Different Types of Bets Explained – A Complete Guide With Examples
Being a sports fan is as exciting as it gets, and it can get even more thrilling if you try betting on sports.
So, if you’re a novice bettor wanting to dive deep into sports betting, you need to understand all betting types. On the other hand, if you’re an experienced gambling enthusiast, getting reminded of various types of could come in handy.
In order to comprehend how sports betting works, we’ve made a detailed guide of a wide range of types of bets that will help you become a better and more experienced punter.
Carry on reading to take a closer look into the basics of different types of bets!
Delving Deeper Into Types of Bets
If you want your betting experience to become smooth and stress-free, you need to be able to choose the proper type of bet. When you develop that skill, you will boost your chances of winning some big money.
Below, we will give you a breakdown of each betting type, along with helpful examples.
Moneyline or Win Bet
The easiest type of bet to understand is surely the moneyline/win bet. If you’re new to betting, this would be the right bet to begin your sports betting journey.
The term “moneyline” bets are commonly used in the US. Meanwhile, the win bet is the one that’s more accepted worldwide. Another name for the win bet is also called the straight bet.
The win bet is when you place a wager on who’ll win a match, competition, or race. Regarding this bet type, betting on the underdog can get you more money than if you bet on the favorite of a particular sporting event.
Let’s walk you through a couple of examples.
When it comes to the moneyline bet, there is a plus/minus format that you should know. For example, the Boston Celtics are playing against the LA Lakers. The Lakers are favorites at -255 odds, while the Celtics are the underdogs of the game, standing at +235.
Let’s say that you place a wager of $100 in the favor of the Celtics. If they win, you’ll win $235. Meanwhile, if you make a $255 bet in favor of the LA Lakers, you will win $100. Check out our odds guide to better understand the moneyline format.
Another example is let’s assume that football clubs Barcelona and Real Madrid are playing against each other. The favorite is Barcelona, with odds at 1.70. Meanwhile, Real Madrid is the underdog, standing at 2.10. If you bet $100 in favor of Barcelona, you will win $170. On the other hand, if you place a bet of $100 on Real, you will win $210. So, because Real are underdogs, you will win more money. This is the decimal odds format for the curious punters.
Totals and Over/Under Bets
Totals or over/under bets are often used by many sports bettors, mainly because they’re pretty straightforward.
Basically, the main concept of this type of bet is that your sportsbook sets a predicted number of total points that teams or players will score. Then, bettors get to pick whether they will bet over or under the total amount of points. What’s also important to know is that it doesn’t matter which team or player you placed a bet on to get the win.
A few examples will help you to comprehend this betting type better. For those who like to watch and bet on NBA basketball, let’s say that the All-Star game is underway between the East vs.West. The total is 250.5 points, meaning that if you place a bet on under and the game ends with 250 points or less, you’ll win. For you to win, if you place a bet on over, the game would’ve to finish with 251 points or more.
For football fans out there, let’s imagine that the Italian football giants AC Milan and Inter Milan are playing. Let’s say that you place a bet that will be on over 3.5 goals. To clarify, this means that for you to win the bet, the total amount of goals should be 4.
Point Spread Bet
The point spread type of bet is one that is popular among punters who place bets on American sports. This type of bets is known to seasoned betting aficionados, but we’ll simplify it for betting newbies.
A point spread bet is when you place a wager on the margin of victory of your selected team. If you bet on the favorite, you’ll win only if that team wins by more points than the spread. On the other hand, if you bet on the underdog, you’ll win only if the team loses by fewer points than the spread.
For example, an NBA game is played between the New York Knicks and the Brooklyn Nets. The sportsbook determines the following point spread: Knicks (-12.5) vs. Nets (+12.5). If you bet on the favorite, Knicks, you’ll win money if they win with 13 points or more.
On the contrary, if you bet on the underdog, the Nets, you’ll win if this team loses with 12 or fewer points. The most common odds for this type of bet is -110 (moneyline) or 1.91 decimal.
Parlay Bet
A parlay or accumulator bet is when you place multiple wagers on a single betting ticket. To win the parlay, you must win all single bets you’ve put on that ticket. For instance, you place a parlay bet consisting of 3 single bets, but if you win 2, you’ll still lose the parlay.
The parlay is not an easy bet to win, but when all odds add up on your betting ticket and you win all individual bets, you could potentially win some big money. Sports betting lovers often bet parlays on a single sport but on different matches.
Here’s an example of the parlay bet:
- Chelsea vs Liverpool (Chelsea to win) – 1.65
- Cleveland Cavaliers vs Detroit Pistons (Pistons, -9.5) – 1.90
- Lionel Messi will score a goal – 1.80
The total odds of this parlay example are calculated like this: 1.65 x 1.90 x 1.80 = 5.64
If you’ve placed a $10 bet and you’ve won the parlay, you will get $56.4.
