Getting into the world of sports betting is easier done than said. The insider jargon and acronyms form a language new bettors must understand if they want to master the art of how to bet on sports.
Never fear. Prediction Machine is here to answer all the questions new gamblers have about betting on sports. We’ll tell you everything you need to know about moneyline betting, how point spreads work, what Over/Unders mean and the difference between parlays and teasers.
What Is Moneyline Betting?
Moneyline betting is the simplest way to bet on a game. You are picking which team will win a game outright as opposed to against the spread. You don’t have to worry about point spreads. There is no need to deal with that when you bet on moneylines. All you have to do is figure out who you think is going to win, and which odds are best for you.
What sports use moneyline betting?
Moneyline wagers are available for all sports but they’re most commonly used by MLB and NHL bettors. Baseball and hockey don’t use spread betting as often because of the low scoring totals compared to sports like football and basketball.
How do Moneyline Odds Work
Let’s pretend the St. Louis Cardinals are at home playing against the Cincinnati Reds. Most of the time, the home team is going to be the favorite in any matchup. Let’s say the Cardinals are favorites at -175.
The minus sign (-) in front of the number (175) means the Cards are the favorites in this contest. The number means that you would have to bet $175 to win $100 on St. Louis.
Then, on the other end, you have the Reds at +150. The plus sign means the Reds are the underdogs in this matchup and, therefore, you can get them for a little more value. You would have to bet $100 to win $150 on Cincinnati.
Moneyline odds can be much higher than the example we’ve given. A boxer can be as large as a -3000 favorite in a bout. Again, this would mean you would have to risk $3000 to win $100 if you wanted to take the favorite.
One final note: you don’t have to bet these amounts, they are simply a ratio to calculate your payout. For example, if you only want to bet $25 on the Reds at odds of +150, you would get $62 if they were to pull off the upset.
Why Moneyline Betting is a Good Option for New Bettors
If you’re a new bettor, you don’t need a bunch of different things in your head as you are going to make your wager. For moneyline betting, all you need is who you think is going to win the game, and how much do you want to wager on it. Sports betting can be complicated when you get into spreads, props, teasers, parlays and other types of bets. Why make it difficult right away?
Get used to how the odds are set by sportsbooks, come up with your own betting strategies and then go deeper into the world of sports betting. Moneyline betting is a perfect way to do this.
How to Bet on Point Spreads
Point spread betting is the most common way to wager on NFL, NBA, college football and college basketball
This involves a favorite that needs to win by a certain number of points against an underdog to cash a ticket. When bettors ask about teams beating the spread, they are talking about the final margin of victory in comparison to the number they wagered on at sportsbooks.
What is Point Spread Betting?
Another term used for point spread betting is “against the spread (ATS) betting”. This is because the favorite win and cover or beat the spread to be graded as the winner. An underdog, on the other hand, doesn’t need to win a game outright but just lose by fewer points than the spread to cash.
The favorite is not only expected to win straight up (SU), but also by a certain number of points. These points are the betting line set by oddsmakers and then wagered on by bettors.
In point spread betting, the price to pay on either side – the favorite or underdog – is generally -110 (wager $110 to win $100), although sometimes a heavier favorite may be a bit higher before moving a half-point or more. It is important to realize, though, that the main goal of sportsbooks is to get equal action on both sides of their numbers in order to guarantee themselves a commission, also known as vigorish (vig), or juice.
Why is Point Spread Betting So Popular?
Many bettors are confident in their wagers and want to get the most bang for their buck, which is why ATS betting makes the most sense. If you like a favorite and do not want to lay a moneyline price like -150 (bet $150 to win $100), you can wager less on the spread of -3 and still take home the same amount of winnings.
The catch, of course, is that the team you are backing needs to win by more than three points.
If you are not worried about your team covering the spread, then ATS betting is definitely the right wagering option for you, especially with favorites. Underdogs can be a different story because you can get more value on them to win on the moneyline. These are good things to know as you’re learning to bet on pointspreads or ATS.
Key Numbers in NFL Point Spread Betting
In the NFL, there are two key numbers to consider for point spread betting because they are directly correlated to the two main scoring options: field goals and touchdowns. A field goal is worth three points and a touchdown seven (with a converted point-after-touchdown, or PAT). Thus, they are the most common scoring margins or spreads between two teams.
To cover a three-point spread, the favorite needs to win by four or more. An underdog must lose by two or less – or win outright. If the final score lands on three points, then the betting result is considered a push, with both sides getting their money back.
An extra half-point on the spread either way can be very important in determining a winner. This is why shopping around for the best lines is critical to a bettor’s success.
