Sports betting can seem complicated from the outside — spreads, moneylines, parlays, juice, vig, implied probability. It’s a lot of jargon. But the core concepts are straightforward, and you can learn everything you need to get started in about 10 minutes.
This guide covers the fundamentals. No fluff, no hype — just the mechanics of how sports betting actually works.
How Sports Betting Works
A sportsbook sets a line on a sporting event. You place a bet on one side of that line. If you’re right, you win money. If you’re wrong, you lose your stake. The sportsbook takes a small commission (called the vig or juice) on every bet, which is how they make money.
That’s the entire business in four sentences. Everything else is details.
The Three Main Bet Types
Almost every bet in sports falls into one of three categories: moneyline, spread, or total.
Moneyline
The simplest bet: pick who wins. No point spread, no margin of victory. Just the winner.
| Team | Moneyline |
|---|---|
| Bills | -150 |
| Dolphins | +130 |
The Bills are the favorite (negative number). You’d bet $150 to win $100. The Dolphins are the underdog (positive number). A $100 bet wins $130.
The moneyline tells you two things: who the market thinks will win and how much you’d profit if you’re right.
Point Spread
The spread levels the playing field. Instead of just picking a winner, you’re betting on the margin of victory.
| Team | Spread | Odds |
|---|---|---|
| Chiefs | -3.5 | -110 |
| Raiders | +3.5 | -110 |
The Chiefs are favored by 3.5 points. If you bet Chiefs -3.5, they need to win by 4 or more for you to cash. If you bet Raiders +3.5, they can lose by up to 3 points and you still win.
Spreads are the most popular bet type in football and basketball because they create a roughly 50/50 proposition regardless of how lopsided the matchup is.
Over/Under (Totals)
Instead of picking a side, you’re betting on the total combined score of both teams.
| Total | Odds |
|---|---|
| Over 47.5 | -110 |
| Under 47.5 | -110 |
If the final score is Chiefs 27, Raiders 24 (total: 51), the over wins. If it’s Chiefs 20, Raiders 17 (total: 37), the under wins.
You don’t need to care who wins the game — just whether it’s high-scoring or low-scoring.
How to Read Odds
American odds are the standard in the US. They come in two formats:
Negative odds (-110, -150, -200): The number tells you how much you need to bet to win $100.
-110: Bet $110 to win $100
-150: Bet $150 to win $100
-200: Bet $200 to win $100
Positive odds (+130, +200, +500): The number tells you how much you’d win on a $100 bet.
+130: Bet $100 to win $130
+200: Bet $100 to win $200
+500: Bet $100 to win $500
The more negative the odds, the bigger the favorite. The more positive the odds, the bigger the underdog.
The Vig (Juice)
Notice that most spreads and totals are priced at -110 on both sides. If you bet $110, you win $100. That extra $10 you risk beyond your potential profit is the vig — the sportsbook’s commission.
At -110, you need to win 52.4% of your bets to break even. That 2.4% above 50% is the cost of placing bets. It’s how the sportsbook guarantees a profit regardless of outcomes. For a deeper dive, see our full guide on how vig works.
The vig varies by market. -110 is standard for spreads and totals. Moneylines build the vig into the gap between the favorite and underdog prices. Player props often carry higher vig (meaning worse odds for you).
Other Common Bet Types
Parlays
A parlay combines multiple bets into one. All legs must win for the parlay to pay out. The potential payout is higher, but so is the risk — one loss kills the entire bet.
A 3-leg parlay at -110 odds per leg pays about +596 (roughly 6-to-1). But the probability of hitting all three at 50% each is only 12.5%.
Player Props
Bets on individual player performance rather than team outcomes. “Patrick Mahomes Over 275.5 passing yards” or “Jayson Tatum Over 27.5 points.” These are one of the fastest-growing markets in sports betting. See our full guide on how prop bets work.
Futures
Long-term bets on season outcomes. “Chiefs to win Super Bowl +600” or “Celtics to win NBA Championship +350.” These are placed weeks or months before the outcome is decided.
Live Betting (In-Game)
Bets placed after the game has started, with odds that update in real-time based on the score, time remaining, and game flow. Fast-moving and popular, but lines move quickly.
Key Terms Every Beginner Should Know
| Term | Meaning |
|---|---|
| Favorite | The team expected to win (negative odds or negative spread) |
| Underdog | The team expected to lose (positive odds or positive spread) |
| Vig / Juice | The sportsbook’s commission built into the odds |
| Spread | The projected margin of victory |
| Push | A tie against the spread (bet is refunded) |
| Handle | Total amount of money wagered on a market |
| Sharp | A professional or well-informed bettor |
| Closing line | The final odds before a game starts |
| Unit | A standard bet size (usually 1-2% of your bankroll) |
| Bankroll | The total money you’ve set aside for betting |
Before You Place Your First Bet
1. Set a Budget
Decide how much money you’re comfortable losing entirely. That’s your bankroll. Never bet money you need for rent, bills, or savings. Treat your bankroll like an entertainment budget.
2. Start Small
Bet 1-2% of your bankroll per bet. If your bankroll is $500, that’s $5-10 per bet. It sounds small, but it keeps you in the game long enough to learn without going broke. For a deeper look at bet sizing, see our bankroll management guide.
3. Open Multiple Accounts
Different sportsbooks offer different odds on the same events. Having accounts at 3-4 books (DraftKings, FanDuel, BetMGM, etc.) lets you compare and take the best price. This is called line shopping and it’s the single easiest way to improve your results.
4. Understand What You’re Betting
Never place a bet you don’t fully understand. If you don’t know what -3.5 means or how a parlay works, learn before risking real money. Use free-to-play options or very small bets while you’re learning.
5. Track Your Bets
Write down every bet you place: the pick, the odds, the amount, and the result. After 50+ bets, you’ll start to see patterns — what’s working, what’s not, and whether you’re actually profitable or just remember the wins.
Key Takeaways
Sports betting has three main bet types: moneyline (who wins), spread (margin of victory), and totals (combined score)
Negative odds mean favorite, positive odds mean underdog
The vig is the sportsbook’s commission — at -110, you need a 52.4% win rate to break even
Set a bankroll, bet small (1-2%), and track everything
Open accounts at multiple sportsbooks and compare odds before every bet
