What types of bets exist?
A bet is a wager placed on the outcome of an event. The structure of the bet — what exactly is being predicted, how many options exist, and how the odd is determined — varies across different types. Understanding these types is necessary for interpreting odds correctly and for evaluating expected value in each case.
Head to head
The head to head bet, also known as the match result or moneyline bet, is the most fundamental type. The player selects which option will win. In sports where a draw is possible, such as soccer, the market typically has three options: local (the home team), visit (the away team), and draw. In sports where a draw is not possible, such as tennis, the market has two options.
For example, in a soccer match, the odds might be:
Local: 1.80
Draw: 3.60
Visit: 5.00
Each odd implies a probability: approximately 55.56%, 27.78%, and 20.00% respectively. The player wagers on whichever option he believes has an actual probability higher than the implied probability, thereby obtaining a positive expected value.
Spread or handicap
The spread bet, also called the handicap or point spread, adds or subtracts a specified number of points, goals, or games to one of the options before determining the outcome. This mechanism is used to create a more balanced market when one team or player is substantially favored over the other.
For example, if the spread is −1.5 for the local team, the local team must win by 2 or more goals for the bet to be successful. Conversely, if a player bets on the visit team with a spread of +1.5, the visit team can lose by 1 goal and the bet still wins.
The odds for a spread bet are typically close to even (around 1.91 for each option), because the spread itself is designed to equalize the two sides. The bookmaker adjusts the spread rather than the odds to reflect the perceived difference in strength between the two teams.
When the spread is a whole number, such as −1, a draw after applying the spread is possible. In that case, some bookmakers void the bet and return the wager. Other bookmakers offer split spreads, such as −0.5/−1 or −1/−1.5, to eliminate this possibility.
Totals (over/under)
The totals bet, commonly called over/under, is a wager on whether a particular statistical quantity — most commonly the total number of goals, points, or games scored by both teams combined — will be over or under a specified number set by the bookmaker.
For example, a bookmaker might set the total for a soccer match at 2.5 goals:
Over 2.5: 1.95
Under 2.5: 1.90
If the match ends with 3 or more goals, the over bet wins. If it ends with 2 or fewer goals, the under bet wins. The use of a half-number (2.5) eliminates the possibility of a draw on the total.
Totals can also be set for individual teams (for example, "team A over 1.5 goals") or for other statistics (corners, cards, aces in tennis, etc.).
Parlays (accumulators)
A parlay, also known as an accumulator, combines two or more individual bets into a single wager. All individual selections must win for the parlay to pay out. The combined odd is the product of the individual odds:
d₁: odd of selection 1
d₂: odd of selection 2
dₙ: odd of selection n
Combined odd = d₁ · d₂ · ... · dₙ
For example, a parlay of three selections at odds 1.80, 2.10, and 1.50 would have a combined odd of:
1.80 · 2.10 · 1.50 = 5.67
Parlays offer higher potential payouts than individual bets, but at substantially lower probability. The implied probability of the parlay is the product of the implied probabilities of the individual selections:
Combined implied probability = i₁ · i₂ · ... · iₙ
A critical property of parlays is that the bookmaker's margin compounds with each added selection. If each individual market has a margin of 5%, a three-selection parlay does not have a margin of 5% — it has a margin derived from the compounding of three margins, resulting in a larger effective margin for the combined bet. This makes parlays systematically less favorable for the player than individual bets, unless the player has identified positive expected value in each individual selection.
Proposition bets
Proposition bets, commonly called prop bets, are wagers on specific occurrences within an event that do not necessarily relate to the final result. Examples include which player will score the first goal, whether a specific player will score at all, the number of corners in a half, or the exact final score of a match.
Prop bets tend to have wider margins than head to head or spread markets, because the bookmaker has less data and fewer market participants to rely on when setting the odds. The implied probabilities are therefore less precise, which can present both greater risks and greater opportunities for informed players.
Futures (outrights)
Futures bets, also called outrights, are wagers on the outcome of a long-term event, such as which team will win a league, a tournament, or a championship. These markets are opened well in advance of the conclusion of the event and remain open throughout the competition, with the odds being adjusted as the event progresses.
Because futures involve many options and extend over long periods, they tend to carry larger margins. The sum of the implied probabilities across all options in a futures market often substantially exceeds 100%. Additionally, the capital wagered on a futures bet is locked for the duration of the event, which must be considered as a cost of opportunity when evaluating the bet.
Live bets (in-play)
Live bets are placed after an event has started and while it is still in progress. The odds change continuously in response to what is happening during the event: goals scored, players injured, time elapsed, momentum shifts, and other real-time developments.
Live betting markets include all the types described above — head to head, spread, totals, and propositions — but with odds that are updated every few seconds. The rapid fluctuation of odds creates a dynamic environment where the player must evaluate expected value under constantly changing conditions. The bookmaker's margins in live markets are typically larger than in pre-match markets, to compensate for the increased uncertainty and the speed at which information must be processed.