Sports betting has never been more accessible, but there is a learning curve for those who don’t fully understand how all the different types of betting work. Below we provide detailed explanations of the most popular types of bets, including real-world examples.
Straight bets
A straight bet is the most common type of sports bet. Sometimes referred to as a “single bet”, a straight bet is simply betting on the outcome of a single game or event.
- Example #1: The Toronto Raptors play against the Boston Celtics in an NBA game. You think the Raptors will beat Boston, so you bet directly on Toronto.
- Example #2: UFC Heavyweight Champion Francis Ngannou fights challenger Ciyrl Gane. You believe that Ngannou will win the fight, so you bet directly on the champion.
Spread Bets
The best way to think of spread bets is that they are related to profit margins. A spread bet means that you “give away” or “take” a certain number of points/goals/runs. That number is determined by the sportsbook and reflects the expected margin of victory.
Gamblers choose whether to ‘take’ the spread (meaning they bet the underdog) or ‘give’ the spread (meaning they bet the favorite).
- Example: Dallas Cowboys (-5.5) vs. Philadelphia Eagles (+5.5). If you think the Cowboys will win by at least six points, you would give (or “lay”) 5.5 points. If you like the Eagles odds of winning or losing the game by 5 points or less then you would take the 5.5 points.
All point spreads come with odds, and more often than not, those odds are -110 for both teams. As we explained above in the “How the Odds Work” section, this means that if you want to bet the Cowboys -5.5 points or Eagles +5.5 points, you need to bet $110 to be in with a chance of winning $100 ( or $11 on win $10).
Parlay Bets
A parlay is a combination of two or more straight bets in one bet. Parlays are popular because they open the door to winning bigger payouts while risking less money. (Think of it like a sports betting lottery version.)
The number of legs (bets) in a parlay, as well as the odds associated with each of those legs, determine how much a gambler can win. The bigger the parlay – and the bigger the bet – the bigger the potential payout.
It’s important to note, however, that parlays of any size are difficult to hit – and the more legs you add, that difficulty increases exponentially. You only have to miss one leg and your parlay is dead. In fact, if you’re going 6-1 on a seven-team parlay, you might as well have been 0-7.
Here are the two main types of parlays:
- Same game: A parlay made up of multiple bets from a single game.
- Multi game: A parlay constructed with bets from multiple games. (Note: The legs of a multi-game parlay don’t have to be from the same sport.)
A third parlay type is called a “teaser,” which is most popular in football (particularly the NFL). Like a parlay, a teaser is created with two or more teams. The main differences: Only point spread bets can be included in teasers, and bettors are allowed to shift the point spread by a specified number of points in any direction.
Here’s an example of a four-team, six-point NFL teaser:
- Pittsburgh Steelers (-4.5) vs Cleveland Browns
- Miami Dolphins (-2.5) vs. New York Jets
- Arizona Cardinals (+7.5) vs. Los Angeles Rams
- Las Vegas Raiders (+3.5) vs. Denver Broncos
If you put the Steelers, Dolphins, Cardinals and Raiders in your teaser, you could move the point spread 6 points in your favor. So teaser point spreads would be:
- Pittsburgh Steelers (+2.5) vs Cleveland Browns
- Miami Dolphins (+3.5) vs. New York Jets
- Arizona Cardinals (+13.5) vs. Los Angeles Rams
- Las Vegas Raiders (+10.5) vs. Denver Broncos
Since bettors can move the point spreads, the payouts on teasers are much lower than parlays.
Totals Bets
Totals bets are a lot like point spreads. Also referred to as ‘Over/Under Betting’, total bets focus on the final score of a particular game rather than on who will win the game.
When betting a total, you are only predicting whether the two involved parties will combine for more (Over) or less (Under) runs/goals/points than the total amount posted by the sportsbook.
- Example: A matchup between Los Angeles Rams and Seattle Seahawks has a total of 42.5. If you think the Rams and Seahawks will get at least 43 points by the end of the game, bet the Over. If you expect a defensive brawl that ends with 42 combined points or less, you would bet on the Under.
If you’re interested in Over/Under betting, remember this popular saying regarding total betting: “It’s never less until it’s over!” This means that as long as a game is going on, it is always possible to win your Over bet (or lose your Under bet).
On the other hand, if you bet on Seahawks-Rams over 42.5 points and the score is 24-21 at halftime, then you have a winner and you don’t have to sweat it out in the second half.
Futures Bets
Futures betting is another fun way to get involved in sports betting. Rather than betting on a game taking place today or this week, futures bets are just that: bets that are decided in the future.
Examples include betting on a team to win the World Series; betting on a country to win the World Cup; betting on a golfer to win next year’s Masters Tournament; and bet on a player to win the NFL Offensive Rookie of the Year.
Futures bets typically offer greater odds – and thus greater potential payouts – than regular bets. The reasoning is simple: It’s harder to predict, for example, the Stanley Cup winner at the start of an NHL campaign than it is to pick which team will win a random game in the regular season.
One important thing to remember about futures betting: the odds are constantly changing. For example, just because the Los Angeles Lakers have +1500 chances to win the NBA title on Day 1 of a season doesn’t mean those odds will last for the next seven months (in fact, they certainly won’t).
Injuries, trades, and performance below (or above) expectations can affect how a futures market unfolds. That said, the odds you get when you place your bet will never change – in other words, if you bet the Lakers at +1500, that’s your odds all season long. If the betting market drops the Lakers to +400 because they play well, you’ve made a great bet. But if the Lakers struggle and their odds drop to +5000, well… your bet is in big trouble.
Serious gamblers dealing with the futures market are always looking for the best value. You should too. That’s why it’s important to do your research before putting your money down. After all, why bet the Lakers at +1500 at one sportsbook while another offers odds at +1800?
Prop Bets
While other markets focus on the final outcome of a match or event, prop bets cover the performance of an individual athlete, or even something not reflected in the box score.
An example of player support is betting on Tom Brady’s total touchdown passes in a game (Pass Over or Under 1.5 TD).
An example of a prop bet that has absolutely nothing to do with the actual action on the field or track is predicting the suit of Gatorade taking off the coach of the winning Super Bowl team.
Here are some of the more popular forms of prop betting:
- player prop: Refers to the performance of a single player, such as total points scored in a basketball game, goals in a hockey game, or hasty yards in a football game
- game prop: Refers to a single game, such as choosing which player hits the first home run in an MLB game or which team will finish with more passing yards in a football game
- novelty prop: Usually reserved for major events, namely the Super Bowl, new props can range from the length of the national anthem to the first song the halftime performer will perform.
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