Sports betting is the act of placing a wager on the outcome of a sporting event. From the Super Bowl to UFC fights, and from Grand Slams in tennis to Premier League matches, betting lets fans put their money where their passion lies. However, beyond the adrenaline and potential profit lies a world of terminology and strategy that new bettors must understand to achieve success.
This quick guide breaks down everything a beginner needs to know.
Understanding Bet Types
Before you place your first wager, it’s essential to understand the different types of bets available. Each comes with its own risk, reward, and strategy.
Moneyline Bets (Winner Takes All)
This is the most straightforward type of bet: you’re simply picking who will win the game. If you’re betting on the favorite, the odds are shown with a minus sign (–), meaning you’ll need to wager more to win less. If you’re betting on the underdog, you’ll see a plus sign (+), which means a smaller bet wins more.
For example, if the Lakers are –150 against the Celtics at +130, a $150 bet on the Lakers would win you $100, while a $100 bet on the Celtics would win you $130. Moneyline bets are ideal for beginners due to their simplicity. You can explore live FanDuel sports bets to see current moneyline odds and place your picks.
Point Spread Bets (Handicap the Field)
Point spreads are used to level the playing field between teams of unequal strength. The favorite has to win by more than the point spread. The underdog covers the spread by either winning the game or losing by fewer points than the spread.
For instance,
- If the 49ers are –7.5, they need to win by 8 or more for your bet to win.
- If the Seahawks are +7.5, they can lose by 7 or fewer—or win outright—for your bet to hit.
Point spreads offer great value, especially when betting on underdogs. However, they require a deeper understanding of game flow and team performance.
Over/Under (Totals)
Instead of betting on who wins, Over/Under bets allow you to wager on whether the total combined score of both teams will be over or under a specific number. For example, if the Over/Under is set at 45.5 and the game ends 24–21 (totaling 45), then a bet on the Under would win.
This type of bet is popular in games where the matchup is close or unpredictable. It’s advantageous in bad weather games or when two strong defensive teams face off. The challenge is accurately predicting the pace and scoring potential of both sides.
Parlays (High Risk, High Reward)
Parlays combine multiple bets into one ticket. All of your selections must win for the bet to pay out, making it high risk but potentially very rewarding. For example, if you parlay the Lakers, Yankees, and Chiefs all to win, a $50 wager could return over $400 depending on the odds. However, if even one team loses, you lose the entire bet. Parlays are exciting and offer large payouts from small stakes, but they are notoriously difficult to hit consistently.
Prop Bets (Player or Game Events)
Short for “proposition bets,” these are wagers on specific events within a game that don’t necessarily affect the outcome. Examples include: Will LeBron James score over 30 points? Will there be safety in the Super Bowl?
These bets add fun and variety to the betting experience, especially during big games. Prop bets are perfect for casual fans who want something to cheer for besides the final score. Just keep in mind that they can be harder to research and predict, and the odds often favor the sportsbook.
Futures (Long-Term Wagers)
Futures bets are placed on events that will be determined well into the future, often after a season or tournament has concluded. Common futures include betting on which team will win the championship, who will be the MVP, or which player will lead the league in scoring. For instance, before the season starts, you might bet on the Boston Bruins to win the Stanley Cup or Novak Djokovic to win Wimbledon.
Futures usually offer higher payouts, especially if you get in early before odds shift. The downside is that your money is tied up for a long time, and many variables can change before the outcome is decided.
The Mechanics of Betting
Understanding how bets work behind the scenes is just as important as picking the right team. There are several ways to place and manage your wagers, each offering a different level of control and risk.
Fixed-odds betting is the most traditional form of betting. The odds you see when you place your bet are the odds you get—no matter how much they shift afterward. This gives you certainty about your potential payout from the moment you click “confirm.”
In-play (live) betting allows you to place bets after the game has started. The odds change in real-time based on what’s happening on the field—momentum swings, injuries, scores, and more. It’s fast-paced, flexible, and thrilling, but it requires quick thinking and timing.
Many platforms also offer a cash-out feature, which lets you settle a bet early. You can lock in a profit if your pick is ahead, or limit your loss if the game isn’t going your way. Not every sportsbook offers this, and terms can vary, but it’s a valuable tool for more dynamic bankroll management. These mechanics provide options beyond the basic win-or-lose scenario, allowing you to bet with more strategy and control.
Finding Value & Forming Strategy
Before placing a bet, take time to do some basic research. Look at recent team performance, injuries, and how the teams have matched up in the past. These details can give you a clearer picture of what to expect. For up-to-date stats, trends, and insights, FanDuel Research and other reliable platforms can help.
Don’t just bet on who you think will win—look for value. That means placing bets where the odds seem to underestimate a team’s real chances. Finding value is key to long-term success. It also helps to use more than one sportsbook. Comparing odds across different platforms can boost your potential payout, even if it’s just by a small margin.
Final Thoughts
Sports betting is simple to get into, but harder to master. Knowing the basics is the best place to start.
Stick to simple bets at first, like moneylines and over/unders. Focus on sports or teams you are familiar with. Use a set bankroll and avoid betting more than you can afford to lose. As you gain experience, you can explore other options like parlays, prop bets, or finding value by comparing odds.
