If you’re stepping into the world of sports betting for the first time, the sheer number of options can feel like trying to pick your favorite snack in a convenience store—too many choices and no idea where to start. From moneylines to parlays, sportsbooks offer a wide variety of wagers you can make on your favorite teams, players, and matches.
But don’t sweat the small stuff. This guide is here to break down the most popular betting markets so you can walk into your next wager with confidence (and maybe even a shot at winning big). Whether you’re just starting out or you’re looking to expand your betting knowledge, keep reading—you’ll learn what each type of bet is, how it works, and the strategies that will enhance your chances of walking away with a bank account balance bump..
Types of Sports Bets Explained
Different sportsbooks offer sports betting for a variety of markets, but these are the most common wagers you’ll encounter on almost any sportsbook platform.
1. Moneyline Bets
What it is:
Moneyline betting is as straightforward as it gets. You’re simply betting on which team or player will win.
- Example: If you’re betting on a basketball game and you pick the Boston Celtics to win, that’s your moneyline bet. If they win, you win. Simple as that.
- Key Terms to Know:
- Favorites vs. Underdogs: If a team is “favored,” that means they’re expected to win. Betting on the favorite means lower payouts since it’s a safer bet. Underdogs, on the other hand, offer bigger payouts but carry more risk.
- Odds Format: American odds (+200/-150) show potential payouts, with positive numbers for underdogs and negative odds for favorites.
When to use it:
Moneyline bets are ideal if you’re confident about which team will win and don’t want to overcomplicate things with other variables. They’re particularly good for beginners or when you’re wagering on a sport like tennis or boxing with its head-to-head matchups.
2. Point Spread
What it is:
Point spread betting evens the playing field between mismatched teams. Instead of just picking a winner, it adds a margin of victory for the favorite to “cover” or asks the underdog to perform better than expected.
- Example:
- Lakers (-6.5) vs. Knicks (+6.5).
- If you bet on the Lakers, they need to win by at least 7 points for you to cash in. If you bet on the Knicks, they can lose by up to 6 points (or win outright), and you’ll still win.
When to use it:
Point spreads are great when the odds on a favorite are too low to be worth it on a moneyline bet. It also adds excitement to one-sided matchups by providing choice – overwhelming favorites aren’t the only game in town.
3. Over/Under (Totals)
What it is:
Instead of predicting a winner, you’re betting on whether the total points scored in a game will go over or under a specific number set by the sportsbook.
- Example:
- Over/Under 214 points for bets on a basketball game.
- If the combined score of both teams is 215 or more, “Over” wins. If it’s 213 or lower, “Under” cashes in.
When to use it:
Over/Under is perfect when you can’t decide who’s going to win but have a sense of how high (or low) scoring the game will be.
4. Prop Bets
What it is:
Short for “proposition bets,” these are wagers on specific events or outcomes within a game rather than the final score.
- Examples:
- Will Player X score the first touchdown?
- How many 3-pointers will Steph Curry make? (Hint: probably a ton.)
When to use it:
Prop bets are a fun way to get more involved in a game without worrying about the overall outcome. They’re especially popular during major events like the Super Bowl, where you can bet on everything from coin toss results to halftime show antics.
5. Parlays
What it is:
A parlay combines multiple bets into one. You can string together moneylines, spreads, totals, or props for a bigger payout—but all your bets must hit for you to win.
- Example:
- Patriots to win (+120) AND over 48 points (-110).
- If both bets hit, your payout is multiplied. If one leg fails, you lose everything.
When to use it:
Feeling bold? Parlays are high-risk, high-reward wagers. They’re great for experienced bettors confident in a few outcomes—or when you’re just feeling lucky.
6. Futures
What it is:
Futures bets involve wagering on an event that takes place down the road, like the winner of a championship or a player to win MVP.
- Example:
- Betting in September that the Chiefs will win the Super Bowl in February.
When to use it:
Futures pay off big if your long-term prediction hits. They’re ideal if you’ve got a strong sense of a team or player’s potential, but be warned—they tie up your money until the event wraps up.
7. Live/In-Game Betting
What it is:
Betting as the game unfolds. Odds shift based on the action, letting you react in real-time.
- Example:
- Betting on the Yankees to come back and win after they’re down 3 runs in the 5th inning.
When to use it:
Use live betting when you’re watching the game and see an opportunity. Maybe the underdog is gaining momentum, or a key player looks ready to dominate. It’s fast-paced and thrilling, but demands quick decisions.
Tips for Choosing the Right Bet
With so many options, how do you choose? Here’s what to consider when placing your wagers:
- Do Your Homework: Research team stats, player performance, injuries, and matchups before betting. FanDuel Research is a good site that offers free betting tips, predictions and analysis.
- Start Simple: Stick with moneylines and totals if you’re just starting out.
- Know Your Bankroll: Don’t bet what you can’t afford to lose, especially on high-risk options like parlays or props.
- Use Odds to Your Advantage: Compare odds across sportsbooks to find the best value.
- Stay Objective: Avoid betting on your favorite team unless the numbers genuinely work in your favor.
Find Your Niche
Sports betting doesn’t have to be overwhelming—it can (and should) be fun, especially when you understand the different wager types sportsbooks offer. From straightforward moneylines to complex parlays, there’s a betting market for everyone, whether you’re a cautious strategist or a thrill-seeking gambler.