Betting 102: Types Of Bets
Betting 102: Types Of Bets
When making your bet, your giving a lot more options than simply “pick who will win”! There are many different types of bets you can make, each having their own unique rules, and each paying out at different odds.
Pointspread or “Spread”
The point spread on a game is setting a number of points a team must win (or a number a team is allowed to lose) by in order to win your bet.
A pointspread bet will give you a bigger return on your bet than simply picking which team will win.
This is an example of a poinspread
If you choose to bet on the Colts, according to your bet, the game doesn’t start 0-0. It starts -10 - 0. The Colts would have to win the game by MORE than 10 points for you to win your bet. If they win by exactly 10 points, your bet is a “push” or tie, and you just get your money back. If the Colts win the game, but by less than 10 points, you lose your bet.
On the other hand if you bet the Raiders, they could lose the game and you can still win your bet, as long as they don’t lose by more than 10 points!!
If there is a 10.5 pointspread, its simply preventing a tie from occurring.
Moneyline
A moneyline is the straight up basic odds to win a game. You pick which team is going to win. Simple as that.
The only downside to this bet is, if a team is heavily favoured to win a game, the return on your bet will not be very high.
In most cases sportsbooks list the moneyline as an amount you must bet win $100, or the amount you will win if you bet $100.
For example, a Moneyline of -120 means you must bet $120 to win $100. A Moneyline of +120 means you will win $120 on a $100 bet. The difference is the +/- signs before the number. A negative number is the amount to bet to win $100. A positive number is the amount you’ll win on a $100 wager. A -450 moneyline means you must bet $450 to win $100 (in this case the team is HEAVILY favoured to win the game).
Of course the lines are posted for $100 winning/betting, however the same odds apply to all bets. You can bet $1 or $57 or $1,000,000. You get the same odds.
Totals
A “Totals” bet is a bet which is predicting if final score (both teams scores’ combined) will be OVER or UNDER a specified amount. So if you see a football OVER/UNDER of 42, you are betting wether or not the final combined score will be over 42. Example, Colts 24 - Raiders 20. The combines score is 44. An OVER bet will have won.
Parlays
A Parlay bet is selecting two or more individual bets, and combining them into one bet. In order for the parlay bet to win, ALL your combined bets must be winners. If one loses, the entire bet is lost. The advantage to having multiple choices in one bet (a parlay bet) is a bigger payout.
Example: Colts -6 and OVER 52.
This bet is a parlay of pointspread and totals. If the Colts win by more than 6, AND the final combined score of both teams is over 52, you win the bet.
Parlays are not limited to the same game, or same sport. You can usually parlay any bet in any sport. You could do Detroit Red Wins +1.5, Indianapolis Colts -6, Boston Redsox OVER 6. Three different sports, all one bet, one big payout if you win.
Basic Ground Rules of Parlays
- If your bet ties, it will be disregarded in the Parlay. So if you have a 3 team parlay, and one of the bets tie, your parlay is reduced to a 2 team parlay (and the odds adjusted accordingly). If you only had 2 teams, and one of the bets ties, you are left with a standard 1 team bet.
- ALL of the bets you parlay together MUST WIN. If any one loses, the entire parlay is lost.
- If a game is canceled or not played, it is considered NO ACTION, and your parlay is reduced to the next level. Meaning if you have 4 teams parlayed together and one of them don’t play, your parlay is reduced to a 3 team parlay. The odds for your payout are adjusted accordingly.
Teasers
Teasers are a selection of two or more outcomes in a single wager in which either the point spread or total is adjusted in the bettor’s favor. Each sport has its own range of points for teaser selections. A teaser adjusts the spread for the favorite so that it decreases the posted spread, or conversely, increases the posted spread for the underdog. If you select a total, the adjustment makes totals higher-to-go-under or lower-to-go-over.
If the lines you want to tease are Philadelphia Eagles +3 and New England Patriots vs. Indianapolis Colts over 37, your two-team, six-point teaser would be:
- New England Patriots/
Both results need to be correct for this teaser to be a winner.
Buy Points
Buy Points refers to a bettor moving the point spread for a given game in order to give up fewer points on the favorite, or gain more points on the underdog. Bettors pay a fee – often 10 per cent – for each half-point bought in their favour.
Example:
- The Indianapolis Colts are seven-point underdogs. To move the spread to seven-and-a-half points, you would buy a half-point for 10 per cent of the wager.
Some basic rules:
- Points can be bought only on standard odds (-110). Point buying is not allowed on off-standard odds.
- Wagers must be on the outcome of a single event or game and all standard rules apply.
- The team wagered on must win by the point spread you have bought.
Futures
Futures, as the name implies, is a single-wager bet on the outcome of a game or event to be held in the future. For example, the Super Bowl or the World Series.
Payouts on Futures depend on the odds offered by the house for each bet placed. Typically, Futures are represented by basic, fixed odds (although sometimes a moneyline or a multiplier may be featured). The payout is determined by those posted odds.
To calculate a payout, translate the odds (a moneyline such as -110, -180, +140 etc., or fixed odds such as 3/1) to a multiplier (the Payoff Price plus one). Multiply the multiplier by your bet to determine the Payout or Win Amount (Payoff Price plus original bet).
Some basic rules:
- Bets are on the outcome of a single event or game only
- The team wagered on must win the league or tournament.
- All wagers have action regardless of relocation or name changes.