Types of Bets
Moneyline, spread, totals, parlays, and props explained.
Modern sportsbooks offer dozens of betting options for every game. Understanding each type helps you find value and match bets to your analysis.
Straight Bets (Single Wagers)
Moneyline
The simplest bet: pick who wins. No point spread involved.
- Best for: Games with close matchups or heavy favorites/underdogs
- Example: Lakers -180 vs Celtics +155
Pro Tip
Point Spread
Bet on the margin of victory. Favorite "gives" points, underdog "receives" them.
- Chiefs -3.5 – Must win by 4+ points
- Patriots +3.5 – Can lose by 3 or less and still win
Totals (Over/Under)
Bet on combined score regardless of winner.
- Over 224.5 – Both teams combine for 225+ points
- Under 224.5 – Combined score is 224 or less
Multi-Bet Wagers
Parlays
Combine multiple bets into one. All must win for payout.
Parlay Payouts (at -110)
| Legs | Approximate Payout | Win Probability |
|---|---|---|
| 2 Team | 2.6:1 | 25% |
| 3 Team | 6:1 | 12.5% |
| 4 Team | 12:1 | 6.25% |
| 5 Team | 24:1 | 3.1% |
| 10 Team | 720:1 | 0.1% |
Parlay payouts sound exciting, but probability drops quickly
Warning
Good to Know
Use our Parlay Calculator to see exact payouts for any combination. Want to reduce risk on a parlay? Try the Parlay Hedge Calculator.
Teasers
A parlay where you get extra points on each selection (at reduced odds).
- 6-point football teaser: Move Chiefs -7 to -1, Patriots +3 to +9
- All legs must still win for payout
Strategy Insight
Round Robins
Multiple smaller parlays from your selections. If you pick 4 teams, a round robin creates every possible 2-team and 3-team parlay.
Proposition Bets (Props)
Bets on specific occurrences within a game:
Player Props
- LeBron James Over 27.5 Points
- Patrick Mahomes Over 2.5 TDs
- Shohei Ohtani First Home Run
Game Props
- First Team to Score
- Total Sacks in Game
- Will Game Go to Overtime?
Futures
Bets on season-long outcomes:
- Super Bowl winner pre-season
- NBA MVP at season halfway
- Team win total over/under
Good to Know
Live Betting (In-Play)
Bet during the game with constantly updating odds:
- Odds change after every play
- Can bet on next drive outcome, quarter scores, etc.
- Requires quick decision-making
Strategy Insight
Worked Example: Parlay Math vs. Singles
Imagine you like three NFL sides at -110 each: Bills -3, Chiefs -6, and 49ers -4. Bet individually at $50 per leg, your total risk is $150, and if all three win you profit about $136. Parlay those same three legs and a winning ticket pays roughly $298 on a $50 stake. Sounds like a better deal, but the true probability of all three covering (assuming each is a 50 percent shot) is 12.5 percent. A fair payout should be 7 to 1, or $350 on a $50 stake. The sportsbook is paying you $298 instead — about 15 percent less than fair. That gap is the compounding vig, and it is why parlays are where the house makes most of its money from recreational bettors.
When Each Bet Type Makes Sense
Matching Bet Type to Situation
| You Believe | Best Bet Type | Why |
|---|---|---|
| A heavy underdog is live | Moneyline | Avoid juice on spreads; capture full upside |
| Favorite will cruise late | Alternate spread | Buy points to cushion garbage time |
| Weather will suppress scoring | Under total | Wind and rain correlate with fewer points |
| A star player is matchup-proof | Player prop | Books often lag individual matchup data |
| Backup QB just got benched | Live bet | In-game lines overreact to headline news |
The right bet type depends on what your edge actually is.
Common Mistakes
- Buying half-points off 3 in the NFL. Three is the most common margin in pro football. Paying juice to move from -3 to -2.5 is often worth it; moving from -2.5 to -2 rarely is.
- Same-game parlays without understanding correlation. Books price SGPs to account for correlation, but rec bettors often think they are "free value" when the math says otherwise.
- Betting futures early in a season of rebuilds. A 60-1 World Series longshot in April might still be bad value if the team is 100-1 to make the playoffs.
Key Takeaways
- 1Moneyline, spread, and totals are the three core bet types
- 2Parlays have compounding house edge—approach with caution
- 3Player props offer value when you know a sport deeply
- 4Futures tie up bankroll but can have the most inefficient lines
- 5Live betting rewards quick analysis of changing game conditions
Sources & References
- Spread, moneyline, totals, parlays, teasers, and proposition bets are industry-standard wager types offered by all major licensed US sportsbooks. Definitions are consistent across regulatory filings and operator rule pages.
- Parlay payout odds at −110 per leg: true probability = (1 ÷ 1.9091)^n; payout multiplier = 1.9091^n. The gap between fair payout and actual payout is the compounding house edge. Independently verifiable.
- American Gaming Association (AGA), State of the States annual report. Referenced for US sports betting handle data and market growth statistics.
- Wong, Stanford (2001), Sharp Sports Betting. 6-point NFL teaser strategy crossing key numbers 3 and 7. The Wong Teaser concept demonstrates that teasers crossing these key numbers have historically positive expected value under specific conditions.
Mathematical claims are independently verifiable. BonusBell platform analysis reflects data from 220+ tracked platforms as of March 2026.