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The Guide to Sports Betting Wagers
Some Basic Terms
When you enter a sportsbook (either a real one in Vegas or more the cyberspace variety), you will see boards with lots of games posted. These games will have an associated bet number, a listing of the teams playing, the line, the total and the money line. Here is an example of what this might look like:
| Bet # |
Team |
Line |
Total |
MoneyLine |
| 100 |
Seattle |
|
38 |
+180 |
| 101 |
Oakland |
-7 |
|
-170 |
So what do all of these things mean?
Bet # - The number used to call the bet with the ticket writer.
Team - This is fairly self-explanatory. Team refers to the team that you are betting on. The home team is always on the bottom.
Line - Also known as the point spread. Some would say that these are published for informational purposes only. I think we all know better than that! The favorite will always have a minus sign in front of their number (giving points), while an underdog will always have a plus sign (getting points). In the above example, Oakland is a seven-point favorite against Seattle. If you play Oakland, they will have to win by 8 points for you to win your bet (cover the spread). If Oakland won by seven points, the game would be a push. In the event that Oakland either won by fewer than seven points or lost the game outright, you would lose your bet. If you see a PK in place of a number on the line, it means that neither team is a favorite or an underdog. The game is a Pick 'Em and the team you bet must win the game outright in order for you to cash your ticket.
Total - The total is second most popular bet after the point spread. The total is also referred to as the Over-Under or OU. Here, you are betting whether or not the combined points will be over or under the posted total.
Money Line - The money line shows the amount that must be bet to win $100 if betting on the favorite, or how much will be one by betting $100 on the underdog.
Juice (Vig) - The vigorish, or "vig," is the difference between what you bet and what you win. Sportsbooks pay 10-11 on straight bets (sides and totals). This is the sportsbook's commission for booking your action.
Straight Bets
Sides - Straight bets (or sides) are bets made on either the favorite or the underdog taking the point spread into account. Over/under bets are also side bets. Straight bets are referred to as side bets because you are taking one side or the other - favorite/underdog, or over/ under. These bets are the most popular bets and carry the lowest house advantage.
Money Line - The money line is a bet on which team will win the game outright without taking a point spread into account. Money line wagers are very different from straight wagers in other regards as well.
The money line is comprised of two separate odds lines - one for the favorite (expressed as a negative) and one for the underdog (expressed as a positive). The favorite's (negative) money line is an expression of how much you have to bet to win $100. You can also divide this to determine how much you must bet to win $1. A money line of -150 is telling you that you must bet $150 to win $100, or $1.50 to win $1. Conversely, the underdog's money line is an expression of how much you will win by betting $100 (or $1). A money line of +170, for example, indicates that you will win $170 (or $1.70) for every $100 (or $1) that you bet.
Money line bets are very profitable when you strongly favor an underdog to win a game outright. This is often a very good place to find value. Remember, though, when you play the money line, your team MUST win.
Totals - The total is second most popular bet after the point spread. The total is also referred to as the Over-Under or OU. Here, you are betting whether or not the combined points will be over or under the posted total.
1st Half and 2nd Half Lines - Sportsbooks routinely offer both first and second half lines on all pro and college football and basketball games. Lines for halves are typically much lower (usually half) than full game betting lines. One thing to beware of is that 2nd half lines include any overtime periods.
Baseball Lines
Baseball features a money line, but also includes the starting pitchers for the game being bet. When betting on baseball, you are betting team vs. team unless otherwise stated. You can specify that either or both starting pitchers must start the game for your bet to stand (action).
Odds can change for baseball prior to the first pitch if either of the starting pitchers should change. If a pitcher that you listed does not start, then the bet is refunded.
Total runs scored bets are also available for baseball. In most cases, the over/under for baseball will pay the same 11-10 as for other straight bets. Sometimes, however, the over and under will have different money line bets. For there to be action on an over/under in baseball two things must happen. First, both listed pitchers must start the game. Second, the game must go the full nine innings (8 ˝ if the home team wins).
To further complicate matters, some sports books also offer a combination point spread/money line. These games will show a point spread (ex: 1 ˝ runs) and a money line. The difference between the baseball point spread and other sports' point spreads is that baseball point spreads don't pay the usual 11-10. To play the spread, you must do so based on the money line offered. For example, the favorite may be giving 1 ˝ runs with a money line of +130. In this instance, you would be betting $10 to win $13 and would be giving 1 ˝ runs to the underdog.
Baseball Run Lines
Baseball is unique in that addition to regular side wagers, there can also be a point spread form of wagering. This component is Run Line wagering. Baseball Run Lines are always set at -1-1/2. This means that if you play the favorite, that team must win by at least two runs, while if you play the underdog, that team cannot lose by more than two runs. The money line for each game determines how much the payoff is on each side.
