To help you navigate sports betting, we’ve provided straightforward explanations for the main types of wagers along with examples. We highly recommend taking a moment to read through these descriptions, as understanding each bet type can make a difference in your overall success. While starting with simpler wagers is often best, knowing the ins and outs of advanced options can open the door to profitable opportunities.
Please note that betting terminology and wager types may vary across regions and sports. Some terms might have different meanings depending on where you are, and certain wager types might function differently between sports or locations.
Win Bet/Moneyline Wager
The win bet, or moneyline wager, is one of the simplest and most popular bets in sports. Both terms refer to the same wager type, though “moneyline” is most commonly used in the United States, while “win bet” is recognized almost everywhere else. Some regions may also call this a “straight bet,” though in the U.S., a straight bet often refers to a point-spread wager.
A win bet is as straightforward as it gets: you’re simply betting on which team or player will win a game, match, or event. It’s a classic choice, popular for its simplicity and versatility, as it can be used across virtually any sport.
Point Spreads
Point spread wagers are highly popular in the United States, especially for football and basketball, though they’re used across a variety of other sports as well. In the U.S., a point spread wager is often called a “straight bet.” However, the concept of point spreads is widely recognized outside the U.S., making it a universal betting option.
Unlike a win bet, where you’re simply choosing a winner, a point spread wager involves betting on whether a participant will “cover the spread.” Bookmakers create this spread to make each team or player an equal favorite in betting terms. The spread adjusts the scoring by “deducting” points from the favorite or “adding” points to the underdog, leveling the playing field for betting purposes.
When you back a favorite on the point spread, they must win by a margin greater than the spread. If you back the underdog, they can either win outright or lose by a margin smaller than the spread for your bet to succeed.
Handicap betting is widely used around the world and across various sports, closely resembling point spread betting. In this format, points (or goals) are added to or deducted from teams or players to create a betting advantage or challenge, but the aim isn’t strictly to make all participants equal favorites. Instead, it’s about offering more diverse betting options.
With handicap betting, you can either improve your chances of winning by accepting lower odds or enhance the potential payout by taking on greater risk. This flexibility lets you choose between boosting your odds or your likelihood of a win, depending on your strategy.
Totals/Over-Unders
“Totals” and “Over-Unders” refer to the same type of wager, with both terms commonly used across different regions. This simple and popular bet type is available for many sports and involves betting on the combined total points, goals, or runs in a game.
Here’s how it works: the bookmaker sets a line for the expected total score, and you then decide if the actual total will go over or under this number. Choosing a higher total is known as “backing the over,” while a lower total is “backing the under.”
In some sports, bookmakers set the line to create a near 50/50 chance, so the odds for both over and under are often quite similar. However, for other sports, they might offer several lines with varied odds, especially if one outcome is expected to be more likely than the other.
Prop bets, or proposition bets (sometimes called “specials”), are fun, unique wagers focused on specific aspects of a game rather than its final outcome. While some view props as just entertainment, we believe they can offer opportunities for informed betting. While many props are indeed based on pure chance, others allow for strategic choices.
These bets cover a wide range of events within a game. For instance, a prop bet might ask which team will score first, how many goals a specific player will score, or if a game will go into overtime. Prop bets add an extra layer of excitement and engagement to sports events, whether you’re betting for fun or looking for those informed opportunities.
Futures/Outrights
Futures (also known as “outrights” or “ante-post” bets) are wagers placed on the winner of a particular tournament, league, or competition well before the event begins. These bets allow you to predict and invest in a champion early on, often with longer odds, adding a unique element of anticipation to the season or series.
Parlays/Accumulators
Parlays, also known as accumulators or “multiples,” combine several selections into a single wager. For instance, if you choose five football teams to win their respective games, you’d place them all together in a parlay or accumulator.
These wagers are challenging to win because every selection must be correct for the bet to pay out. If even one pick is wrong, the entire bet is lost. However, the potential returns can be highly rewarding.
