Types of Bets Explained — Moneylines, Spreads, Parlays & More (2026)

Every Bet Type You Need to Know

Walk into any sportsbook — digital or physical — and you'll find dozens of betting options for every game. That variety is part of what makes sports betting exciting, but it can be overwhelming for newcomers. This guide breaks down every major bet type with clear definitions, real examples from Canadian sports, and practical advice on when to use each one.

By the end, you'll be able to navigate any sportsbook's betting menu with confidence.

Moneyline Bets

The moneyline is the simplest and most popular bet in sports. You're picking which team will win the game — that's it. No point spreads, no margins. Just pick the winner.

How Moneyline Bets Work

Each team is assigned odds reflecting their likelihood of winning. The favourite has lower odds (smaller payout), and the underdog has higher odds (bigger payout).

NHL Example:

Edmonton Oilers: 1.65 (−154)
Calgary Flames: 2.35 (+135)

If you bet $20 on the Oilers and they win, you receive $33 total ($13 profit). If you bet $20 on the Flames and they win, you receive $47 total ($27 profit).

NBA Example:

Toronto Raptors: 2.10 (+110)
Boston Celtics: 1.77 (−130)

The Celtics are slight favourites here. A $50 bet on the Raptors wins $55 profit, while a $50 bet on the Celtics wins $38.50 profit.

When to Use Moneyline Bets

When you have a strong opinion on who wins but not by how much
In low-scoring sports like hockey and soccer, where spreads are tight
As a beginner — it's the easiest bet to understand

Point Spreads (and Puck Lines)

The point spread is designed to level the playing field between a favourite and an underdog. The sportsbook assigns a handicap — the favourite must win by more than the spread, while the underdog can lose by fewer points than the spread (or win outright) to cover.

NFL Spread Example

Buffalo Bills −6.5 at 1.91
New England Patriots +6.5 at 1.91

If you take the Bills at −6.5, they must win by 7 or more points for your bet to win. If you take the Patriots at +6.5, they can lose by up to 6 points (or win outright) and your bet still wins.

NHL Puck Line

In hockey, the standard spread is called the puck line and is almost always set at 1.5 goals.

Toronto Maple Leafs −1.5 at 2.45
Ottawa Senators +1.5 at 1.57

Taking the Leafs at −1.5 means they need to win by 2 or more goals. The puck line favourite offers significantly higher odds than the moneyline because winning by 2+ in hockey is harder to guarantee.

NBA Spread Example

Toronto Raptors +4.5 at 1.91
Milwaukee Bucks −4.5 at 1.91

The Raptors can lose by up to 4 points and still cover the spread.

Key Spread Concepts

Half-point spreads (like −6.5) eliminate the possibility of a push (tie).
Whole-number spreads (like −7) can result in a push, where your stake is returned.
The odds on each side are typically around 1.91 (−110), with the sportsbook's juice built in.

Totals (Over/Under)

A totals bet — also called an over/under — lets you wager on the combined score of both teams, without picking a winner. The sportsbook sets a projected total, and you bet whether the actual combined score will go over or under that number.

NHL Totals Example

Vancouver Canucks vs. Seattle Kraken — Total: 5.5
Over 5.5 at 1.87
Under 5.5 at 1.95

If the final score is 4–3 (7 total goals), the over wins. If the final score is 2–1 (3 total goals), the under wins.

When to Bet Totals

When you don't have a strong lean on who wins but have an opinion on the game's pace
When two defensive teams meet (lean under) or two high-scoring offences clash (lean over)
Weather considerations in outdoor sports (wind and cold tend to suppress scoring in the CFL and NFL)

Parlays

A parlay combines two or more bets into a single wager. Every selection (or "leg") must win for the parlay to pay out. The appeal is the multiplied odds — parlays offer significantly higher payouts than individual bets. The risk is that a single losing leg sinks the entire ticket.

How Parlays Work

The odds of each leg are multiplied together:

Example 3-Leg Parlay:

Oilers ML at 1.65
Raptors ML at 2.10
Blue Jays ML at 1.80

Combined odds: 1.65 × 2.10 × 1.80 = 6.24

A $10 bet returns $62.37 if all three win. That's a much bigger payout than three separate $10 bets, but if any one leg loses, you get nothing.

Parlay Risk vs. Reward

The math is against you. While parlays are exciting, the sportsbook's edge compounds with each additional leg. A 2-leg parlay roughly doubles the vig compared to two singles. Recreational bettors love parlays; sharp bettors typically avoid them.

Use our parlay calculator to see potential payouts for multi-leg bets before you place them.

Teasers

A teaser is a modified parlay that lets you adjust the point spread or total in your favour by a set number of points. In exchange, the payout is reduced compared to a standard parlay. Teasers are most common in NFL and NBA betting.

NFL Teaser Example (6-Point Teaser)

Original: Bills −7.5 → Teased: Bills −1.5
Original: Under 48.5 → Teased: Under 54.5

Both legs are more likely to win, so the payout is lower — but teasers can be a smart way to cross key numbers in football (like 3 and 7).

Prop Bets (Propositions)

Prop bets focus on specific events within a game rather than the final outcome. They come in two flavours:

Player Props

Connor McDavid over/under 1.5 points
Auston Matthews to score anytime goal at 2.25
Josh Allen over/under 275.5 passing yards
Pascal Siakam over/under 22.5 points

Game Props

First team to score
Will there be overtime?
Total power play goals in the game
Highest-scoring quarter

Props are hugely popular and one of the fastest-growing markets in Canadian sports betting. They let you use specific player or situational knowledge that the broader market might not capture.

Futures Bets

Futures bets are wagers on events that will be decided weeks or months in the future. Common examples include:

Stanley Cup winner: Edmonton Oilers at 5.00
NBA MVP: Shai Gilgeous-Alexander at 3.50
CFL Grey Cup winner: Winnipeg Blue Bombers at 4.00
World Series winner: Toronto Blue Jays at 15.00

Futures can offer excellent value early in the season when there's more uncertainty. The trade-off is that your money is tied up for a long time, and a lot can change (injuries, trades, form).

Live Betting (In-Play)

Live betting allows you to place bets after a game has started, with odds that update in real time based on what's happening on the ice, court, or field. It's the fastest-growing segment of sports betting in Canada.

You can bet on all the standard markets — moneyline, spread, totals — as well as live-specific markets like "next team to score" or "result at end of current period." For a deep dive, check out our live betting guide.

Choosing the Right Bet Type

Here's a quick decision framework for beginners:

Just want to pick a winner? → Moneyline
Think a favourite will blow out the opponent? → Spread (take the favourite)
Think a game will be high or low scoring? → Totals
Have strong opinions on multiple games? → Parlay (use sparingly)
Know a player's form inside and out? → Player props
Want to bet on a season-long outcome? → Futures

Explore unfamiliar terms in our betting glossary, and use our calculators to model potential outcomes before risking real money.

Final Advice

Start with moneylines and totals — they're the simplest and give you the best foundation. As you gain experience, branch out into spreads, props, and the occasional parlay. Keep your parlays small (2–3 legs) until you're comfortable with the risk. And always remember: no bet type is inherently "good" or "bad." What matters is finding value — situations where you believe the true probability is higher than what the odds imply.