How To Bet (Fundamentals)

There are many questions that we hear time and time again from people who are new to sports betting. There are also several that we regularly hear from those who already have plenty of betting experience. Some questions we even hear from both beginners and seasoned bettors. One of the most common of those is “What is the most profitable kind of bet to place?” (For example: a lot of low value bets, parlays, round robins, etc.) 

The best answer we can give is to only do straight bets and to stay consistent with that. However, in a broad sense, no type of wager is definitively “better” than any other. It depends on the individual who’s placing the wager, the sport they're betting on, and the circumstances. Each type of wager has its merits in the right situation.

Experienced bettors should know this, but beginners obviously don’t. In fact, most beginners often find the wide range of wagers they place quite confusing. This is understandable, but we do recommend that beginners learn all about the different types of wagers as soon as they can. Although some types of wagers are more complex than others, none of them are really that difficult to understand. Not when they’re explained properly, anyway, which is exactly what we’ve done on this page.

Below, we’ve provided easy-to-understand explanations for each of the main types of wagers, along with some examples. We strongly suggest taking the time to read through this whole page, as you really should know how to use each different type. You’ll probably want to stick with the simple wager types to start with, but there might be occasions when you want to use the more advanced ones. You don’t want to miss out on potentially profitable opportunities just because you don’t how a particular wager works.

Before we start, please be aware that some wagers are referred to differently in different parts of the world. To make things even more complicated, in some cases, the same terminology can have different meanings depending on where you live. Some types of wagers also work slightly different from one region to the next and from one sport to the next.

We’ve tried to make things as clear as we possibly can in this article, but there is potential for a little confusion. Please make sure that you NEVER place a wager unless you’re entirely sure how it works. Most bookmakers or sports betting sites will explain things to you if you need clarification, so don’t be afraid to ask.

Money Line / Win Bet

Sports betting doesn’t come any simpler than the win bet, or moneyline wager. Both these terms refer to the exact same type of wager. Win bet is used almost universally, while moneyline wager is used in the United States and a few other regions. The term “straight bet” is also used in some regions for this type of wager, but in the US, a straight bet refers to point spread wagers (which we will cover shortly).

A win bet is one of the most popular wagers that can be placed, partially because it’s so easy to understand and partially because it’s considered the “traditional” way to bet on several sports. This wager can be used in virtually every sport we can bet on, and it involves simply picking who is going to win a game, match, or other event.

Point Spreads

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. Point spreads are used outside the US as well, as this wager is essentially a universal one.

The concept here is different from the win bet, as you’re not betting directly on which participant will win a game or match. Instead, you’re betting on which participant will “cover the spread.” The spread is created by a bookmaker who makes the participants equal favorites for the purposes of the betting. A favorite is effectively “deducted” points, and an underdog is effectively “given” points. The size of the spread determines how many points are awarded and deducted.

When you back a favorite on the point spread, you’re backing them to win by a margin that’s greater than the size of the spread. When you back an underdog, you’re backing them to either win or lose by a margin that’s less than the size of the spread.

This might sound a little complicated, but in practice, the point spread is a very straightforward way to bet.

Totals/Over-Under

Totals and over-unders are two different terms for the same wager. Some regions only use one term of the other, but in most parts of the world, the two terms are interchangeable. This type of wager is extremely popular, extremely straightforward, and available on a wide range of sports.

The idea here is that a bookmaker sets a line for the total number of points, goals, or runs to be scored in a game. They then give you the option of betting on whether the actual total will be higher or lower than the line they’ve set. Betting on higher is referred to as backing the over, while betting on lower is referred to as backing the under.

For some sports, the bookmaker will set the line at what they estimate the total is likely to be. This is similar to the point spread wager in that they’re effectively creating 50/50 proposition, so the odds for the over will typically be the same as the odds for the under. They’ll at least be very close, as each one is theoretically as likely as the other.

For other sports, the bookmaker will set several different lines. The odds for the over and the under on these are often quite different, as one outcome may be much more likely than the other.

Prop Bets/Specials

Prop bets (short for proposition bet) and specials are again two different terms used to describe the same type of wager. This particular type of wager is generally considered to be a wager that’s placed more for a bit of fun than anything else, and many experts advise that serious bettors should leave them well alone. We don’t believe this is good advice. A lot of props involve little more than guesswork, but some of them can present good opportunities for making informed decisions about which way to bet.

Broadly speaking, props or specials are wagers on specific aspects of a sports event that do not necessarily have a direct effect on the final outcome of that event. A prime example is a wager on which team will score first in a game.

We’ve provided some more examples below. Some of these are available on a range of sports, while some are only available for specific sports. Please be aware that these examples only represent a VERY small selection. There are all kinds of different props that bookmakers and betting sites offer. Just one single game of football might have upwards of one hundred props available.

Futures

Future and outrights are the same thing. Either of these terms can be used to describe wagers on the winner of a specific tournament, league, or competition in advance of the relevant event starting. This is also known as ante-post betting.

