Moneyline wagers are the simplest wagering option offered. This simply refers to picking which team you believe is going to win the game. For example, if you bet $100 on the Bills moneyline at +145 odds, you will win $145 if the Bills win. In a moneyline bet, the point spread is not involved. The favorite in the event will have ‘-’ odds and the underdog will have ‘+’ odds. 

 You’ve probably seen a number next to a team name such a ‘-6.5’ and ‘+6.5’. This is the point spread. Point spreads are the oddsmakers way of evening out the gap between two teams. The number represented the expected difference between the two scores. For example, if the Chiefs are a -3 favorite against the Bills and you wager on the point spread, the Chiefs must win by 4 or more points for you to win. If the Chiefs win by 3, the wager is a push and it will be refunded. If you decided to bet on the Bills +3 instead, the Bills would have to win outright or lose by 1 or 2 points for you to win. If the Bills lose by 3, the wager is a push and will be refunded.   

Total wagers are simply wagering on whether or not you believe the combined points scored in an event will be over or under the number decided by the oddsmakers. For example, if the point total for a football game is 54 and you bet on the over, you would need 55 or more total points scored in the game to win. If the combined total amount of points scored is lower than 54, your wager is graded as a loss. If exactly 54 total points are scored, the wager is a push and will be refunded. 

Many sports bettors enjoy parlays because it gives you an opportunity to win much more money than the amount wagered. Parlays are a combination of 2 or bets into one. As a result, there’s longer odds. For example, If you placed a $100 parlay wager on the parlay shown in this image, you will win $450 if the Chicago Cubs win and there are over 10 runs scored in the Giants vs. Rockies game. If one leg of the parlay loses, then the parlay is graded as a loss. 

Teasers are similar to parlay bets but you modify the spreads by a certain number in your favor. In football, you have an option to add 6, 6.5 or 7 points to spread in your favor in exchange for a change in the odds. Some bettors use football teasers to get to valuable numbers in the spread such as -2.5. -6.5, -9.5, -13.5, +7.5, +10.5 or +14.5.  

Prop, or proposition, bets are wagers on things other than the outcome of a game. For instance, you could bet on the first team to score or the player to score the most. .