The Ultimate Guide to Sports Bets: Types of Wagers and When to Use Them
Whether you’re a seasoned bettor or just starting out, understanding the different types of sports bets is key to long-term success. From moneylines to exotic props, each bet type offers a unique blend of risk, reward, and strategy.
This guide walks you through the most common (and most profitable) wagers in sports betting—and the pros and cons of each.
🟩 1. Moneyline Bets
What it is:
You’re betting on a team or player to win outright. No spreads, no complications.
Example:
Cowboys -140 vs. Giants +120
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Bet $140 to win $100 on the Cowboys
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Bet $100 to win $120 on the Giants
✅ Pros:
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Simple and beginner-friendly
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Great for underdog hunting
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No need to worry about point margins
❌ Cons:
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Can be overpriced on favorites
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Lower returns on chalky teams
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Less efficient in high-variance sports (e.g., baseball)
🟨 2. Point Spread Bets
What it is:
You’re betting on the margin of victory. The favorite must win by more than the spread; the underdog can lose but still “cover.”
Example:
Eagles -6.5 vs. Commanders +6.5
✅ Pros:
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Evens the playing field
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Offers better odds than moneyline favorites
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Popular in NFL and NBA
❌ Cons:
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Hook (0.5) can be brutal
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Late injury or missed FG can ruin a good read
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Doesn’t always reflect true team strength
🟧 3. Totals (Over/Under)
What it is:
You’re betting on the combined score of both teams going over or under a set number.
Example:
Over/Under 48.5 points in Chiefs vs. Chargers
✅ Pros:
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You can win regardless of who wins
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Great in games with tempo or weather angles
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Less dependent on one side
❌ Cons:
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Becomes volatile with turnovers or garbage-time scores
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Books are sharp here—especially in the NFL
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Public often pushes totals too high or low
🟥 4. Parlays
What it is:
A single bet that links multiple bets together. All legs must hit to win.
Example:
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Bengals ML
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Lakers +4.5
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Over 51 in Bills/Dolphins
✅ Pros:
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Massive payouts for small stakes
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Good for recreational fun
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Can combine multiple sports
❌ Cons:
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High risk—one loss = entire bet dies
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Difficult to hit consistently
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Bad habit builder for long-term bettors
🟦 5. Teasers
What it is:
A parlay with adjusted spreads or totals in your favor. Often used in football.
Example (6-point teaser):
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Move Eagles -6.5 to -0.5
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Move 49ers -7.5 to -1.5
✅ Pros:
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Gives cushion on spreads
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Can beat key numbers (like 3 or 7 in NFL)
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More strategic than standard parlays
❌ Cons:
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Lower payouts than regular parlays
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Not worth it in low-scoring games or college sports
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Still requires every leg to win
🟪 6. Player Props
What it is:
You’re betting on individual performance—passing yards, TDs, rebounds, etc.
Example:
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Travis Kelce Over 68.5 receiving yards
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Jayson Tatum Under 2.5 threes
✅ Pros:
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Exploitable in soft markets
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Less tied to game script
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Great for fantasy sports fans
❌ Cons:
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Can be pulled if player is inactive
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Books limit max bets on props
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Injury or game flow can ruin the bet
🟫 7. Futures Bets
What it is:
Long-term bets on events that settle later—champions, MVP, win totals, etc.
Example:
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49ers to win the Super Bowl +700
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Victor Wembanyama for Rookie of the Year
✅ Pros:
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High value if placed early
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Can hedge or cash out later
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Fun to follow all season
❌ Cons:
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Ties up bankroll for months
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Subject to injury/roster changes
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Odds worsen over time
⚪ 8. Live/In-Game Betting
What it is:
Placing bets during the game based on current action and momentum.
✅ Pros:
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Capitalize on momentum swings or mispriced lines
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Great for hedging or doubling down
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See how teams actually look before betting
❌ Cons:
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Fast decision-making required
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Prone to chasing losses
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Juice is often higher on live bets
Final Thoughts: Choose the Bet Type That Matches Your Edge
There’s no one-size-fits-all in sports betting. The best bettors know which bet types match their knowledge, risk tolerance, and game feel.
✅ Use moneylines for simple picks
📊 Use props and futures for long-term edges
📉 Avoid parlays unless you’re just having fun