15 Types of Sports Bets Explained

Sports betting is an exciting way to get even more out of the games you love, giving you the option to win right along with your favorite team or player. You have a myriad of options to choose from with sports betting, including choosing from multiple betting types and multiple venues for online play and in-casino lounges, like the one at Boot Hill Casino, which offers a comfortable and sophisticated setting in which to watch your favorite games and make the bets you like.

But before you jump right into the action, it is important that you get to know the types of sports bets available to you, as well as how they pay out, so that you can make an informed strategy that could potentially result in big wins. From the simplicity of moneyline bets to the complexity of round robin bets, each bet type offers a unique way to engage with your favorite sports and potentially earn significant profits. Here’s a look at 15 types of sports bets to help you better understand your options and decide how you can best become a winner:

1. Moneyline Bet

One of the most straightforward bets in sports betting is the moneyline bet. This is a wager that you place on who will win the game you choose. It doesn’t involve point spreads or goals; it is a direct bet on the team or player you think will emerge victorious.

2. Point Spread Bet

Point spread bets level the playing field between teams of varying skill levels. This type of bet adds or subtracts points from the final score to determine the winner. If you bet on the favorite, they must win by a margin greater than the point spread. Conversely, if you bet on the underdog, they must either win or lose by less than the point spread.

3. Over/Under (Total) Bet

Over/under bets are also known as total bets because they focus on the total points, goals, or runs scored in a game. You bet on whether the actual total will be over or under the sportsbook’s predicted number. This bet is a popular choice for those who enjoy predicting the overall pace and intensity of a match.

4. Parlay Bet

Parlay bets are enticing due to their potential for massive payouts. A parlay bet combines multiple individual bets into a single wager. The type of bets vary based on the sport. All selections within the parlay must win for the bettor to receive a payout, making it a high-risk option. However, if that risk pays off, it’s also a high-reward option.

Types of Sports Bets

5. Teaser Bet

Teaser bets are a variation of parlay bets, allowing bettors to adjust the point spread or totals line in their favor. While this increases the chances of winning, it also reduces the potential payout. However, if you win enough of them, you can walk away with far more money than you would if you made riskier wagers. Teasers are strategic bets that cater to those seeking a bit more control over what would otherwise be high-risk wagers.

Some examples at Boot Hill Casino include:

  • Regular teasers for NBA, college basketball, NFL, college football or any other league in which teaser bets are allowed (4, 4.5 and 5 for Basketball and 6, 6.5 and 7 for Football)
  • Basketball Super Teasers: 3 team teaser – buying 8 points, ties lose, odds -120/1.83
  • Basketball Monster Teasers: 4 team teaser – buying 10 points, ties lose, odds -120/1.83
  • Football Super Teasers: 3 team teaser – buying 10 points, ties lose, odds -120/1.83
  • Football Monster Teasers: 4 team teaser – buying 13 points, ties lose, odds -140/1.71

6. Prop Bet (Proposition Bet)

Prop bets are intriguing bets placed on specific events within a game, rather than the game’s outcome. Eligible events for these bets can range from the number of goals a player scores to the color of the Gatorade poured on the winning coach. Prop bets add an element of excitement to any sporting event — as well as a bit of whimsy and fun if you choose some of the more unusual betting options. These are the bets that can keep your sports betting strategy interesting, helping you to break up the routine of straight wins and losses.

7. Futures Bet

Futures bets are placed on long-term outcomes, such as predicting the winner of a league, championship, or tournament before the season begins. These bets require patience, as they are settled at the end of the season or event, which can take many weeks or months. However, they offer substantial payouts for those who make accurate predictions, making the wait well worth it in some cases. If you make a futures bet in conjunction with many bets throughout the season, it can also be the big cherry on top of a winning pie.

8. Live Betting (In-Play Betting)

Live betting, or in-play betting, allows bettors to place wagers on a game as it unfolds. Odds are constantly updated based on the game’s progress, providing opportunities to capitalize on shifting momentum and changing circumstances. It’s a dynamic and interactive way to engage with sports betting. It also helps you to feel like you are a part of the unfolding action – almost becoming a part of the game, calling the plays as you go.

