Bet Types and Their Meaning

Sports betting has been gaining popularity ever since the US Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA), which imposed a federal ban on all sports betting activities in the country. The new law allowed for states to pass their own legislations regarding the legalization of betting on sports.

Almost all states have at least considered legalizing sports betting, and as of today, 35 states have legalized it in some form. The rules and laws differ in each state, but what they all have in common is that they offer hundreds of betting markets and many different betting types that you can wager on.

In this guide, we’ll introduce you to the different bet types that you’ll find across US sportsbooks, and provide some tips on where you can place these bets, which bet type is the best, and a summary of what each bet means.

What are the different types of bets?

There are dozens of different types of sports bets, with some of them being much more complex than others. We’ll start with the most common and the simplest bets that you can place at US sportsbooks and still come out in profit.

Moneyline Bets

Moneyline bets are the simplest type of sports betting wager. They focus on which team or individual will win a particular game or event. The margin of victory or total points scored is irrelevant with this bet – you’re only wagering on which team or athlete will win the contest.

In a moneyline bet, each team or athlete (in individual sports such as tennis) is assigned betting odds that indicate the potential payout for a correct wager. There are two-way or three-way moneyline bets, depending if there’s a draw in the given sport.

When it comes to the odds, each American odds moneyline bet has a favorite and an underdog. Oddsmakers choose which team will be the favorite, and which team will be the underdog based on their recent performances, form, starting lineup list, injury list, home team advantage, etc.

The odds for the favorite are lower when compared to the underdog odds, and are usually displayed as a negative moneyline. For example, if the Los Angeles Lakers are playing the Golden State Warriors and the Warriors are the favorites, they might receive odds of -305. What this means is that you need to wager $305 to win $405, or be $100 in profit.

If the odds for the Lakers are +240, for example, it means that if you wager $100 on the Warriors, you’ll receive a payout of $340 if your bet wins – with $240 in profit.

Point Spread Bets

Point spreads, popularly known as spread betting or handicap betting, is a form of sports betting in which the bettor wagers on the margin of victory in a sporting contest. This type of betting aims to eliminate the favorite and underdog and create an even playing field for both participants in the event.

For example, if the NY Mets are playing against CIN Reds, and the Mets are the favorites in the matchup, the point spread, called a runline in baseball, may be -1.5 for the Mets. This means that the Mets must win the game by two or more runs for you to win the bet.

The point spread odds are usually placed right next to the moneyline odds, and the favorite is indicated with a negative number, while the underdog is represented with a positive number. Since the handicap makes the playing field more even with point spread betting, the odds are usually lower for the underdog, and higher for the favorite.

Essentially, with handicap bets, you should consider the margin of victory instead of picking who will win the contest. Point spread bets add a level of excitement and keep bettors on the edge of their seats until the final whistle.

Over/Under (Totals bet)

Over/under is a popular type of bet that focuses on the combined score of both teams rather than the winner. With this type of bet, you don’t have to predict which team will win the contest, nor care about the margin of victory. Instead, you’re wagering on whether the final score will be over or under the number set by the sportsbook.

Let’s take NBA wagers for example. The Denver Nuggets are playing at Phoenix Suns, and the sportsbook sets the over/under at 226 points. This means that if you bet on over, both teams should score a combined of 227 points or more for you to win the bet. If you bet on under, the final combined score should be below 226 points for you to win the bet.

In over/under bets, the sportsbook sets a number that’s usually a half-point to avoid a push, and the bettor should predict if the final score will be over or under that. If the final score is the exact number that was set by the sportsbook, 226 in our case, the bet is considered a push and the bettor will get a full refund of their wager.

Prop Bets

Prop bets or proposition bets are special bets that don’t focus on the result of the game, but on all the other things that are happening during a match. For example, you can place a prop bet on how many points Nikola Jokic will score in game 6. The sportsbook might provide an over/under prop bet, and you can choose whether the player will score over or under that number. These bets are called player props.

There are also team props, in which you can bet on something that the team might do. For example, in a soccer match between Manchester United and Liverpool, you can bet which team will receive more corners or yellow cards.

