There are many questions about sports betting that we hear over and over. The question we here most from both new and experienced bettors is “what are the best types of wagers to place?”
Here is a simple guide to the different types of sports bets that can be placed:
Money Line Bet
Sports betting doesn’t come any simpler than the money line bet. A money line bet is the easiest and most popular way to bet on 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 Spread Bet
Point spread bets are another extremely popular wager type, especially for football and basketball. A point spread differs from a money line bet as you are not betting directly on which participant will win a game or match. Instead, you are betting on which participant will “cover the spread.” The spread is created by the bookmaker and effectively deducts points from the favourite or gives extra points to the underdog. The goal of a point spread is to make the 2 teams equal favourites.
A handicap bet is very similar to a point spread bet, as points are still given and deducted from a team for betting purposes. However, the aim with a handicap bet is not to make the teams equal favourites. Instead, a handicap bets gives the bettor the freedom to choose the spread they wish and the odds will be reflected accordingly.
This type of wager is extremely straightforward and requires the bettor simply choosing if he thinks the total points scored in a game will be greater or less than the total set by the bookmaker. The bettor can also choose to pick the over or under on the total points scored by a specific team, rather than the total for the entire game.
A prop bet is a bet on a specific aspect of a sports event that does not necessarily have a direct effect on the outcome of the game. These bets are extremely fun and exciting and have become some of the most popular bet types.
Examples of prop bets are: “Will the Kansas City Chiefs score first in the Super Bowl?” and “Will Auston Matthews score a goal in his game?”
Some sports books also offer some exotic prop bets such as betting on the length of the national anthem or the result of the coin toss in the super bowl.
A futures bet is a bet made for an event that will happen sometime in the future. A futures bet is typically made before the season but it can also be placed during the season or playoffs. An example of a futures bet would be taking the New England Patriots to win the Super Bowl before the season starts.
A parlay involves making more than one selection in a single wager. A parlay bet is hard to win, as you are required to get every selection within the bet correct. If any of the selections in the bet are wrong, the entire wager is a loser. The benefit of making this type of bet is the bettor is rewarded with a much larger payout if all selections are correct.