9. Round Robin Bet

A round robin bet is a strategic approach that allows bettors to create multiple parlay combinations from a group of selections. You choose multiple teams or multiple games, as well as multiple bets within those selections. You are dealing with multiple odds, so this bet minimizes risks by covering various outcomes, offering a balance between potential wins and the initial wager amount. Round robin bets are favored by experienced bettors aiming to optimize their chances across different scenarios.

Types of Sports Bets

10. Run Line Bet

Primarily associated with baseball, the run line bet works a bit like a point spread. However, for a run line bet, a standard point spread of 1.5 runs is applied to the game’s outcome. Betting on the favorite means they must win by at least 2 runs, while betting on the underdog signifies that they can either win or lose by a single run for the bet to succeed.

11. Reverse Forecast Bet

The reverse forecast bet requires that you predict the first and second-place finishers in any order. For example, a forecast wager on the US Open Golf tournament would be if you select Rory McIlroy to win, Tiger Woods to come second, and Dustin Johnson to finish third.

Other bets of this type would include those settled on final group standings, including:

  • Group Winner – Predict the team that will win the group.
  • Group Qualify – Predict if a team will qualify for the next round of the tournament without playoffs.
  • Group Forecast – Predict the exact place the named team or teams will finish in.
  • Group Points – Predict how many points a team will accumulate.

These are challenging yet rewarding bets, offering higher payouts due to their increased difficulty level.

12. Against the Spread Bet

In against the spread betting, the focus is on the point spread set by the sportsbook. Bettors wager on whether the favorite or the underdog will cover the spread. This type of bet demands a deep understanding of team dynamics and performance, making it a favorite among seasoned sports bettors. Spend some time watching the games, getting to know the players, and making a series of simple bets before you work your way up to this.

13. Singles Bet

A singles bet is a straightforward wager on a single selection or outcome. It’s the simplest form of betting, commonly chosen by beginners due to its simplicity. Despite its uncomplicated nature, singles bets can be the foundation of more complex betting strategies.

14. Tri-Bet/Win-Draw-Win Bet

Tri-bet, also known as win-draw-win, is a common bet in soccer (known as football in some regions) where bettors predict the outcome of the match — whether the home team will win, the away team will win, or if the match will end in a draw. It’s a fundamental bet type in the world of soccer betting, providing a clear prediction structure for fans.

15. Win/Place Bet

Win/place bets are prevalent in greyhound racing. With these bets, you are wagering on a selection to either win the race (finish first) or to simply place (finish in the top two or three, depending on the number of runners). Some bets in this category include:

  • Each-Way or Win/Place Betting, which is a bet consisting of two separate parts – a win part and a place part. The win part of the bet is on your selection to win the event, and the place part is on your selection to finish either first or within the event’s specified place terms (e.g., 2nd, 3rd, 4th, etc.).
  • Correct Score, or Result Betting, is where it is possible to bet on the partial or definite score of a game or event.
  • Quarter / Half / Period Bets refer to the result achieved in the relevant timeframe. This does not include any other points tallied from other parts of the event. Bets will be voided if the game is played in any other format than what was stipulated at the time the bet is accepted.
  •  A “Race to X” bet is a wager on which team will reach a certain amount of points first.

This bet type offers flexibility for greater chances of winning, and it is ideal for those looking to balance risk and reward.

Play the DraftKings Sportsbook at Boot Hill Casino

Knowing what types of sports bets are available to you is just one part of walking away a winner at our sportsbook. You need to spend some time getting to know the teams, the ins and outs of the games (or races or matches), and the way the odds can work for or against you. These things all take time. If you’re a sports fan, that’s welcome news since it just means that you’ll need to spend more time doing what you already love to do: Watch your favorite sports.

Visit Boot Hill Casino today to watch the games and make your bets at the DraftKings Sportsbook. With a reputation for providing a seamless and user-friendly platform, DraftKings Sportsbook offers a wide range of betting options for many different sports. Their intuitive interface, competitive odds, and various promotions make them a popular choice among sports betting enthusiasts. The lounge at Boot Hill Casino is designed for your comfort and enjoyment, including huge, plush chairs and jumbo, high-definition televisions to watch the game. Multiple dining establishments are available so you can enjoy a snack or a great meal any time you like, as well as your drink of choice. We also offer player rewards so you can enjoy even more perks to compound your winnings. Visit us today to start enjoying the action!