Types of Sports Bets

  • Straight Bets

    A straight bet is one of the most common types of sports bets where you simply bet that a team will beat the point spread given at the time of the wager. For most sportsbooks, this bet will pay you $100 for every $110 wagered. If the game ends in a tie then the game is considered "no action" and the original wager is re-deposited back into your account.

    Example: A bettor wagers "$110 on Boston -8 to beat Chicago +8".

    • If Boston wins by more than 8 points the player wins $100. The total payout including the initial wager would be $210.
    • If Boston only wins by 8 points then the game is considered "no action" and the original $110 wager is returned to the bettor.
    • If Boston wins by less than 8 points OR loses the game, then the wager is lost.

  • Money Line Bets

    A money line bet is where you bet on a team to simply win the game without having to beat any spread. Since there is no spread, a winning wager on the team that is favored will receive a small payout whereas a wager on the underdog will receive a large payoff. Therefore, the amount you lay or win will vary from game to game - but the money line at the time of your wager is the money line you keep regardless of any line movement. If the money line is a negative number, then you wager the amount stated in the money line for each $100 of your bet. For example, if the money line is -145, then you will wager $145 to win $100. If the money line is a positive number, then you will wager $100 to win the money line. For example, if the money line is +155, then you would wager $100 to win $155.

    Example: A bettor wagers on "Boston -160 at Chicago +260".

    • If the player bet on Boston then the player would bet $160 to win $100.
    • If the player bet on Chicago then the player would bet $100 to win $260.

  • Totals

    You are betting that the combined score of both teams added together will be over or under a stated amount. All totals lay $110 to win $100 unless it is otherwise indicated.

    Example: A player bets $330 on the "over" in the Boston/Chicago game. The total for the game is 55.

    • If both teams' combined score is more than 55 than the player wins $300. If the combined score is equal 55 the game is considered "no action" and the original wager of $330 is returned.
    • If the combined score is less than 55 then the wager is lost.

  • Parlays

    A parlay is a group of bets (straight, totals, or proposition) combined into one bet. For the parlay to be a winner, all of the individual parts of the parlay need to win. You can mix different sports on the same parlay. Parlay wager payoffs depend on how many teams are selected and the odds on those teams. If there is a tie in one or more of the individual games, then the wager steps down to the next lower payoff number.

    Parlay formula: =(((win/lay)+1)^z) , where "z" = the # of teams in the parlay. This is the formula if all the games have the same odds. Parlay payoffs for bets at odds of -110 are shown in the table below. To calculate the payout on a parlay where the games have different odds, then you need to multiply the odds of each game together, such as =((win/lay)+1)*((win/lay)+1)*((win/lay)+1)

    Parlay payouts based on odds of -110

    # of Teams Parlay Payoff
    2 3.64 / 1
    3 6.96 / 1
    4 13.28 / 1
    5 25.35 / 1
    6 48.41 / 1
    7 92.42 / 1
    8 176.44 / 1
    9 336.85 / 1
    10 643.08 / 1
    11 1,227.70 / 1
    12 2,343.79 / 1

  • Teasers

    A teaser is a grouping of two or more teams into one wager in which the point spread is adjusted in your favor. The difference between a parlay and a teaser is that with a teaser, the line you bet against for each individual wager is moved to your favor by the number of points of the teaser. For example, if the regular line is -10 and you have a 6-point teaser, then your line would be -4. As with a parlay, all of the individual parts need to win for the teaser to be a winner. The payout of a teaser bet is determined by how many teams selected and how many points are given to each team. If there is a push in one or more of your individual parts, then the wager steps down to the next lower payoff.

  • Prop Bets

    This is a bet on a specific part of a game. For example, in football it could be what the longest field goal will be. In hockey, it could be a bet on the player who scores the first goal.

  • In-Play Bets

    This is a bet that is placed while a sporting event is in progress. This is not offered by all sportsbooks.

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Sports Betting - Types of Bets

HPG ADMIN on March 1, 2013