Money Line
In a money line wager, the better is only concerned with who he or she thinks will win the game. There is no run total, but a favorite and underdog is still determined by the sports books and indicated by two separate odds.
Example:
Braves +120
Phillies -130
In the above example, the Phillies are the favorite to win over the Braves. The numbers provided are the odds that each team is given to win, so in this example, the favorite odds of winning are being given to the Phillies while the underdog odds are being placed on the Braves.
If Debbie wagers $100 on the Braves, she would win $120. If she wants to wager $100 on the Phillies, it would cost her $130 to get a return of $100.
Run Line
The run line in baseball betting is the equivalent to a point spread in other sports wagering. The run line is always set at –1.5 or +1.5.
Example:
A’s +1.5 (-130)
Red Sox –1.5 (+110)
In the above example, the Red Sox are a 1.5-point favorite, while the A’s are considered a 1.5-point underdog. The number signifies how much is to be added or subtracted from that teams’ run total at the conclusion of the game. In the example, 1.5 is to be subtracted from the Red Sox’ final score, while 1.5 will be added to the A’s’ final score. The numbers next to each run total is the odds the bettor will receive if he or she wins the bet.
If Peter bets on the Red Sox, they would have to win by a total of 2 runs in order for him to win. If he bets on the A’s, they would have to win outright or lose by no less than 1 run.
Total (or Over/Under Bet)
A bettor can make a single wager on whether or not the combined run total will be over or under what the sports books set it at before the game.
Example:
Diamondbacks –1.5 O/U 9.5
Pirates +1.5
Joe likes the pitching match up in the Diamondbacks-Pirates game so he thinks there won’t be many runs scored. So he wagers on the under and as long as the combined runs scored by each team isn’t 10, he wins.
Parlay
A parlay gives the bettor an opportunity to combine two separate wagers into one for a bigger payoff. The only stipulation is that both wagers have to win for the bettor to make any profit. The two separate wagers could each be on the run line, over/under total or a combination of the two.
Example:
Cubs –1.5 (-105) O/U 10.5
Marlins +1.5 (+135)
Blue Jays –1.5 (-125) O/U 9
Orioles +1.5 (+105)
Brian likes the Cubs –1.5 and the Orioles +105, so he makes a parlay bet. If either team is defeated or doesn’t cover the run total, he loses the parlay.
In another example, Brian likes the Cubs –1.5 and the under 9 in the Blue Jays-Orioles game. In order for him to win the parlay, the Cubs must cover and the combined runs scored in the Blue Jays-Orioles game can’t total over 9.
Why a Parlay Over a Teaser?
While a teaser bet is more attractive to a bettor because he or she gets to add or subtract 6 points from the point spread, a winning parlay pays more. A parlay is a riskier bet, but the same $15 wager on a parlay will pay more than on a $15 teaser.
Futures
A future bet is made before the end of the regular season or playoffs, and consists of a bettor wagering on the odds of a team winning the World Series, their division or their league. The more likely the chance of a team winning the World Series, their division or their league, the worse the payout is for the bettor. Conversely, if the team is a long shot to win the World Series their division or their league, then the bigger the payout for the bettor if they win.
Example:
Odds to win the World Series:
Yankees 2/1
Phillies 10/1
Indians 70/1
Braves 100/1
In the above example, the Yankees are considered the most likely to win the World Series at 2/1 odds. On the other hand, the Braves are considered the least likely to win the World Series and therefore their odds are set at 100/1.
Sarah wants to bet on the Yankees to win the World Series. For every $1 she bets, she’ll win $2. So if she bets $100 on the Yankees at 2/1 odds and they win the World Series, she’ll win $200. If she bets $100 on the Braves at 100/1 odds and they win the World Series, she’ll win $10,000.
Proposition Bets (or Props)
Prop bets are similar to future bets, but they happen in a much smaller time frame, such as a game, a series or a season.
For Example:
Which player will have the most runs, RBI and home runs in the A’s-Red Sox game?
Mark Ellis (OAK) –105
Mike Lowell (BOS) -125
If Tony believes Ellis will have more runs, RBI and home runs than Lowell, so he must wager $105 to win $100.
If Bet
An If Bet allows a bettor to link two or more individual wagers together, but the second bet isn’t wagered if the first isn’t won. In other words, if the bettor loses the first wager, then the sports book doesn’t place the second bet.
Example:
Lindsay likes the Giants +1.5 and the Tigers –1.5 so she places a $25 If Bet. If the Giants cover the 1.5 points, then the sports book places $50 on the Tigers. If the Giants lose or don’t cover, the sports book doesn’t proceed with the next bet and Lindsay only loses her original $25.
In an If Bet, the bettor doesn’t have to wager on a 1pm game before the 3pm game. A bettor can use the 3pm game as his first bet and if he or she wins, then the 1pm game will be wagered as well.
Round Robin
A Round Robin wager is basically multiple parlay bets. A three-team Round Robin consists of one three-team parlay and two, two-team parlays.
Example:
Tim likes the Twins, Mariners and Dodgers and wants to wager on a three-team Round Robin. So Tim bets on the Twins, Mariners and Dodgers in the three-team parlay, as well as the Twins and Dodgers in one of the two-team parlays and the Dodgers and Mariners in the other parlay.