There is also a variation of the parlay bet called the same-game parlay. It’s similar to the regular parlay, except in the case of the same-game parlay, where you place multiple bets on one match.
For instance, the Milwaukee Bucks are playing versus the Atlanta Hawks, and you place this same-game parlay bet:
- Bucks +7.5 (1.91)
- Over 230.5 (1.91)
The accumulated bet is 3.648. So, if you win these two single bets and place a $10 bet, you’ll win $36.48 in total.
Futures or Outright Bets
A futures bet is just how it sounds like. It’s a bet that you place for something that’ll happen in the future. They’re easy to place and really fun.
Bettors who want to place a futures bet, try to foresee who’ll win a particular league, race, tournament, or any sports competition.
Futures bets are basically moneyline bets because you often bet on the winner of a sporting event. For example, if you think the Golden State Warriors will win the next season’s NBA title at 6.00 odds, and you place $100, you will get $600 if they win.
There’s both an advantage and a disadvantage regarding the futures bet. The good thing is that you can get really favorable odds because you bet far into the future compared to when you would bet a few days before the sports event.
On the other hand, unexpected problems, like the injury of a crucial player, could ruin your future bets.
Prop Bets
A proposition, prop, or special bet is a type of sports bet that has no tie to the final result of a game. This bet is very entertaining since you can bet on practically anything you think could happen in a sporting event.
In most cases, the bet is divided into a prop bet focused on team statistics and a prop bet focused on the players’ statistics.
Regarding the former, you’ll bet on a particular aspect of the game, like which team will first score the goal or which team will have the most three-point shots. Regarding the latter, this means that you place a wager on something one player would do, like how many assists will a basketball player have or how many saves will a goalkeeper have.
Teasers and Pleasers
Teasers and pleasers are mostly offered at US sportsbooks. Rarely do you find them anywhere else.
These two types of bets are similar to the previously mentioned parlay bet, but there are couple of notable differences. You can only choose to make totals or point spreads with the pleasers and teasers.
When it comes to teasers, you will make a selection of multiple bets that you would like to place. Then, you can move the point spread to your advantage and boost your chance to win some money. Here’s an example. Let’s say that the sportsbook offered these points spreads on the NBA basketball games you’ll bet on:
- Lakers +7,
- Cavaliers +3,
- Celtics +2,
- Hawks -4
So, if you place a five-point teaser, the point spread will go to your advantage.
This is how the point spread will look with the teaser bet after you add five points to each game:
- Lakers +12
- Cavaliers +8
- Celtics +7
- Hawks +1
The odds for the teaser are low. Therefore, winning is easier.
Let’s say you place a pleaser bet on the exact same NBA games with five points. In this situation, the spread won’t go to your advantage. This is how the spread will look like when you deduct five points from each game:
- Lakers -2
- Cavaliers -5
- Celtics -3
- Hawks -9
Even though the odds for pleasers are high and it’s harder to win, you will get some big money if you get it right.
If and Reverse Bets
The if bet is when you make a series of bets that are placed independently. Let’s say you want to bet on Manchester United, Liverpool and Arsenal. Each of those clubs has matches on Saturday, but at a different time of the day.
You’ll only place a wager on Liverpool if Manchester United wins. Then, you will only bet on Arsenal if Liverpool wins. Remember that this isn’t a parlay bet, meaning that each bet is independent of the other. What’s great is if the Manchester United bet wins, but the Liverpool one doesn’t, you’ll get the money for the United bet.
The reverse bet is a type of sports bet that will combine bets together and cover any possible combination in any order. Here’s an example. You place bets on teams A and B. If Team A gets the win, cancels, or perhaps ties, then bet on Team B. Then, if team B gets the win, a tie, or cancels the game, then bet on team A.
Full Cover Bets
This type of bet includes multiple betting options in a certain number of selections. In the UK, this is a popular type of bet in sports. These bets vary from the number of all bets you place:
- Trixie – four bets
- Super Yankee (26 bets)
- Goliath (247 bets)
Let’s make an example. For two selections, you have three combinations, so you have to place two single bets alongside a parlay bet. More selections mean more combinations.
Live betting
Live betting is when you place a wager after the sports event has taken place. This is a fun bet type since the odds change from minute to minute. You can place many different types of bets and make specific bets like which football team will perform the next corner.
Below, you can see our answers to the most common questions regarding sports betting and its types.
FAQ
What is sports betting?
It’s when you place bets on the outcome of a particular sporting event. A bettor can place wagers on many sports like football, basketball, volleyball, MMA, golf, American football, etc.
What are the most common sports betting types?
Most common betting types are totals, moneyline, over/under, and parlay. These types are recommended for novice punters.
How to be a responsible sports bettor?
Set an amount you’ll use for betting, and don’t exceed that amount. Consult a trained professional if you have a problem with gambling.
Are there some valuable tips for sports betting beginners?
You should do extensive research on the team or players you bet on, manage your time and money responsibly, and place bets only for fun.