Betting Types

A straight bet (also called a single bet) is the most simple and common sports bet. With this wager, you simply pick which team will win or lose the game. This type of bet can either be a points spread or a moneyline. 

The points spread is established by the oddsmaker and is only applied to football, basketball and hockey. The spread is the number of points by which the favored team is expected to win, and it is represented with a minus (-) sign for the favorite and a plus (+) sign for the underdog. For example, Denver (-9) is favored to beat Dallas (+9) by 9 points. This means that Denver has to win by more than the points spread for you to win.

For this example, Denver would have to win by at least 10 points in order for you to win the bet. If Denver wins by fewer than 9 points or loses the game, you lose the bet. If Denver wins by exactly 9 points, it is a tie or a push, and your money is refunded. If the teams are evenly matched, the sportsbook will reflect the zero spread by displaying a PICK or PK next to it. 

Since baseball does not have a points spread, it uses what is called the moneyline. The moneyline establishes the odds that one team will beat another team. There are two totals given for either side on a moneyline: a negative (the favorite) and a positive (the underdog). For example: Houston is the favorite and quoted at -180 and Atlanta is the underdog at +120. The bets offered would be 10:18 odds-on for the favorite, and 12:10 for the underdog. For every $180 you be on Houston, you would win $100 or lose $180. For every $100 you bet on Atlanta, you would win $120 or lose $100. 

Total bets (also called over/under bets) wager on what the combined point total for both teams will be by the end of the game, including overtime. You can bet on whether the actual number of total points is over or under the posted total. With this type of wager, the payoff is $10 on every $11 bet. If there is a tie, your original bet is refunded. 

Parlays are groups of straight bets or totals combined into one bet. To win a parlay, all of your picks must win. If a game is a tie, postponed, incomplete, cancelled or rescheduled, the parlay is reduced to the next lowest level. For example, a three-team parlay with a tie becomes a two-team parlay. Some bettors like parlays because the high odds mean large payoffs. The drawback however, is that all picks must win. Because of the tremendous risk associated with parlays, they should be avoided.

Teasers are also groups of straight bets or totals combined into one bet. The difference, however, is that with a teaser, you can add or subtract points from the spread to make your bets stronger. Additional points are either added to the underdog or subtracted from the favorite. As with a parlay, all of your individual picks must win in order for you to win the bet. The odds for teaser bets are even worse than those for parlays; these, too, should be avoided.

A bet on an upcoming event is called a future bet. At the start of a season, the sportsbook will give the odds for each team winning a specific championship. The odds change as the event approaches, but if you win, you are paid the odds that were in effect at the time you placed your bet. Future bets have the potential to be extremely profitable if you have considerable knowledge of the sport on which you are betting. 
If/win bets allow the bettor to make a second wager, up to an equal amount, pending a win on the first selection. Your first wager must win in order for you to have action on the remaining wagers. If the first wager loses, there is no action thereafter. You can not have duplicate teams in the same if/win bet.

For the sake of variety, we will accept wagers on unusual events. Two of the most popular examples are the Academy Awards and presidential elections. Most exotic bets are offered at 100 to 100 odds, but some will be offered at better or worse odds, depending on the bet. 

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