Most sports bets fall into three categories: point spreads, totals (also called over/unders), and moneylines. Every other bet type — props, parlays, live bets, futures — is a variation or combination of these foundations. Understanding all three is the starting point for any bettor.
Moneylines: who wins?
The moneyline is the simplest bet in sports betting. You're picking which team wins the game. That's it.
The odds reflect how likely the sportsbook thinks each side is. A heavy favorite carries a deep minus price (say, -300, meaning you risk $300 to win $100). A heavy underdog carries a high plus price (say, +250, meaning you risk $100 to win $250). Roughly even matchups will be priced close to -110 / -110 or -120 / +100.
When the moneyline makes sense: when you have an opinion on the winner but no strong opinion on the margin. Underdogs winning outright is rare, but when they do, the moneyline payout is much larger than what a point-spread bet would have returned. Sharp bettors often prefer moneylines on plus-money underdogs in close matchups, because the payout asymmetry can make sense even when the underdog is unlikely to win.
The downside: heavy favorites on the moneyline force you to risk a lot to win a little. A -300 favorite has to win 75% of the time just to break even on the bet. That's a steep bar even when the favorite is genuinely dominant.
Point spreads: by how much?
Point spreads exist because sportsbooks needed a way to balance betting action on lopsided games. A bet on the moneyline favorite at -300 doesn't attract many bettors. A bet on the same favorite at -7.5 points does.
The spread is a handicap. The favorite is "giving" points; the underdog is "getting" points. The line is set so that, in theory, roughly half the betting public takes each side.
Example: an NFL game lists the Chiefs as -7.5 favorites over the Raiders. To win a bet on the Chiefs, they need to win the game by more than 7.5 points (so 8 or more). To win a bet on the Raiders, they either need to win outright or lose by 7 points or fewer.
The 0.5 in -7.5 is called the hook. It prevents ties. If the line were a whole number like -7 and the Chiefs won by exactly 7, the bet would be a push — your stake gets refunded. Sportsbooks generally avoid whole-number spreads in football precisely to discourage pushes.
Standard spread pricing is -110 on both sides, meaning you risk $110 to win $100 either way. Some books offer reduced juice at -108, -105, or even -101 on certain games — which is meaningfully better pricing if you're a regular bettor.
When the spread makes sense: when your opinion is about the strength of one team relative to the other, rather than just who wins. Spread betting also gives you a path to profit even when the team you bet on loses — as long as they "cover" the spread.
Totals (over/unders): how much scoring?
The total is a number representing the sportsbook's estimate of the combined final score of both teams. You bet whether the actual combined score will go over or under that number.
Example: an NBA game has a total of 224.5. If the final combined score is 225 or higher, the over wins. If it's 224 or lower, the under wins. Like spreads, totals are usually set at half-numbers to prevent pushes.
Pricing is typically -110 on both sides, though it can vary by a few cents in either direction. Books adjust the price when they see imbalanced action — if too much money comes in on the over, they might shift the total slightly upward, or move the price from -110 to -115 on the over to make the under more attractive.
When the total makes sense: when your opinion is about the pace or style of the game rather than which team is better. You might think two strong defenses will produce a low-scoring game, or that a fast-paced matchup with weak defenses will go higher than expected. Totals don't require you to pick a winner at all.
A common mistake on totals: confusing your read on team strength with your read on scoring. A great offense playing a great defense can produce a low-scoring game. A bad offense playing a bad defense can produce a high-scoring game if both teams give up easy points. The total isn't about quality; it's about scoring environment.
Choosing between the three
The right bet type depends on the shape of your opinion:
| Your opinion | Right bet type |
|---|---|
| Who will win | Moneyline |
| By how much one wins | Spread |
| How much total scoring | Total |
| Win probability is right but margin uncertain | Moneyline |
| Margin of victory is the strongest read | Spread |
| Game pace is the strongest read | Total |
Most casual bettors default to spreads because they feel like the "main" bet on a game. That's fine, but it's worth thinking about whether your actual opinion is about the spread or about something else. Forcing a spread bet when your real opinion is about scoring is leaving money on the table.
Pricing differences across bet types
The three markets carry different vig profiles. Spreads and totals are typically the most efficient markets at major sportsbooks, with around 4-5% vig on -110/-110 pricing. Moneylines on lopsided games can carry higher effective vig because of how the math works at the extremes.
Whatever bet type you favor, the foundational rules apply: shop multiple sportsbooks for the best price, understand the implied probability of the line, and bet only when you think your read is better than the sportsbook's read.
We cover the math of finding that edge in our article on expected value.
ParlayX provides analytics tools and educational content, not betting advice. Sports betting involves financial risk and is intended for adults only. If you or someone you know has a gambling problem, call 1-800-GAMBLER for confidential help, 24 hours a day.