Chicago Cubs (Maddux) -1 ˝ (+125)
St. Louis Cardinals (Suppan) (-145)
In this example, if you take the Cubs to win by at least two runs is betting $100 to win $125, while a supporter of the Cardinals is getting the 1 ˝ runs and risking $145 to win $100.
Hockey
The best way to bet on hockey is to look for a sportsbook that offers a Canadian Line. Canadian Lines have much more value than either a traditional Money Line or Puck Line (point spread). A Canadian Line is basically a combination of the Puck and Money Lines.
Here is how the Canadian Line works:
Bruins5 ˝
Flyers-1/2-125
In the situation presented above, the Philadelphia Flyers are favored to win by ˝ a goal. Also, you are risking $125 to win $100 on the Money Line if you bet on the favored Flyers. If you decide that you wish to bet on the underdog Boston Bruins, then you would risk $100 to win $105, and you would get ˝ a Puck (goal). The Total in our example is 5 ˝ goals. This means that you would risk $110 to win $100 whether you chose to bet Under or Over the Total.
Here is another example of the Canadian Line:
Bruins+1/2 -135
Flyers -1/2+115
In this example, the underdog Bruins are getting ˝ a Puck, but you are risking $135 to win $100 as if the Bruins were favored. The favored Flyers are, conversely, giving ˝ a Puck, but you are risking $100 to win $115.
Not every likes, or understands, the Canadian Line. Fortunately, sportsbooks also offer a traditional Money Line for hockey games. When teams tie, the game is considered a Push and the bet is returned to the sports bettor.
Golf
Sportsbooks offer proposition wagering on odds to win the tournament for individual golfers. Golf Matchups are also offered, where you can bet on one player to finish higher than another in a tournament.
Typical golf rules are listed below. These may vary slightly from sportsbook to sportsbook.
- A player must tee off in a tournament to be considered "in action."
- A player who has teed off is "in action" regardless of whether or not he finishes the tournament. This means that if you wager on John Daly and he has a meltdown on the 5th hole of Day One, which causes him to withdraw from the tournament, he is "in action."
- A Field wager consists of all players that do not have individual odds to win for a tournament.
- Scores are official as of midnight (Eastern Time) on the final day of the tournament.
- The tournament winner is the player that is the declared winner as of midnight (Eastern Time) on the final day of the tournament. If there is no declared winner then all wagers are considered "no action."
Tennis
Sportsbooks offer individual odds to win the tournament as well as Matchup odds for player vs. player action.
Soccer
Sportsbooks offer betting lines on U.S. Major League soccer games, World Cup games and other great European soccer matches. You can wager on money lines or makes futures bets.
A unique betting option for soccer is the Draw Line. When a Draw Line is offered for a soccer match, and the match ends in a tie (draw), wagers on either team (side) are a loss and the Draw Line is the winner.
NASCAR
NASCAR, like other individual sports, features proposition wagers on individual drivers to win. Sportsbooks also offer head-to-head NASCAR Matchup wagering. Matchup odds are posted after qualifying is completed.
Special Wagers
Reverse Parlays
These bets, also called Double Action bets, offer a bettor the chance to receive a greater return on a two-team parlay, but at a greater risk. The amount that is won or lost on a Reverse Parlay depends on the outcome. This is shown in the table below.
Wager 1
Win-1 Loss 2
Losses 1 Win-One Push 2 Wins
$100 Lose $120 Lose $220 Win $200 Win $400
Future Wagers
There are Future Wagers available on a variety of sporting events. You can get a lot of bang for your betting buck by choosing your favorite team to win events such as The Super Bowl, World Series, NBA Championship, NCAA Tournament, Nextel Cup (NASCAR), or the NCAA National Football Championship. You can also make Future Wagers on shorter term events such as the Indianapolis 500, Masters Golf Tournament and The Kentucky Derby. You can even bet the Over/Under on how many wins a team will win in the football, baseball, or basketball season.
Proposition Bets
Proposition bets, or Props for short, are wagers for a particular event to happen or not happen in a particular period of time. In football, Propositions include, but are by no means limited to, who will score the first touchdown, whether the touchdown will be a rushing or passing touchdown, and even who will win the coin toss.
Teasers
Football Teasers - Teasers allow you to move the point spread in your favor by 6 to 7 ˝ points. Some sports books even have special Teasers that allow you to move the point spread even more. Of course, there is a catch. To win a Teaser wager you must win all of the games. Also, you are risking even money or, in some cases, small odds.
