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With sports betting being increasingly legalized and more access to watching sporting events than ever, many people are choosing to take their knowledge of the game and put it to the test by betting on events.

There are a variety of different bets to choose from, making it hard to understand the differences between them. Here is a list of some advanced betting options, most of which feature lower probabilities but higher payouts.

Prop Bet

A proposition bet is a bet on an event happening during a sporting event, but not necessarily on the outcome or score of a game. Prop bets include bets on which team will score first, which player will score first, individual player final performance, and a variety of other bets. Prop bets can be fun because they have high payouts and can make the game much more exciting to watch.

Futures

A futures bet is a bet placed on an outcome of an event in the future. Events could include which teams wins the championship, who wins the MVP award, or individual accolades of players. Futures betting is quite popular outside of sports betting as well, where many people vote on things such as the presidential election outcome or the endings of TV shows.

Parlay

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A parlay is one of the most popular forms of betting, while also one of the most complex. A parlay bet is a series of bets that are placed on multiple events. Individual bets on a parlay are called legs. All legs must win in order for the parlay to payout. While it is less statistically likely that all legs of a parlay payout, if you do win, the winnings are exponentially more than placing each bet individually. This is why parlays are so popular because betters can take only a few dollars and turn them into hundreds or even thousands of dollars.

Individual bets on a parlay may be money lines, point spreads, over/unders, or prop bets. For example, a parlay may include a point spread bet on a basketball game, a prop bet on a football game, a money line bet on a hockey game, and an over/under bet on a baseball game.

Most sportsbooks allow you to cash out your parlay early, but at a lower rate than it would be if you continued the parlay to the end. For instance, using the example of the events listed above, if the basketball, football, and hockey bets all hit, you can cash out before the baseball game begins, but at a lower rake than if the baseball bet hit. The advantage of this is that you guarantee some winnings rather than risking all the winnings on the final event.

Live Betting

Live betting is a bet that is placed during a sporting event. Live betting can include a variety of betting discussed here and in GoodSport’s Basics Of Sports Betting. Live betting will have volatile odds since the probability of certain events happening could swing drastically. For instance, if Team A is ahead of Team B by two points with ten seconds remaining, the live betting odds will strongly favor the team that is leading. However, if team B hits a three-pointer and puts them up one point with less than a second remaining, the odds will shift towards strongly favoring Team B.

It is the responsibility of all players to check, know, and follow local laws when participating in sports betting. Click here for more information on locations, legality, and the basics of sports betting.

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