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- Straight bets/’spread bets’: the most common sports bet where a betting line/point spread is set and the bettor either bets on the favourite, giving up the points, or places a bet on the underdog, getting the points.
- Total line bets: the second most popular bet. These take place when a number is set for the combined final score of both teams and the bettor bets on the actual score, staying ‘under’ that total or going ‘over’ the set number.
- Parlay bets: these involve the act of grouping together two or more picks into one single bet. The betting odds on a parlay bet payout are adjusted according to the total number of picks the bettor chooses to group together. In order to win on a parlay bet, the bettor’s picks must be correct, therefore these bets entail high risk and accordingly, high reward.
- Proposition bet/‘prop bet’: this type of bet refers to any wager that is not directly decided by the game’s final outcome. Individual bets allow the bettor to bet on the performance of athletes during a game, such as how many baskets a player will score. Team bets allow the bettor to bet on an entire team’s performance, instead of the final outcome.
- Pari-mutuel wagers: these are typical in horse racing. Betting here can take place either on a horse or through the ‘stakes’ “skimmed from the betting pool.”
- Defining bets: these require identifying both the counterparties to the bet and the bookmaker who facilitates the transaction.