The table below shows typical Football Teaser payoffs.
|
# of
Teams
|
6 Points
|
6 ˝ Points
|
7 Points
|
7 ˝ Points
|
|
2 Teams pays
|
1/1
|
10/11
|
10/11.5
|
10/13
|
|
3 Teams pays
|
9/5
|
8/5
|
3/2
|
12.5/10
|
|
4 Teams pays
|
3/1
|
5/2
|
2/1
|
3/2
|
|
5 Teams pays
|
9/2
|
4/1
|
7/2
|
3/1
|
|
6 Teams pays
|
7/1
|
6/1
|
5/1
|
4/1
|
|
7 Teams pays
|
8/1
|
7/1
|
6/1
|
5/1
|
|
8 Teams pays
|
9/1
|
8/1
|
7/1
|
6/1
|
|
9 Teams pays
|
12/1
|
10/1
|
9/1
|
15/2
|
|
10 Teams pays
|
15/1
|
13/1
|
11/1
|
9/1
|
|
11 Teams pays
|
18/1
|
16/1
|
13/1
|
11/1
|
|
12 Teams pays
|
20/1
|
18/1
|
15/1
|
13/1
|
|
13 Teams pays
|
25/1
|
20/1
|
18/1
|
15/1
|
|
14 Teams pays
|
30/1
|
25/1
|
20/1
|
18/1
|
|
15 Teams pays
|
50/1
|
35/1
|
30/1
|
25/1
|
Basketball Teasers - Basketball teasers work in the same manner as their football counterparts. Just like with Football Teasers, when one team pushes on a two-team teaser, it is considered No Action as long as the other team wins. Basketball Teasers allow sports bettors to use both college and pro basketball sides and totals in the same wager.
The table below shows typical Basketball Teaser payoffs.
|
# of
Teams
|
5 Points
|
5 ˝ Points
|
6 Points
|
|
2
Teams pays
|
10/11
|
10/11.5
|
10/12
|
|
3
Teams pays
|
3/2
|
13/10
|
11/10
|
|
4
Teams pays
|
5/2
|
2/1
|
9/5
|
|
5
Teams pays
|
4/1
|
7/2
|
3/1
|
|
6
Teams pays
|
11/2
|
9/2
|
7/2
|
|
7
Teams pays
|
13/2
|
11/2
|
9/2
|
|
8
Teams pays
|
7/1
|
6/1
|
5/1
|
|
9
Teams pays
|
8/1
|
7/1
|
6/1
|
|
10 Teams
pays
|
10/1
|
8/1
|
7/1
|
|
11 Teams
pays
|
13/1
|
10/1
|
8/1
|
|
12 Teams
pays
|
16/1
|
13/1
|
10/1
|
|
13 Teams
pays
|
20/1
|
16/1
|
13/1
|
|
14 Teams
pays
|
25/1
|
20/1
|
16/1
|
|
15 Teams
pays
|
30/1
|
25/1
|
20/1
|
Football Pleasers
A Pleaser is the opposite of a Teaser. With a Teaser, you are able to move the Point Spread or Total in your favor, whereas with a Pleaser you are moving the line against your regular line. The benefit of using a Pleaser is that the payout is much higher than for a Teaser. Note, that with either a Teaser or a Pleaser, you must hit all of the games to win.
| 6 Point Pleasers |
| 2 Teams |
Pay 6/1 |
| 3 Teams |
Pay 17/1 |
| 4 Teams |
Pay 45/1 |
| 5 Teams |
Pay 120/1 |
| 6 Teams |
Pay 450/1 |
IF Bet
IF Bets are conditional wagers. They are played by sports bettors who want action on a second game only IF they win the first game. What makes IF Bets attractive is that the games can be played at the same time. IF Bets are very useful for sports bettors that don't have enough funds in their account to play a second game that they may really like due to the fact that their betting funds are tied up in a game in progress. The only requirements when making an IF Bet are that you must have enough funds in your betting account to cover the bet on the first game, and the wager on the second game cannot be more than the bet on the first game. If you lose the first game, then there is no action on the second game
Buying Points
Sports bettors may buy points to move a line in their favor. The maximum number of points available to be bought is three. Points are purchased in ˝ point increments. The cost to the bettor depends on the number of points bought as the table below shows.
| ˝ Point |
Lay -120 |
| 1 Point |
Lay -130 |
| 1 ˝ Points |
Lay -140 |
| 2 Points |
Lay -150 |
| 2 ˝ Points |
Lay -160 |
| 3 Points |
Lay -170 |
There are some important points to mention about Buying Points. First, you can buy points to raise or lower either the point spread or the total in your favor. If you elect to move the game total off or on 3 points, you will have to risk more than you normally would when Buying Points. The reason for this is that 3 points in the ultimate key number in pro football betting. Many games are decided by this margin and, guess what, the sportsbooks know it. When the line for a pro football game is set at 3 points, you flat out cannot Buy Points in either direction.
Parlays
A parlay is a very popular betting option in which several bets are combined into a single wager. Parlays involve any combination of sides or totals and can even be bet across the various major sports (pro football, college football, baseball, basketball, and hockey). The more bets you make in a Parlay, the greater is the potential payoff. The catch is that you have to win all of your bets to win the parlay.