Due to the nature of prop betting, sportsbooks often offer dozens of prop bets for a single matchup. However, some states prohibit placing prop bets on college sports.

Futures Bets

As the name suggests, futures bets focus on events that will take place in the distant future. That’s relatively speaking, of course, but with these bets, you can bet on which team will win the league for example, or which team will make the playoffs.

When it comes to NFL wagers, you can place a futures bet on which team will win the next Super Bowl. The odds for futures bets depend on the team’s form, roster, schedule, injury list, etc. At the moment, Kansas City Chiefs are the favorites to win the Super Bowl with odds of +600, followed by the Philadelphia Eagles with odds of +800, and the San Francisco 49ers with odds of +800.

As you can see, the odds for futures bets are usually high because it’s hard to predict which team will win before the season starts. However, the odds are not fixed, and they’ll change when the season starts.

Parlay Bets

A parlay bet, or an accumulator bet, is a type of bet in which sports bettors combine multiple betting lines into a single betting slip. For example, you can place a moneyline bet that the Nuggets will win against the Suns, and bet on the Knicks vs Heat game to go over.

Parlay bets usually have much higher potential payouts, but you must win all the bets in the betting slip for you to win the parlay. With these bets, you’re not limited to only one betting type, league, or a sport. For example, you can combine moneyline boxing wagers with MLB wagers, NHL wagers, and tennis wagers in the same parlay.

The odds of each leg are multiplied, so the potential payout is massive. Although most online sportsbooks will calculate the potential payout of a parlay automatically, you can calculate them manually by converting American odds to decimal odds. Then, multiply all the bets in the parlay together, and then multiply that number by the bet amount.

Same-game parlays have become a popular betting type in the US as well, and it’s offered by many sportsbooks. As the name suggests, you can place different bets for the same event and combine them in a parlay. For example, you can place a moneyline bet that Inter will win against Milan in the Champions League, and place an over 2.5 goals bet for the same match. Round-robins are another variation of parlay betting adding some safety to this wager.

Live Betting

As the name suggests, live betting means that you can bet on an event after it has started. This is not a separate type of bet, and you can usually place the same bets that you can with standard betting, such as moneylines, point spreads, and over/unders, but there are some interesting betting types that apply to live betting only.

For example, you can bet on which team will have the next possession, or which player will win the next point in tennis wagers. Live betting can also be a useful betting strategy tool when practicing hedge betting or cover bets, as the odds are changing in real-time.

Teaser and Pleaser Bets

These bets are similar to parlays in many ways, with some key differences. With teaser and pleaser bets, you can place a parlay at reduced or increased odds by manipulating the spread.

However, with teaser bets, you must pick at least two teams to wager on. This means that, just like with parlays, if one leg of the teaser bet loses, the whole bet is lost.

Where you can place these bets

More than a dozen sportsbooks take the bet types we covered above. Our favorites are:

Bet365

If you are looking for a sportsbook where you can explore one of the broadest selections of betting markets for sporting events from all over the globe, then look no further than Bet365. If you sign up at Bet365, deposit at least $10, and bet $1 on any available sports, the Bet365 sportsbook will award you $200 in bonus bets.

Whether you like to stay on the safe side and play with the Bet365 bonus bets or you want to indulge in high-stakes action, Bet365 offers you an endless selection of betting types. From classic moneyline bets to point spread bets, totals, and futures, to some of the most exotic prop bets you will ever see, Bet365 has enough betting types to fulfill every sports betting desire.

DraftKings

Whether you are into the basic betting types or you are someone who wants to dive into the deep betting waters by exploring more niche betting markets, choosing DraftKings as your sportsbook is always a good move.

What started in 2012 as a daily fantasy sports platform quickly became a go-to place for millions of sports bettors. Besides the highly-sophisticated mobile app and the generous welcome offer that gives each new DraftKings customer a 20% bonus up to $1000, one of the crucial reasons behind DraftKings’ success is the catalog of betting types.

Whether you like to place player prop bets during the NBA Playoffs, try your luck with some NFL futures, or explore the variety of prop bets for the hottest UFC bouts, DraftKings allows you to be just a few clicks away from thousands of exciting betting types.

