Sportsbook 101

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Are you ready to get started in the world of sports betting? Read on to learn how to take your first steps, right foot forward.

 

Content:

Bet Types
Wager Terms
Limits
Sportsbook Rules

 

Bet Types

Here at BetOnline we aim to offer the widest range of betting options. The following wagering options are available:

 

Straight Bet

The most common type of sports wager is on the final score of a single game, known as a straight wager. One team is typically favored over another by a point spread; the favorite gives the underdog points as a head start, for betting purposes. The favorite is always indicated by a minus sign (-3) and the underdog by a plus sign (+3). The amount of points you must give or take is estimated to be the amount, which will generate equal wagering on both the underdog and the favorite. For betting purposes, the result of the game is determined by taking the actual score and subtracting points from the favorite’s score or adding points to the underdog’s score. So, a favorite can win the actual game but lose the bet by not covering the spread; an underdog can lose the actual game but win for betting purposes by covering the spread.

Totals

You can also bet whether the combined number of points or goals scored by the two teams in the game will be over or under the total set by the oddsmaker. For example, if the total is 42 and you believe that the combined points scored by the two teams will exceed that number, you would bet over. You would bet under if you believe the total points score will be less than 42.

Money Line

A money line is used in addition to or instead of a point spread on a match up between two teams. In this case, you must bet more to wager on the favorite.

For example, the New York Yankees are a -150 favorite over the Colorado Rockies. You must “lay” $150 in order to win $100. If New York loses, you lose $150. However, you could bet on Colorado , in which case you would lay $100 in order to win $140 (10 cent line). If Colorado loses, you only lose $100, and if Colorado wins, you would win $140. BetOnline offers both money line and point spread options on most sports.


Parlay

A parlay is a bet on two or more teams or selections. You can combine different sports, point spreads and money lines. You can wager on 2 or more teams at once. If one team loses, the parlay is a loss.

 

Teaser

Similar to a Parlay but adjust the point spread in the line to your favour.


Round Robin

A round robin is a simple way to place multiple parlays at once. When you place a round robin wager, you’re placing individual wagers on every possible parlay combination within the selected wagers. All of the selections in the round robin do not have to win for you to have returns from the total wager. To place a round robin, just add three or more selections to your bet slip and go to the “Round Robin” tab. Here, you’ll see the wager broken down By 2’s, By 3’s, and so on. These indicate the number of teams in each individual parlay you’re placing.

For example, if you’re betting on teams A, B, and C to win outright, you’ll have two round robin options available. Your By 2’s option includes all possible 2-team parlays for these three wagers (A+B, B+C, and A+C). And your By 3’s option includes all possible 3-team parlays on these 3 wagers (A+B+C). If you wager $30 on the By 2’s option, that money will be split evenly among the 2-team parlays ($10 on each of the 3 wagers).


Future

A future bet is a wager on an event or outcome that will be determined sometime in the future. For example, it might be a bet made at the start of the season on the Denver Broncos to win the Super Bowl. Future odds change continuously throughout the season – YOU GET THE ODDS IN EFFECT AT THE TIME YOU BET. Future bets often have high odds.

 

If Bets

Wager a fixed amount on one team and only if that team wins the game can you set another fixed amount equal to the first wager on the next team.

 

If-Win (Single Action)

An If-Win Only wager is an excellent choice for money management. You wager a fixed amount on one team if that team wins the game only, then another fixed amount, up to the original amount shall be placed on your next team. Your first wager must win in order for you to have action on the remaining wagers. If the first wager loses, there is No Action thereafter. You cannot have duplicate teams in the same If Win Tie Cancel.

Example 1 Example 2 Example 3
Rams -7 WinIf Win

Dolphins -3 Win

Rams -7 WinIf Win

Dolphins -3 Lose

Rams -7 LoseIf Win

Dolphins -3 Win

Stake  $110.00 Stake  $110.00 Stake  $110.00
Win    $200.00 Lose   $10.00 Lose   $110.00

NOTE: All IF-BETS are IF WIN (Single Action) unless specified as

 

If Win-Tie-Cancel (Double Action)

An If-Bet wager is also an excellent choice for money management. You wager a fixed amount on one team, and if that team wins, ties, or is cancelled, then another fixed amount, up to the original amount shall be placed on your next team. Your first wager must win, tie, or be cancelled in order for you to have action on the remaining wagers. If the first wager loses, there is No Action thereafter. You cannot have duplicate teams in the same If Win-Tie-Cancel wager.

Example 1 Example 2 Example 3
Cowboys -7 Win
If Win-Tie-Cancel

Broncos -3 Win Cowboys -7 Win
If Win-Tie-Cancel

Broncos -3 Lose Cowboys -7 Lose
If Win-Tie-Cancel

Broncos -3 Win
Stake $110.00 Stake $110.00 Stake $110.00
Win $200.00 Lose $10.00 Lose $110.00
NOTE: All IF-BETS are IF WIN (Single Action) unless specified as IF WIN-TIE-CANCEL (Double Action).


Action Reverse

A Reverse wager is the same as two “If Win” bets. If wager A wins, the bet goes to wager B. If B wins, the bet goes to wager A. If wager A loses, the bet does not go to wager B. If wager B loses, the bet does not go to wager A. If wager A wins, the bet goes to wager B and if wager B loses, the bet does not go to wager A. Standard reverse bets are Double Action; therefore in the event of a tie the bet is still active.

Example 1 Example 2 Example 3
Bills -7 WinIf Win

Dolphins -3 Win

Bills -7 WinIf Win

Dolphins -3 Lose

Bills -7 LoseIf Win

Dolphins -3 Lose

Stake  $220.00 Stake  $220.00 Stake  $220.00
Win    $400.00 Lose   $120.00 Lose   $220.00


Buying Points

You can move a point spread up to two points in your favor. You must pay an extra 10% for each half point that the line is moved. Points cannot be bought on money lines or half time point spreads.

# of Points You’re Allowed to Buy
1/2 Points You Lay 6 to 5
1 Points You Lay 13 to 10
1 1/2 Points You Lay 7 to 5
2 Points You Lay 3 to 2

2 Points

Please note:

For NCAA Football, price is -115 for buying OFF 3 only.

For NFL, price is -125 for buying ON or OFF 3.

 

Wager Terms

If you’re new to betting, it’s important to get familiar with the terms of the game.

Here you will be able to find a glossary of the most common sportsbook wagering terms.

 

Limits

NOTE: To increase wagering limits for individual accounts, please contact Player Services at 1-800-977-4717. Limits for sports and individual players are subject to change at BetOnline management’s discretion.

Important New Feature: Once a specific limit has been reached, it can re-bet every time the odds move and/or every 61 seconds.

 

Sportsbook Rules

Regardless of what’s your preferred sport, be sure we’ll have it available for you to wager on. However, to ensure you have the best experience, make sure to check out the rules for betting on each individual sport. 

You can find all of these here.

 

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