Types of Sports Bets

Ever feel a little overwhelmed when trying to bet on sports? You're not alone. Plenty of online gamblers, both new and old, can get confused by the sheer breadth of wagering options. The types of sports bets at your disposal are seemingly endless, and they can be especially complicated if this is your first journey into the online-gaming industry. Rest assured, though, you have nothing to fear.

Once everything is broken down in front of you, it starts to make a bunch of sense, which is why betting guides are your friend. That said, it also helps to spend ample time on the most popular wager types. And that's why we're here: to go over them all. But before we do, please check out our list of the best online sportsbooks that serve as one-stop shops for beginners and seasoned vets alike:

Different Kinds of Bets

While there are technically dozens of bet types, we're here to dive into the main attractions. There are seven basic lines or wagers that every sports gambler should know about:

Let's cannonball into all of them one by one, shall we?

What is a Moneyline Bet?

Moneyline wagers are the most straightforward bets you can make. Each and every time, you're looking to predict the winner of a given competition, be it an individual game or field-wide achievement, such as a division, conference or championship.

Every moneyline is split into two sides: the favorite and the underdog. The favorite is shown with a minus (−) sign in front of their odds, which tells you how much you must risk in order to profit $100. The underdog is shown with a plus (+) sign, which shows how much profit you’ll make for every $100 wagered.

For example, let’s look at a hypothetical NFL line: Houston Texans (+300) vs. Dallas Cowboys (−400). Here, the Texans are the underdogs. A bet of $100 on them would return a total of $400 ($300 profit plus your $100 stake) if they win. The Cowboys, listed at −400, are the favorites. That means you’d need to risk $400 to make a $100 profit if they come out on top.

Types of Sports Bets Vector

What is a Point Spread Bet?

Although point spread bets have you forecasting outcomes to an individual game, they differ from moneylines in that you're not strictly choosing a winner—or even predicting a victor at all. These lines are more concerned with forecasting the margin of victory or loss.

Like moneylines, point spreads are also split up into a favorite and an underdog. And like moneylines, the plus sign signals the underdog while the minus sign denotes the favorite. Let's go back to our previous hypothetical game, this time with a potential point spread: Texans (+5.5) vs. Cowboys (-5.5).

Once more, we know the Texans are underdogs. In this case, you would say they're getting 5.5 points, which means that a bet on them only wins if they lose by five or fewer points or beat the Cowboys outright. As the favorite here, Dallas' line means that they need to not just defeat Houston, but do so by at least six points for an investment in them to payout.

Returns on point spread wagers are typically set close to −110 on both the favorite and the underdog. This reflects the sportsbook’s built-in margin, often called the “vig” or “juice.” While −110 is the most common price, the odds can and do shift—sometimes to −105, −115, or beyond—depending on betting action and how the book balances risk.

What is an Over Under Bet?

Contrary to moneyline and point spread wagers, an over/under bet doesn't entail predicting a winner. You're instead concerned with choosing the right end of a potential final score.

Sticking with our theoretical NFL game, let's say you see the following line:

  • Texans (+300) vs. Cowboys (-400)
  • Texans (+5.5) vs. Cowboys (-5.5)
  • Over/Under: 54.5

Anytime you see an over/under, it's showing the projected final score for both teams. For this example, an over wager would mean the Texans and Cowboys have to total 55 or more points between them. Betting on the under, in contrast, dictates they combine to score 54 or fewer points over the course of the game.

Similar to point spreads, the over/under payouts are nearly identical every time. You're again looking at something in the range of -110 to -115, though you will see +105 up to +115 from time to time.

What is a Parlay Bet?

Some people get somewhat turned around when considered parlay bets. They can seem complex, and certain explanations of them are convoluted. Really, though, the concept is simple: Parlay bets are a collection of any of the previous three wager types that are tied to one another.

In exchange for combining multiple lines to one another, you're granted more lucrative payouts. However, your risk also increases. You need every single prediction you make to come true in order to hit a parlay.

Consider this example betslip on the same game: you take the Cowboys at −400, bet them to cover −5.5, and also play the over on 54.5. If you placed $100 on each line separately, your combined profit would come in under $250. But if you parlay all three together, a single $100 wager could return a profit of about $355.56—for a total payout of $455.56.

That's a pretty big difference. And while parlays do drive up your risk, they do so without increasing your investment. They're great wagers to build if you're extremely confident in your picks and/or you're including numerous heavy favorites. And if you're ever wondering whether they're worth the extra risk, feel free to use a betting odds calculator, so you can see the difference between the potential payout of separage wagers vs. combined lines.

What is a Prop Bet?

Prop bets are what we like to call non-outcome wagers. They don't entail you picking a winner. But rather, you're focusing on smaller-picture picks—games within a game essentially.

Types of Bets Vector

There is no exact science to prop wagers. They can be literally anything. Here are just a few examples of props that might be available in a hypothetical Super Bowl matchup between the Kansas City Chiefs and Philadelphia Eagles:

  • The over/under on the number of passing yards Jalen Hurts racks up.
  • Which player, from either the Chiefs or Eagles, will be the first to catch a touchdown?
  • Will the opening coin toss land on heads or tails?
  • How long will the National Anthem last before kickoff?
  • Point spreads, over/unders, and moneylines by half and quarter.
  • From how far will the longest field goal be?

This list could go on and on. Prop bets include all different kinds of outcomes, be they skill-based or completely random opportunities, and their returns will be presented in all betting forms: moneylines, point spreads and over/unders.

What is a Future Bet?

Future bets can offer some of the biggest payouts in sports betting, largely because they’re also the hardest to win. These wagers ask you to predict long-term outcomes—such as a division, conference, or league champion—often months before the season concludes.

Most future bets are placed on the moneyline. For example, here are some Super Bowl LX odds right now:

  • Philadelphia Eagles (+650)
  • Buffalo Bills (+650)
  • Baltimore Ravens (+700)
  • Kansas City Chiefs (+950)
  • Detroit Lions (+1100)

These illustrate how sportsbooks price long-term bets: all teams have long odds, but favorites are substantially shorter than longshots. Because these bets are made well in advance, shifts in team performance, injuries, or public betting will move the lines over time.

As you can see, every team is paying out better than 1-to-1. That's because they're all, in this case, competing against 31 other teams. These odds will shift when you're betting on a smaller field, such as a division or conference. Successful picks will see the selected team winning the future accolade: a division championship, conference title or Super Bowl. If they don't, that's it; your bet has lost.

Many sportsbooks will update these lines throughout the season. With that in mind, they are available well before a league year begins—which is also when they're at their most lucrative.

What is a Round Robin Bet?

Round Robin wagers are essentially a series of two-team parlay bets. They work as follows:

  • Bettors take three or more lines (usually up to 10 or 15, depending on the sportsbooks) and wager on every two-outcome performance.
  • These wagers are one lump sum, even though you're placing many different predictions. If you're willing to risk a total of $100, that money will be divvied up equally among every two-team parlay.
  • Unlike regular parlays, you do not need to hit on every combination. You're basically placing separate bets. You'll be paid out for all the two-team parlays you win.

Let's say you're intrigued by the following three point spreads: Los Angeles Rams (-3), Tennessee Titans (+2.5) and Atlanta Falcons (+5.5). And let's also you're not interested in playing these as individual wagers.

Yes, you could parlay all three. But then you need to actually hit on all three. By creating a round robin ticket, you'll place three wagers on two-team combinations: Los Angeles-Tennessee, Los Angeles-Atlanta and Tennessee-Atlanta. After doing this, you've raised the stakes from the individual bets, but you've also protected yourself against one single outcome ruining a three-team parlay.