There are countless reasons why people bet on sports. For some people, it’s a fun way to competitively watch the game and square off against each other on who is going to be right in the game’s final minutes.

Sports bets can be made on the results of individual games, on the performances of teams or athletes, or on the overall performance of a league or event. Other people, bet on sports with the hopes of getting rich or generating passive income through the payouts.

But what are the types of sports bets that you can place when betting? Hopefully, this comprehensive guide will help you dispel any skepticism about making a sports bet.

Main Sports Bet Types

When it comes to sports betting, there is no one-size-fits-all approach. Different bettors prefer different types of bets, depending on their goals and strategies. Here are the most popular types of bets used by sports bettors.

Point Spread Betting

A point spread is the number of points assigned to the underdog by the sportsbook. The point spread is used to even the playing field between the favorite and the underdog.

For example, your favorite bet is given a negative point spread (ex. -7) while the underdog is given a positive point spread (ex. +7). This is how the sportsbook determines who the winner and loser are for a particular game.

For the bet to be declared a winner, the team you bet on must win by more than the point spread. For example, if you bet on the favorite (-7) and they win by 10 points, you will win your bet. However, if you bet on the favorite and they only win by 6 points, you will lose your bet.

Moneyline Betting

The Moneyline is the simplest type of bet and is simply picking a team to win. The betting odds will be either positive or negative and represent how much you will win or lose.

For example, if the New England Patriots are -250 on the Moneyline, that means you would need to bet $250 to win $100. Similarly, if the New York Jets are +300 on the Moneyline, that means you would win $300 for every $100 you bet.

Totals Betting

A Totals (Over/Under) bet is a sports bet where you bet on whether the total number of points scored in a game by both teams will be over or under a certain number. The sportsbook will set a number, and you can bet either over or under.

If you bet over and the total points scored are more than the sportsbook number, you win. If you bet under and the total points scored are less than the sportsbook number, you win.

Futures Betting

Futures bets are generally placed before the event takes place. This type of bet is where a bettor will pick an outcome that will happen in the future, such as which team will win a championship. The odds will change as the event gets closer and more information is known about the participants.

For example, if a team is undefeated going into the playoffs, their odds of winning the championship will be lower than if they had lost a few games. The amount you can win on a futures bet depends on the odds and the amount you bet. Futures bets are usually very risky but can pay off handsomely if you win.

Parlay Bets

A parlay bet is a bet that combines two or more bets into one bet. For example, you could bet on the New England Patriots to win the Super Bowl and the Boston Red Sox to win the World Series. If both teams won, you would win your parlay bet.

Parlay bets usually have very high payouts. This is because they are very difficult to win. The more teams you bet on in a parlay, the higher the payout will be. However, this also means that your chances of winning are very low.

Teasers

A teaser is a type of bet that allows the bettor to combine their bets on two or more different games. The bettor can adjust the point spread and/or the total in their favor on each game. A teaser bet must include at least two games but can include up to ten.

The more games that are included in the teaser, the higher the payout will be. However, all games included in the teaser must be won for the bet to be successful.

What Bets to Place on Each Type of Sport

The most common sports bet types are Moneyline, point spread, and totals (over/under), but many others are exciting and provide different ways to wager. Here are five main sports bet types and a scenario for each:

NFL Wagers

There are many different types of bets that can be placed on NFL games. The most common type of bet is the point spread bet, which is a bet on the margin of victory. The point spread is the number of points that the winning team is expected to win by.

If you are looking to place a point spread bet, make sure you do your research. You should always bet with a reputable sportsbook. There are many scams out there and you don’t want to risk your hard-earned money. Visit https://www.oddstrader.com/nfl/ for valid NFL betting.

NBA Wagers

You can bet on things like how many points a certain player will score, or whether a team will win by more than a certain margin. NBA prop bets can be a lot of fun, and they can also be very lucrative if you know what you’re doing.

Do your research. Like with any type of betting, it’s important to do your research before placing a bet. This means not only researching the teams and players involved but also looking at trends and statistics.

Look for value. Don’t just bet on the favorite to win every time. Look for bets where you think the odds are in your favor. This might mean betting on an underdog to win or cover the spread or betting on a team to win by a certain margin.

MLB Wagers

When it comes to baseball betting, there are a lot of ways to place your bets. You can bet on who will win the game, who will score the most runs, and even who will get the most hits. However, one of the best ways to bet on baseball is to bet on the money line. This means that you are simply betting on who will win the game.

NHL Wagers

For the same reasons that we outlined for MLB bets, Moneyline and props are typically the best options here. Hockey features a lot of action, but scoring opportunities are scarce, making Moneyline bets a wise investment.

Along with Live bets, props can also be entertaining. Due to the potential for low scoring in hockey, when placing Totals bets, take the under into account as frequently as the over.

Golf Wagers

Short-term futures bets, such as on a player to finish in the top 5, 10, or 20, are the most popular type of wager. Golf online betting choices from a reliable sportsbook are another excellent choice.

When a player’s subsequent shot is more than five minutes away from their most recent one, you have time to think about your wager. You can also place a bet on one golfer inside a pairing to defeat his partnered opponent by placing a head-to-head wager at various tournaments.

Tennis Wagers

A wager on a single player or a team to win is the tennis equivalent of a Moneyline. Any tournament will have a ton of such. Tennis offers good chances for live betting because the games often drag on.

Soccer Wagers

Soccer is the best sport for Live betting enthusiasts. There is always a new line or wager available because the game moves quickly and has a low scoring average. When betting on soccer, look for a sportsbook that loads quickly and updates its odds frequently.

Soccer Moneyline wagers should be avoided because there is always a third possibility, a tie. That greatly reduces your odds of winning a Moneyline wager.

MMA/UFC Wagers

MMA and UFC make excellent prop betting options. You can gamble on how the fight will conclude and how it will turn out (knockout, submission, etc.). To locate the finest bets on these sports, it is best to follow specialists or devoted MMA fans.

Boxing Wagers

Boxing wagers can be a risky investment. A straight bet is simply choosing who you think will win the fight. The over/under bet is choosing whether the fight will go longer or shorter than a certain number of rounds.

There are also more unusual wagers that may be made, such as round the fight will end in or whether there will be a knockdown. If you’re new to boxing betting, it’s better to stay with the straight wager until you gain a sense of how the sport operates.

Understanding Different Types of Sports Bets

There are many types of sports bets available to suit different budgets and preferences. It is important to understand the risks and potential rewards associated with each type of bet before placing any money. With a little research and practice, anyone can learn to make informed and profitable sports bets. 

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