Sports betting 101: odds, bet types, and strategies

Who is this for?

This guide is for crypto users who want to start betting on sports but don’t know where to begin. If you’ve used Bitcoin, Ethereum, or another coin but are new to sports betting, this article will walk you through the basics — from reading odds to picking bet types and using simple strategies.

What you’ll learn

How sports betting odds work in different formats
The main bet types, including Moneyline, Totals, and Spreads
Variations like Parlays, Trifecta bets, Fixed Odds, and Draw No Bet
Simple strategies to manage risk and find value
Key differences when betting with crypto instead of fiat

Introduction

Sports betting can look intimidating when you first open a sportsbook filled with numbers and abbreviations. In reality, it mostly comes down to three things: odds, bet types, and basic strategy. Learn these, and you’ll have the foundation for everything else.

With crypto, the process is almost the same as fiat betting. Only your deposits, wagers, and withdrawals are held in Bitcoin or another coin.

Understanding odds in sports betting

Odds are the foundation of sports betting. They do two things:

They show how much you will win if your bet is successful.
They reflect how likely the sportsbook thinks that outcome is.

Most sportsbooks, including crypto platforms, use fixed odds betting. This means the odds you see when you place your bet are locked in. Even if the line moves later, your payout is based on the original odds you accepted.

There are three main formats you will come across:

American odds

American odds use plus and minus signs. A minus sign shows the favorite, and a plus sign shows the underdog.

Example 1 (favorite): -150 means you must stake 150 to win 100 profit. The negative number tells you it takes a larger stake to earn a smaller profit because the team is expected to win.
Example 2 (underdog): +200 means a 100 stake would return 200 profit. The plus sign signals that the outcome is less likely, so the payout is bigger.

Decimal odds

Decimal odds are the most straightforward format and are common in Europe and Australia. They show the total return per unit staked.

Example 1: 2.50 means every 1 unit staked pays back 2.50 in total (1.50 profit plus your stake).
Example 2: 1.80 means a 1 BTC bet returns 1.80 BTC (0.80 profit plus your stake). The closer the number is to 1.00, the stronger the favorite.

Fractional odds

Fractional odds are most common in the UK and show profit relative to stake.

Example 1: 2/1 (read “two to one”) means you win 2 units for every 1 staked. If you bet 1 BTC, you profit 2 BTC plus your 1 BTC stake.
Example 2: 5/2 means you win 5 units for every 2 staked. If you bet 2 BTC, you profit 5 BTC plus your 2 BTC stake.

Sports betting bet types you need to know

Moneyline bets

The Moneyline is the simplest type of sports bet. You are betting on who will win the game, nothing else.

Favorites are priced shorter because they are more likely to win, while underdogs have longer odds with higher payouts.

Beginners like Moneyline bets because they are easy to understand and don’t involve point spreads or totals.

Moneyline example

In the Premier League, Chelsea are +150 underdogs against Arsenal.

A 1 BTC bet on Chelsea would return 2.5 BTC in total if they win (1.5 BTC profit plus your stake).

Totals or Over/Under bets

Totals betting, also called Over/Under, is about the combined score of a game. The sportsbook sets a number, and you predict whether the final score will be higher or lower.

It doesn’t matter who wins. The bet is only about scoring.

Example

In the NFL, the Kansas City Chiefs vs Buffalo Bills total is set at 47.5 points.

If you bet Over, you need 48 or more points scored to win.

If you bet Under, you need 47 or fewer to win.

Spread or Handicap bets

A Spread, also called a Handicap, is when the sportsbook gives one team a head start or makes the other start behind. It’s often used in uneven matchups to make betting more balanced.

Essentially, you can think of it as the game starting with the underdog already leading by a set number of points, or the favorite already trailing. Your bet wins or loses once that adjustment is applied to the final score.

Spread/handicap example

In the NFL, the Green Bay Packers are -6.5 against the Chicago Bears.

That means the Packers need to win by 7 or more points for your bet to win.

If you back the Bears, they can win outright or lose by up to 6 points and your bet still wins.

If they lose by 7 or more points, your bet loses too.

Parlays or Accumulators

A Parlay, also called an Accumulator, is when you combine several bets into one ticket. Each individual pick is called a leg. The odds are multiplied together, which makes the potential payout much higher than betting each leg separately.

Essentially, the more legs you add, the harder the bet is to win. Every leg has to be correct — if just one loses, the whole parlay loses.

Parlay example

You place a three-leg parlay on:

Liverpool to beat Tottenham

Real Madrid to beat Barcelona

Bayern Munich to beat Dortmund

If all three teams win, your parlay pays out at multiplied odds, giving a much bigger return.

If even one team fails to win, the entire bet is lost.

Prop bets

Prop bets, short for proposition bets, are wagers on specific outcomes inside a game rather than the final score. They can cover player performance (like goals or points), team stats (like corners or penalties), or special events (like the coin toss).

Essentially, you are betting on an event within the event.

Prop bet example

In an NFL game, you bet on Patrick Mahomes to throw over 2.5 touchdowns against the Chargers.

If he throws 3 or more, your bet wins.

If he throws 2 or fewer, your bet loses, no matter who wins the game.

Draw No Bet

Draw No Bet is popular in soccer. You back a team to win, but if the match ends in a draw, your stake is refunded. This reduces risk when you want to support a team but think a draw is possible.

Essentially, the draw counts as “no bet.”

Draw No Bet example

In La Liga, you back Barcelona to beat Sevilla with Draw No Bet.

If Barcelona win, your bet wins.

If the game ends in a draw, your stake is refunded.

If Sevilla win, your bet loses.

Trifecta bets

A Trifecta is a bet used in horse racing where you must pick the first three finishers in the exact order. It’s very difficult to land but offers large payouts.

Essentially, you’re predicting the podium in the correct sequence.

Trifecta example

At the Kentucky Derby, you pick Horse A to finish 1st, Horse B 2nd, and Horse C 3rd.

If they finish in exactly that order, your bet wins.

If the order is different, your bet loses.

Sports betting strategies and tips for beginners

Set a budget: Decide how much you can afford to lose and stick to it. Divide your balance into small units so you don’t risk too much on one game.
Keep it simple: Focus on Moneyline, Totals, and Spreads while learning. Save parlays and exotic bets until you’re more experienced.
Look for value: Don’t just back favorites. A bet is only good if the odds make sense compared to the real chance of winning.
Do basic research: Team form, injuries, and conditions can make a big difference. Even small insights help.
Use small stakes with crypto: Bitcoin can be divided into tiny amounts, so practice with low stakes while you learn.
Stay disciplined: Avoid chasing losses and treat betting as a long-term activity, not a quick win.

Did you know?

Only about 3–5% of sports bettors are consistently profitable in the long run. That means roughly 95% lose money over time, even if they win some bets here and there.

This doesn’t mean you can’t enjoy betting. It just shows why bankroll management and discipline are so important. Treating betting as entertainment, using small stakes, and focusing on value rather than chasing wins helps you stay in the game longer and avoid the traps most bettors fall into.