Betting is one of the oldest forms of entertainment, and it’s arguably one of the most fun, especially for a good cause. But no matter how entertaining betting can be, it’s important to know how to wager responsibly. Often, the most difficult part of betting on sports or casino games is figuring out which type of wager to put your money down on. Different types of bets include straight bets, parlays, teasers, and reverses. Here’s a quick guide on what each means and how they work.
Win Bets and Money line Bets
Winning and money line bets are big parts of sports betting, not only because they offer the potential for huge payouts. These bets can also be easier to predict, so you’re less likely to find huge upsets that throw off the rest of your predictions.
Totals and Over/Under Bets
Totals and over/under bets are two of the most basic bets you can place in the sports betting context. A total bet is exactly what it sounds like: a bet on whether the number of points any team will score will be above or below the spread.
Point Spread and Handicap Betting
For avid sports fans, handicapping games are pure fun. Point spread betting allows you to predict the game’s outcome while hedging your bets with handicap betting. Although this may seem complicated, it is quite easy to learn. Here is a brief explanation of point spread and handicap betting on a football game, provided by The Sports Book.
Futures and Outright Bets
Futures and outright bets used to be reserved for savvy investors with deep pockets, but these days, you can buy into futures markets through a broker no matter the size of your portfolio. All Futures and Options (Cboe), the Chicago-based exchange that operates 17 futures markets, allows investors to buy shares of the S&P 500 futures contract or trade options based on it. Though futures and options trading can be expensive, the upside is they can offer a lot of flexibility, letting you trade based on any kind of scenario.
Proposition Bets and Specials
Proposition bets and specials are two sides of the same coin. The former involves placing a bet on the result of a game, while the latter involves placing a bet on whether a certain outcome will occur or not. The latter is not always illegal, but the former is since it involves betting on the outcome of a game.
Parlays and Accumulators
Whether betting on sports, playing casino games, working the stock market, or playing online poker, learning how to parlay and accumulator wagers can help increase the odds of winning. A parlay bet is simply a bet that mixes several smaller wagers together. If you win, you win the payout of all of the smaller bets combined, so you stand to win a larger amount. An accumulator bet is a wager that mixes several smaller bets together and is used as the winning bet in a larger wager.
Teasers and Pleasers
Teasers and pleasers are betting types that play off a payout of 2-3. These bets have a low house edge and may be the basis for many betting systems. The wagers are quite simple: if a player chooses a teaser, they must lay more than 3 points. A teaser is a bet consisting of 3 points or more on the underdog. A pleaser is a bet consisting of 2 points or more on the underdog. Teasers and pleasers may be combined in a single bet.
The game generally defines the types of wagers. The bet type is determined by the wager rules and the amount of money at stake. For example, a parlay is a very popular bet that is a combination of two or more bets. You are able to bet on a total of three games, and the outcome will be combined into one wager. If you win, your payout will be determined by the outcome of the three games.