This is the most common type of sports wager and is based on the results of a single game. One team is typically favored over another by a point spread / handicap or a money line. With the Point Spread or Handicap, the favorite gives the underdog a number of points as a head start. The favorite is always indicated by a minus sign (-7) and the underdog by a plus sign (+7). The number of points a player must give or take is estimated to be the number that will generate equal wagering on both the underdog and the favorite.
For betting purposes, the result of the game is determined by taking the actual score and subtracting points from the favorite’s score, or adding points to the underdog’s score. So, a favorite can win the game, but lose it for betting purposes, and an underdog can lose the game, but win it for betting purposes.
In most straight bets, which are set by a point spread, the player must lay $11 for every $10 he/she wishes to win.
For example, the Oakland Raiders may be favored by 7 points over the Denver Broncos. A player who wishes to win $10 on Oakland must give Denver 7 points. If Oakland wins by more than 7 points than the Oakland player wins $10. If Oakland wins by less than 7 points, or loses outright, then the Oakland player loses $11. On the other side of the wager, in order for a Denver player to win, The Denver Broncos must win the game outright, or lose by less than 7 points.
A parlay wager is a bet on 2 up to 8 teams or selections. It is one of the more versatile forms of sports wagering. The player can combine different sports, point spreads and money lines. In a parlay wager the original stake and winnings are re-invested on the next game, and all selections must be correct, that is, one loss and the parlay loses.
In the event of a push (tie), game cancellation, or a pitcher who you have specified as not starting, actually starts, the parlay reduces to the next lower number, e.g. a four team parlay becomes a three team parlay. A winning parlay wager will pay many times greater than the initial wager.
No parlay wagers will be accepted where propositions, quarters or different periods of the same game are connected. The parts of a parlay wager are deemed to be connected, for example, if one leg of a parlay is for Sampras to defeat Henman in the 4th round of Wimbledon, and the second, or additional, part of the parlay is for Sampras to win the Wimbledon title. The match forms part of the overall tournament and is, therefore, connected.
In the same way, you cannot parlay the over of the first half of a football game with the over of the total game, because the two are connected.
A teaser wager is a wager on two or more teams or selections. The difference between the teaser wager and the parlay is that the player can adjust or tease the line in his/her own favor. For example, if the Denver Broncos are favored by seven points in one game, and the Seattle Seahawks are favored by 10 points in a second game, a teaser could very well favor the player. That is, a six point, two team teaser would adjust the point spread six points in favor of the player. In effect, Denver would now be favored by one point (7-6 = 1) and Seattle would be favored by four points (10-6 = 4).
In this particular example the player is wagering that Denver will win by more that one point (7-6 = 1) and Seattle will win by more than four points (10-6 = 4).
A future wager is a wager made, or lines/odds posted, on an event, or outcome, that will be determined sometime in the future. For example, it might be a wager placed at the start of the football season on Miami Dolphins to win the Super Bowl. All wagers are final. There is no payoff until the end of the season.
The main point to remember is that future odds change continuously throughout the season. In other words, you get the odds which are in effect at the time you place a wager. Future wagers often attract (high) odds to the player.
A proposition play is a wager based on the outcome of events. Odds change daily and all wagers are considered action for the odds quoted at the time of the wager.
In the case of a future/proposition wager, if your selected team or contestant does not take part in the game or contest due to scratch, injury etc., you will not receive a refund.
The player must also keep in mind the dead heat rule. This means that in the event of a dead heat (tie), the stakes will be divided by the number of selections involved in the dead heat (those dead-heating), with the divided stake settled at full odds. The remaining stakes are losers. If the tie was a wagering option, however, then the dead heat rule does not apply. It will only apply to future wagers. For example, if there is a three-way tie for the top scorer in a football game, then the player’s winnings are calculated by taking the stake, dividing it by three, and multiplying it by the odds on his/her wagering ticket.
A reverse wager is the same as two if - win wagers. This means that if wager A wins, the bet goes to wager B. Likewise, if wager B wins, the bet goes to wager A. On the other hand, if wager A loses, the bet does not go to wager B. And again, if wager B loses, the bet does not go to wager A. If wager A wins, the bet goes to wager B, but if wager B loses, the bet does not go to wager A.
All standard reverse bets are double action, therefore, in the event of a tie, the bet is still active.
The totals wager is based on the combined total number of points or goals scored by two teams in a single game. A player bets on whether the combined total number of points or goals scored by the two teams in the game will be over or under the total set by the oddsmaker / handicapper. For example, if the total set by the oddsmaker is 42 and you believe that the combined points scored by the two teams will exceed that number, you would bet over. You would bet under if you believe the total points score will be less than 42.
An If wager is a bet that carries over to a second team if the player wins on his initial selection. For example, the player has to wager a fixed amount on one team. If that team wins, or the game is tied, then another fixed amount, up to the original amount wagered, shall be placed on a different team.
The player must win his/her first wager in order to continue the action on the remaining wagers. If the first wager loses, there is no subsequent action. Note that the player cannot have duplicate teams in the same if - win wager.
A money line wager, instead of a point spread, may be used to bet on a match-up between two teams. In effect, if a match-up is determined by a money line, like Major League Baseball, then it will cost the player more to wager on the favorite.
For example, the New York Yankees may be a (-150) favorite over the Washington Nationals. In this example, the player must lay $150 in order to win $100. That is, if the Yankees win, the player pockets $100. If the Yankees lose, the player loses $150. On the other hand, the player could have bet on the underdog, Washington, in which case the player would lay $100 in order to win $140 (10 cent line). If Washington loses, the player only loses $100, but if Washington wins, the player would win $140.