Sports betting is more popular than ever, and whether you’re wagering football, hockey, basketball, or college sports, it’s important to understand the basics before placing your first bet. This guide breaks down common market types, bet types, how to read odds, and tips for responsible gaming so you can bet smarter and with confidence.
Market Types:
Not sure where to start? Sportsbooks offer several common markets that beginners can quickly learn and enjoy. Here are the most popular options you’ll come across.
- Moneyline: The moneyline or ML is the simplest bet you can make; pick the team you think will win. Each side is assigned odds based on the likelihood of winning. Favorites have a minus sign (-), while underdogs have a plus sign (+).
- Example: The Las Vegas Raiders moneyline odds are +150 to beat the Broncos. They are underdogs in this scenario, so a $100 bet wins $150 and returns $250. This is because you get the $150 profit, and your $100 stake returned for a total of $250. Meanwhile, the Broncos are -180 favorites, meaning you’d need to bet $180 to win $100 (returning $280 total).
- Spread: The spread evens the playing field by giving or taking away points. You’re not just betting on who wins, but you’re also betting by how much.
- Example: The Las Vegas Raiders have a spread of +3.5. This means that they are underdogs and as a result they are being “given” 3.5 points. That means if they lose the game by 3 points or fewer, the bet is a winner. The Raiders can also win the game outright, and the +3.5 bet would still win. Conversely, if you bet on the Denver Broncos -3.5, then they have to beat the Raiders by 4 points or more for the bet to win. Finally, if the final score of the game is 30-27 and the Broncos won, then the Raiders +3.5 will have covered the spread because 27+3.5=30.5 and 30.5 is greater than the 30 points the Broncos scored.
- Total: The total is also known as the Over/Under. This market lets you bet on the combined number of points, goals, or runs scored in a game. Each sportsbook sets a total number, and you choose whether the actual combined score will go over or under that number. It doesn’t matter which team wins—you’re only concerned with the combined score. Total bets typically have -110 odds on both sides, meaning you’d bet $110 to win $100.
- Example: Let’s say that the total for the game was 49.5 points. The LV Raiders score 20 points, and the Broncos score 30 points. Their combined scores are 20+30=50. 50 is greater than 49.5. Therefore, if you bet the over on 49.5 points then the bet will have won because 50 points were scored. If the total for the game had instead been set at 50.5 and you bet the under, then you would have won because 50 points is less than 50.5.
- Player Props: Player props focus on individual performances rather than team outcomes. These bets can cover a wide range of statistics: receiving yards, touchdowns, receptions, passing yards, and more. Player prop odds can vary but are often around -110 on both sides.
- Example: Let’s say Davante Adams’ receiving yards line is set at 65.5 yards for the game. If you bet the over 65.5, you’re expecting Adams to catch for 66 yards or more for the bet to win. If you bet the under 65.5, you’re expecting him to finish with 65 yards or fewer. So if Adams finishes the game with 78 receiving yards, the over wins. If he finishes with 52 yards, the under wins.
- Futures: Futures are long-term wagers, typically placed weeks or months before the result. These bets often offer large payouts, especially for longshot teams or players, and the odds can change throughout the season based on performance.
- Popular future bets include
- Super Bowl Winner
- NHL Stanley Cup Winner
- MVP Winners
- Division Winners
- Example: Before the season starts, the Las Vegas Raiders have +8000 odds to win the Super Bowl. If you bet $100 on the Raiders at +8000 and they win the championship, you’d win $8,000 in profit plus your $100 stake back for a total return of $8,100. However, if the Raiders start the season 5-0, their odds might shorten to +2000, offering a smaller payout for the same bet placed later.
- Popular future bets include
Bet Types
Now that you know the most common markets, it’s time to look at how you can place your bets. Bet types determine how your wagers are structured. Whether you’re betting on a single outcome or combining multiple picks for a bigger potential payout. Here’s a breakdown of the most popular bet types you’ll see on the sportsbook app.
- Straight Bet: A straight bet is the most straightforward wager. You’re betting on the outcome in a singular market. For example, Moneyline, Spread, or Total. If your pick wins, you win making this the perfect bet for beginners.
- Example: Betting on the Raiders to cover the spread (-3.5) in their next game.
- Parlays: Parlays combine multiple bets (2+) into one ticket for a bigger potential payout. Every leg of your parlay must win for the bet to cash. The more legs you add, the higher the risk, but also the greater the potential reward.
