article "Why are so many NHL games going to overtime this season?" (read 9 November 2026) lists the share of regular-season games that went to overtime:

From a 2-way price to a 3-way price

A simple model shows what the draw does to team prices. Take the 2024-25 league rate, 20.5%, as the chance of a regulation draw, and split the other 79.5% between the teams in line with their 2-way chances. This is a league average, not a forecast for any game.

Our arithmetic, 9 November 2026. A 60% favourite at a fair 1.667 on the 2-way line is worth about 2.10 to win in regulation. If a book offers that team at 2.00 on the 3-way, you are paying for the draw risk without being paid enough for it. The model ignores team-specific overtime rates, so treat it as a sanity check, not a price.

When does a 3-way moneyline make sense?

When your view is about the 90-minute or 60-minute result, not just who wins. A bet that a strong team wins in regulation fits the 3-way. A view that a game stays tight fits the draw. If you only care about the eventual winner, the 2-way line or draw no bet settles closer to that view.

In every case the question is the same: is the price longer than the fair price? A 3-way line is not "better value" by itself. It pays more because it wins less often. If you want to cover two of the three results instead, see double chance; to have the draw refunded, see draw no bet or Asian handicap 0.

How Pinnacle Terminal handles this

Pinnacle Terminal shows Pinnacle's football 1X2 and Asian handicap lines with a fair price on each (Power devig by default). Each pre-match move is graded 0–10 (Big move, Sharp drop of about 20% or more from the recent high, Limit-backed, Downtrend, Rebound, Standard). Live in-play football drops are shown and filtered, without a grade. When the 1X2 moves at Pinnacle, you see the new fair price for home, draw and away and can compare it with your own book. The terminal does not accept bets and is not affiliated with Pinnacle. Product: Pinnacle dropping odds. Plans: pricing.

FAQ

What does 3-way moneyline mean?

A bet on one of three results: home win, draw or away win. If you back a team and the game ends level, you lose. In soccer it is the same as 1X2.

Is a 3-way moneyline the same as 1X2?

Yes. 1 is the home team, X the draw and 2 the away team. US books tend to say "3-way moneyline", UK and European books say "1X2" or "match result".

Does overtime count in a 3-way moneyline in hockey?

No. The NHL 3-way moneyline is settled on regulation time, 60 minutes. A game tied after three periods is a draw for this market, whoever wins in overtime or the shootout.

What happens to a 2-way moneyline bet if the game ends in a draw?

At Pinnacle, if no draw price was offered and the game ends level, bets on both teams are voided and stakes returned. In the NHL, the 2-way line includes overtime and shootouts, so it has a winner.

Why are 3-way moneyline odds higher than 2-way?

Because the draw is a separate outcome that makes your team bet lose. The team wins less often, so the fair price is longer. In the 2024-25 NHL model above, a 50% 2-way team becomes 2.516 on the 3-way line.

How do I calculate the margin on a 3-way moneyline?

Add 1 ÷ odds for all three outcomes and subtract 1. For 7.790 / 4.300 / 1.518 that is 0.1284 + 0.2326 + 0.6588 − 1 = 1.97%.

Sources

• Pinnacle, Betting rules, General Rule 8 on draws in Money Line markets; Hockey: "Unless otherwise specified, Game-period bets include overtime and penalty shootouts"; Soccer: 90 minutes of play (read 9 November 2026).
• Pinnacle, "Using the 1X2 market to produce Draw No Bet odds", Betting Resources, 6 August 2014 (read 9 November 2026): Villa 7.790, draw 4.300, Chelsea 1.518.
• ESPN, "Why are so many NHL games going to overtime this season?", 5 December 2025 (read 9 November 2026): overtime share by season, 2016-17 to 2024-25.
• American odds, implied and fair probabilities, 1.97% margin, NHL 3-way model: our arithmetic, 9 November 2026.

Try it

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