For example, Bettor A may have wagered on the New England Patriots at -6.5 versus the Pittsburgh Steelers early in the week before the line moved to -7.5. Bettor B may have wagered on the Steelers at +7.5 later in the week and gotten the best of the number. But a 28-21 victory for New England would result in both bettors winning.
How To Bet On Parlays
Parlay betting is one of the options you have to wager on in your sportsbook. It might sound complicated, but it really isn’t when you break it down. Here is a brief how-to for learning about parlay betting.
What Is Parlay Betting?
A parlay bet is also known as a combination bet. It is one single bet, but with multiple wagers included within the bet. Their odds are usually higher than a single bet, and they increase with each wager you include in the bet. This means the payouts will increase with each wager you put into a parlay.
You can usually pick between 2-12 wagers to put into a parlay bet. You can also use moneylines, pointspreads and totals in parlay bets. However, the key is that you have to win all of your bets in the parlay in order to cash out.
Parlay Betting Example
Let’s say you have three games that you wanted to bet. New England is favored over Buffalo at -260, Philadelphia is favored over Dallas at -175 and Kansas City is favored over Denver at -160.
The payouts for all three of these favorites aren’t worth much. You would have to bet $260 to win $100 on New England, $175 to win $100 on Philadelphia, and $160 to win $100 on Kansas City. However, if you grouped these three together in a parlay bet of $100, you would win $253.57 if the Patriots, Eagles and Chiefs all win their games. That is a much more positive payout than if you had bet on each of these games individually.
What are the Advantages of Parlay Betting?
The biggest advantage to betting on parlays is that you can make a huge profit on just one bet. You can do that in single-game betting, but you would have to risk betting on underdogs, and underdogs have that status for a reason; usually, the other team is better. However, betting on favorites in parlays can turn a nice profit margin for you.
What are the Disadvantages of Parlay Betting?
The major disadvantage to making a parlay bet is that there is a massive risk-reward to it. Parlays can take gambling to a whole new level if you have to win all of your matchups to receive a payout.
For example, you win the first two games of the above example with New England and Philadelphia. But then in the late game, Denver snatches a win from Kansas City. Your entire parlay bet goes down the drain. If you make an assortment of single-game wagers, you can still turn a profit, even if some of those games don’t go your way.v
What are the Disadvantages of Parlay Betting?
Parlay betting is a popular way to bet games – particularly if you like betting on moneyline favorites. It opens up a lot of options for you, throughout all sports. Give a few of them a try and you’ll see why parlay betting is very popular in the sports wagering community.
How to Bet on Teasers
Have you ever wished you could turn an 8-point favorite into a 1-point fave for betting purposes? Wish no more. Teaser betting is your ticket to grabbing a favorite or underdog with a more favorable point spread.
Betting on teasers can make the gambling game a lot more interesting for players. There are more games to bet, making it similar to parlays. However, you’ll see as we go along that they are different from parlay betting.
What Is A Teaser Bet?
A teaser bet is a form of combination betting where you must wager on the outcome of two games. Teaser betting allows a gambler to back a team or total with a different number – making for a more likely winning ticket.
If the Dallas Cowboys and New England Patriots were both touchdown favorites to win on a given weekend, a teaser player could back both teams to win with the spread for each game dropping to a pick’em.
Football teasers are usually 6.5 or 7 points whereas basketball teasers are normally 4.5 or 5 points.
What’s the difference between teaser betting and straight parlays?
There are a few differences from parlays. One is that you can only make a teaser bet on the point spread and totals. Moneylines are only available for regular parlay bets, but not teasers.
The payouts with teaser betting are reduced compared to traditional parlay bets because the lines are moved in your favor. Parlay bets require a bettor to hit on at least two bets on the same ticket with the regular lines.
Similar to parlays, however, you must win all games on your ticket to collect the winners. Winning four of five games on your teaser ticket results in a lost bet, just like it does with parlay betting.
Example of a Teaser Bet
Let’s use a simple two-teaser bet, for now. Carolina is a 4-point favorite over New Orleans, and San Francisco is a 6-point underdog against Seattle. You decide to make a 7-point teaser bet on these two games. You would now have Carolina at +3, and San Francisco at +13.
That would give both teams a bit of a cushion as Carolina was the original favorite anyway, but now they can win outright or lose by less than three points. On the other hand, you have an extra touchdown to play with if you’re going to bet on San Francisco.
The payout for this bet would be around $77 on a bet of $100, which would be more if you bet on a parlay. Again, you moved the lines to your benefit.
What are the Advantages of Teaser Betting?
The obvious advantage to teaser betting is that you can move the lines to suit your betting preference. Teasers allow a greater margin for error with handicapping. The added points in your favor help avoid painful backdoor covers.