- Example: You create a 3-leg parlay with a $100 bet:
- Raiders +3.5 (-110)
- Broncos vs. Chiefs Over 45.5 (-110)
- 49ers Moneyline -150
- If all three bets win, your parlay pays out approximately $600 (about +600 odds). However, if even one leg loses—say the Raiders cover but the total goes under—the entire parlay loses and you get nothing back. This is why parlays are riskier but offer much bigger payouts than betting each game individually.
- Example: You create a 3-leg parlay with a $100 bet:
- Same Game Parlay (SGP): A SGP lets you combine multiple bets from the same game into one wager. This is a way to connect outcomes that are related to each other. For example, the total points scored, predicting which team will win, and a player scoring a touchdown.
- Example: For Sunday Night Football, you might bet: Chiefs to win, Patrick Mahomes Over 2.5 passing touchdowns, and Over 49.5 total points.
Reading and Understanding Odds
Odds tell you two key things: who’s favored to win and how much you can win. At first glance, they may look confusing, but once you know what the symbols mean, they’re easy to read.
Most U.S. sportsbooks display American odds, shown with either a plus (+) or minus (–) sign.
- Favorites: A minus sign (–) indicates the favorite. The team or player expected to win. The number tells you how much you’d need to bet to win $100.
- Underdogs: A plus sign (+) indicates the underdog. The least likely winner. The number tells you how much you’d win on a $100 bet.
Odds aren’t just about payouts. They also reflect implied probability, or how likely the sportsbook believes an outcome is to happen. The higher the minus number, the more likely that team is favored; the higher the plus number, the bigger the potential reward if the underdog wins.
Shopping for the Best Lines
It’s important to Check the Price at the sportsbooks in your area to make sure you’re getting the best value on every bet. Odds aren’t just about potential payouts. They also represent an implied probability, or how likely the sportsbook believes an outcome is to happen. A higher minus (-) number means a stronger favorite, while a higher plus (+) number indicates a bigger underdog and a potentially larger return.
Because each sportsbook sets its own lines, even small differences can add up over time. Shopping around for the best line ensures you’re maximizing your potential winnings or reducing your risk. Getting a better price can mean winning more on the same bet or losing less when things don’t go your way.
Don’t be afraid to compare odds before placing your wager. The extra few seconds can make a meaningful impact on your long-term betting results—and help you bet smarter, not harder. Here are a few sportsbooks you can check out to start comparing odds:
- Boomer’s Sportsbook: Nevada’s only independent sportsbook.
- Wynn Sports: The official mobile app for Wynn Las Vegas.
- William Hill: Owned by Caesar’s Entertainment.
What to Avoid When Sports Betting
Sports betting should be fun, strategic, and responsible. Whether you’re new to wagering or a seasoned bettor, keeping a few common pitfalls in mind can help you make smarter decisions and enjoy the experience even more. Keep these in mind:
- Chasing Losses
- Ignoring Line Movement
- Betting with your heart instead of your head.
- Betting too many games at once.
- Skipping research.
Setting a budget
Before placing any wagers, decide how much you’re comfortable spending and stick to it. A betting budget helps keep the experience fun and stress free. Set aside an amount that fits within your regular entertainment spending, not money needed for bills or essentials.
Consider breaking your budget into smaller units so you can place multiple bets without blowing through your bankroll too quickly. Once you’ve reached your limit for the day, week, or month, step back and enjoy the games without wagering more.
Be sure to also check sportsbooks for sneaky deposit or transaction fees. Many mobile apps charge extra when you deposit or withdraw funds, which can quietly chip away at your bankroll over time. Boomer’s Sportsbook offers free debit card deposits, allowing you to fund your account without worrying about hidden fees—meaning more of your money goes directly into your bets instead of processing charges. This gives you more control over your budget and ensures you’re getting full value from every dollar you set aside.
A clear budget not only protects your wallet, but it also keeps sports betting enjoyable and sustainable in the long run.
Takeaways
Sports betting can be an exciting way to engage with your favorite teams and leagues, but the key to long-term success is understanding the basics, choosing your bets wisely, and staying in control of your bankroll. By learning about the major market types, exploring different bet structures, and knowing how to read odds, you’ll be better prepared to make confident, informed decisions every time you wager.
Remember to shop for the best lines, avoid common mistakes, and always stick to the budget you’ve set for yourself. Betting should add to the fun of sports and not take away from it.
Whether you’re placing a simple Moneyline bet or building a Same Game Parlay, the best approach is one that’s thoughtful, strategic, and responsible. With these tips in your toolkit, you’re ready to bet smarter, enjoy the experience, and make the most out of every game you follow.
