Types of Sports Betting Explained

Sports betting offers a wide range of options, and understanding how each type of bet works is key before placing your first wager. From simple straight bets to more advanced options like parlays and props, each format has its own rules and payout structures. In this guide, we break down the main types of sports betting and explain how they work, so you can approach sportsbooks with clarity and confidence. 

All betting sites in Canada offer similar bet types, and in this guide, we will show examples of popular bet types for sports in Canada, such as hockey, basketball, football, and soccer.  This is a learning guide on the types of sports betting, and we will not offer advice on how to make bets. 

What Are Sports Betting Types?

A bet type or betting market is a specific type of sports bet for a game or match. We will explain the bet types in this article, such as a moneyline, where you are simply picking a winner, or a totals bet, where you are betting the over or under points or goals.

With any sports bet, you are predicting an outcome, and the odds will determine the payout for that outcome if correct. Understanding the types of bets in sports betting is just as important as understanding the sport you are betting on. 

Moneyline (Straight Win Bets)

The moneyline bet is the most popular bet as well as the simplest to understand, as you are just picking the winner of a game or match. A moneyline bet has different payouts depending on which team or player is the favorite and which is the underdog. 

Here is an example of a moneyline bet for an NHL game:

• Vancouver Canucks -170
• Montreal Canadians +150

In the example above, the Canucks are the favorite, denoted by the – in front of the number, and the Canadians are the underdog, denoted by the +. You can bet any amount you want on the game, but for this example, to make it easier, we will use $100. 

In the NHL bet  above, if you bet on the Canucks, you are betting $170 to win $100, and if you bet on the Canadians, you are betting $100 to win $150. You can see the payout is better for the Canadians, but they are the underdogs in the game. 

Beginning bettors typically start out betting the moneyline since it is the easiest bet to understand. 

Point Spread Betting

Point spread betting is also picking the winner of a game or match and is usually used for basketball and football. In the point spread, the favorite will be giving points, and the underdog will be getting them. You are betting on the winner, but not straight up, because they also have to “cover the spread.” 

Here is an example of the point spread for an NBA game:

• Toronto Raptors -5
• New York Knicks +5 

The Raptors are the favorites and are giving the Knicks five points. If you bet on the Raptors, they have to win by more than five points to cover the spread and win the bet. Conversely, if you bet on the Knicks, they have to win or lose by less than five points to cover and win the bet. 

If the final score for the example is Raptors 128, Knicks 120, the Raptors are the winning bet, as they covered the spread by winning by more than five points. If the Raptors had won by exactly the spread, say 125-120, then the bet is a push, and you would receive your original stake back. That is why you will often see a .5 after the number, such as Raptors -5.5, and if that is the case, it takes the tie out of the equation, considering you cannot score a half a point. 

Totals (Over/Under Bets)

Totals are one of the more common sports bets and are also easy to understand. The sportsbook will set a total number of points or goals for a game or match. You then have two options in the bet: over or under that number. Totals apply across different sports. For example, in soccer and hockey, you bet on goals, while in basketball and football, you bet on points. 

Here is an example of a totals bet for the NHL:

• Calgary Flames vs. Ottawa Senators O/U 6 goals 

If the final score of the game is 4-3, the total number of goals scored was seven. So, the over would be the winning bet, and the under would be the losing one. 

Like the spread, you will often see a .5 after the number, which, again, takes the tie out of the equation. 

Totals bets are popular among bettors because they do not require picking a winner.

Proposition Bets (Props)

In types of sports betting, proposition bets, or prop bets, are interesting ones. They have nothing to do with the outcome of the game; there are game prop bets and player prop bets. 

Here are three examples of a player prop bet for an NBA game between the L.A. Lakers and Golden State Warriors: 

• Will Luka Doncic score over or under 30.5 points?
• Who will score more points in the game, Luka Doncic or Steph Curry?
• List of players with odds on who will score the first points in the game.

Here are a couple of examples of a game prop bet in the NBA game above:

• Over or Under 30.5 assists by the Lakers.
• Will both teams in the game score at least 100 points?
• Will the Warriors make or miss their first shot attempt?

Prop bets are popular among casual bettors because they are easily accessible and entertaining. The more popular the sport, the more prop bets will be available. For example, in an NFL game, there can be over 100 prop bets, whereas there are none in a volleyball match. 

Parlays

In terms of sports betting types explained, a parlay bet is multiple bets in one. The bets in the parlay are called legs, and all of them have to win for the bet to be a winning one. It is a risk vs. reward type of bet: the more legs in the bet, the higher the payout. However, risk increases with the more legs that are in the bet, as it makes it harder to win. 

Parlays are popular and challenging. Often at sportsbooks, there is a parlay builder where you can pick the bets to include in the parlay and see the potential payout. Sometimes you will also see sportsbooks that offer parlay insurance. Parlay insurance is usually for a parlay bet with five or more legs, and if you lose one of them, it will be taken out, and you win the bet with the remaining legs.

Here is an example of a parlay bet for the NHL:

• The Vancouver Canucks beat the Toronto Maple Leafs.
• The Ottawa Senators beat the Calgary Flames.
• Over 6 goals for the Montreal Canadians vs. the Edmonton Oilers. 

Futures Bets

A futures bet is just what the name implies, as you are betting on the outcome of an event in the future. They are long-term bets, so patience is required. They are usually for the outcome of a league at the conclusion of it, and a few examples of a futures bet are:

• Which team will win the Stanley Cup
• Which team will win the Super Bowl
• Which team will win the AL Pennant in MLB
• Which player will win the MVP for the NBA

In how sports betting works, you must be aware that futures odds will change. You can make them before the season and during it, and the odds will change depending on how the team or player is doing. The odds you get when you make the futures bet are the ones you are locked in on, no matter how much they change. 

Live (In-Play) Betting

Live or in-play betting is wagering on an event as it unfolds. If there is a live event, you can make bets while it is happening, and the odds will change as the game or match unfolds. Typically, live betting is available on the winning pick, moneyline, spread, and totals, but some sportsbooks also offer live prop bets. 

In live betting, quick decision-making is important, as odds change often. You want to make quick decisions when picking bets to get the best odds before they change. Live betting is more suited to experienced bettors and is not a good type of sports betting for beginners Canada.

Most sportsbooks these days offer live betting, and some even offer live streaming so you can watch the game or match while betting on it. 

Which Sports Betting Types Are Most Popular in Canada?

The popular sports betting types in Canada are common bets on popular Canadian sports. The most popular sports Canadians wager on are hockey, baseball, basketball, football, and soccer. The main leagues of the NHL, NFL, MLB, and NBA offer tons of betting markets for Canadians to choose from.

The most common bet types Canadians use are the moneyline and the spread. They are easy to understand, and both bets are available for the most popular sport in the country, hockey. No matter what sport Canadians like, there will be common sports bets available, which is good for bettors, offering familiar, simple bets rather than more complex ones. 

Choosing the Right Bet Type as a Beginner

When you're just starting, keep it simple with the most common bets for sports betting for beginners in Canada. Make sure you understand the rules of the bet before making it. It is advantageous to start with the more common sports bets, such as moneyline, totals, and spread, as they are easy to understand. 

Learn More About How Sports Betting Works in Canada

This guide shows the types of sports betting, and on our site, you can learn more about how sports betting works in Canada. You can learn about the best betting sites, betting apps, sports to bet on, sports betting laws in Canada, sportsbook bonuses like free bets and much more. 
We have shown you the types of sports betting, and remember to know about all of the bet types and the sports you plan on betting on before starting your journey as a sports bettor.