If you've never placed a sports bet, the menu can be intimidating. Spreads, moneylines, totals, parlays, props, teasers, futures, live, SGPs — what does it all mean, and where should you actually put your money?
This guide walks through every wager type you'll see at a major sportsbook, with plain-English explanations and practical advice on when each is worth playing.
Point Spread
The point spread hands the favorite a "negative" handicap. If the Eagles are -7 against the Cowboys, an Eagles bet wins only if Philadelphia wins by 8+. A Cowboys +7 bet wins if Dallas loses by 6 or fewer, or wins outright.
Spreads are the dominant US market for football and basketball. The standard "vig" is -110 on both sides — a built-in 4.5% commission to the bookmaker.
Use it when: the moneyline is heavily one-sided and you want a more interesting price. Spreads neutralize lopsided matchups.
Moneyline
Pick the winner. No spread, no handicap. Favorites pay less than even (e.g., -200 to win $100 you risk $200). Underdogs pay more (e.g., +180 means $100 wins $180).
The dominant market for baseball, hockey, soccer, MMA, and tennis — sports where margin of victory varies enormously and a spread doesn't add useful structure.
Use it when: you want a clean win/lose bet, especially on underdogs at +120 to +200 where the value can be excellent.
Totals (Over/Under)
Bet whether the combined points/runs/goals will be over or under the posted number. The Chiefs-Bills total is 49.5 → bet over (50 or more combined points) or under (49 or fewer).
Pace-driven. Weather, injuries, key players' usage rates — all matter.
Use it when: you have a strong opinion about pace or scoring environment but no clear winner.
Run Line / Puck Line
The spread variant for baseball (run line, fixed at -1.5) and hockey (puck line, fixed at -1.5). Higher payout for laying the favorite — but the win must clear by 2+.
Use it when: you like a heavy favorite at a soft moneyline price. The +1.5 dog at fair odds is one of the best bets in baseball and hockey because so many games end in 1- or 2-run margins.
Player Props
Wager on a single player's stat — passing yards, points, strikeouts, shots on goal. The softest market in modern sportsbooks because pricing is reactive: when news hits, lines lag the implied probability shift.
Use it when: you have specific knowledge about a matchup. Backup-PG over X assists when the starter is out is a classic exploitable spot.
Game Props
Wagers on specific game events: first scorer, total touchdowns, halftime winner, exact final score. Lower limits, much higher house edge. Mostly entertainment.
Parlays
Combine multiple legs for a multiplied payout. A 3-team parlay at -110 each pays roughly 6:1.
Looks attractive — built-in commission is high. A standard 3-leg parlay carries roughly 12% hold; SGPs and SGP+ run 15-25%.
Use it when: you have 2-3 independent +EV bets and want the multiplied upside. Don't use it for casual entertainment unless you accept it as a lottery ticket.
Same Game Parlays (SGPs)
A parlay where all legs are from the same game. Books price these specially because the legs are correlated (e.g., Mahomes 3+ TDs and Chiefs win are positively correlated). Book hold rates are double-digit.
Use it when: you specifically want to bet a correlated narrative (heavy favorite + their QB has a big day). Avoid: SGPs as a way to "make a small bet pay big" — you're paying for the correlation in the line.
Teasers
Move spreads or totals 6, 6.5 or 7 points your way across multiple games. The classic move: tease NFL spreads through both 3 and 7 (the most common margin numbers).
Use it when: you can find 2-3 NFL games where teasing through key numbers crosses 3 and 7. Historically a sharp's bet, less so now that books price teasers more aggressively.
Futures
Long-term wagers — Super Bowl winner, NBA MVP, World Cup champion. Your money is locked up for weeks or months but the prices can be exceptional, especially before the season starts.
Use it when: you have a strong preseason opinion and don't mind locking up capital.
Live (In-Play) Betting
Bet during the game as odds shift in real time. Edge comes from speed, focus, and reading momentum the books haven't fully priced.
Use it when: you're watching the game and notice the line lagging an obvious shift (key injury, weather change, momentum swing). Don't use it for chasing losses on prematch bets — that's where most live-betting bankrolls die.
If Bets and Reverse Bets
Conditional wagers. An "if bet" places a second bet only if the first wins; a "reverse" bet places both directions. Useful for managing exposure when you want exposure to multiple games but not parlay-level risk.
Round Robins
A series of mini-parlays generated from a list of teams. A 4-team round robin in 3-team parlays produces 4 × 3-leg parlays. You can survive one losing leg without busting your entire ticket — but you pay for that resilience with reduced max upside.
How to think about which bet to place
The right bet depends on your conviction and your read:
- Strong opinion on outcome → moneyline or spread
- Strong opinion on pace → total
- Specific player insight → player prop
- Long-term opinion before the line moves → futures
- Multiple independent reads → parlay (carefully)
- Watching the game and the line is wrong → live betting
The wrong move is using whatever bet type matches your mood. Match the wager to the read.
Want more? Browse all our strategy guides, or jump straight to the calculators.