There are many betting types available at Illinois online sportsbooks. Not only will you find all the most popular sports, but you will find obscure sports across both professional and collegiate markets. And when it comes to types of bets, you won't fall short of options there either.
When you place a points spread wager, you are betting on one team's margin of victory or defeat against their opponent. The team with minus spread is the favorite whereas the team with the plus spread is the designated underdog.
For example, if the Chicago Bulls (-3.5) are hosting the Charlotte Hornets (+3.5) and you think the Bulls will take care of business at home and win by at least 4 points, then you can place your bet on the Bulls giving (-3.5) points on the spread. If the Bulls win by at least four points, then they will cover the spread and you will win your bet. If the Bulls win by three points or fewer or even lose outright, then they failed to cover and you lose your bet.
When you bet on the total, you are making an over/under wager. With this betting type, you are betting on the number of expected points scored between the two sides. Simply place a bet on the over or the under, depending on how you think the game will play out.
For example, if the Chicago White Sox are playing the Chicago Cubs and the total is set at 7.5 runs, and you think the game will go under that total, then place your bet on the under. If the game's final score totals seven runs or fewer, then you win your bet. If eight runs or more are scored, then your betting slip will be graded as a loss. You can bet an Over/Under on a matchup, like the example above, or on a specific team (for example, the White Sox to score Over 3.5 Runs).
When you bet on the moneyline, you are wagering on the most simplistic form of sports betting. All you have to do is pick the side you think will win the game outright. This is also called outright betting in some parts of the world.
For example, if the Chicago Bears (+205) are facing the Green Bay Packers (-280), and you think the Bears will pull off the upset, then you can place your wager on the Bears getting +205 odds to win. Here, the Bears are the underdogs. If the Bears win, you will win your Illinois sports bet. If you bet $100 on the Bears in this scenario, you'll win $205 plus get back your $100 stake.
With prop bets, you are betting on an outcome that is not directly correlated with the final score or the result of the game. Prop bets can come in the form of game props, team props and player props. You will also find exotic props surrounding an event of magnitude like the Super Bowl.
Here are a few examples of prop bets you will find at Illinois sportsbooks:
- David Montgomery over/under 79.5 total yards
- DeMar DeRozan over/under 1.5 three-pointers made
- Tim Anderson over/under 1.5 total bases
When you bet on a futures wager, you are betting on an outcome that is not determined until the end of a season, postseason, or after a specific event is completed.
Here are some examples of futures bets:
- Chicago Bears over/under 7.5 wins
- Chicago Bulls to win the NBA Championship
- Justin Fields to win NFL Offensive Player of the Year
Parlay bets combine two or more bet selections into one individual bet slip. Each individual selection is called a leg. If all the legs in the parlay are successful, then you win your parlay bet. If just one leg loses, your entire ticket will be graded as a loss.
Here is an example of a parlay bet:
- Chicago Bears (-175)
- Bears-Packers Over 45.5 points (+115)
- Darnell Mooney to score a touchdown (+330)
- Parlay Odds: +1352
If you bet $25 on the above parlay, you stand to win $332.20 if all the legs hit.
Teasers are like parlay bets as they involve multiple legs. However, with teasers you can move the spread in your favor to make your betting ticket more likely to hit. However, in exchange for doing this you will receive lower odds.
With live betting markets, the odds and lines are always changing depending on game flow. Live betting is a great way to find value. You can find all the bet types discussed in this article when live betting, except futures bets. At some sportsbooks, you will find that live betting is also called "in-play" betting as you are wagering on the action as it takes place.