In the previous articles in our Value Playbook series, we covered the basics of sports betting and how to read odds. In this article, we will delve deeper into the different types of bets you can make and their corresponding payouts.
Moneyline Bets
A moneyline bet is a straight-up bet on the winner of a game or match. The odds are displayed using American odds, with the favorite having a negative number and the underdog having a positive number. Here's an example using an NBA game between the Toronto Raptors and Golden State Warriors:
Toronto Raptors (-150) vs. Golden State Warriors (+130)
In this example, the Raptors are the favorite with odds of -150, while the Warriors are the underdog with odds of +130. If you want to bet on the Raptors, you would need to bet $150 to win $100. On the other hand, if you want to bet on the Warriors, a $100 bet would win you $130.
Point Spread Bets
Point spread bets are bets on the margin of victory in a game or match. The odds are also displayed using American odds, with the favorite having a negative number and the underdog having a positive number. Here's an example using the same NBA game:
Toronto Raptors (-3.5) vs. Golden State Warriors (+3.5)
In this example, the Raptors are favored by 3.5 points, indicated by the negative number, while the Warriors are given 3.5 points, indicated by the positive number. If you bet on the Raptors to win the game by more than 3.5 points, they would need to win by at least 4 points for your bet to win. If you bet on the Warriors, they would need to win the game outright or lose by 3 points or fewer for your bet to win.
Over/Under Bets
Over/under bets, also known as totals bets, are bets on the total number of points scored in a game or match. The odds are displayed using American odds, with the over having a negative number and the under having a positive number. Here's an example using the same NBA game:
Toronto Raptors vs. Golden State Warriors - Over 220.5 (-110) / Under 220.5 (-110)
In this example, the over/under line is set at 220.5 points, with odds of -110 for both the over and under. If you bet on the over, you would need the total score of the game to be 221 or more for your bet to win. If you bet on the under, you would need the total score to be 220 or less for your bet to win.
Parlay Bets
A parlay bet is a combination of two or more bets that are linked together. In a parlay bet, all of the individual bets must win for the parlay to be a winner. The odds for each bet are multiplied together to determine the overall odds of the parlay. Here's an example using the same NBA game:
Toronto Raptors (-150) and Over 220.5 (-110) parlayed together
In this example, if you bet $100 on this parlay and both bets win, you would win $240. If either bet loses, the parlay is a loser.
Conclusion
Understanding the different types of bets and their corresponding payouts is crucial in sports betting. Moneyline, point spread, over/under, and parlay bets are the most common types of bets you'll encounter. By knowing how to read odds and calculate payouts, you can begin to explore the different strategies and ways to approach each type of bet. Remember to always gamble responsibly and to seek out value in your bets. Good luck!