Here is a short list of the basic types of sports bets you will come across when placing wagers in a Sportsbook.
- Straight Bet
Probably the most common of all bet types is the Straight bet. Placing a Straight Bet means that you have selected which team will win. In the case of Baseball a Straight Bet indicates a wager on a team to win outright. In the case of Football or Basketball, a point spread is involved. As mentioned earlier, the team favoured to win or the "favourite" is denoted by a (-) sign before the odds. The team least likely to win or the "underdog" is denoted by a (+) sign before the odds. In the case of the favourite, you would subtract those points from the team?s score. In the case of the underdog, you would add the number of points to the team?s score. The winning bet is the one with the highest number of points after the -/+ points have been applied.
The payoff on a point spread wager is normally $100 for every $110 wagered in the case of the favourite or $110 for every $100 wagered in the case of the underdog. Some Sportsbooks offer reduced vig on some bets to entice new or inactive Players back into the fold. Reduced vig or Reduced juice simply means that the Player has to put up less money (for e.g. $105 instead of $110 in order to win $100).
When betting on the Money line the odds on the favourite indicate the amount of money you need to wager in order to win $100 and the odds on the underdog indicate the amount of money you will win if you place a $100 wager. For e.g., if the Money Line is -135 and +115, this means that you will need to wager $135 to win $100 when betting on the favourite and you will win $115 if you place a $100 wager on the underdog.
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- Over/Under
Over/Under or Total wagers allow you to be on the combined final scores of both teams. If the Sportsbook has a Total of 44 for a particular game and you think that the final score will be less than 44, you would bet on the Under. If, however, you believe that the combined score at the end of the game will exceed 44, then you would bet on the Over. This type of wager will usually pay $100 for every $110 wagered unless the Sportsbook is offering Reduced vig.
- Parlay
Parlay betting is the second most popular type of sports wager and it allows you to consolidate a group of Straight bets and Total bets in one final bet. In order to win a Parlay bet, all individual wagers must win; one loss in a Parlay and the entire bet is lost. If one wager pushes or ties, then the Parlay payout is reduced to the next available payout.
Betting on Parlays can be very profitable for the Player because the payouts are much larger than your typical Straight Bet. However, it is also risky because all your wagers must win or tie in order for the Parlay to payout. Most Sportsbooks offer 2 Team Parlays all the way up to 10 Team Parlays. The bigger Sportsbooks may even go up to as much as 12 Teams. Depending on your level of play at the Sportsbook, they may consider doing a customized Parlay bet for you. This is fairly uncommon, however, and would only apply to very High Rollers or Wiseguys and is solely the discretion of the Sportsbook.
Parlay odds generally payout as follows:
A 2 Team Parlay would pay $13 for every $5 wagered; a 5 Team would pay $20 for every $1 wagered; and a 10 Team would pay $700 for every $1 wagered. So, you can see why a Player would tend to place a Parlay wager because his winnings could be quite handsome. On the other side of the coin, however, in order for a Parlay to win, all bets placed in the Parlay must win or tie. If all bets win, the payoff is calculated accordingly. If one or more bets tie, the Parlay is reduced to the next payoff level.
Let's use the following NFL 3 Team Parlay as an example.
- Kansas City Chiefs +5
- Miami Dolphins -7
- Green Bay Packers -8
In order to win this particular parlay the Chiefs could lose by 4 points for the win and lose by 5 points to push. The Dolphins would have to win the game by 8 or more points to win the Parlay and 7 points to push. The Packers would have to win by 9 points or push with a win of 8 points. If all wagers win, the payoff would be 6:1; meaning that a $100 wager would profit you $600. If one of the wagers pushes (let?s say the Chiefs lost by 5 points), then the parlay would revert to a 2 Team Parlay and the payoff would then become 13:5.
If you had to choose between a Parlay and a Straight Bet, stick to the latter. You can throw in a Parlay wager every now and then if you are certain that the selected wagers will win because you can significantly increase your bankroll if you hit a successful Parlay.
