Bet Like a Pro: Mastering the Various Types of Sports Bets

Discover the different types of sports bets including moneyline, point spread, over/under and parlay bets. Learn how to master them and bet like a pro.

If you’re a sports fan, you’re probably familiar with sports betting. Betting on sports is an exciting way to enjoy your favorite games and if done correctly, it can also be a way to make some money. However, if you’re new to sports betting, it can be overwhelming to navigate the different types of bets available. In this blog post, we’ll break down the various types of sports bets and provide tips on how to bet like a pro.

The Basic on Types of Sports Bets

Before we dive into the different types of sports bets, it’s important to understand some basic betting terminology. Here are a few you’ll come across when betting on sports:

Odds: The likelihood of a particular outcome happening.

Line: The odds for a particular game or event, set by oddsmakers.

Favorite: The team or player that is expected to win the game or event.

Underdog: The team or player that is expected to lose the game or event.

Juice/Vig: The commission or fee that a sportsbook charges for placing a bet.

There are also different types of odds in sports betting. The three most common types are American odds, decimal odds and fractional odds. American odds are the most popular in the United States and they use a plus or minus sign to indicate the underdog and favorite, respectively. Decimal odds are popular in Europe and Australia and they express the odds as a decimal. Fractional odds are popular in the United Kingdom and express the odds as a fraction.

When placing a bet, you’ll need to read and interpret the betting lines. The line will tell you the team or player, the odds and the type of bet. For example, a typical line might look like this:

New England Patriots -150

Philadelphia Eagles +130

In this line, the New England Patriots are the favorite and the Philadelphia Eagles are the underdog. The -150 indicates that you would need to bet $150 to win $100 on the Patriots. The +130 indicates that a $100 bet on the Eagles would win you $130.

Popular Types of Sports Bets

Moneyline Bets

The simplest type of sports bet is a Moneyline bet. With a moneyline bet, you’re simply betting on which team will win the game. The odds are set based on which team is the favorite and which team is the underdog. For example, if the New England Patriots are playing the Philadelphia Eagles, a moneyline bet might look like this:

New England Patriots -150

Philadelphia Eagles +130

If you bet on the Patriots and they win, you would win $100 for every $150 you bet. If you bet on the Eagles and they win, you would win $130 for every $100 you bet.

Point Spread Bets

Point spread bets are another popular sports bet. When placing a point spread bet, you bet on the team that will win the game after the point spread has been added or subtracted from their final score. For example, if the point spread is set at 5.5 points, the favorite would need to win by at least 6 points to cover the spread. The underdog would need to win the game outright or lose by 5 points or less.

Here’s an example of a point spread bet:

New England Patriots -5.5 (-110)

Philadelphia Eagles +5.5 (-110)

In this example, the patriots are the favorite and need to win by at least 6 points to cover the spread. The Eagles are the underdog and can either win the game outright or lose by 5 points or less to cover the spread. The (-110) next to each team’s point spread indicates the juice or vig charged by the sportsbook for placing the bet.

Over/Under Bets

Over/Under bets, also known as totals bets, involve betting on the total number of points, runs, or goals scored in a game. The sportsbook sets a line for the total number of points and you bet whether the actual total will be over or under that line. Here’s an example of an Over/Under bet:

New England Patriots vs. Philadelphia Eagles

Over 48.5 (-110)

Under 48.5 (-110)

In this example, you’re betting on whether the total number of points scored in the game will be over or under 48.5. The (-110) next to each option indicates the juice or vig charged by the sportsbook for placing the bet.

Parlay Bets

Parlay bets are a way to combine multiple individual bets into a single wager for a higher potential payout. This type of sports bet requires you to correctly predict the outcomes of two or more individual events, such as the winner of multiple games or the correct score of a game. The more individual events you combine into a parlay bet, the higher the potential payout. However, keep in mind that parlay bets are riskier than individual bets since you must get all the individual events correct to win the bet. In short, parlay bets offer a high-risk, high-reward type of sports betting experience.

Specialized Types of Sports Bets

Prop Bets

Proposition bets are on specific events or outcomes within a game. Prop bets can be related to the game itself, such as which team will score first. On the other hand, they can be related to individual players, such as how many yards a quarterback will throw for. Prop bets can be a fun way to add some excitement to a game, but they can also be risky since they rely on specific events or outcomes.

Futures Bets

Futures bets are bets on events that will happen in the future, such as who will win the Super Bowl or who will be named the MVP of a league. These types of sports bets can be placed well in advance of the event and the odds can change over time as more information becomes available. They are a fun way to get invested in a team or player over the course of a season.

In-play/live Betting

In-play/live betting allows you to place bets on a sporting event in real-time, allowing you to adjust your bets based on how the game is going. You can hedge your bets or react to the action as it unfolds. However, odds can change quickly, so it’s important to stay focused and make quick decisions.

Tips for Betting Like a Pro

Now that you understand the different types of sports bets, here are some tips for betting like a pro:

• Manage your bankroll: Set a budget for your sports betting and stick to it. Don’t bet more than you can afford to lose and don’t chase your losses by making larger bets.
• Do your research: Before placing a bet, do your research on the teams or players involved. Look at their past performance, injuries and any other factors that may affect the outcome of the game.
• Shop around for the best odds: Different sportsbooks may offer different odds for the same game or event. Shop around to find the best odds and get the most value for your bet.
• Don’t bet with your heart: It’s natural to have a favorite team or player, but don’t let your emotions cloud your judgment. Make objective decisions based on the odds and the research you’ve done.
• Be patient: Don’t feel like you have to bet on every game or event. Be patient and wait for opportunities where you feel confident in your bet.