Sports Betting Wager Types Explained

Sports betting has a lot of terminologies that might not be familiar to you when you first start out so understanding sports betting wager types is crucial. Wager types tend to fall into this category - they have names that are a little weird, and not perfectly self-explanatory. Once you have a solid understanding of how sports betting odds work, learning the wager types is actually the easy part. Betting options will differ slightly depending on the sport, but most sports markets have the same betting options. That being said, there are multiple types of wagers that you will need to become familiar with, as simple (or complex) as they may be.

On this page, find out the different wager types that can be made at online sportsbooks. Learn about what they are called, how they work, and a little more details about our explanation of sports betting types. The basic types of wagering that will be covered here are straight bets, live bets, teaser bets, pleaser bets, and parlay bets. These five types of betting make up the vast majority of wagers placed at online sportsbooks as well as at brick and mortar sportsbooks - the sports betting industry is built on these wagers.

The Different Ways To Bet Money On Sporting Events

Even if you are familiar with all the different types of odds, there is still a chance that you could be stumped by the ways to bet on those odds. It's just natural to default to straight wagering but you should know that you can drastically increase payouts just by using on e of the different ways to bet money on sporting events in 2021. You can learn about those wager types and if you think you already know everything, check out our section about "live betting" which is a newer feature that is starting to really gain momentum with avid online sports bettors.

Straight Wagers:

A straight bet is a bet that most people are probably familiar with in one way, shape, or form. That's because a straight bet is what most people will see when they are on an online sportsbook. A point spread, total, and moneyline wager are all different types of straight bets that can be made. With spreads and moneylines, you just need to correctly wager on the side that will win or be able to cover the spread. With a total bet, you are just betting on if the two competitors in the match will score more or less than where the line is set at. Straight bets are considered the simplest types of wagers to make, but they contain an astonishing amount of detail, and are painstakingly analyzed by both bettors and sportsbooks to the point that they are generally very accurate.

Best Sportsbook: Pick any on this page as all are excellent when it comes to straight bets... as they should be.

Live Betting:

Live betting is a relatively newer concept to sports betting. That's because until a few years ago it wasn't able to be done online. Now though, online sportsbooks all over the world can bring you instant betting lines for many of the biggest leagues, sports, and games from anywhere. Betting live is very interactive, as bettors are placing wagers in real time. Some of the betting options include adjusted moneylines, point spreads, and props as the action progresses in the game. Not every game will be able to be wagered on live, but sportsbooks have dedicated live betting platforms with a full calendar of events.

Best Sportsbook: Hands down, Bovada; features the best live betting application of any of the US bookmakers.

Parlay Betting:

In simple terms, a parlay is a wager that links multiple games or outcomes together. To win the parlay, all of the bets must be won. For example, if a bettor places a parlay wager down on three different NFL games for teams to cover the spread, all three must win to win the parlay. You can also mix and match different sports when you want to parlay your bets. It's much more difficult to win, but the payouts are about the highest that you will find in all of sports betting. It's also a reason that betting on parlays is so popular.

Teaser Wagers:

A teaser is a wager that can only be made on the NFL. It gives the bettor the chance to shift the betting line closer. A teaser can be bet in different amounts to shift the betting line, though the payout will obviously be much different. A teaser is meant to reduce the risk of the wager for the player. Therefore, you get the reduced payout, but are much more likely to win the bet. Click here to learn more about teaser bets.

Best Sportsbook: We have to pick because of their wide variety of odds that can be teased.

Pleaser Wagers:

A pleaser is the exact opposite of what a teaser is. Rather than shifting the line in your favor, the pleaser shifts the NFL betting line away a certain amount for a high-profit margin. With the point spread now significantly larger than what it would be on the side you were choosing to bet, there is much more room to make a higher profit should you win, though obviously, the risk is much higher. If you want to know more, our page about how to bet on pleasers is the way to go.

Best Sportsbook: Choose BetOnline for making pleaser wagers as they offer options across all major sports.

Other Wager Types:

There are other, more obscure wager types that can also be made at online sportsbooks. Unlike the bet types we detailed earlier, these bets might not be available at all USA online sports betting sites. Wagers like if-bets, round robins, or sweetheart teasers are terms you might be familiar with, or might see from time to time at online sportsbooks. If they are available at online sportsbooks, there will be a tutorial on how to bet them for more information.

Check out any of the sportsbooks accepting USA players listed below to get more details on "other" ways to wager.