Parlays appeal to bettors because of the potential for a big payoff on a small wager. The chart below shows typical payoffs for a $100 Parlay with different numbers of teams.
|
Teams
|
Pay Odds
|
Risk
|
To Win
|
|
2
|
13/5
|
$100
|
$260
|
|
3
|
6/1
|
$100
|
$600
|
|
4
|
11/1 |
$100 |
$1,100 |
| 5 |
21/1 |
$100 |
$2,100 |
| 6 |
31/1 |
$100 |
$3,100 |
| 7 |
51/1 |
$100 |
$5,100 |
| 8 |
71/1 |
$100 |
$7,100 |
| 9 |
85/1 |
$100 |
$8,500 |
| 10 |
130/1 |
$100 |
$13,000 |
There are some important points to mention about Parlays. First, a bettor is allowed to Buy Points in a parlay. The payoff is, naturally, reduced, and you can only buy points in a 2 or 3-team parlay. If you do elect to buy points in a parlay, all teams must win by the adjusted point spread margin
If there is a tie in your parlay, the parlay will be adjusted down to the next lowest level parlay. For example, if you have a 4-team parlay going and there is a tie in one of the games, the most you could win would be the payoff for a 3-team parlay. Of course, if any of your teams loses in a parlay, the entire bet is a loss regardless of any ties.
Baseball Parlays
Baseball Parlays can actually be a very good bet. Use the following Baseball Parlay chart to calculate the payoff on any given baseball parlay.
If you are betting on the favorite: Use the factor corresponding to the (money) line.
If you are betting on the underdog: Add one to the line. Be sure to add one to the line and not the factor.
For example, if you bet the Mariners +220 and the Angels –135 in a two-team parlay and risk $100, the payoff would be: $100 x 3.2 x 1.74 - $100 = $456 payoff.
What if you were really bold and tried a three-team parlay using the Astros +148, Mets EVEN, and the Cardinals –119, and risking the same $100, the payoff would be: $100 x 2.48 x 2.00 x 1.840 - $100 = 813 payoff.
Sportsbooks usually have a limit on the odds that they will payoff a Baseball Parlay. The normal maximums are: 3-Team 15/1; 4-team 20/1, 5-team 30/1, 6-team 50/1, 7-team 75/1, and 8-team 100/1.
|
Line/Factor
|
Line/Factor
|
Line/Factor
|
Line/Factor
|
|
101
1.990
|
129
1.775
|
157
1.636
|
185
1.540
|
|
102
1.980
|
130
1.769
|
158
1.632
|
186
1.537
|
|
103
1.970
|
131
1.763
|
159
1.628
|
187
1.534
|
|
104
1.961
|
132
1.757
|
160
1.625
|
188
1.531
|
|
105
1.952
|
133
1.751
|
161
1.621
|
189
1.529
|
|
106
1.943
|
134
1.746
|
162
1.617
|
190
1.526
|
|
107
1.934
|
135
1.740
|
163
1.613
|
195
1.512
|
|
108
1.925
|
136
1.735
|
164
1.609
|
200
1.500
|
|
109
1.917
|
137
1.729
|
165
1.606
|
205
1.487
|
|
110
1.909
|
138
1.724
|
166
1.602
|
210
1.476
|
|
111
1.900
|
139
1.719
|
167
1.598
|
215 1.465 |
| 112 1.892 |
140 1.714 |
168 1.595 |
220 1.454
|
| 113 1.884 |
141 1.709 |
169 1.591 |
225 1.444 |
| 114 1.877 |
142 1.704 |
170 1.588 |
230 1.434 |
| 115 1.869 |
143 1.699 |
171 1.584 |
235 1.425 |
| 116 1.862 |
144 1.694 |
172 1.581 |
240 1.416 |
| 117 1.854 |
145 1.689 |
173 1.578 |
245 1.408 |
| 118 1.847 |
146 1.684 |
174 1.574 |
250 1.400 |
| 119 1.840 |
147 1.680 |
175 1.571 |
255 1.392 |
| 120 1.833 |
148 1.675 |
176 1.568 |
260 1.384 |
| 121 1.826 |
149 1.671 |
177 1.564 |
265 1.377 |
| 122 1.819 |
150 1.666 |
178 1.561 |
270 1.370 |
| 123 1.813 |
151 1.662 |
179 1.558 |
275 1.363 |
| 124 1.806 |
152 1.657 |
180 1.555 |
280 1.357
|
| 125 1.800 |
153 1.653 |
181 1.552 |
285 1.350 |
| 126 1.793
|
154 1.649 |
182 1.549 |
290 1.344 |
| 127 1.787 |
155 1.645 |
183 1.546 |
295 1.338 |
| 128 1.781 |
156 1.641 |
184 1.543 |
300 1.333 |
| |
|
|
305 1.327 |
|
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