Types of Bets Explained

Almost every wager you'll place is a variation on a handful of core bet types. Master these six and you can bet any sport.

Moneyline

The simplest bet: pick who wins, straight up. Odds reflect how likely each side is - big favorites pay little, big underdogs pay a lot. Moneylines are the foundation for calculating fair probability, which is why our No-Vig Fair Odds Calculator and Expected Value framework lean on them.

Point spread

The book handicaps the favorite by a number of points to even out the sides. If the Chiefs are −6.5, they must win by 7+ for your bet to cash. The underdog +6.5 wins if they lose by 6 or fewer - or win outright. Most spreads are priced around −110 on each side.

Totals (over/under)

Bet on the combined score of both teams versus a number the book sets. If the total is 47.5, an "over" wins when the teams combine for 48+. Totals don't care who wins - only how many points are scored.

Parlays

A parlay combines multiple bets into one. Every leg must win, but the payouts multiply, so a small stake can return a lot. The catch: parlays multiply the vig too, making them one of the highest-margin products a book offers. They're fun but mathematically expensive - see Parlays & Correlation.

Props (proposition bets)

Bets on outcomes within a game - a player's strikeouts, passing yards, or whether a team scores first. Player props are where a lot of soft lines (and therefore value) live, because books can't price thousands of props as sharply as a main game line.

Futures

Long-term bets on outcomes decided later - a team to win the championship, a player to win MVP. Payouts can be large, but your money is tied up for weeks or months and futures carry a high built-in margin.

Which should a beginner use?

Start with moneylines, spreads, and totals. They have the lowest margins, the sharpest prices, and the most public information. Save parlays and exotic props for once you understand value and the vig.