Top 5 Types of Sports Bets
It doesn't matter if you are new to the world of sports betting, or if you are a seasoned veteran, all of the different types of sports bets can be overwhelming at times. Different sports betting sites will have different terms for each of these bets, but there are five extremely common sports bet types.
If you plan on winning big at the sportsbook, then it would be to your benefit to know and understand how each of these bet types works. It doesn't mean that you have to use each one of these, but having knowledge of each of them will give you more betting options
Wunderdog wants you to have all of the tools necessary to win big, and I have created a brief explanation of each of these sports bet types. I will use a fictional matchup between the Green Bay Packers and Chicago Bears to explain each type.
1. Moneyline Bet
A moneyline bet is the easiest bet to understand and is most commonly used by beginning sports bettors. This type of bet is extremely popular in baseball and hockey, but it will also be offered in other sports.
All that is required for this sports bet type is to pick the winner of the upcoming game. Here is an example of what this type of bet might look like:
- Chicago Bears -125
- Green Bay Packers +145
The first thing to note is that the Chicago Bears are the favorite in this scenario, while the Green Bay Packers are the underdogs. The (-) sign denotes favorite, and the (+) denotes underdog.
This means that you would need to wager $125 on the Bears to win $100. On the flip side, a $100 bet on the Packers would earn you a win of $145.
2. Against the Spread Bets
Against the spread or spread betting is extremely popular in basketball and football. Sportsbooks might offer this type of bet on other sports as well, but it works better in those two sports. You may have even picked up some of my NFL against the spread picks before.
The spread is the difference between the two teams in relation to the final score. Sportsbooks and bookmakers set the spread based on the probability of a certain outcome occurring.
This type of bet is popular because bettors can bet on the team that loses the game as long as they can stay within a certain number. Here is a brief example of what this might look like:
- Chicago Bears -3.5
- Green Bay Packers +3.5
Most sportsbooks will offer odds at -110 for both sides of a spread bet, meaning that the reward will be the same for each side. In this bet, the Bears must win the game by at least four points to win the bet, while the Packers must keep the game within three points if they lose or win outright.
3. Totals or Over/Under Bets
Totals betting is popular in all sports, and it works much differently than other betting types. A totals bet focuses on the total number of points, runs, or goals scored in a game, rather than on the winner or loser.
This bet is sometimes referred to as an over/under bet because the bettor will take action on the over or under the number of points set by the sportsbook.
Here is an example:
- Chicago Bears vs. Green Bay Packers O/U 43.5 Points
An OVER bet would require that the two teams combine for at least 44 points, while an UNDER bet would be a winner if the teams score 43 points or less.
4. Parlay Bets
A parlay bet is another popular form of sports betting, but it's one of the most difficult bets to win. A parlay bet involves building a large wager of many different individual bets. This bet is so popular because of the chance to win big, but it's also extremely risky. To win a parlay bet, the bettor must win all of the individual games to make it a successful wager. Make sure you grab my free parlay picks, I offer a unique spin on parlay betting that I think you'll really like.
The amount of money that can be won depends on the odds for each bet that is combined in the wager. Most sportsbooks will allow you to build your parlay and will calculate the numbers for you before you hit submit.
This betting type is not recommended for beginners, and building a successful parlay requires plenty of research and time.
5. Teaser Bets
A teaser bet is very similar to a parlay bet, but the bettor has more control over this betting type. The sportsbook allows you to "buy" additional points with a teaser bet so that the bettor has a better chance of winning. Of course, this also means that the reward is decreased, but a win is always better than a loss.
A teaser bet requires at least two individual bets combined into one wager, but most bettors combine at least three wagers. The reward goes up for each team or game you add to the teaser bet, but the odds become much more difficult.
Ready to get started with sports betting? Start with my free sports picks.