Sports Betting 101 – Types of Bets

Reading the Spread

Point spreads (or lines) enable people to bet close to even money on a favorite or an underdog. Most of these wagers cost $11 to win $10, so if you were going to bet one side and you risked $11, in the event of a win you receive $21 back. With a loss, you get back nothing.

The lines generally look like this:

• Chicago -5 -110
• Detroit +5 -110

In this example, if you bet Chicago, you would need them to win by 5 in order to cash. You also have to bet $11 in order to win $10 (or $55 to win $50, $880 to win $800, etc.). If you bet Detroit, you would need them to lose by no less than 5 to win, and you would need to bet $11 to win $10. If Chicago wins by exactly 5 points, the bet is pushed and all players get their original bet back.

Depending on the amount of money bet on a game, sportsbooks may move the lines to get more bets on a certain side. They may also move the cost.

• New York -8 -115
• Cleveland +8 -105

In this example, you would need to risk $115 to win $100 on New York, but you would only need to risk $105 to win $100 on Cleveland.

Money Line Bets

Money Line Bets are when you bet a team to win straight up regardless of the spread. These bets often use odds to adjust the action on each game. For example, if Los Angeles is favored to win over Denver, the money line could look like this:

• Los Angeles -150
• Denver +120

In the example above, a bettor would have to wager $150 to win $100 on Los Angeles (the favorite). The return for risking $150 would be $250 if LA wins. Because Denver (the underdog) is plus money in this example, a bettor would risk $100 on Denver to win $120. The total return for betting $100 on Denver would be $220 if they win.

Betting the money line is common across all sports, and the line is adjusted based on the amount of money wagered on each side.

If the teams are considered about even, the line could look like this:

• San Antonio -110
• Boston -110

Each bet (similar to spread bets) would require risking $110 to win $100.

The money line also reflects big favorites, like this:

• Houston -5000
• Atlanta +4500

In this case, one would have to wager $5,000 on Houston to win $100, and a person wagering $100 on Atlanta could win $4,500.

Total and Over/Under Sports Bets

Over/Under bets are available for all major sporting events from football to soccer to golf.

Most over/under bets are associated with the total number of points scored in a sporting event by both teams. So if the total bet on Cleveland vs Toronto is 11, the over bet would win if both teams scored a combine 12 points or more, the under would win if both teams combined to score 10 or less, and if the final total is 11, the bet is pushed.

Over/under bets are also available on a single team or time frames. For example, you can bet that the New York Giants will score over 24.5 points for a game or that the Yankees/Red Sox will score under 6 runs in the first five innings.

After spread bets, over/unders are the most popular bets in American Sports.

Proposition Bets

Props, or proposition bets, are bets offered on the outcome of specific events. These wagers can be on sporting events, politics, trial outcomes, the weather – practically anything. The wagers use the money line format of odds and might included details such as who scores the first touchdown in the Super Bowl.

Examples:

• Will Aaron Judge hit a home run tonight? Yes/No
• Who will score more points tonight? Kobe Bryant/LeBron James
• Will Tom Brady throw an interception? Yes/No
• Will Beyonce fall off the stage during the Super Bowl half time show? Yes/No

Future Bets

A future bet is a type of prop bet where you can bet on the outcome of an event that happens in the extended future. These bets can vary in time frames and across sports. Examples of future bets are:

*The number of games Oakland will win this baseball season: over/under 84 (available before the first MBL game of the year)

*Who will win the Super Bowl? (available before the season starts with odds adjusted weekly until the Super Bowl)

Parlay Bets

A parlay is a combination of 2 to more straight wagers placed as one wager. In order to win the bet, all your picks must be winners. This higher risk will result in a greater payout, calculated according to the money lines. If there is a tie or ‘No Action’ among the selections made, the parlay reverts down to the next lowest number for payoff. In the case of a 2-team parlay, it will revert down to a straight wager.

Example:

You want to make a 5 team parlay: Miami -5, New York +3, Seattle -4, New Jersey +7, San Francisco -8

If you bet $10 and all these games win, you win $210 at 21/1 odds. If 4 of the games win and 1 of the games is pushed (considered “No Action”), you would wins $110 at 11/1 odds. If 1 of the games loses, you only lose $10 because the parlay loses.

You can read about parlay odds on the Industry Basics Wiki.

Teaser Bets

A teaser bet is a bet where you can move the spread by a set amount in your favor when betting at least two teams like a parlay.

Regular line: Green Bay -3 and San Francisco +5 6 point teaser: Green Bay +3 and San Francisco +11

These wagers are usually only offered for football and basketball. The number of teams selected and the number of points selected determine the payout odds.

As in a parley, all your plays must win to win a teaser except when one or more of your plays tie. In a teaser with 3 games or more, a tie results in a push for that particle game, and the teaser is reduced by that one game (a 4 game teaser becomes a 3 game teaser). If a 2 game teaser has a tie and a winner, then the teaser pushes and there is no action. If a 2 game teaser has a tie and a lose, the teaser losses.

You can read about teaser odds on the Industry Basics Wiki..

If Bets

An “if bet” is a selection of two straight bets on one betting ticket with an “if” clause. This type of bet allows one to increase their betting power and limit their risk by placing two straight wagers on single ticket where the second bet will only have action if their first bet wins or ties.

An “if bet” will only continue if the first bet made was won or tied, depending on what is specified. The amount on the subsequent bets on an “if bet” can’t be more than the one wagered in the first part.

The bets do not have to happen in the same order of time, so that the second bet can occur prior to the first. Also, you do not have to re-invest all of your winnings in subsequent bets. Instead, you select the amount you want to bet in each game. All picks for the “if bet” must be made at the same time.

Example:

New York Knicks +6 -110 (to win $100)

IF

Chicago Bulls -4 -110 (to win $100)

If the Knicks fail to cover, the bet ends there and the bettor loses -$110. If the Knicks win, the wager continues to the bet on the Bulls. If the Bulls win, the bettor wins $200 and is paid $310. If the Bulls lose, the bettor loses $10 and is paid $100.

Reverse Bets

A reverse bet is two or more “If bets” where your action is covered both ways. It’s similar to boxing an exacta or lottery numbers.

If you bet a 2 team reverse, you are betting two separate “If bets” as follows:

Bet A – IF – Bet B

and

Bet A – IF – Bet B

Let’s say both bets (A and B) are risking $110 to win $100.

If both bets A and B win, the player will win $400 and get back $620 ($400 plus the $220 risked).

If just one bet wins (A or B), the bettor will lose $120 ($110 on the first and $10 on the second) and get back $100.

If both bets lose, the bettor will lose $220.

Round Robin Bets

Similar to reserve bets, Round Robins allow players to “box” parlay bets. These can by used if you like multiple bets but do not want to wager them in a single parlay.

Example (using 3 teams):

Parlay 1:

• Seattle SuperSonics
• Washington Wizards

Parlay 2:

• Seattle SuperSonics
• New Jersey Nets

Parlay 3:

• Washington Wizards
• New Jersey Nets

Round Robin Bets are usually worse odds than betting each team straight up.