A comprehensive guide to types of sports bets and when to use them

If you’re new to sports betting, there’s a good chance you have been confused with all the terminology. Luckily, we’ve created a comprehensive guide to the types of sports bets you’ll see available, along with suggestions on the best times to use them. We’ve done most of the hard work for you, so all you have to do is browse welcome bonus offers available through sports betting sites and pick the best one. That way you can take advantage of the bonus offer as you’re starting out. 

What types of sports bets are there?

There are lots of different types of sports bets, and you could argue there could be an infinite number of them if someone was really creative. But everything boils down to one thing: putting money on the ones you think offer the best value.

A long time ago, betting used to be simple, but it has since evolved and become more complex. Now, you can bet while the game is taking place or stack your bets based on a chain of events. 

Let’s break that down by discussing the different sports bets available. Keep in mind that this list may not cover bets specific to a sport and that some companies may launch unique types. Below, we review the kinds of sports bets you’re guaranteed to see, regardless of which bookmaker you’re using.

Moneyline

Moneyline betting is the type we’re all most familiar with and involves betting on the winner. There’s nothing complicated about it, just put money on who you think will win.

Moneyline bets are good for the following:

• A bettor who’s just getting started and wants to get used to how things work
• Someone who’s not familiar with the sport and wants to get their feet wet
• A casual bettor who wants to capitalize on a lopsided matchup
• A casual bettor who wants to enjoy a major sporting final, such as the 2024 Euros or 2024 Copa America, and wants to cheer on a certain team
• A beginner who wants to test their skills with a simple bet

When to use moneyline bets

Due to how simple they are, you can use moneyline bets anytime. 

For beginners and casual players, moneyline bets are a great introduction to sports betting. It can help build your confidence so you can move on to more involved betting types later. For seasoned bettors, moneyline bets are a good way for you to “scout” the sport and study potential patterns.

Point spread

Those who have graduated from moneyline betting can move on to point spreads. By this point, you should have a better grasp of the game you’re following, so you will have more confidence in betting on the winner and by how many points they will win.

That last bit about “how many points” is vital due to how point spread betting works: you bet on a team winning or losing by a certain number of points.

Let’s say you were betting on the 2024 Copa America final, and the point spread was +1.5 for Argentina and -1.5 for Colombia. That means in order for your bet to be successful, Argentina would have to win by at least 2 goals or Colombia to lose by 1 goal or win. If Argentina were to win with only one goal as they did, your bet would be unsuccessful.

When to use point spread bets

As you may have noticed, point spread bets require you to be more informed about the game you’re betting on. You don’t need to be an expert to make a prediction; just a bit of reading from online analyses will usually give you the information you need to place a bet.

If you’re well-versed in the sport, point spread bets can be a great way to test your analysis. Using the same 2024 Copa America final example, point spread betting will test how well you know Colombia’s defense and Argentina’s striking prowess.

Over/under

Over/under bets are another simple betting concept that requires you to know a bit about the game.

Here’s how it works: you bet on whether the combined total of both team’s score for that game is over or under a given number — that’s it.

Over/under bets sound simple enough, but there’s a catch: you need to be familiar with both teams. Does the game involve two top teams, or is it a matchup between the two bottom teams? Are the teams known for their defensive play or do they like to run-and-gun?

When to use over/under

Over/under is great for sports that award several points for scoring, such as basketball and football. As the point totals are more defined than those you’d see in soccer, over/under betting works well in this situation. Even if you’re not a fan of either team, this type of sports bet will get you involved in the game.

Prop bets

Short for proposition betting, prop bets require you to know a bit more about the game — typically beyond what a beginner would know. This is because you’re betting on the chances of something happening in the game.

For example, you might place a prop bet on a quarterback throwing 200 yards or more for that game. That means you need to know how the quarterback has been doing recently, including if they have been injured or are in top form, how the QB likes to play — do they like to pass or rely more on handoffs, how the QB’s defensive line looks like for the game and what the other team’s overall defense is like.

That might seem like a lot to remember just for one bet, and it is. Prop betting requires more awareness, but it gets you more involved in the game by requiring that you examine various aspects that could affect the result.

When to use prop bets

Prop bets are great when you’re a fan of a particular team and feel confident about them. For example, if you know your QB has been on a roll recently, you might bet that he’ll throw more than a certain number of yards during the game.

Parlay

Once you’re comfortable with prop betting, parlay is your next best option. Basically, you bet on multiple aspects of the game, but they must all be successful in order for the bet to payout.

For example, you could have placed the following parlay bet on the 2024 Euros final:

• Spain to score first
• England to get a corner first
• Jude Bellingham to get fouled first
• The game goes to a penalty shootout

All these must happen for your parlay to be successful.

When to use parlay

Parlay bets require you to be fully confident about your knowledge of the game because all your bets must be successful before the parlay bet will payout. It only takes one thing to cause the entire bet to crumble.

The above are just some of the possible bets you can make. There are others but these are the most common. So, if you’re beginner, stick with the above wagers to get your feet wet!