If you’re new to betting or curious about improving your strategy, understanding the various types of bets is essential. Knowing your options helps you make informed choices, optimize your chances, and—most importantly—enjoy the process. Whether you’re betting on sports, horse racing, or even esports, this guide will break down the most popular types of bets, how to use them effectively, and common pitfalls to avoid.
Let’s dive in!
Why Understanding Types of Bets Matters
Imagine walking into a sportsbook and seeing options like parlays, moneylines, and spreads. Without knowing what they mean, you risk feeling overwhelmed—or worse, placing a bet you don’t fully understand. Understanding the different types of bets:
- Empowers you to explore creative ways to wager.
- Helps align your bets with your goals (low risk vs. high reward).
- Avoids common beginner mistakes, like betting on long shots without realizing the odds.
The Most Popular Types of Bets
Let’s take a closer look at the key betting types, explained simply and with examples for clarity.
1. Moneyline Bets
What It Is: A straightforward bet on which team or individual will win.
Best For: Beginners who want an easy introduction to betting.
Example:
- In a basketball game, the odds might look like this:
- Lakers: -150
- Warriors: +200
- Betting $150 on the Lakers would win you $100 (plus your initial stake) if they win, while a $100 bet on the Warriors would return $200 (plus your stake) if they win.
Pro Tip: Stick to sports you’re familiar with when making moneyline bets, as knowledge of the game greatly increases your chances.
2. Point Spread Bets
What It Is: A bet on the margin of victory, often called “covering the spread.”
Example:
Let’s say a football game lists:
- Packers -7
- Bears +7
This means the Packers need to win by more than 7 points for your bet on them to pay out. A bet on the Bears pays out if they win or lose by fewer than 7 points.
Common Frustration: Understanding the half-point system, like -7.5. This eliminates ties because a team can’t win or lose by half a point.
3. Over/Under (Totals) Bets
What It Is: A bet on whether the total points scored in a game will be over or under a set number.
Best For: Bettors who don’t want to pick a winner.
Example:
If a soccer match sets the over/under at 2.5 goals:
- Betting “Over” means you expect 3 or more goals.
- Betting “Under” means 2 or fewer goals.
Tip for Beginners: Research offensive and defensive stats for the teams involved. This gives you an edge when predicting total scores.
4. Parlay Bets
What It Is: A single wager that combines multiple bets. All bets within the parlay must win for you to win.
Best For: High-risk, high-reward bettors.
Example:
In a parlay with 3 picks:
- Lakers to win.
- Packers to cover the spread.
- Over 2.5 goals in a soccer match.
If even one of these bets fails, you lose the entire parlay. But if all 3 win, the payouts are significantly higher than individual bets.
Common Pitfall: Many beginners overestimate their chances by combining too many bets into one parlay. Start with 2-3 picks.
5. Prop Bets (Proposition Bets)
What It Is: Wagers on specific events or outcomes within a game, often unrelated to the final score.
Example:
- “Will Player X score a touchdown?”
- “How many three-pointers will Player Y make?”
Prop bets are particularly popular during big games, like the Super Bowl, and allow for more creative and fun ways to wager.
Pro Tip: Use prop bets sparingly—they’re fun but can be unpredictable!
6. Futures Bets
What It Is: Bets placed on long-term outcomes.
Example:
- “Who will win the NBA Championship?”
- “Will Team X make the playoffs?”
Because futures bets lock in your money until the event concludes, patience is key.
7. Teasers and Pleasers
What It Is: Special variations of parlays. Teasers allow you to adjust the point spread in your favor for reduced payouts, while pleasers adjust the spread against you for higher payouts.
Example:
If the original spread is -7, a teaser might let you adjust it to -3.
Advanced Tip: These bets are better for experienced players who understand point spreads thoroughly.
Common Beginner Frustrations
“I don’t understand what I’m betting on.”
Odds and terminology can be confusing at first. Stick to moneyline bets while you get comfortable with other types.
“Why do I keep losing?”
Every bettor has losing streaks. Avoid chasing losses and focus on disciplined bankroll management. Betting within your means reduces frustration.
Helpful Tips to Improve Your Betting Strategy
- Start Small: Focus on one type of bet (like moneyline or totals) to build your confidence.
- Set a Budget: Betting should be fun—not stressful. Decide in advance how much you’re willing to lose.
- Research Is Key: Read up on team stats, injuries, and weather conditions to inform your decisions.
- Shop Around: Different sportsbooks offer slightly different odds. Comparing them helps you maximize potential payouts.
- Track Your Bets: Keeping a simple record of wins, losses, and bet types can help refine your approach over time.
FAQs
Q: Are some bet types better for beginners?
A: Yes. Moneyline and over/under bets are straightforward and a good starting point for newcomers.
Q: How much should I bet?
A: A common guideline is to wager 1-2% of your bankroll per bet. This reduces risk while keeping the game exciting.
Q: Can I combine different bet types?
A: Absolutely! Parlays are the most common way to combine bets, but remember that all legs must win for a payout.
Conclusion
Understanding the different types of bets is your first step toward smarter, more enjoyable wagering. Whether you’re sticking to straightforward moneyline bets or branching into more advanced strategies like parlays, each type offers unique ways to engage with sports.
Start with the basics, keep your bets small, and gradually explore other options as you gain experience. Betting is a learning process—one that becomes more fun and rewarding over time. Got questions or tips? Share them in the comments below—we’d love to hear about your betting journey!
