When online sports betting in Ohio goes live on January 1, 2023, there will be a wide variety of betting types available. Let's break them down for those new to the world of legal sports betting.
Betting against the spread is one of the most common ways to wager on a sportsbook. The point spread is a prediction on the outcome of a game, with the spread being the expected difference in points, goals or runs between the two teams. The stronger team, also known as the favorite, is given a points handicap over the underdog.
For example, let's say Ohio State is a 16.5-point favorite over Michigan. The spread is Ohio State -16.5 points with -110 odds. Betting on the Buckeyes would mean they must win by 17 or more points for you to win the bet. On the other side, Michigan +16.5 would hit if the Wolverines won the game or lost by fewer than 17 points.
The total, or the over/under, is used when picking whether the two teams in the game will combine to score more (over) or less (under) than the number provided.
For example, if you see a total at 48.5 points and bet the over, the two teams must combine to score 49 points or more to win the bet. If the two teams combine to score 48 points or less, you lose the bet.
There are totals betting options for the full game, halves, quarters, and more.
A moneyline bet is simply picking the winner of the game or match. Moneyline odds can range anywhere from plus or minus numbers in the thousands, in extreme circumstances with two teams at the opposite ends of the betting spectrum.
If a team is favored to win, the odds will be listed as a negative number, like -120, meaning you have to risk $120 to win $100. The underdog will have a plus or positive number like +145, meaning you have to risk $100 to win $145.
While you don't need to risk $100 on a moneyline bet, American odds are based on betting or winning $100.
Prop bets are one of the most common ways to bet on a game, and props continue to grow in popularity. A prop bet is a wager that isn't connected to the outcome of a game, but instead on something to occur during a contest.
Sports betting on prop bets could include team props, such as betting the over/under on a team's point total, or individual player props, such as a player scoring a touchdown in an NFL game or blocking a shot in an NBA contest.
Futures sports betting is a wager on a future outcome. The most common type of futures bet is on a league's championship, such as the odds to win the 2023 Super Bowl. Other futures bet types include betting on awards, like league MVP or Rookie of the Year, series betting, season win totals, and more.
Parlays are bets that combine multiple wagers together in a single bet. In order for a parlay to wash, each and every leg must win or push. Since the difficulty and level of risk for a bettor increases with each additional leg in a parlay, the odds grow accordingly. Parlays can feature moneylines, spreads, totals, and prop bets.
For example, a four-leg parlay could have Bengals -6.5, Bengals-Ravens over 46.5 points, Buckeyes -16.5, and Cavaliers +6, all with -110 odds. If each leg hits, it would lead to a 10-to-1 payout. However, if one of the legs loses, then the entire parlay is a loss.
Teaser bets give you the chance to shift the point spread or total up or down. Moving the line raises the probability a bet will hit, but it also makes the betting odds less profitable.
For example, a parlay taking the Bengals -5.5, Cavaliers +4, and the Browns-Steelers under 44.5 points has +588 odds. A four-point teaser using those same games would move the lines to Bengals -1.5, Cavaliers +10, and Browns-Steelers under 48.5 points for +180 odds.
Live betting is wagering on an outcome while the game is taking place. Based on the events of the game, the spread, moneyline, and other odds will adjust, which creates opportunities for Ohio bettors to get wager on different odds and outcomes that may have been available pregame.
For example, let's pretend the Ohio State Buckeyes were -16.5 with -110 odds against Penn State. However, after Penn State took an early 7-0 lead, the Ohio sportsbook may move the spread to Ohio State -12.5 points at -110 odds. This gives Ohio bettors the ability to wager on Ohio State or Penn State at the newly-adjusted spread and odds.