Types of Sports Bets
Below, we’ve provided easy-to-understand explanations for each of the main types of wagers, along with some examples. We strongly suggest taking the time to read through this whole page, as you really should know how to use each different type. You’ll probably want to stick with the simple wager types to start with, but there might be occasions when you want to use the more advanced ones. You don’t want to miss out on potentially profitable opportunities just because you don’t how a particular wager works.
Before we start, please be aware that some wagers are referred to differently in different parts of the world. To make things even more complicated, in some cases, the same terminology can have different meanings depending on where you live. Some types of wagers also work slightly different from one region to the next and from one sport to the next.
Win Bet/Moneyline Wager
Sports betting doesn’t come any simpler than the win bet, or money line wager. Both these terms refer to the exact same type of wager. Win bet is used almost universally, while money line wager is used in the United States and a few other regions. The term “straight bet” is also used in some regions for this type of wager, but in the US, a straight bet refers to point spread wagers.
A win bet is one of the most popular wagers that can be placed, partially because it’s so easy to understand and partially because it’s considered the “traditional” way to bet on several sports. This wager can be used in virtually every sport we can bet on, and it involves simply picking who is going to win a game, match, or other event.
Point Spreads
Point spread wagers are extremely popular in the United States, especially for football. They’re also commonly placed on basketball games, and they can be used for a wide range of other sports, too. As we stated earlier, a point spread wager can be referred to as a straight bet in the US. Point spreads are used outside the US as well, as this wager is essentially a universal one.
The concept here is different from the win bet, as you’re not betting directly on which participant will win a game or match. Instead, you’re betting on which participant will “cover the spread.” The spread is created by a bookmaker who makes the participants equal favorites for the purposes of the betting. A favorite is effectively “deducted” points, and an underdog is effectively “given” points. The size of the spread determines how many points are awarded and deducted.
When you back a favorite on the point spread, you’re backing them to win by a margin that’s greater than the size of the spread. When you back an underdog, you’re backing them to either win or lose by a margin that’s less than the size of the spread.
Handicap Betting
Handicap betting is used in many parts of the world, and for several sports. It’s very similar to point spread betting. Points (or goals) are still awarded and deducted from teams for the purposes of the betting, but the aim is not specifically to make the participants equal favorites. Instead, it’s really just about presenting different options. Handicap betting effectively gives you the opportunity to improve your chances of winning, but reduce the odds or to improve the odds, but reduce your chances of winning.
Totals/Over-Unders
Totals and over-unders are two different terms for the same wager. Some regions only use one term of the other, but in most parts of the world, the two terms are interchangeable. This type of wager is extremely popular, extremely straightforward, and available on a wide range of sports.
The idea here is that a bookmaker sets a line for the total number of points, goals, or runs to be scored in a game. They then give you the option of betting on whether the actual total will be higher or lower than the line they’ve set. Betting on higher is referred to as backing the over, while betting on lower is referred to as backing the under.
For some sports, the bookmaker will set the line at what they estimate the total is likely to be. This is similar to the point spread wager in that they’re effectively creating 50/50 proposition, so the odds for the over will typically be the same as the odds for the under. They’ll at least be very close, as each one is theoretically as likely as the other.
For other sports, the bookmaker will set several different lines. The odds for the over and the under on these are often quite different, as one outcome may be much more likely than the other.
Prop Bets/Specials
Prop bets (short for proposition bet) and specials are again two different terms used to describe the same type of wager. This particular type of wager is generally considered to be a wager that’s placed more for a bit of fun than anything else, and many experts advise that serious bettors should leave them well alone. We don’t believe this is good advice. A lot of props involve little more than guesswork, but some of them can present good opportunities for making informed decisions about which way to bet.
Broadly speaking, props or specials are wagers on specific aspects of a sports event that do not necessarily have a direct effect on the final outcome of that event. A prime example is a wager on which team will score first in a game.
Futures/Outrights
Future and outrights are the same thing. Either of these terms can be used to describe wagers on the winner of a specific tournament, league, or competition in advance of the relevant event starting. This is also known as ante-post betting.
Parlays/Accumulators
Parlays, or accumulators, are what we call multiples. They involve making more than one selection as a part of a single wager. For example, if you wanted to back five football teams to each win their next game, you’d include all five teams in an accumulator or parlay.
Wagers of this type are hard to win, as you have to get EVERY selection correct. If just one single selection is wrong, the whole wager is a loser. The upside is that the returns can be very attractive when you do win.
Payouts for parlays and accumulators are calculated using one of two methods. The first is commonly used in the United States, especially for parlays involving selections on point spreads and totals lines. Payouts are at a fixed level based on the number of selections made. The odds of each individual selection are, therefore, effectively irrelevant.
The fixed payouts vary at different bookmakers.
For the second method, the odds for each individual selection are multiplied together. The total payout from each selection is effectively rolled over to the next selection if it’s successful. With this method, the overall payout can be enormous.
Especially if several selections are included and/or any of the selections are at high odds.
Progressive Parlays
Progressive parlays are a specific type of parlay that come with a slightly lower risk. Whereas standard parlays lose if one selection is incorrect, progressive parlays offer a little more flexibility. They still return a payout if a just one selection is incorrect. Depending on the total number of selections made, they can return a payout even if two or three selections are incorrect.
The downside here is that the payout is less, even if you do end up getting all your selections correct. If you get any of your selections wrong, the payout is further reduced. The below table shows the progressive parlay payouts at another one of our preferred betting sites. Please note that a progressive parlay must include at least four selections, whereas a standard parlay only requires at least two.
Full Cover Bets
Full cover bets are used primarily in the United Kingdom. They’re also known as combination bets or permutation bets. Like parlays and accumulators, they’re multiples that involve making more than one selection. However, they don’t just combine all the selections into one single wager. A full cover bet is basically a series of wagers that covers ALL selections in EVERY POSSIBLE combination.
Teasers and Pleasers
Teasers and pleasers are wagers that can be placed on football and basketball. These wagers are popular in the US, and they are widely available within the region. In most regions outside of the US, however, they’re virtually unheard of.
Each of these wagers is a type of parlay. They both involve making multiple selections as part of a single wager, and all selections have to be either point spreads or totals. These wagers each have a unique feature that sets them apart from traditional parlays, though.
- With teasers, the point spreads or totals are moved IN OUR FAVOR With pleasers, the point spreads or totals are moved AGAINST OUR FAVOR
What this basically means is that teasers are easier to get right, and pleasers are harder to get right.
Types of Bets for Horse & Greyhound Racing
There are many kinds of bets. But let’s start with the basic ones:
Win, Place and Show.
Win — If your horse finishes 1st, you win $$$.
Place — If your horse finishes 1st or 2nd, you win $$.
Show — If your horse finishes 1st, 2nd or 3rd, you win $.
Exotic Bets or Combination Wagers
Across the board — Three equal Win, Place and Show bets.
- 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.
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.