Sports wagering is a popular form of gambling. The majority of people wager on sporting events primarily for fun and entertainment, like the Super Bowl pool you probably see around the office. Because of the many different types of wagers, it is easy to not understand which one will give you the most value. Here is an overview of several types of wagers.
Money Line: Wagering on a money line deals specifically with wins and losses. Baseball and boxing are sports that use this type of wager. While this type of wager seems simple, it can sometimes end up being more expensive to bet. If you were to bet on a team that was a slight favorite, you might see a line of -120, then you would need to bet $120 to win $100. If you bet on a big favorite, you might see a line of -500; then you would have to bet $500 to win $100.
Parlay: A parlay is a combination bet. It is a bet based on at least two teams, and it pays out above the standard even-money rate you’ll get from a normal wager. One thing to remember: any individual loss on your parlay wager will result in a complete loss on your bet.
Props: A prop bet is a wager that allows you to bet on any specific outcome during a game. For example, you might bet on which team will win the coin toss at the beginning of a football game or how many strikes a specific pitcher will throw during a baseball game.
Point Spread: This type of wager is probably the easiest one to bet on. The spread is a wager that involves a team giving or receiving points during a game. For example, the Baltimore Ravens are playing the Pittsburgh Steelers. The Ravens would most likely be the favorite since historically they have won against the Steelers more than lost. Therefore, the Ravens would have to give away a certain amount of points, 10 for example. The Steelers would have to win the game by more than 10 points for you to win. Be careful when you bet a spread, and do your homework. It is always possible that the favorite team could win the game but not beat the spread, which means you would still lose your bet.