When you are new to sports betting, all the different sports betting types available can become very daunting quickly!
I was in the same position as you a few years ago when betting became legal in my state, so I know what it’s like to think to myself, “what is a Moneyline?” “What is a Same Game Parlay?” and even what cover the spread means!
This is precisely what led me to create this post for you!
I would recommend saving this page to your phone so that you can quickly revert to it later rather than have to find it all over again.
Since so many states have recently opened their doors to legalize online sports betting in the United States.
I thought now would be the perfect opportunity to lend some experience on the subject in a simplified form so that it is relatable and easy to understand.
Bet Types
There are many different betting options out there, but I will try and simplify it down as easily as possible so that you can get the answers you need as easily as possible.
Moneyline
A Moneyline bet is the most straightforward way to place a wager in sports betting, focusing solely on the outcome. You predict which team or player will win the match.
3-way Moneyline
Unlike traditional Moneyline bets with two outcomes (win or lose), a 3-way Moneyline, also known as Match or 1X2, includes a third possibility – a draw. This betting type is common in sports where ties are frequent, allowing you to bet on either team to win or the game to end in a tie.
Correct Score Bet
In Correct Score betting (also know as result betting), you predict the exact final score of an event or game. It’s more specific and challenging than picking a winner but offers higher payouts due to the difficulty of accurately predicting the score.
Over/Under Bet
Over/Under bets, also known as Totals, involve wagering on whether a statistic from a game (like total points, goals, or touchdowns) will be over or under a specified amount set by the sportsbook.
Odd/Even Bet
Odd/Even betting lets you wager on whether the final score or a specific statistic of a game will be an odd or even number. It’s a simple, coin-flip type of bet that doesn’t require predicting specific outcomes.
Head-to-Head Bet
Head-to-Head betting focuses on the comparison between two competitors, such as in tennis or golf, where you bet on which one will outperform the other, regardless of the event’s overall outcome.
Triple-Head Bet
Triple-Head is where you place a bet on a competition between three players (such as in a golf tournament).
Half Time/Full Time Bet
Half time/Full time is where you can place a wager on who you think will win the first half and second half of an event (for example, you can choose that one team will win the first half of a game, then the other team will come back and win in the second half.
Same Game Parlay
A Same Game Parlay is a type of bet allows you to combine multiple bets from the same game into one wager. This increases the risk but also the potential reward, as all selected bets must win for the parlay to be successful.
As an example, you can choose the home team to win the first half, lose the second half, that the quarterback will throw over 200 yards, the point difference will be under 6 points, and there will be more than two touchdowns all in the one single $1 bet!
These types of bets carry far greater risk and are not for the faint of heart, but if you win, the profits are much better than a simple bet such as Moneyline.
Bet Builder
A Bet Builder is where you can place a bet on different sporting events; for example, you can choose to bet on different Football, Basketball, and Baseball games all on the one betslip.
The odds decrease the more bets you add to the betslip; however, the profits also increase, very risky but significant if you win!
Period Betting
Period betting divides a game into segments, allowing you to bet on the outcome of each part separately, like betting on the winner of each quarter in a basketball game.
Spread Betting
Spread betting (Points spread in Basketball and Football), also known as Runline in Baseball, and Puckline in Hockey (also known as Handicap in Hockey).
You place a bet on the team you think will win within a certain amount of points.
For example, you could bet on a particular team to win by less than 5 points.
2-way Spread
A 2-way spread is where you place a wager on a team by giving them a “handicap” against the other team.
The final resulting score difference must be higher (for example, you could choose the home team to have a score of -4 which means that the home team needs to have a final score difference of 5 or more).
However, if the resulting point difference is the same as the handicap, the bet is void and refunded.
Alternative Lines/Spreads
Alternative lines/Spreads (commonly also known as Teasers) is where you can place a bet at less favorable odds than the main spread by essentially “buying” extra points (kinda like a reverse handicap).
Effectively you will give yourself better odds of winning for a smaller payout.
Sportsbooks usually offer a few different spreads/handicap lines on games and events listed.
Double Chance Bet
Double Chance is where you have the option to bet on two different outcomes of a game (for example, you may choose that the home team will win and tie but not lose).
Futures Bet
Futures betting ( also known as Outright or Place betting) involve predicting the outcome of an event that will happen in the future, such as which team will win a championship. It requires long-term forecasting and is settled at the event’s conclusion, such as choosing who will win the NBA next season.
Each Way Bet
Common in horse racing, an Each Way (EW) bet is a wager on a competitor to either win outright or finish in one of the predetermined places, such as second or third, offering a safety net if the competitor doesn’t win but still places high.
Goal Minutes Bets
Again this is typically used in soccer; Goal Minutes is where you place a bet on the total sum of the minutes that goals have been scored.
Goals scored in injury time are counted as being scored in the 45th and 90th minutes (again, this form of betting isn’t recommended for novice bettors).
In Summary
Betting on sports is a lot of fun and adds a little extra incentive to the game you watch; the betting types listed above are the most common forms of betting. More betting types are not listed here.
However, as you most likely are new to betting, it is best to know the basics and not get swamped with the more confusing betting types.
Don’t forget to save the page if you want to refer back to this later.
New York Sports Bettors: Must be 21+. Playable in NY. Gambling Problem? Scan here or call 1-877-8-HOPENY or text HOPENY (467369). Standard text rates may apply.
