Wager Types Explained
When looking to place bets on an online sportsbook, it is best that you understand the sports betting wager types first. With the ease of access to sportsbooks, sports betting has become one of the most popular forms of gambling but people are still unfamiliar with the terminology and exactly what their bet means. Gambling creates so much adrenaline, but only if you know how your bet can win or lose. Use this page to get a feel for the terminology around explaining sports bets.
The Basics
There are so many ways to bet on sports that it can be overwhelming. So, let's start with the basics. When it comes to USA online sportsbooks, they will all promote these three types of sports bets first.
Moneyline Explained
The Moneyline is a bet on who will win. That's it. It is one of the most simple forms of sports betting, as it requires nothing more than picking a winner. The difficulty around moneyline bets is determining if the odds are worth it.
- Need help on knowing if the odds are worth it? Check out this sports betting odds explained page for more information.
Betting Spread Explained
Spreads come with many variations to their name but all mean the same thing. When betting the spread, you're choosing which team will win the game associated with the given handicap. This handicap is the spread, and you would add or subtract that number your selection to your team's final score.
Example: You bet on the Texans Rangers at -1.5 on the spread. The final score is Rangers 5, Yankees 3. If you subtract 1.5 from 5 (3.5), you would still be greater than the Yankees' 3 runs and cover the spread.
Alternate Names For Spreads
- MLB Betting: Run Line (almost always set at +/-1.5)
- Hockey Betting: Puck Line (almost always set at +/-1.5)
- NFL Betting: Point Spread
- Soccer Betting: Asian Handicap
- Tennis Betting: Game or Set Handicap
- Golf Betting: Stroke Handicap
- NASCAR Betting: Position Handicap
Totals (Over Under) Explained
Instead of betting on the winner with or without a spread, this wager type focused on the points (goals, runs, etc.) scored in the game. This can focus on one specific team or player or both teams combined, which is the case most of the time. This bet just requires a selection of over or under the given point total by the sportsbooks.
Combination Bets
- Any group of bets that are pooled together are considered combination bets. The most popular are parlays, teasers, and pleasers.
Parlays Explained
Parlays are the most common of the combination bets, heavily advertised by the best USA betting sites all the time. Why? Because parlays are extremely hard to hit and people let their minds get the better of them. Parlays require every bet grouped in your selection to hit in order for the parlay to hit. One loss and the entire wager is over.
The reason people bet this is because of the payout that is associated with parlays. The more "legs" you add to a parlay, the larger the potential payout becomes. This means, often times players try to win a certain number rather than focus on selecting one or two winners.
- Need more of parlay bets explained? Click the link to learn how to place them, the odds and payouts, the best strategies, and more.
Teasers Explained
Betting on a teaser is somewhat similar to betting on a parlay. The only difference is that the point spreads or point totals are adjusted by the sportsbook in your favor. This means instead of betting on the 49ers at -6, the sportsbook will offer them at -1 so long as you combine this with other bets. Teasers are a great bet when you want some cushion and are willing to reduce your potential payout for it.
- For college basketball betting, you can tease lines 4, 4.5, 5, or 6 points. You also have the sweetheart teaser, which offers nearly even odds, but severely moves the lines (7 or 8 points).
- When it comes to college football betting, you can tease the lines 6, 6.5, 7, 8, or 9 points. The sweetheart option goes to 10 and 11 as well.
Round Robins Explained
Explaining round robins in sports betting can be tough on the surface but it's actually very simple. Making a round robin is creating a bunch of mini parlays from a selection of bets.
In other words: Imagine you chose five wagers. Instead of submitting a parlay where one loss and you're out, you could do a round robin. This gives you the option to parlay the five wagers together but not all together as one big bet.
- You can round robin between three and eight bets. In doing so, you can create parlays with legs of two through seven.
- Maxing out on a round robin at Bovada means having eight selections parlayed in fours, creating a total of 70 bets. Three selections parlays in twos is the lowest at three bets.
Futures Odds Explained
There isn't much that separates a futures odd from a moneyline but except there may be multiple options when it comes to futures. Either way, you're goal is to pick the winner or the person, player, team, etc. that will win the bet. Future bets are wagers on things that occur in the future, so they can be anything from the Super Bowl betting odds to the odds on the Tour de France. In most cases, sportsbooks will have futures odds posted well before the event takes place. Using, the 2024 College Football Playoff odds, this example shows how sportsbooks will post their odds.
College Football National Championship Odds
- Georgia +300
- Ohio State +450
- Texas +700
- Oregon +800
- Alabama +1100
- Mississippi +1500
- LSU +1600
- Michigan +1600
- The only knowledge point needed here is reading betting odds and understanding payouts.
Live Betting Explained
Live betting just means you are able to make bets while the game is going on. This is great for those who missed the first pitch, tip off, kick off, etc. or for those who have a hunch on how the game will play out once the action has begun. It doesn't matter if you're doubling down on a bet or not, US sportsbooks with live betting offer a great way to stay involved in a game that could otherwise be a blowout.
Proposition Betting Explained
Prop betting is its own category of wagers as it can be any other wagers mentioned above. Props are simply a wager on something to happen but can range from the game related (player's passing yards or the odds on Messi to score a goal) to the wild (fan interactions, streakers attending games, broadcast numbers). Sportsbooks waste no time in bringing prop bets to your door and can be a great way for bettors who don't have the most sports knowledge to find an advantage.
Player Prop Bets Explained
Player props are the most common wager style of the proposition category. These are basically like playing on daily fantasy sports sites because you're betting on the performance of one player. In most cases, the selections are yes/no or over/under and you must determine if the odds are worth the option.
- College player prop betting has become a hot topic in states with online gambling throughout 2023 and 2024. With gambling scandals and integrity concerns, some states do not allow their sportsbooks to accept these types of bets. If this is the case, head to an online sportsbook that accepts players from the US to see the many options they can offer. Those sportsbook reviews can be found here and below.
Team Props Explained
With team proposition wagers, you are betting on one specific team to do an action. This is similar to player props, but gives you the benefit of the entire club or organization to complete the task. Again, these can be game related or out of the blue. It's up to you to find the value.
Best Sportsbooks For A Variety of Betting Odds
When it comes to Bovada, you will have an elite online betting experience, especially if you are a new sports bettor. With their platform, their odds are available to you from the moment you log onto their site, and with their interactive betting slip, you will know exactly how much profit can be made when betting a specific amount depending on the odds. You will also be greeted with a $250 match deposit bonus when making your first deposit.
Do you want the freedom to bet from wherever you are in the United States, BetOnline has you covered as they are allowed in almost every state regardless of whether or not your state offers regulated betting or not. One of the great features that BetOnline has to offer is that they accept Bitcoin and other cryptos to place your bets. All you have to do is link your crypto wallet to your BetOnline account and send in your deposit like that.
One great perk that comes with using MyBookie is their incredible live betting suite. They are constantly shifting their odds to what is happening in the game making sure they are always up to date with what is going on. You will never have to wait for them to update their odds as they shift in seconds. When taking advantage of MyBookies live betting suite, you can access it either from your computer, or right from your mobile device as they have a tremendous mobile betting platform to cater to you.