- Teaser
A Teaser is a wager on 2 or more picks and is very similar to a Parlay with the exception that the payoffs for a Teaser are less than those of a Parlay. The main difference between the two lies in the fact that with a Teaser you can adjust the spreads in your favour for each wager. All wagers must win in order for the Teaser to win. A push will reduce the payoff to the next lower level for 3 Team Teasers and higher. In the case of a push in a 2 Team Teaser, your bet will be refunded. A loss on any of the wagers constitutes an overall loss for the Teaser.
Adjusting the point spread simply means that you are lowering or increasing the spread based on your feeling of how the game will conclude. Let?s say a game with the Carolina Panthers has a -8 spread. This means they are favoured by8 points. Take New York Jets now. They are favoured in another game by 7 points. Let?s say you wanted to place a 2 Team / 6 Point Teaser. You would net the spreads of each game against the 6 points. So the odds on the Panthers would now become -2 (i.e. 8 ? 6 = 2) and the odds on the Jets would become -1 (i.e. 7 ? 6 = 1).
It is important to note that Teasers can only be played on point spreads; not Money Lines. So there could never be a Teaser in Baseball, as Baseball is strictly a Money Line sport. Also, most Sportsbooks offer line adjustments by 6, 6.5, or 7 points; generally no more as the house advantage would be greatly lowered.
Teaser Payoffs generally look like this:
- If Bet
This bet includes Straight Bets connected by an "IF" clause. If the 1st Straight Bet wins or pushes the 2nd Straight Bet becomes active and you are able to double your action on the 2nd wager at this time. Each Straight Bet must be of the same value or less than the 1st bet. Teasers are not allowed in If Bets. The Player can get action on all the games he is interested in with an If Bet.
- Reverse Bet
A Reverse Bet is best explained as 2 If Win, If Tie, or If Cancel bets. Reverse bets can be placed on the side or the total of odds. If your 1st bet wins, ties, or is cancelled, you still have action on the 2nd bet. And, if your 2nd bet wins, ties, or is cancelled, you will also have action on your 1st bet. The amount of the Reverse Bet will be the amount of each Straight Bet.
Let's say you decided to wager a $500 Reverse on the following:
- Denver Nuggets +6? -110
- Chicago White Sox/ Cleveland Indians 8 -120
If the Nuggets do not lose the game by more than 6 points, you win this bet. If the final score in theWhite Sox / Indians game is over 8, you win this bet also. Your maximum win on this wager would be $2,000, which is twice what you wagered on each team. How so? Simple:
You wagered $550 on the Nuggets in order to win $500. You wagered $600 on the Sox/Indians total to win $500. Both won so your winnings would be ($500x2) + ($500x2) $2,000. Remember, you?re betting on 2 If bets. There are other possibilities or outcomes with this Reverse bet. The example above was just to give you an understanding of how valuable a Reverse bet can be if you pick the right teams.
- Round Robin Bet
Round Robin bets are several Parlay bets consolidated into one wager. They are defined as a single wager consisting of 3 - 18 sides or totals combined into a single play with all possible combinations of 2 or 3 team parlays. When using 2 Team Parlay combos in a Round Robin bet, the payoff would be 5/13 on each 2 Team combination unless Money Lines are involved. If one team in the Round Robin loses, then all bets regarding that combination are lost. If one team pushes, then the combinations involving that team resort to Straight Bets.
A Round Robin bet has a high return potential; however, the risk of losing is even higher. It should therefore not be used as the main source of sports wagering.
- Future Bets and Propositions
A Futures bet is based on the outcome of an event that will take place at a specific date and time in the future. The event normally happens annually and you place the bet ahead of time. Payouts are only done after the conclusion of the relevant season. A Propositions bet also known as a Prop is based on the outcome of a special event. Payouts are only done after the conclusion of the event.
In the case of both Futures and Props, all bets are final. If the team or person selected by the Player does not participate in the game or event, the bet loses. Odds for these bet types will change periodically. However, the bet is subject to the odds displayed at the time the bet is placed; no exceptions.
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