The objective of sports betting is to pick the winner or loser of a future sporting event.  The wager is usually placed with a sportsbook (AKA, bookmaker or bookie).  Most sportsbooks accept physical, online, and telephone wagers.

To start betting the player needs to pick the winner(s), decide on the type of bet, and set the wager amount.  There are many different types of sports bets that can be made.

Straight bet or Single

The player bets on a winner at given odds.

 

 

Point Spread

Point spread bets allow the player to bet on one of two selections that have been made equal by allocating points to the underdog, it works much like a handicap in the game of golf.  The point spread is the number of points that have been allocated, and is usually shown with a (+) symbol for the favorite, and a (-) symbol for the underdog.  The favorite is required to win by more than the point spread for the player to win, and if the player bets on the underdog, the underdog needs to lose by less than the point spread for the player to win.  In the event that the players selection wins by the exact amount of the point spread this is considered a tie and all bets are returned.

Buy Points

Buying points allows the player to change the Point Spread at a price.

Moneyline

Moneyline bets are basically the same as Point Spread bets, however on the odds for Moneyline bets are displayed with a (+) symbol for the underdog and a (-) symbol for the favorite.  For example, if team A is the favorite and is displayed at –160, and team B is the underdog and is displayed at + 130.  The bets available are 10:16 odds-on for the favorite, and 13:10 for the underdog.  Therefor for every $160 you bet on team A you would win $100, and for every $100 you bet on team B you would win $130. 

Total

A player that is betting on the total is betting on the total number of points scored by both teams.

Over/Under

By making an Over/Under bet the player is betting that the total amount of points scored by both teams is Over or Under the total set by the sportsbook.

Parlay or Accumulator

A parlay or an Accumulator bet is a wager on two or more games and the player must win on all the selections to win.  Parlay or Accumulator bets can provide for big winnings, for the simple reason that winnings from the first game are added to the wager amount for the next game, and so on.  It all adds up fast and players can win big on a small bet.  

Teaser

A Teaser bet is very similar to that of a Parlay bet, however the player also has the option to add or subtract points from one or more spread bets.  When wagering a ‘teaser’ the player can add additional points to the underdog, or deduct points from the favorite.  The odds and potential winnings will change depending on the number of points by which the spread has been changed, and by the number of games used to form the teaser.  A player must win on all selections to win a teaser bet.

If-wager

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An If-wager allows the player to make a second wager, up to the same amount, if the player wins on the first selection  Click here to make a bet at Bodog

Open Wager

An ‘Open Wager’ is basically just a ‘Parlay” or a ‘Teaser’ when the player can make his or her selections at different times, or on different dates.

Future

A ‘Future’ bet is a bet made on an event that will take place some time in the future.  Future bets are usually bets on which team will win the championship, or a certain tournament.  The odds for future bets change as the season or tournaments progress, but the player will always be paid on a future bet using the odds that were posted when the bet was made.

Exotic Bets

An exotic bet is a wager on an unusual event.