The sports betting industry rakes in billions of dollars in profits annually. With the help of the Internet, online sports wagering has exploded in recent years. There are a slew of online sportsbooks, plus the many popular casinos, competing for your business. Before depositing funds in a sportsbook account, there are a few basic concepts potential bettors should understand.

What Is a Straight Bet?

A straight bet is a wager placed on either the favorite or underdog in a sporting event that takes into account a point spread. For example, let’s say that the Washington Redskins are favored by three points over the Dallas Cowboys, and you bet on the Redskins. Washington must defeat Dallas by at least 4 points for you to win your wager. 

What Is an Over/Under Bet?

A totals or over/under bet is the combined score of a game between two teams, most commonly found in basketball or football. For example, let’s say the projected total points scored for a game between the Chicago Bulls and Detroit Pistons is 190 and you take the over. The two teams would have to combine for at least 191 points for you to win.

What Is a Money Line Bet?

A money line bet does not adhere to the point spread. You bet on either the favorite or the underdog to win. There is a higher payout for betting on the underdog to win. You must risk more on the favorite to win to make up for the higher odds.

What Is a Parlay?

If you’re interested in winning some serious dough without betting too much, the parlay is the way to go. A parlay is a bet involving two to 12 games in which all the games wagered on must be correct. The more games you bet on, the higher the payout. If one of the games is a tie, the payout goes down a notch. If you lose any of the games in the parlay, you get nothing.

What Is a Teaser?

A teaser bet is a parlay in which the bettor can alter the point spread in their favor. In doing so, you increase the likelihood of a winning wager while decreasing your payout. Teaser bets are made predominantly in basketball and football. It can involve as few as two games and as many as ten.

A firm understanding of theses various types of bets will increase your potential for success on sports wagering. Before you start putting your hard earned cash on the line, make sure you understand the basics of sports betting.