What are the Disadvantages of Teaser Betting?
You’re getting much less of a payout if you win on your teaser bet. In terms of two-team parlays, you could get a payout of +260 at many sportsbooks. But if you were to make the same bet in a teaser, you would get a payout of -130. This is the price you pay for the ability to move the lines any way you want.
Should You Get into Teaser Betting?
Teaser betting might not be something that you do every day. However, it is a nice addition to your sports betting arsenal. If you can make the lines go your way to make it as close to a sure thing as possible, it wouldn’t be a bad idea to jump on it. Besides, a smaller profit is better than no profit at all.
How to Bet on Totals
Picking winners isn’t the only way to get into the sports betting game. Many bettors find that wagering on totals is much more fun than picking a side against the spread.
Whatever the case might be, figuring out how to bet on totals are an integral part of the wagering menu.
Taking the Over or Under on a total can be a thrilling win or agonizing defeat, no matter which one you are betting. Nothing is better than cashing an easy winner, and a totals bet can be graded a winner before the final whistle.
What is Over/Under Totals Betting?
Totals are the combined number of points or runs expected to be scored between two teams in a game. This number is set by oddsmakers at a sportsbook. Bettors then have the opportunity to wager on whether they think a game will go Over or Under that total. The lines tend to move one way or the other, based on what the public believes will happen in the game.
There are several different factors that go into handicapping totals. Many people like to look at trends, injuries and weather in order to try to gain an edge. Sometimes, it is a combination of things that can impact the total, such as the recent form of a team due to a key injury. For example, a football team is missing a key starter in the secondary and giving up a lot of passing yards. Therefore, the defense is surrendering more points than usual.
Example of How to Bet on Totals
In the NBA, Over/Under totals range anywhere from the high-100s to the low-200s and sometimes even higher. This depends on which teams are involved. Two high-scoring teams could even see a total over 230.
Line movement is often the key to successfully betting on NBA Over/Under totals. Overnight numbers released by sportsbooks can change dramatically between the time they are posted and when games finally tip off. Timing is everything in this case.
Bettor A could wager on the Over at 200.5 the night before a game between the Los Angeles Lakers and Cleveland Cavaliers play each other. Then, the line shifts four points to 204.5 when Bettor B takes the under. The Lakers win 101-100, and so do both bettors.
How to Bet On Props
The public enjoys wagering on propositions and you need no further proof than the 100s of prop bets sportsbooks create for the Super Bowl every year. The popularity of prop betting has grown wildly since they were first introduced in the mid 1980s. That’s why you need to learn how to bet on props.
What is Props Betting?
The definition of props betting is wagering on something that happens within a game that is not dependent on the final result, such as taking a favorite or underdog against the spread (ATS) or going Over/Under a total.
With props, it does not matter who wins the game and covers the spread or how many points are scored. It is mainly about who does what when.
Props are very exciting to bet on because they can be decided in an instant. They often involve a single play or part of a game. If you are a props bettor, you are more than likely looking for a quick score because you have found something to wager on that you believe is an absolute sure thing. Or, you simply love the thrill of a good gimmick bet.
An Example of How To Bet On Props
The popularity of props started in the mid-1980s when bettors could wager on William “Refrigerator” Perry scoring a touchdown for the Chicago Bears in Super Bowl XX. The odds of that actually happening reportedly went as high as 75-to-1. It did happen, which is why it has gone down in history as arguably the greatest prop ever.
Over the years since then, there have been a lot of additional opportunities to wager on similar props, with “Player to score the first touchdown in an NFL game” among the most popular. At first, this prop was limited to the Super Bowl, but props have grown with the explosion of fantasy sports. Most sportsbooks will offer player and team prop bets for every game in every major North American sport.
The best part about props betting is the odds and potential payout. The favorite to score the first touchdown can go off at as low of 4/1, in most cases. Many times, that is a running back who has a chance to score in short-yardage situations near the goal line.
But there can also be tremendous value on betting someone else like a tight end, a much less glamorous position, but one that can score from a few yards out under a very similar scenario. Handicapping these odds and their likelihood is the key to winning.
Why Should You Start with Prop Betting?
First of all, props might just be the most fun bets to wager on for all of the reasons mentioned above. Come up with any bet you want action on that happens within a game. The odds of a sportsbook carrying odds on it are probably pretty good.
All kidding aside, if you want to hit a big payoff with a small risk, props are definitely your best bet. They are not easy bets to win by any means, but all you need to do is cash one every so often to make a nice profit.
And like everything else involving sports gambling, luck is certainly involved in addition to how you handicap the games. The good news is that you do not have to win nearly as much in order to end up ahead. Learn how to bet on props and you should be making a profit in no time.