Types of Bets
Moneyline, spread, totals, parlays, and props explained.
Modern sportsbooks offer dozens of betting options for every game. Understanding each type helps you find value and match bets to your analysis.
Straight Bets (Single Wagers)
Moneyline
The simplest bet: pick who wins. No point spread involved.
- Best for: Games with close matchups or heavy favorites/underdogs
- Example: Lakers -180 vs Celtics +155
Pro Tip
Point Spread
Bet on the margin of victory. Favorite "gives" points, underdog "receives" them.
- Chiefs -3.5 – Must win by 4+ points
- Patriots +3.5 – Can lose by 3 or less and still win
Totals (Over/Under)
Bet on combined score regardless of winner.
- Over 224.5 – Both teams combine for 225+ points
- Under 224.5 – Combined score is 224 or less
Multi-Bet Wagers
Parlays
Combine multiple bets into one. All must win for payout.
Parlay Payouts (at -110)
| Legs | Approximate Payout | Win Probability |
|---|---|---|
| 2 Team | 2.6:1 | 25% |
| 3 Team | 6:1 | 12.5% |
| 4 Team | 12:1 | 6.25% |
| 5 Team | 24:1 | 3.1% |
| 10 Team | 720:1 | 0.1% |
Parlay payouts sound exciting, but probability drops quickly
Warning
Teasers
A parlay where you get extra points on each selection (at reduced odds).
- 6-point football teaser: Move Chiefs -7 to -1, Patriots +3 to +9
- All legs must still win for payout
Strategy Insight
Round Robins
Multiple smaller parlays from your selections. If you pick 4 teams, a round robin creates every possible 2-team and 3-team parlay.
Proposition Bets (Props)
Bets on specific occurrences within a game:
Player Props
- LeBron James Over 27.5 Points
- Patrick Mahomes Over 2.5 TDs
- Shohei Ohtani First Home Run
Game Props
- First Team to Score
- Total Sacks in Game
- Will Game Go to Overtime?
Futures
Bets on season-long outcomes:
- Super Bowl winner pre-season
- NBA MVP at season halfway
- Team win total over/under
Good to Know
Live Betting (In-Play)
Bet during the game with constantly updating odds:
- Odds change after every play
- Can bet on next drive outcome, quarter scores, etc.
- Requires quick decision-making
Strategy Insight
Key Takeaways
- 1Moneyline, spread, and totals are the three core bet types
- 2Parlays have compounding house edge—approach with caution
- 3Player props offer value when you know a sport deeply
- 4Futures tie up bankroll but can have the most inefficient lines
- 5Live betting rewards quick analysis of changing game conditions