Sports Betting FAQ - Bet Types and Strategies
What is a parlay?
A parlay is when a bettor makes two or more bets that are combined into one wager. Parlays typically offer higher potential payouts as they require that each bet be correct in order to win. In a three game parlay, for example, you bet on NBA Team A, MLB Team C and NFL Team Q to win their respective games. The only way your bet is successful is if all 3 teams do in fact win their games. If any of the 3 teams loses, the whole bet is lost.
What is a teaser bet?
A teaser bet is similar to a parlay bet in that it involves multiple picks together in one wager. The difference between a parlay and a teaser bet is that the bettor has the ability to adjust the lines by a certain amount of points. Teaser bets are only available on point spread and total (over/under) bets. Bettors have the ability to buy a certain range of points and apply them to the spread or total, however the more points a bettor buys, the lower the payout for each successful winning bet.
What is a same-game parlay (SGP)?
A same-game parlay or single-game parlay (SGP) allows the bettor to combine multiple picks from the same game, for example an NBA moneyline bet, NBA total bet and an NBA player prop bet, all into one wager. As with a regular parlay, all bets must be correct in order for the entire wager to payout.
What is a futures bet?
A futures bet is a wager placed on an outcome that will be decided at a later date. These types of bets are usually associated with an achievement from a team or player as opposed to the results of a single game. Popular futures bets include betting on which team will win the Super Bowl during the NFL preseason or who will be the American League MVP during MLB spring training. The lines on futures bets are usually very high as they are very hard to predict.
What is a prop bet?
A prop bet is a wager placed on the individual performance of a player or an event occurring during a game which does not directly impact the game's outcome. NFL player prop bets, for example could be betting if Player A will have more or less than 15.5 rushing yards in their next game. An event prop bet for example would be wagering on what color Gatorade will be thrown on the winning coach of the Super Bowl. Prop bets are bets that are not impacted by the final outcome of the game.
What does over/under mean?
In sports betting over/under is the term associated with wagering on the total number of points, runs or goals scored in a game. Sportsbooks set a specific number for the total, for example a NCAA Football Over/Under of 45.5, and the bettor can wager if they think the total will be high (over) or lower (under) that number.
What does “both teams to score” (BTTS) mean?
A BTTS bet is used in wagering on ice hockey or soccer (football) as these sports generally are low scoring and it is quite common that one team will not score a goal in a game. With a BTTS bet, the bettor is wagering that both teams will score at least one goal.
What is the difference between sharp bettors and recreational bettors?
The difference between sharp bettors and recreational bettors is that sharp bettors play numbers rather than players or teams. Sharp bettors wager more often on underdogs than recreational bettors, and they look for ways to profit from pregame positions with live betting. Sharp Bettors also do considerably more line shopping than recreational bettors.
What is bankroll management?
Bankroll management is the practice of setting and strictly adhering to a dedicated budget for betting activities. Bankroll management helps prevent bettors from making impulsive decisions that could result in significant losses and allows them to make more calculated wagers.
How do I calculate the implied probability from odds?
Calculating the implied probability from odds is a fairly simple process. For negative odds, implied probability = odds/(odds +100) 100. For example: If the odds are -150 the formula would be: 150/(150 +100) 100 or 60%
For positive odds, the formula for implied probability is 100/(odds +100) *100. For example if the odds are +150, the formula is 100(150 +100) +100 or 40%.