New to sports betting? Feeling a bit overwhelmed by all the jargon? You’ve come to the right place! This is a guide to the different types of sports bets you can make.
There are many ways to bet on an individual sport. And different sports have different ways to bet. The best thing you can do when starting out in sports betting is to understand the rules of each type of bet along with the associated payout.
Let’s get started with some of the most common types of bets you can make on sports.
Money Line Bets
The term money line bet or “win bet” is one of the simplest ways to bet on sports. You are choosing the winner of a game or match. The amount of money you win depends on the odds.
“Odds” are decided based on who is expected to win. The “favorite” is the person or team that is expected to win and the “underdog” is the person or team that is less likely to win. If the odds for each team are similar, the game is expected to be close. If the odds are very different, one person or team is very likely to win.
Odds are expressed differently depending on where you’re betting and what you’re betting on. In the United States, you’ll often see odds as (+) or (-) a specific number. The odds are based on how much money you need to bet to win $100.
Let’s take a look at an example. The Boston Bulldogs are playing baseball against the New York Neckties. The Bulldogs are the underdog at +180 which means you would need to bet $180 to win $100. The Neckties are the favorite at -150 which means if you bet $150 you would win $100.
You may also see money lines as a decimal (i.e., 1.80) or as a ration (i.e., 2:1). The decimal means that you need to bet $180 to win $100. The ratio is how much money you win and how much money you bet. For 2:1 odds, you can bet $100 and win $200 for a net of $300.
Straight Bets
In the United States, a straight bet is also called a point spread wager. This is a common type of betting for football and basketball. The point spread tells you who is expected to win and by how much.
The underdog “gets points” and the favorite has points deducted to make the wager fair. For example, the Franklin Footies are a favorite over the Redwood Rhinos in an upcoming football game. The point spread for the Footies is -8 and the Rhinos +8.
If you bet on the Footies and they win by more than 8 points, you win! But if they only win by 3 points, they didn’t “cover the spread” meaning they didn’t win by enough points. If the Footies won by exactly 8 points you would not win or lose any money.
Looking for expert advice on bets including college football? Check out docsports game picks!
Total Line Bets
Total line bets are common in football and basketball too. The bet is based on how many total points will be scored by both teams combined. You have to decide whether you think the total score will be over or under the number set by the sports betting site.
For example, you could bet on a basketball game to be over or under 235 points. If you bet the over and the final score is 115 to 125, you win because the total score is 240. If you bet the under you would lose.
You can also use a total line bet for each half of a football game or basketball game. If you hear someone say they bet the “first half over” they are saying they placed a total line bet that during the first half of the game the two teams will have a combined score greater than what the line was.
Parlay Bets
A parlay bet means that you place multiple bets together and they all have to win for you to win. For example, you could bet that the Washington Whalers will win the World Series and the Washington Wombats will win the Super Bowl in the same year.
Parlay bets can be anywhere between 2 bets and 12 bets. The betting odds for a parlay bet are trickier – they are adjusted based on the total number of bets you choose together. Remember that all of the teams you choose have to win. There is no such thing as a partial payout for a parlay bet.
Parlay betting is a high-risk, high reward. If you’re new to betting, the parlay may not be the best choice to start with.
Teaser Bets
Teaser bets are similar to parlays because they involve two or more picks. The difference is that you get a more favorable point spread in exchange for a lower total payout. Essentially, you are increasing the likelihood you’ll win but you stand to win less money.
For example, if you have a six-point teaser in football and the point spread is (+/-) 3, the new point spread is 9. The higher the teaser amount the less money you could win.
Head-To-Head Bets
A head-to-head bet is when you choose the winner between two people. Head-to-head bets are common in sports like golf and NASCAR. You choose between two athletes and whoever finishes with the better position or score wins. There may be a money line for each athlete.
Apply Your Knowledge: Types of Sports Bets
This is a list of the most common types of sports bets for beginner and advanced betters. Make sure you understand what kind of bet you are placing before you confirm your bet and always gamble responsibly.
Sports betting has become more popular in recent years and is now legal in 22 states. Now that you have a good understanding of types of sports betting, it’s time to test your knowledge and your luck!
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