Definition of 3-Way Betting Line

What does the term "3-way betting line" mean in the world of sports betting? What is the definition of the term "3-way betting line"?

With a 3-way betting line, you are able to bet on three outcomes of a game - win, lose or draw.

Here is an example of the 3-way betting line in soccer:

Definition of 3-Way Betting Line - Sports Betting DictionaryMan City, 2.60
Draw, 3.45
Man Utd, 2.45

The 3-way betting line is also used in sports such as hockey, though it is less prevalent.

For instance, the line for a hockey game might look like this:

Vancouver Canucks, 1.45
Draw, 4.00
Montreal Canadiens, 2.45

If the game went to overtime, the "draw" line would pay (note: some sports books don't count overtime as a tie in hockey, which means that they wouldn't offer the 3-way betting line).