Much like betting on boxing, MMA wagering pits one fighter against the other. Typically, moneyline odds are assigned to the favorite and underdog.
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A big favorite like Anderson Silva might see him at -500 (meaning you need to risk $500 just to make $100 in profit). However, if Forrest Griffin is a big underdog, he might be +350 odds (meaning a $100 wager would put $350 profit in your pocket).