Who is this for?
This guide is for beginners who want to understand the most common bet types in sports betting. If you’ve heard terms like Moneyline, Parlay, Total, or Spread but aren’t sure how they work, this article explains them with examples and beginner tips.
What you’ll learn
- The four main bet types every bettor should know
- How to read odds in different formats
- Simple examples of how payouts are calculated
- Common myths and mistakes to avoid
Introduction
Sports betting comes with its own language. At first glance, terms like Moneyline or Spread can look intimidating, but the truth is that most wagers fall into a small number of categories. Once you learn the basics, everything else starts to make sense.
In this module, we’ll break down four essential bet types: Moneyline, Parlays, Totals, and Spreads. We’ll explain how each works, show you an example, and highlight the myths that beginners often fall for. When you’re ready to see these bets in practice, you can explore the sportsbook on Cloudbet.
Moneyline bets
What are Moneyline bets?
The Moneyline is the simplest type of bet: you are picking who wins the game or match. If your selection wins, you win; if they lose, you lose.
Moneyline odds formats
- American odds: A favorite might be -150, which means you need to stake 150 units to win 100 profit. An underdog at +200 means a 100-unit stake would return 200 profit.
- Decimal odds: Common in Europe, 1.67 means every 1 unit bet returns 1.67 total (0.67 profit plus your stake).
- Fractional odds: Common in the UK, 2/1 means you win 2 units for every 1 staked.
These formats all describe the same probability, just in different ways. Most sportsbooks let you switch your preferred display in the settings.
Moneyline bet example
Imagine Manchester United are +150 (decimal 2.50) against Chelsea at -170 (decimal 1.59).
If you bet 0.01 BTC on United and they win, you earn 0.015 BTC profit plus your stake back.
Myth: “Moneyline bets are always easy”
They look simple, but odds matter. Consistently betting favorites at short odds can eat into your bankroll. Always compare the implied probability in the odds to your own view of the team’s chances.
Parlays
What is a Parlay?
A Parlay combines multiple picks into one bet. For the ticket to win, every pick (or “leg”) must be correct. The payout is higher because the odds multiply together, but the chance of winning drops with each leg you add.
Parlay example
You place a three-leg parlay:
- Team A at 2.00
- Team B at 1.50
- Team C at 1.80
Combined odds are 2.00 × 1.50 × 1.80 = 5.40. A 0.01 BTC bet would pay 0.054 BTC if all three win.
However, if one loses, the whole bet loses.
What to know about Parlays
Parlays can be fun, but they are much harder to land than they first appear. If you combine two 50% chances, the true chance of hitting both is only 25%. Add a third pick and it drops to 12.5%. The maths shows why most parlays miss, even when the picks look good individually.
That’s why many bettors treat parlays as small-stake entertainment rather than a main strategy. They can add excitement to a weekend of games, but they should not be the backbone of your bankroll.
Myth: “Parlays are a quick way to get rich”
It’s true that parlays can produce big wins, but the probability of hitting a multi-leg ticket is low. Beginners often focus on the upside without realising how unlikely it is to come through.
Totals (Over/Under)
What are Totals bets?
A Total, or Over/Under, is a bet on the combined score of a game. The sportsbook sets a number, and you predict whether the actual score will finish higher or lower.
Totals example:
- In an NFL game, the line is set at 47.5.
- If you bet Over, you win if 48 points or more are scored.
- If you bet Under, you win if 47 points or fewer are scored.
- It doesn’t matter who wins — the bet is only about how many points, goals, or runs are scored.
Totals are common across sports. In soccer, for example, you’ll often see Over 2.5 goals or Under 3.5 goals, where the “.5” avoids ties. In basketball, totals can be much higher, often over 200 points.
Myth: “The Over is always safer”
Beginners often assume games will be high-scoring, but sportsbooks set the line with that in mind. Overs and Unders are priced to be equally tough to beat, so neither side is “easier.”
Spreads
What is a Spread in betting?
A Spread is a way of making an uneven game more interesting to bet on. Instead of just picking the winner, you are betting on the margin of victory. The favorite gives points, while the underdog receives them.
Spreads are sometimes called handicap bets, especially in soccer.
For example:
Patriots -7.5 vs Jets +7.5
- If you bet on the Patriots, they need to win by 8 points or more.
- If you bet on the Jets, they can either win outright or lose by 7 points or fewer.
This way, both teams have a reason to attract bets, even when one is clearly stronger.
Myth: “Half-points don’t matter”
They do. A line of -7.5 means a 7-point win is a loss. At -7, the same result would refund your stake. Even small changes in the line can make a big difference.
