"If a money line is -700, what does that mean other than the team is heavily favoured?"
It means for example if you wager $100 on a team with a money line of -700 you would win only $14.29 ((100 * 10) / 700. The team you wager on only needs to win the match. They do not have to cover any spread.
If you wagered $100 on a team with a moneyline of +500 you would win $500 if the team won ((100 * 500) /100).
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