Parlay payouts are typically calculated in one of two ways. The first, commonly used in the U.S., provides a fixed payout based on the number of selections, regardless of individual odds. The fixed payout can vary by bookmaker.
The second method multiplies the odds of each selection together, with winnings from each selection “rolling over” to the next, creating substantial payout potential—especially if multiple selections have high odds.
Progressive Parlays
Progressive parlays are a unique variation of traditional parlays that come with a lower level of risk. Unlike standard parlays, which result in a loss if just one selection is incorrect, progressive parlays provide greater flexibility. Depending on the number of selections made, you can still receive a payout even if one, two, or even three of your picks are wrong.
However, this added flexibility comes at a cost: the payouts are generally smaller, even if you successfully predict all your selections. If you miss any picks, your payout will be further reduced. Below, you’ll find a table detailing progressive parlay payouts from one of our preferred betting sites. Keep in mind that a progressive parlay requires a minimum of four selections, while a standard parlay only needs at least two.
Full Cover Bets
Full cover bets, commonly used in the United Kingdom, are also referred to as combination or permutation bets. Unlike standard parlays and accumulators, which group multiple selections into a single wager, full cover bets take a different approach. They encompass a series of wagers that cover all selections in every possible combination.
This means that with a full cover bet, you’re not just hoping for one outcome; you’re strategically increasing your chances of winning by placing multiple bets that capture every potential scenario. This betting style allows for greater flexibility and can be an effective way to hedge your risks while maximizing your potential returns.
Teasers and Pleasers
Teasers and pleasers are unique types of wagers primarily available for football and basketball betting, especially popular in the United States. However, outside the U.S., these wagers are relatively uncommon.
Both teasers and pleasers fall under the parlay category, requiring multiple selections within a single bet, where all selections are based on point spreads or totals. What sets these wagers apart from traditional parlays is their distinctive mechanics.
- Teasers: With teasers, the point spreads or totals are adjusted in your favor, making it easier to win your bets. This added flexibility can significantly enhance your chances of success.
- Pleasers: Conversely, pleasers move the point spreads or totals against your favor, making these bets more challenging to win. However, the potential payouts are often much higher due to the increased difficulty.
In summary, teasers offer a more manageable route to winning, while pleasers present a tougher challenge with the allure of greater rewards.
Types of Bets for Horse & Greyhound Racing
When it comes to betting on horse and greyhound racing, there are several types of wagers you can place. Let’s start with the basics:
Win, Place, and Show Bets
- Win: You win if your horse finishes in 1st place.
- Place: You win if your horse finishes in 1st or 2nd place.
- Show: You win if your horse finishes in 1st, 2nd, or 3rd place.
Exotic Bets and Combination Wagers
- Across the Board: This is a combination wager that includes three equal bets on Win, Place, and Show.
- If your horse finishes 1st, you win all three bets.
- If your horse finishes 2nd, you win on the Place and Show bets.
- If your horse finishes 3rd, you win on the Show bet.
These basic and exotic bets offer a range of options to enhance your racing experience, whether you’re looking for straightforward victories or more complex combinations!
Exacta — Pick two horses in one race. If they finish 1st and 2nd, in exact order, you win.
Quinella — Pick two horses. If they finish 1st or 2nd, in either order, you win. Also known as an Exacta Box.
Trifecta — Pick three horses. If they finish 1st, 2nd and 3rd, in exact order, you win.
Superfecta — Pick four horses. If they finish 1st, 2nd, 3rd and 4th, in exact order, you win.
Daily Double — Two specific races make up the Daily Double. Pick one horse in each race. If they finish 1st in both races, you win. You have to make your bet before the first race.
Pick 3 — Similar to the Daily Double, but for three consecutive races.
Pick 4 — Similar to the Daily Double, but for four consecutive races.
Pick 6 — The biggest bet you can make. Pick the winning horse in six consecutive races. If you win, you win big.
If no one picks all six winners, those picking 5 out of 6 will split 30% of the Pick Six pool. The remaining 70% “carries over” to the next racing day, and will continue to do so each day until someone correctly chooses 6 winners out of 6 races.