Different Types Of Bets and Sports Betting Terms Explained

Sports betting offers many ways to place a bet. Some are very straightforward, while others can be quite specific and complex. As a beginner, it can feel overwhelming to understand it all, especially as each type of bet has a different term that is not always self-explanatory. To help you navigate it all, we will go through some different bets and other terms you can come across while betting on sports. Once you get a handle on the basics, you can check out the recommendations by pokerstrategy.com to find a suitable platform where you can start placing your preferred bets online.

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Moneyline Bets

The most straightforward bet you can make is a moneyline bet. Here, you simply pick the team or player you think is going to win a match or event. There is nothing extra to worry about, simply just a clear winner or loser. 

In other words, if your pick wins, your bet wins. Exactly how much you win will depend on the odds offered by your bookmaker.

Example: If you bet on the New York Knicks to beat the Boston Celtics and the odds are +150 for the Knicks, if the Knicks win the game, you win your bet. If they lose, your bet is lost.

Moneyline bets are popular for sports like football, basketball, soccer, baseball, and more. Many beginners like moneyline bets because they are easy to understand and offer a direct connection to the outcome of the game.

Point Spread Bets

Another common bet type is the point spread bet, or just Spread as we call it. Point spread bets are mainly popular with sports that have high-scoring games, such as football and basketball. That’s because this wager focuses on the margin of victory, not just who wins or loses.

Put simply: The sportsbook sets a “spread” by deciding how many points the favorite should win by. You can bet on the favorite to “cover the spread,” meaning they must win by more than that number, or you can bet on the underdog to lose by fewer points (or win outright).

Example: If Team A (the favorite) is given a -7.5 point spread against Team B, Team A must win by at least 8 points for bets on them to win. 

Over/Under (Total) Bets

With over/under (total) bets, you wager on the combined total points, goals, or runs scored in a game. The sportsbook sets a number, and you pick whether the real score will be “over” or “under” that amount. Over/under bets are not limited to points; they can be for any stat that can be counted, such as fouls, yards, or home runs.

Example: If the total for a basketball game is set at 220.5, a bet on the “over” wins if the teams score 221 or more; a bet on the “under” wins if they score 220 or fewer. 

Parlay Bets

A parlay bet combines multiple wagers into one ticket. Because each bet stacks the odds, parlays can pay out large amounts, but they are harder to win. That’s because, to win a parlay, all individual bets must be correct. If any choice in your parlay loses, the entire bet loses.

Example: You place a three-team parlay: Moneyline on the Eagles to win, Over 45.5 points in a Patriots game, and the Lakers to cover -6.5 points. If all three bets are correct, you win the parlay bet. If any loses, the whole bet is lost.

Future Bets

Future bets are wagers on outcomes that happen well after the time the bet is made, like predicting the winner of a tournament, the MVP of a season, or how many games a team will win. Future bets can also include over/under types, such as choosing whether a tennis player will win more than 3 tournaments in a year.

Example: Picking the Super Bowl winner before the NFL season starts or guessing how many medals a country will win in the Olympics.

Because future outcomes are hard to predict before the competition starts, these bets usually come with higher odds and potentially bigger payouts.

Proposition Bets (Prop Bets)

Prop bets are wagers on specific events that can occur within a game, not necessarily tied to the final result. This bet category covers a grand range of options, depending on what your bookmaker offers. Prop bets can be for teams or players and sometimes focus on things happening off the field, such as the halftime show in the Super Bowl.

Example: You can bet on which player will score first, whether there will be a penalty, or how many three-pointers a basketball player makes.

Handicap Bets

A handicap bet (sometimes called “spread” or “Asian handicap” in soccer) is used when one team is much stronger than the other, and the odds for the favorites aren’t attractive. The bookmaker therefore gives the weaker team a hypothetical advantage or disadvantage to ‘balance’ the game.

Example: In a soccer match between Manchester City and a weaker team, the bookmaker may set a handicap of -1.5 goals for Manchester City. If you bet on City, they must win by at least 2 goals for your bet to win.

This type is common in soccer, tennis, and other sports where there can be a clear favorite. Handicap bets are useful for finding better payouts when you expect an unbalanced result.

Each-Way Bets

Each-way bets are usually for horse racing and other types of racing. With this bet, you’re simply put making two wagers: one on your competitor to win, and one for them to finish in a top position (usually top 3 or 4, depending on the bookmaker’s terms). This type of each-way betting gives a better chance of winning even if your selection doesn’t finish first.

Example: If you place an each-way bet on Horse X, you get paid if Horse X wins (win part), and also if it comes in second or third (place part). If Horse X comes third, you lose the win part, but your place bet pays out.

This type of ‘coverage’ reduces the risk and is popular with fans who want to avoid losing all their stake if their pick comes close but doesn’t win.

I (AKA CatBurg) have a lifelong passion for sports, especially football and basketball. I enjoy the thrill and excitement of sports betting and everything in between. My teams are (Packers #GoPackGo) and who I am betting on!