Understanding Different Bet Types
Sportsbooks offer a variety of ways to place a wager, and knowing which bet type to use is key to making informed bets. Whether you’re placing a simple moneyline bet or going for a high-risk parlay, every bet type comes with its own strategy, risks, and rewards.
What is a Moneyline Bet? The Simplest Bet Explained
A moneyline bet is the most straightforward bet type—you’re simply betting on which team will win the game.
The team with positive (+) odds is the underdog. The team with negative (-) odds is the favorite. Favorites have a higher implied probability of winning an event before it takes place.
📌Best Situations to Use a Moneyline Bet:
✔️ When betting on a team where the implied probability of winning is off.
✔️ If you want a straightforward win/loss outcome.
✔️ Best used in highly efficient markets like football, basketball, baseball, hockey, or soccer.
Example: Los Angeles Lakers (-150) vs. Miami Heat (+130) Betting on the Lakers (-150) means you must bet $150 to win $100. Betting on the Heat (+130) means a $100 bet wins $130.
What is a Point Spread? How Spreads Work in Betting
A point spread evens the playing field between two teams by assigning a handicap to the favorite. The favorite is the team laying points, while the underdog is the team getting points.
In baseball betting, the spread is called the Run Line. In hockey betting, the spread is called the puck line. The puck and run line are almost always -1.5, but the juice varies.
Not all teams are on the same level, and the spread is the difference in ratings between two teams, often with home-field advantage also priced in.
📌Key Concepts:
✔️ Spreads are common in football & basketball betting.
✔️ The half-point (.5) prevents ties (called a “push”).
✔️ You can bet “Against the Spread” (ATS) instead of the moneyline.
Example: Kansas City Chiefs -7.5 (-110) vs. Buffalo Bills +7.5 (-110) Betting on the Chiefs (-7.5) means they must win by 8 or more points. Betting on the Bills (+7.5) means they must win or lose by 7 or fewer.
What is Over/Under (Totals) Betting?
Instead of betting on who wins, you can bet on how many total points are scored in a game.
If you don’t know which team will win, but you have an idea how each team will perform, it may make more sense to look to bet on the total. Total bets require both teams to pull their weight, and the event's winner has no impact on whether or not your bet hits.
📌Factors That Impact Totals Betting:
✔️ Weather (wind, rain) impacts NFL, MLB totals.
✔️ Team pace & defensive efficiency affect scoring.
✔️ Sharp betting often pushes totals higher.
Example: Los Angeles Lakers vs. New York Knicks (O/U 220.5) Betting Over (O 220.5) means the total points must be 221 or more. Betting Under (U 220.5) means the total must be 220 or fewer.
What is a Parlay Bet? Combining Multiple Bets for Bigger Payouts
A parlay is a bet that combines multiple wagers into one bet—all selections must win to get paid.
If all three legs of your parlay win, you win. The odds of the bets within the parlay decide the payout of a parlay bet. If one bet in your parlay pushes or is voided before the game starts, that leg is voided, and the odds of your parlay bet decrease.
Example: 3-Leg Parlay: Cowboys -3.5 ✅ Lakers ML ✅ Chiefs -6.5 ❌ (LOSS = Entire parlay loses)
What is a Same-Game Parlay & How to Bet Them
A same-game parlay (SGP) is a parlay where all bets are placed on the same game rather than across multiple events.
Some betting options are correlated, so sportsbooks take a correlation tax, lowering the payout of your same game parlay if there are correlated legs in your parlay. For example, if you bet on Patrick Mahomes to throw a touchdown and Travis Kelce to catch a touchdown, the odds of the same game parlay will be lower than the true odds due to the correlation.
Example: For an NBA game between the Lakers and Warriors, a same-game parlay could include: ✔️ LeBron James Over 25.5 Points (-110) ✔️ Lakers Moneyline (+120) ✔️ Total Points Over 215.5 (-105)
Futures Betting and Live Betting
Two more intricate yet popular types of sports betting are futures betting and live betting. Both of these betting menus are available across most sports betting landscape, and there is value to be found in each market.
What is a Futures Bet? Betting on Long-Term Outcomes
A futures bet is a wager placed on an event that will be decided in the distant future, rather than an individual game.
Futures markets are extensive, and sportsbooks offer a variety of different futures. Other options include division winners, conference winners, award winners, and more.
📌Why Futures Betting is Unique:
✔️ High payouts, but money is tied up for months.
✔️ Odds fluctuate based on team/player performance.
✔️ Common in NFL, NBA, MLB, and golf tournaments.
What is Live Betting? Placing Bets During a Game
Live betting (or in-game betting) allows you to place wagers while the game happens, with real-time odds adjusting. Live betting is a great way to find value, but it is also a great way to hedge. (Discussed in more detail later in the course). If you liked a team pregame but are losing, you can get better odds by betting on them during the game. On the other hand, if the team you bet pregame doesn’t look up to the task, you can hedge your bet with a live wager.
📌 Live Betting Tips:
✔️ Watch for momentum swings to get better odds.
✔️ Ideal for hedging pre-game bets.
✔️ Great for betting on player props during games.
Example: Betting on the Knicks to win the NBA Championship is a futures bet. Betting on the Celtics while their game is live against the Knicks is an example of live betting.
