Sports betting is a practice that dates back centuries and has gained significant popularity across the globe, particularly with the advent of online platforms. However, before engaging in sports betting, it’s crucial to understand the different types of bets available. Each type has its own rules, risk levels, and potential rewards. Whether you’re a beginner or an experienced bettor, being informed will help you make smarter, more strategic decisions.
Below, we’ll explore the most common types of sports bets that are used in both traditional and online sportsbooks.
1. Moneyline Bets
Moneyline bets are the most straightforward type of sports bet. You simply choose which team or player you believe will win a game or event. The odds will indicate how much you stand to win based on your wager.
- Example: If Team A is listed at +150 and Team B at -170, betting $100 on Team A could yield $150 in profits if they win, while you would need to bet $170 on Team B to win $100.
This type of bet is popular in sports like baseball, hockey, and mixed martial arts, where point spread betting is less applicable.
2. Point Spread Bets
Point spreads are used primarily in sports like football and basketball. In this type of bet, the sportsbook sets a margin of victory that the favored team must exceed.
- Favorite (–): Must win by more than the spread.
- Underdog (+): Can win outright or lose by less than the spread.
For example, if the New England Patriots are favored by 7 points against the New York Jets, a spread bet on the Patriots will only win if they beat the Jets by more than 7 points. If the final score margin is exactly 7, the bet is usually a “push,” and the wager is refunded.
3. Totals (Over/Under) Bets
Totals betting, also known as over/under betting, involves wagering on the combined score of both teams in a game. The sportsbook sets a number, and bettors decide whether the final score will be over or under that number.
- Example: If the over/under line is set at 45.5 for an NFL game, a final score of 28-20 (totaling 48) would be an “over” win.
This bet type is ideal for gamblers who may not have a strong preference for either team but have a sense of the game pace or scoring trends.
4. Parlay Bets
Parlay bets combine two or more individual bets into one unified bet. All selections must win for the parlay to be successful.
- Because of the risk, payouts on parlays are significantly higher.
- If one game loses, the entire parlay is considered a loss.
Parlays are enticing for bettors aiming for a big payout from a small wager, but they should be approached with caution due to their difficulty.
5. Teaser Bets
Teaser bets are similar to parlays but with a twist. They allow bettors to adjust point spreads in their favor across multiple games, making it easier to win. However, the payout is lower than a standard parlay due to the adjusted odds.
Teasers are especially popular in NFL betting, where spread margins are crucial and outcomes can be unpredictable.
6. Prop Bets (Proposition Bets)
Prop bets focus on specific aspects of a game that don’t necessarily relate to the final outcome. These can range from the number of goals scored by a player, to which team will score first, or even off-field events during championship games.
- Examples include: “Will Player X score a touchdown?” or “Will there be a safety in the third quarter?”
While often considered novelty bets, many professionals use statistics to identify value in prop markets.
7. Futures Bets
Futures involve betting on the outcome of a season or tournament far in advance. Common futures bets include betting on who will win the Super Bowl, the World Series, or the NBA Championship.
- High reward: Good odds offered months in advance.
- High risk: Ties up your funds for a long period.
Futures can be a fun, long-term betting strategy with potential for big payouts if your prediction is accurate early on.
8. Live or In-Play Betting
Live betting allows gamblers to place wagers as an event unfolds in real time. Odds change dynamically based on current momentum, scoreline, and other real-time factors.
- Fast-paced and requires close attention to the game.
- Can offer unique betting opportunities not available pre-game.
This format has surged in popularity with mobile apps and online sportsbooks, catering to today’s fast-moving bettors.
Conclusion
Understanding the types of sports bets is essential for making sound betting decisions. Each type carries a different level of risk and reward, and selecting the right one should be based on your knowledge, strategy, and level of comfort. By familiarizing yourself with these betting formats, you can approach sports wagering more confidently and responsibly.