Point Spreads

Spread betting is wagering on a team to win a game by a certain amount of points. For instance, the Chiefs might be a -6.5 favorite in an NFL game. This means that they would have to win by at least a touchdown for you to cash your bet. The benefit of point spreads is that you would get closer to even money for your bet and not have to lay significant juice on a moneyline for a big favorite. Alternatively, you could bet on an underdog. With an underdog in the above example, if they were +6.5 point dogs and the Chiefs only won the game by a field goal, the +6.5 would win since they covered the spread.

Moneyline

The moneyline is the odds on one team to beat another team. It is the most straight-forward form of sports betting, because you just have to pick the winner. For most moneylines, one team will be the favorite, signified by minus odds, while one team will be the underdog, signified by plus odds. For example, if the Kansas Jayhawks are a -200 betting favorite, that means you would have to bet $200 to win $100. In this example, their opponent is a +150 underdog. That means a $100 bet on the underdog would win you $150.

Parlays

Parlays string together multiple bets in order to get a higher payout. Parlays consist of at least two teams, although some sportsbooks have a maximum number of legs you can have in a parlay (often 12 legs). In order to win a parlay, you need all the legs of it to win. Parlays are especially popular because you could potentially have a small stake but win a big payout if all the legs of your parlay win.

Totals

Totals betting is a wager based on how many points will be scored in a game. This is referred to as the over/under. For example, an NFL football game may have a total of 49.5 points. That means that if the combined total points that both teams score is 50, the over bet would cash. If the total combined points for both teams is 49, then the under would hit. There are also alternative totals available.

For instance, you could bet on the first-half total of an NBA basketball game, or the total of just one team in a game. In boxing or MMA, the total would refer to the number of rounds. For instance, in a three-round MMA fight, the total is normally set at 2.5 rounds. In that example, a fight going under 2.5 rounds means the under cashes. If the fight goes over the 2.5 rounds mark, the over would cash. Totals bets are also very popular.

Futures

With future bets, you are betting on future events. Often the odds for these future bets have significant plus money attached to them because they are in the future, and therefore you won't have as much information as you do now. For instance, you might place a bet right now, in May 2022, on who will win the 2023 NCAA March Madness basketball tournament. Since it's so far away, the odds on most of the teams in the tournament will be available at plus money. If you have the foresight to pick a future winner, you could potentially get a very lucrative payout.

Prop Bets

Prop bets, short for proposition bets, are betting on something specific to happen during a game. For example, in an MLB baseball game, you could bet on a prop on how many total strikeouts a pitcher has, or how many hits a player has. In an NFL football game, you could bet on the props on how many touchdowns a quarterback throws, or how many receiving yards a wide receiver has. Prop bets are generally harder to hit, so often they are available at plus odds.

Live Bets

Live bets are bets that you made during a game is being played. This is also called in-play betting. While you are watching a game and betting live, you will have more information to place a bet since you are watching the game and seeing what is unfolding. Keep in mind that the live odds will rapidly change. For example, during an NBA basketball game, the live odds will fluctuate with every bucket scored. Live betting can also be a way for you to hedge out if you bet on a team pre-live, and they are losing, so you could potentially bet on the other side.

Prohibited Bets

Prohibited bets are bets that are not allowed for different reasons, such as legal issues. For example, in the state of New Jersey, you are not allowed to bet on games involving college teams based in the state. You are also not allowed to bet on college games played in New Jersey featuring out-of-town teams. In this example, these are prohibited bets. You will not be allowed to bet on them, so the bookmakers in New Jersey, in this example, will not be able to offer them.