Parlays

Parlays, or accumulators, are what we call multiples. They involve making more than one selection as a part of a single wager. For example, if you wanted to back five football teams to each win their next game, you’d include all five teams in an accumulator or parlay.

Wagers of this type are hard to win, as you have to get EVERY selection correct. If just one single selection is wrong, the whole wager is a loser. The upside is that the returns can be very attractive when you do win.

Payouts for parlays and accumulators are calculated using one of two methods. The first is commonly used in the United States, especially for parlays involving selections on point spreads and totals lines. Payouts are at a fixed level based on the number of selections made. The odds of each individual selection are, therefore, effectively irrelevant.

For the second method, the odds for each individual selection are multiplied together. The total payout from each selection is effectively rolled over to the next selection if it’s successful. With this method, the overall payout can be enormous.

Especially if several selections are included and/or any of the selections are at high odds.

It's important to not get carried away with adding too many teams to a lay in order to chase a high payout. THIS IS NOT SOMETHING WE TEACH AT HAMMERWAGERS.

Progressive Parlays

Progressive parlays are a specific type of parlay that come with a slightly lower risk. Whereas standard parlays lose if one selection is incorrect, progressive parlays offer a little more flexibility. They still return a payout if a just one selection is incorrect. Depending on the total number of selections made, they can return a payout even if two or three selections are incorrect.

The downside here is that the payout is less, even if you do end up getting all your selections correct. If you get any of your selections wrong, the payout is further reduced.

Full Cover Bets

Full cover bets are used primarily in the United Kingdom. They’re also known as combination bets or permutation bets. Like parlays and accumulators, they’re multiples that involve making more than one selection. However, they don’t just combine all the selections into one single wager. A full cover bet is basically a series of wagers that covers ALL selections in EVERY POSSIBLE combination.

For example, let’s say you made two selections. There are three possible combinations of wager on these. They are as follows:

A full cover bet would basically place each of these three combinations at once. Each combination would still effectively be a standalone wager, though, and not reliant on the other wagers. If “selection 1” proved to be correct but “selection 2” was incorrect, your single wager on “selection 1” would still generate a return. Your single wager on “selection 2” and the accumulator would both lose, though.

The number of combinations grows exponentially as the number of selections increases. With three selections, the following combinations would be included in a full cover bet:

A full cover bet covering three selections is known as a patent. There are also specific names for full cover bets covering four, five, and six selections. We’ve listed these below, along with details of the combinations they cover.

Lucky 15 (covering four selections)

• Four singles
• Six two-selection accumulators
• Four three-selection accumulators
• One four-selection accumulator

Lucky 31 (covers five selections)

• Five singles
• Ten two-selection accumulators
• Ten three-selection accumulators
• Five four-selection accumulator
• One five-selection accumulator

Lucky 63 (covers six selections)

• Six singles
• Fifteen two-selection accumulators
• Twenty three-selection accumulators
• Fifteen four-selection accumulators
• Six five-selection accumulators
• One six-selection accumulator

When placing a full cover bet, each individual wager is usually placed at the same stake. So, if you did a £1 Lucky 15, for example, the total stake would be £15. This is because a Lucky 15 is made of up fifteen individual wagers. A £1 Lucky 31 would cost you £31, and so on.

Teasers and Pleasers

Teasers and pleasers are wagers that can be placed on football and basketball. These wagers are popular in the US, and they are widely available within the region. In most regions outside of the US, however, they’re virtually unheard of.

Each of these wagers is a type of parlay. They both involve making multiple selections as part of a single wager, and all selections have to be either point spreads or totals. These wagers each have a unique feature that sets them apart from traditional parlays, though.

What this basically means is that teasers are easier to get right, and pleasers are harder to get right. Let’s look at an example of each one to explain them further.

Let’s say that you’ve selected three football teams to include in a teaser. The spread for each one is as follows.

You decide to do a six-point teaser, which means the spreads will each move six points in your favor. For the purposes of this wager, they’ll now be as follows:

So, whereas you previously needed Washington to lose by less than three points, you now only need to lose by less than nine points. You’d have previously needed New England to win by more than four points, but now they can lose by a point. Cleveland can now lose by up to sixteen points, instead of up to ten.

Clearly there’s a big advantage in placing teasers, but this is reflected in the odds. The potential payout for a $100 three-team, six-point teaser is typically $150 (plus initial stake). The same stake on a traditional three-team parlay would typically offer potential winnings of $600.

Pleasers are basically the opposite of teasers. So, if you chose the same three teams as above and put them in a six-point pleaser, the spread for each selection would be moved six points AGAINST you. They’d now be as follows:

You’d need each team to beat the original spread by a significant margin to win this pleaser. It’s difficult to get ONE selection right with the spread against you to this degree, never mind three.

But this fact is also reflected in the odds. A $100 three-team, six-point pleaser would typically offer a potential payout of $2,500 (plus initial stake). So, although pleasers are extremely hard to get right, the rewards are certainly attractive.