The whole betting process can be a bit overwhelming for new sports bettors. There are so many different types of wagers to learn. After you read this guide to the types of bets, you will no longer be confused as to how to bet on sports.
Every sportsbook offers multiple types of wagers for most sporting events. So, after choosing a betting app, once you get logged in and make a deposit, you’ll see a list of games and matches with various wagers. On events such as the Super Bowl, there are literally hundreds of different types of bets you can place.
Every sportsbook offers multiple types of wagers for most sporting events. So, after choosing a betting app, once you get logged in and make a deposit, you’ll see a list of games and matches.
On most sporting events, however, you’ll find standard betting types that we are about to explain. Here’s a list of all of the wager explanations you’ll find on this page along with examples.
How Do Sports Betting Odds Work?
Effectively betting on sports – turning a profit – requires an understanding of the odds. You can’t win every bet you place. In fact, many great sports bettors lose around 40 percent of the games they play. They don’t have to win them all because over time, if they play the odds correctly, they’ll win.
To help you understand how betting odds work, we created a spreadsheet. The following is based on standard point spread odds. For this example, we’ll use a 2018 Week 17 game between the Chicago Bears and the Minnesota Vikings. We’re betting $110 on the Bears to cover.
| Point Spread | Line | Juice |
|---|---|---|
| -6.5 | 110 | $10 per $100 wagered |
In this example, we needed the Bears to win by at least seven points to win the bet. And if that happened, we turned a $100 profit. Fortunately, Chicago came through with a 24-10 victory to cover the spread.
The point spread line (-110) is in place to help the casino turn a profit. If the sportsbook offered even money on this type of wager, they wouldn’t turn a profit. Let’s say $500,000 is bet on the game, half on both sides, the casino would pay $250,000 in profits to one side and collect $250,000 from the other for a break-even game.
In an Over wager, the player wagers that the total combined points scored by the two teams will be more than the total. In an Under wager, the player bets that the total points scored by the. Point spread wagers are extremely popular in the United States, especially for football. They’re also commonly placed on basketball games, and they can be used for a wide range of other sports, too. As we stated earlier, a point spread wager can be referred to as a straight bet in the US.
- Sports wagering has the potential to undermine the integrity of sports contests and jeopardizes the well-being of student-athletes and the intercollegiate athletics community. It also demeans the competition and competitors alike by spreading a message that is contrary to the purpose and meaning of 'sport.'
- Jul 29, 2020 Professional sports bettors rarely sustain a long-term winning percentage higher than 55 percent, and it's often as low as 53 or 54 percent. 52.38 percent is the break-even point for sports betting.
That’s where the juice comes into play. When the casino gives less than even-money odds, if they get even bets on both sides, they automatically come out ahead.
Understanding the Different Types of Sports Bets
We’ve already discussed the basics of betting the point spread, which is the most standard form of betting on football and basketball. When you bet the point spread, you don’t care if a team wins or loses, only that they cover the spread.
Point Spread Basics
If there is a plus next to the team you selected - add those points to the final score for your team.
If there is a minus next to the team you selected - subtract those points from the final score for your team.
ASK for a QUICK PICK
Not sure what selections to play? Just ask your Retailer for a full or partial quick pick. Quick pick is available for all selections or for teams only. The Lottery will generate a ticket with random selections.
Betting Online Sports
FOR ALL PARLAY CARD CHANGES/UPDATES, PLEASE VISIT A SPORTS RETAILER OR CASINO SPORTSBOOK.