BetMGM

Choosing one of the most highly-reputable brands in the entire industry as your sports betting haven is always a good idea, especially if that brand has a well-designed and easy-to-use platform where you can find some of the most competitive odds on the market.

Whether you are into cycling, darts, or snooker, or you want to keep things simple and stick with the major league sports, betting at BetMGM means getting access to myriad betting types for what seems like a never-ending list full of various sporting events.

If you sign up for a BetMGM Sports account and deposit at least $10, you will get a chance to choose from a wide selection of betting markets, including moneyline bets, over/under bets, spreads, team props, players props, game props and many more. On top of that, you will receive up to $1,000 back in BetMGM Bonus Bets if your first bet loses.

FanDuel

If you are looking for a sportsbook that can jump-start your sports betting journey with an enticing welcome offer, head over to FanDuel, where the well-known No Sweat First Bet FanDuel bonus can get you up to $1,000 back in bonus bets if you lose your first wager.

FanDuel is available in over 18 states across the country, and it’s the platform where you can effortlessly bet on all your favorite sports in hundreds of different ways, thanks to the highly-intuitive mobile app with an abundance of features.

Novice bettors at FanDuel can easily find all the most common betting types as moneylines, spread bets, and totals. Meanwhile, the more experienced bettors can dive into the infinite pool of team and player props for sporting events from all over the planet.

So, whether you want to place a future bet on King James and his cavalry conquering the West or make things spicy and bet on the method of the first basket during the finals, FanDuel has all it takes to keep your betting spirits up high.

Caesars

While the mobile app and the desktop platform don’t offer many of the shiny features some of the apps of other competitors do, Caesars is a highly-reputable brand with a sportsbook that provides bettors with a wide variety of betting types.

Bettors at Caesars have access to all the popular betting types people can find in any of the top-rated online sportsbooks. On top of that, there is also a dynamic roster of promotions offering numerous lucrative opportunities and a rewards program through which bettors earn reward credits based on the potential profit of their bets.

Before indulging in the wide selection of betting types for countless sporting events, new bettors should check out the generous Caesars promo offer that gives each new bettor up to $1,250 back as a bonus bet if their first bet is a loss.

Which bet type is the best?

While there are dozens types of bets, they all have their own advantages and disadvantages. Depending on your knowledge and style, each bet may be profitable, and vice versa, you can lose your wager even with a bet that you’ll be pretty certain you’ll hit.

Smart bettors do their research before placing a bet and make informed decisions. Rather than rushing and placing a bet for the sake of it, we suggest doing research – especially on the recent form of the teams that play against each other. For example, you might be tempted to place a moneyline bet on Chelsea FC against Wolverhampton, thinking that Chelsea has been much more successful in recent years and they must be the clear favorites.

However, if you check both teams’ recent forms, you’ll see that Chelsea has been struggling, and Wolverhampton has won a lot of points in the last few months, so placing a moneyline bet on Chelsea might not be the brightest idea.

Generally speaking, there’s no best betting type. Every betting type can be beneficial as long as you make an informed decision, do your research, find the most competitive odds, use your insurance bets wisely, and follow your instinct.

What type of bet is most profitable?

Finding the most profitable bet is no easy task. College football is considered the most profitable sport to bet on, but that doesn’t mean that you should only place moneyline bets on college football.

Instead, we suggest focusing on a sport that you know and follow closely. For example, if you’re an NBA fan, you’ll likely know what to expect from a matchup. If the Celtics are playing against the 76ers, you should consider the strengths and weaknesses of each team and place your bet accordingly. Or, you can bet on over/under if you think that it will be a high or low scoring game.

Moreover, parlay bets can bring the highest profit, but they’re hard to win – and they become increasingly harder with every new leg that you add to the betting slip. For example, if you place a parlay with 10 legs, you might get odds that count in the thousands, but you’ll have to win every leg in the parlay for the bet to win.

