How Does Sports Betting Work? Forbes Betting

Sports betting has never been more accessible, but theres a learning curve for those who dont quite understand how all the different bet types work. Below we provide detailed explanations on the most popular bet types, including real-world examples.

A straight bet is the most common type of sports wager. Sometimes referred to as a single bet, a straight bet is simply wagering on the result of a single game or event.

The best way to think of spread bets is theyre related to margins of victory. A spread bet involves either giving away or taking a certain number of points/goals/runs. That number is determined by the sportsbook and reflects the expected victory margin.

Bettors choose whether theyre going to take the spread (which means betting the underdog) or give the spread (which means betting the favorite).

All point spreads have odds attached to them, and more often than not, those odds are -110 for both teams. As we explained above in the How do the odds work section, that means if you want to bet either the Cowboys -5.5 points or Eagles +5.5 points, you would have to wager $110 for a chance to win $100 (or $11 to win $10).

A parlay is a combination of two or more straight wagers into one bet. Parlays are popular because they open up the door to win bigger payouts while risking less money. (Think of it as sports bettings version of a lottery.)

The number of legs (bets) in a parlay, as well as the odds attached to each of those legs, determines how much a bettor can win. The bigger the parlayand the bigger the betthe bigger the potential payoff.

However, its important to note that parlays of any size are difficult to hitand the more legs you add, that degree of difficulty increases exponentially. All it takes is for one leg to miss and your parlay is dead. In fact, if you go 6-1 on a seven-team parlay, you might as well have gone 0-7.

Here are the two main types of parlays:

A third parlay type is called a teaser, which is most popular in football (particularly the NFL). Like a parlay, a teaser is constructed with two or more teams. The main differences: Only point spread bets can be included in teasers, and bettors are allowed to shift the point spread by a certain number of points in any direction they desire.

Heres an example of a four-team, 6-point NFL teaser:

If you put the Steelers, Dolphins, Cardinals and Raiders in your teaser, you would be able to move the point spread 6 points in your favor. So teaser point spreads would be:

Because bettors get to move the point spreads, the payouts on teasers are much lower than parlays.

Totals bets are quite similar to point spreads. Also referred to as Over/Under betting, totals bets focus on the final score of a given game rather than who wins the game.

When betting a total, youre just predicting if the two involved sides will combine for more (Over) or fewer (Under) runs/goals/points than the total amount posted by the sportsbook.

If youre interested in diving into Over/Under betting, remember this popular saying as it relates to wagering on totals: Its never Under until its Over! Meaning, as long as a game is ongoing, its always possible to win your Over bet (or lose your Under bet).

On the flip side, if you bet on Seahawks-Rams Over 42.5 points and the score is 24-21 at halftime, youve got a winner and dont have to sweat out the second half.

Futures bets are another fun way to get involved in sports betting. Rather than wagering on a game taking place today or this week, futures bets are just that: bets that will be decided in the future.

Examples include betting on a team to win the World Series; betting on a country to win soccers World Cup; betting on a golfer to win next years Masters tournament; and betting on a player to win NFL Offensive Rookie of the Year.

Futures bets tend to offer greater oddsand thus larger potential payoutsthan straight bets. The reasoning is simple: Its tougher to predict, say, the Stanley Cup winner at the start of an NHL campaign than it is to choose which team will win a random regular-season game.

An important thing to remember about futures bets: The odds are constantly changing. For instance, just because the Los Angeles Lakers have +1500 odds to win the NBA title on Day 1 of a season doesnt mean those odds will hold firm for the next seven months (in fact, they most certainly will not).

Injuries, trades and performing below (or above) expectations can affect how a futures market unfolds. That said, the odds you get when you place your wager will never changein other words, if you bet the Lakers at +1500, those are your odds all season. If the betting market drops the Lakers to +400 because theyre playing well, you made a great bet. But if the Lakers struggle and their odds fall to +5000, well your bet is in big trouble.

Serious bettors who get involved in the futures market are always look for the best value. You should, too. Thats why its important to do your research before putting your money down. After all, why would you bet the Lakers at +1500 at one sportsbook when another is offering odds at +1800?

While other markets focus on the final outcome of a game or event, prop bets relate to an individual athletes performanceor even something that doesnt show up in the boxscore.

One example of a player prop would be betting on Tom Bradys total touchdown passes in a game (Over or Under 1.5 TD passes).

One example of a prop bet that has absolutely nothing to do with the actual action on the field or court would be predicting the color of Gatorade that douses the coach of the Super Bowl-winning team.

Here are some of the more popular forms of prop bets:

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How Does Sports Betting Work? Forbes Betting