Sports wagering can definitely provide extreme fun and excitement to those passionate about sports as well as the serious bettors finding a way to make smart money. Before one embarks on sports betting, it would be wise to understand the basic of sports betting.
In this article you will learn the 8 basic terms and definitions commonly used in betting on sports.
1. Straight Bets
A straight bet is the most common bet. This is where you wager on a single side to win. Straight bets can be made using either the point spread or the money line or the game total to go over or under. The format of line will vary depending on the sport that you are betting on.
A parlay is a bet with two or more teams (events) in which all teams must win. Since it is harder to predict multiple events than it is for a single event, the payout odds increases as the number of included events increases.
A teaser is a special type of parlay in sports betting in which you adjust the point spread or total of each individual play. Additional points are either either added to the underdog or subtracted from the favorite. The price of moving the point spread (teasing) is lower payout odds for winning the teaser wagers.
In sports betting, a prop is a special wager offered by the sports book on unique and various topics. These wagers can be on sporting events, politics, and even trial outcomes. The wagers use the money line format of pay off odds and might included for example who scores the first touchdown in the super bowl, or who will win the next presidential election, or whether or not O. J. will be found guilty.
In sports betting, futures odds are posted in advance on the winners (a team or a player) of various major events or tournaments at the start of a season. The odds will change as the season or tournament progresses and it will change according to each team’s performance in the series. However the odds at the time of your wager will remain in effect.
6. Total (over/under)
In sports betting, a total wager is to bet on the combined number of runs, points or goals scored by both teams during the game, including the overtime. You can bet Over – In sports betting the over is a sports bet in which the bettor guesses that the combined point total of two teams will be above a specified total. Or you can bet Under – When it comes to sports betting a under is a wager in which the bettor guesses that the total points scored by two teams will be under a certain number.
7. Point Spread
In sports betting this is the predicted scoring differential between two teams as quoted by a sports book. A “line” is set for each game by the odds makers. Favorites will have a – (minus) sign followed by a number, while the underdogs will have a + (plus), followed by a number. Here’s an example NFL line:
Chicago + 7
Baltimore is the favorite and must win by 8 points or more to win. If they win by exactly 7 points, the game is a “push” or tie, and you get the amount of your bet back. If Baltimore wins by 6 points or less, or loses the game, then those that bet on Chicago will win the money.
A lot of times you’ll see a 1/2 point, for example Baltimore is -7 1/2 points. This eliminates “pushes” since a team can’t score 1/2 a point.
Sometimes you’ll see games where the spread is “Pick” or “PK”. That means the line is 0 and no points are in effect…just pick the winner. Point spread bets can be either “straight” or “parlay” bets.
8. Money Lines
In sports betting, they are odds expressed in terms of money. With money odds, whenever there is a minus (-) you lay that amount to win a hundred dollars, where there is a plus (+) you get that amount for every hundred dollars wagered. The minus sign is for the favorites while the plus sign is for the underdog.