Best bet types for beginner bettors

If you’re at the beginning of your sports betting journey, we suggest starting with simple bets that are easy to understand and won’t break the bank. If you received insurance bet stakes or bet credits from the sportsbook you registered on, they usually come with specific terms and requirements and are often only eligible for specific betting types. These are the best bet types for beginners:

• Moneyline – The moneyline is the simplest bet, and it’s the one to start with. Pick a sport that you follow closely, and find the betting markets for the matchup that you want to bet on. Then, place a single bet on the team that you think will win.
• Over/under – It’s a simple bet in which you don’t have to choose the winner. Instead, you’ll bet on whether the combined final score of both teams will be over or under the projected number.
• Point spreads – With this bet, the sportsbook will introduce a spread to even out the odds between two teams, so it’s often considered a safer bet in comparison to moneyline bets.

Best bet types for seasoned bettors

Sports bettors who have already been betting for a while are probably already familiar with the basic bets. However, there are more complex bets that can be used in various betting strategies and can be beneficial in both the short and long run.

• Parlay bets – Parlays are the best way to turn a small wager into a huge profit. If you manage to hit all the legs in a parlay, you’ll be in for a great payout because the odds of each leg are multiplied with the amount of the bet.
• Futures – If you’re a seasoned bettor, you probably follow the major leagues and competitions closely. So, you know what to expect from the teams or players, and future bets can be a great way to turn your knowledge into profit.
• Prop bets – As prop bets are not tied to the game’s result but other factors that may or may not impact the game, it’s not a bet type that’s suitable for beginners. However, if you’re a seasoned bettor, you can place some interesting prop bets with competitive odds.

Summary of what each bet means

In addition to the above guide and tips, we provide you with a glossary of what each bet means below.

💵Bet type:	ℹ Meaning:
Moneyline / Win bets	A bet in which you bet on which team will win the sporting event.
Point spread / Handicap bets	A type of bet where you’re betting on the margin of victory or a loss in a sporting event.
Over/Under bets / Totals	You’re betting whether the combined score of both participants in a sporting event will be over or under the projected number.
Parlays / Accumulators	A bet that includes multiple legs of bets. The odds of each leg are multiplied, and they all need to win for you to win the bet.
Futures / Outright win bets	A bet in which the bettor selects the outright winners of a competition well in advance of the event happening.
Proposition bets	A bet that’s not tied to the result of the game, but other events that are happening in the game.
Teaser bets	A type of parlay bet in which you can move the point spreads of the legs to your advantage - which comes with the cost of lower odds.
Pleaser bets	Just like teasers, pleasers are similar to parlay bets, but you can move the point spreads to make it harder for you to win, but get better odds.
Round Robins / If bets / Reverse bets	These are complex bets with multiple wagers and selections. They’re parlays in which different bets are tied conditionally to one another, and the next bet is directly connected to the previous one.
Permutation betting / Combined betting	It’s another type of a parlay bet, but it includes multiple parlay bets combined into one. The wagers can be placed on different selections, and, in comparison to standard parlays, not all legs have to win for the bet to be a winning one.

Other things to know before betting online

Besides the bet types, there are other things that you should know before you make your first bet online.

Starting with the odds, you should consider that they can be displayed in different formats. There are American, decimal, and fractional odds – and even though most US sportsbooks have odds converters, it’s important to know that the odds may be displayed differently than what you’re used to.

Moreover, you should always consider registering with legal betting sites that hold a valid license issued by the governing body that’s responsible for all gambling actions within the state you’re in. If a site doesn’t hold a valid license and hasn’t been legalized to operate in that state, it’s best to avoid it altogether.

Most sportsbooks offer some type of a bonus for their newly registered customers, and it can often come as a no sweat first bet, bet credits, or a similar incentive. Keep in mind that they all come with specific terms and conditions and you should read them in detail before opting in for one.

When it comes to the betting markets, most US sportsbooks cover all the major sport competitions, leagues, and tournaments. You’ll be able to find thousands of betting lines daily, so the betting variety is excellent.

And last but not least, remember that the sportsbook always has a house edge. In sports betting, it’s called vig or juice, and it’s the small advantage that the sportsbook has in each bet.