Welcome to Lesson 3!
Now that you know how each sport works, it's time to talk about how to actually bet on them!
In this lesson, we're going to break down every major type of bet, what they mean, and when to use them.
The 7 Most Common Bet Types
Moneyline • Point Spread • Over/Under • Prop Bets • Parlays • Teasers • Futures
1 Moneyline Bets (Who Will Win?)
A Moneyline bet is simply betting on which team will win the game — no other conditions.
✅ If They Win
You win!
❌ If They Lose
You lose your bet
Example
Dallas Cowboys -150 vs. New York Giants +130
- Bet $150 on Cowboys (-150) → If they win, you win $100 profit
- Bet $100 on Giants (+130) → If they win, you win $130 profit
Key Notes
- Favorites have a minus (-) sign — you bet more to win less
- Underdogs have a plus (+) sign — you bet less to win more
2 Point Spread Bets (Winning by a Certain Amount)
The point spread gives a "handicap" to the teams to even the odds. You're betting on whether a team wins or loses by a set number of points.
Example
Kansas City Chiefs -3.5 vs. Denver Broncos +3.5
- Chiefs -3.5: Chiefs must win by 4 or more points for your bet to win
- Broncos +3.5: Broncos can lose by 3 or fewer, OR win the game, and you win
Pro Tip:
If the spread is a whole number (ex: -3) and the team wins by exactly 3, it's a push — you get your money back. Spreads are super popular in NFL and NBA betting!3 Over/Under Bets (Total Points Scored)
Instead of picking a team, you're betting on how many total points will be scored by both teams combined.
Example
Over/Under set at 47.5 points for a football game
- Final score: 30-20 (50 total points) → Bet the Over? ✅ You WIN!
- Final score: 20-17 (37 total points) → Bet the Over? ❌ You LOSE
Also Called "Totals"
Great option if you don't want to pick a winner but expect a high-scoring or low-scoring game!
4 Prop Bets (Player or Game Events)
Prop bets are side bets on things that may or may not affect the final outcome — focused on players, teams, or specific events.
🏃 Player Props
- "Will Patrick Mahomes throw over 2.5 touchdowns?"
- "Will LeBron James score 30+ points?"
- "Will Steph Curry make 5+ three-pointers?"
🏟️ Team/Game Props
- "Which team will score first?"
- "Total home runs by Yankees in a game"
- "Will there be a safety scored?"
Pro Tip:
Props are super popular during big events like the Super Bowl and NBA Finals. Fun way to bet if you're into specific players!5 Parlay Bets (Combining Multiple Bets)
A parlay combines 2 or more bets into one single bet. To win, every part of the parlay must win.
Example: 3-Leg Parlay
- Cowboys to win ✅
- Chiefs to cover -3.5 ✅
- Over 47.5 in another game ✅
If ALL three bets win → You win a huge payout! 🎉
If ONE bet loses → You lose the whole parlay ❌
⚠️ High Risk, High Reward
Small bets can turn into big payouts, but parlays are much harder to win. Use sparingly!
6 Teaser Bets (Adjusting Spreads)
A teaser lets you adjust point spreads in your favor, making bets safer but reducing payout. Usually used in football or basketball.
Example: 6-Point Teaser
- Chiefs -7
- Bills -10
- Chiefs -1
- Bills -4
You moved both lines 6 points in your favor — easier to win, but smaller payout than a regular parlay.
7 Futures Bets (Long-Term Bets)
Futures are bets placed on events happening in the future, like who will win the Super Bowl, World Series, or MVP awards.
Example
Kansas City Chiefs to win Super Bowl: +600
Bet $100 → If they win it all, you profit $600!
Why Bet Futures?
- Higher payouts because outcome is far away
- Great for season-long excitement and rooting interest
- Your money is locked up until the event concludes
⭐ Bonus: Live Betting (Betting During the Game)
Live betting means placing bets while the game is happening — odds change in real time based on the action!
Examples of Live Bets
- "Who will score the next touchdown?"
- "Will the game go Over/Under based on current pace?"
- "Which team will win now that they're down by 10?"
Great for: Adjusting your bet based on how the game is going. Requires watching the game live!
📋 Quick Recap: Types of Bets
| Bet Type | What You Bet On | Risk | Reward |
|---|---|---|---|
| Moneyline | Who wins | Low-Medium | Standard |
| Spread | Margin of victory | Medium | Medium |
| Over/Under | Total points scored | Medium | Medium |
| Props | Player/team events | Medium | Varies |
| Parlay | Multiple bets combined | High | High |
| Teaser | Adjusted spread combo | Low-Medium | Reduced |
| Futures | Season-long outcomes | High | High |
End of Lesson Checklist
- I know the difference between Moneyline, Spread, and Over/Under
- I understand what a Prop Bet and Parlay are
- I learned about Teasers, Futures, and Live Bets
- I feel confident identifying which bet type I want to try first
🎯 Next Lesson Preview
In Lesson 4, we'll walk you through how to place your first bet step-by-step — from creating a sportsbook account to clicking "Place Bet"!