Wagers
- Totals (Over/Under) Wager (Pro Only)
The Total is the combined amount of points scored by both teams during the game, including overtime.A player may wager Over or Under the total. In an Over wager, the player wagers that the total combined points scored by the two teams will be more than the total. In an Under wager, the player bets that the total points scored by the two teams will be less than the total. There will be no totals during the preseason. The Half-Point, Teaser and Super Teaser Parlay Cards will carry all totals. The $100,000 Parlay Card will have select totals on occasion. There is not a Totals-Only Card. - Early Bird Card (Pro Only)
To play Early Bird Cards, refer to the designated separate sheet for teams and point spreads. A new sheet is available each Monday and Tuesday. Download the most current sheet. - Half-Point Parlay Card
The Half-Point Parlay Card is the most popular type of card in Las Vegas and will offer payoffs ranging from 6.5 for 1 on a 3-selection parlay to 2,500 for 1 on a 12-selection parlay. All point spreads use half points, eliminating the possibility of a tie. - Teaser Card
On a Teaser Card, the point spreads differ from those on the Half-Point Card. The favored teams have to cover fewer points in order to be winning selections. The underdog teams receive more points. The payoffs on the Teaser Card are lower than they are on the Half-Point Card because of the advantage the player gets on the point spread. On a Teaser Card, players may parlay from 3 to 20 selections (since the point spreads have been adjusted, wagering is available on both sides of a game) and receive payoffs ranging from 12 for 5 to 1,000 for 1. All point spreads use half points, eliminating the possibility of a tie. - Super Teaser Card
On the Super Teaser card, the point spreads are adjusted even more than with the Teaser card. The favored teams must cover even fewer points in order to be winning selections. The underdog teams receive more points, The payoffs on the Super Teaser card are lower than they are on the Teaser cards because of the additional advantage the player gets on the point spread. On a Super Teaser card, players may parlay from 4 to 20 selections and receive payoffs ranging from 11 for 5 to 80 for 1. All point spreads use half points, eliminating the possibility of a tie. Players may bet on both sides. - Reverse Teaser Card (Pro Only)
On the Reverse Teaser card, the point spreads are adjusted so the favored teams must cover a larger point spread and underdog teams must cover a point spread that is smaller, and, in some cases, even minus points. In some cases, both teams in a game may be minus points and you may not bet both teams in that game. Because of these point-spread adjustments, the payoffs are much higher than those found on the other Teaser cards. On a Reverse Teaser card, players may parlay from 3 to 8 selections and receive payoffs ranging from 20 for 1 to 5,000 for 1. All point spreads use half points, eliminating the possibility of a tie. - $100,000 Parlay Card (Pro Only)
Players wager $5 and select 15 games against the point spread. If a player correctly picks 15 out of 15 games, he wins $100,000. If there is more than 1 winning ticket, the $100,000 prize is divided equally among the winning tickets. The $100,000 Parlay Card will have a few select Totals (Over/Under) Wagers upon occasion. Football Futures:
No card required. This wager is offered for the entire current season. To place a bet, the player simply selects a team. The odds fluctuate during the season, but are locked in at the time the wager is placed. Note: The Delaware Lottery reserves the right to refuse any wager/multiple cards or delete or limit any selection(s) prior to acceptance of any wager.
Additional wagers:
Off-the-Board Parlays
In Off-the-Board Parlays, the point spreads may fluctuate from the opening line. Players can parlay from three to eight teams and receive payoffs ranging from 11 to 2 to 160 to 1. There is a $5 minimum bet on Off-the-Board Parlays.Off-the-Board Teasers
The players can select 6, 6 1/2, 7, 10 and 14-point Teasers. A Teaser allows the player to add extra points to an underdog’s point spread or subtract points on a favored team.Halftime Wagers
A halftime wager, for betting purposes, resets the score of a game at 0-0 at halftime of a game. For example, if the Green Bay Packers lead the San Francisco 49ers at halftime by a score of 14-10 and you wager on the Packers -3 1⁄2 points in the second half, the Packers must win the game by eight points or more to cover the spread. Halftime wagers also include any overtime periods that are played.
Sports Wagers Public Betting
- Off-the-Board Odds
Delaware Lottery Sportsbook and Sports Lottery Retailer Wagering Rules apply to parlay cards unless otherwise stipulated on the cards. The Delaware Lottery reserves the right to add, delete, or change its Wagering Rules and/or payoff odds at any time.