When it comes to sports betting, there are many ways to place wagers on your favorite games. Understanding the various types of bets is essential for making informed decisions and improving your chances of winning. In this article, we will explore the most common types of bets, including the moneyline, spread, and other popular options, providing you with a comprehensive guide to help you navigate the world of sports betting.
1. Moneyline Types of Bets
The moneyline bet is one of the simplest and most straightforward types of wagers in sports betting. With a moneyline bet, you are simply betting on which team or player will win the game or event outright. There are no point spreads or other factors to consider—just pick the winner.
How Moneyline Bets Work
In moneyline betting, the odds are displayed as either a positive or negative number. A positive number (e.g., +150) indicates how much profit you can make on a $100 wager if the team or player wins. A negative number (e.g., -200) indicates how much you need to bet to win $100.
Example:
- If you bet $100 on a team with +150 odds and they win, you will receive $150 in profit, plus your original $100 stake.
- If you bet on a favorite with -200 odds, you would need to wager $200 to win $100 in profit.
When to Use Moneyline Bets
Moneyline bets are ideal for those who want a simple, no-frills wager. They are especially popular in sports like baseball, hockey, and tennis, where games are often lower-scoring, and the point spread isn’t as crucial.
2. Point Spread Types of Bets
The point spread bet is one of the most popular types of bets, especially in sports like football and basketball. This type of wager takes into account not just who will win the game, but by how many points.
How Point Spread Bets Work
In point spread betting, the sportsbook sets a margin (the “spread”) that the favorite must win by in order for bets on them to pay out. Conversely, bets on the underdog will win if the underdog wins outright or loses by fewer points than the spread.
Example:
- Team A (-7): This means Team A must win by more than 7 points for bets on them to win.
- Team B (+7): This means Team B can win outright or lose by fewer than 7 points for bets on them to win.
When to Use Point Spread Bets
Point spread bets are most common in high-scoring sports like football and basketball. They are great for bettors who feel confident that a favorite will not only win but will win decisively.
3. Over/Under Types of Bets (Totals)
An over/under bet, also known as a totals bet, is a wager on the total number of points scored in a game. Instead of betting on which team will win, you are betting on whether the combined score of both teams will be over or under a specific number set by the sportsbook.
How Over/Under Bets Work
The sportsbook sets a line for the total number of points, and bettors decide if the actual score will exceed or fall short of that line.
Example:
- If the total for a basketball game is set at 210 points, you can bet on whether the combined score will be over 210 or under 210.
- If you bet the over and the final score is 112-105 (217 points total), you win.
When to Use Over/Under Bets
Totals bets are great when you have a good understanding of the teams’ offensive and defensive strengths but aren’t sure which team will win. This type of bet is popular in football, basketball, and soccer.
4. Parlay Types of Bets
A parlay bet allows you to combine multiple bets into a single wager. The appeal of a parlay is that the payout is much higher than betting on individual games, but all selections must win for the parlay to pay out.
How Parlay Bets Work
In a parlay, you can combine different types of bets (moneyline, spread, over/under) from multiple games. However, if even one selection loses, the entire parlay bet loses.
Example:
- You bet on the following three outcomes:
- Team A to win on the moneyline.
- Team B to cover the spread (-6.5).
- The total points in Game C to go over 200.
If all three bets win, your parlay pays out at higher odds than if you placed each bet individually. However, if one bet loses, the entire parlay is lost.
When to Use Parlay Bets
Parlays are high-risk, high-reward bets, perfect for bettors who want to maximize their potential winnings. However, they are harder to win since all the bets must hit for the parlay to succeed.
5. Prop Types of Bets
Prop bets, or proposition bets, are wagers on specific events within a game that may not directly relate to the final outcome. These bets can range from team-related props to individual player performance.
How Prop Bets Work
Prop bets allow you to bet on occurrences such as:
- Which player will score the first touchdown.
- How many points a basketball player will score.
- Whether a team will score a certain number of goals.
These bets are especially popular during major sporting events like the Super Bowl, where you can bet on everything from the coin toss to the length of the national anthem.
When to Use Prop Bets
Prop bets are ideal when you want to focus on specific aspects of the game, rather than the final outcome. They can add extra excitement to your betting experience, especially in games where you might not have a strong feeling about the result.
6. Futures Types of Bets
A futures bet is a wager on an event that will take place in the future, often long before the actual event begins. These bets are typically placed on outcomes such as league champions, MVP winners, or tournament winners.
How Futures Bets Work
You can place a futures bet on:
- Which team will win the Super Bowl.
- Which player will win the NBA MVP award.
- Which country will win the FIFA World Cup.
The odds for futures bets are typically higher early in the season or tournament because predicting the winner at that stage is much harder.
When to Use Futures Bets
Futures bets are perfect for long-term bettors who want to have action throughout a season or tournament. They also offer high potential payouts if your prediction proves correct.
7. Teaser Bets
A teaser bet is similar to a parlay, but it allows you to adjust the point spread or totals in your favor. While this increases your chances of winning, it also reduces the potential payout.
How Teaser Bets Work
In a teaser, you can adjust the spread or total by a set number of points, such as 6 or 7 points. For example:
- If the original spread is -8 for Team A, you can tease it down to -2.
- If the over/under is set at 45, you can tease it to 39.
The catch is that, like a parlay, all selections must win for the teaser to pay out.
When to Use Teaser Bets
Teasers are useful when you want to improve your chances of winning by adjusting the odds in your favor. They are most commonly used in football and basketball betting.
Conclusion
Understanding the different types of bets is essential for any sports bettor, whether you’re new to betting or looking to expand your strategy. From simple moneyline wagers to complex parlays, each type of bet offers unique opportunities and challenges. By familiarizing yourself with these options, you can make more informed decisions, maximize your chances of success, and enhance your overall sports betting experience.