With sports betting becoming legal in more states, millions of fans are looking to try their luck. But, before you place your first bet, there are a few things you should know.
Prop bets: These are wagers that don’t fall into the category of point spreads, moneylines or totals. They can be on anything from a baseball player’s total number of hits to how many points the favored team will win by. They are usually higher risk bets than other types of wagers, but can offer significant rewards if you are right.
Odds: These are the chances that something will happen during a game or event. When a team covers the spread, it means they beat the oddsmakers’ expectations. The odds are often marked with a negative (underdog) or positive (+odds favorite) sign to indicate how risky your bet is. The lower the odds, the less likely it is that a wager will pay out.
Round robin: When you make multiple bets on the same team or game, you are making a round robin. These are typically 2-team parlays, and you can add more teams to a round robin as the season progresses.
Futures bets: These are wagers on events that have not yet occurred, like a team winning the championship or a specific player winning the MVP award. They are available before the season begins and will update based on injury news and other factors until the event is over.