Different Types of Bets: Parlays, Teasers, Props, and Futures
Sports betting has grown into a global phenomenon, attracting millions of enthusiasts who enjoy the thrill of wagering on their favorite teams, players, and events. Whether you’re a seasoned bettor or a newcomer, understanding the different types of bets is crucial to maximizing your chances of success. Among the most popular betting options are parlays, teasers, props, and futures. Each of these bet types offers unique opportunities and challenges, making them suitable for different strategies and risk appetites.
In this article, we’ll dive deep into these four types of bets, explaining how they work, when to use them, and tips for making the most of your wagers. By the end, you’ll have a solid understanding of parlays, teasers, props, and futures, empowering you to make informed decisions in your sports betting journey.
What Are Parlays?
Definition of Parlays
A parlay is a single bet that combines two or more individual wagers into one. To win a parlay, all the individual bets (also known as “legs”) must be correct. If even one leg loses, the entire parlay bet is lost. While this makes parlays riskier than single bets, the potential payouts are significantly higher due to the increased difficulty.
How Parlays Work
When you place a parlay, the odds of each individual bet are multiplied together to calculate the overall payout. For example, if you bet on three games with odds of +150, -110, and +200, the combined odds will result in a much larger payout than betting on each game individually.
Pros of Parlays
- High Payouts: Parlays offer the potential for massive returns on a relatively small wager.
- Excitement: Combining multiple bets into one can make watching games more thrilling.
- Flexibility: You can mix different types of bets (e.g., moneyline, point spread, totals) in a single parlay.
Cons of Parlays
- High Risk: The more legs you add, the harder it is to win.
- No Margin for Error: A single incorrect pick results in a loss.
Tips for Betting Parlays
- Limit the Number of Legs: Stick to 2-3 legs to increase your chances of winning.
- Focus on Value: Only include bets you’re confident in, rather than chasing high payouts.
- Use Parlay Insurance: Some sportsbooks offer promotions that refund your bet if one leg loses.
What Are Teasers?
Definition of Teasers
Teasers are a type of parlay bet that allows you to adjust the point spread or total in your favor. In exchange for this advantage, the payout is lower than a standard parlay. Teasers are most commonly used in football and basketball betting.
How Teasers Work
When you place a teaser, you can “tease” the point spread or total by a set number of points (e.g., 6, 6.5, or 7 points in football). For example, if a team is a -7 favorite, a 6-point teaser would adjust the spread to -1, making it easier for the team to cover.
Pros of Teasers
- Increased Flexibility: Adjusting the spread or total gives you a better chance of winning.
- Lower Risk: Teasers are less risky than standard parlays because of the adjusted lines.
Cons of Teasers
- Lower Payouts: The adjusted lines result in smaller potential winnings.
- Still Risky: Like parlays, all legs of a teaser must win for the bet to pay out.
Tips for Betting Teasers
- Stick to Key Numbers: In football, teasing spreads across key numbers (e.g., 3 and 7) can be advantageous.
- Limit the Number of Teams: Avoid teasers with more than 2-3 teams to reduce risk.
- Shop for the Best Lines: Different sportsbooks offer varying teaser odds and rules.
What Are Prop Bets?
Definition of Prop Bets
Proposition bets, or “props,” are wagers on specific events or outcomes within a game that are not directly tied to the final score. Props can range from player performance (e.g., “Will Player X score a touchdown?”) to quirky events (e.g., “What color will the Gatorade be at the Super Bowl?”).
Types of Prop Bets
- Player Props: Focus on individual player performance (e.g., total points, assists, or touchdowns).
- Team Props: Involve team-specific outcomes (e.g., total team points, first team to score).
- Exotic Props: Often found in major events like the Super Bowl, these bets cover unusual or entertainment-related outcomes.
Pros of Prop Bets
- Variety: Props offer a wide range of betting options beyond the standard moneyline, spread, and total.
- Entertainment Value: Props can make games more engaging, especially for casual bettors.
- Skill-Based Opportunities: Knowledge of specific players or teams can give you an edge.
Cons of Prop Bets
- Higher Juice: Sportsbooks often charge higher vig on prop bets.
- Unpredictability: Some props, especially exotic ones, are highly random.
Tips for Betting Props
- Do Your Research: Focus on props where you have a knowledge advantage.
- Avoid Exotic Props: Stick to player and team props for better odds of success.
- Compare Odds: Different sportsbooks may offer better lines on specific props.
What Are Futures Bets?
Definition of Futures Bets
Futures bets are wagers on events that will be decided in the future, often weeks or months in advance. Common examples include betting on the winner of the Super Bowl, NBA Finals, or World Series.
How Futures Work
Futures odds are typically presented as a moneyline. For example, a team with +500 odds to win the championship would pay $500 on a $100 bet if they win. Futures odds can change throughout the season based on team performance, injuries, and other factors.
Pros of Futures Bets
- High Payouts: Futures often offer lucrative odds, especially for underdogs.
- Long-Term Engagement: Futures keep you invested in a season or tournament.
- Hedging Opportunities: You can hedge your bet later in the season to secure a profit.
Cons of Futures Bets
- Tied-Up Funds: Your money is locked in until the bet is settled.
- High Variance: Many factors can influence the outcome over time.
- Lower Value: Sportsbooks often build higher margins into futures odds.
Tips for Betting Futures
- Shop for the Best Odds: Futures odds can vary significantly between sportsbooks.
- Bet Early: Early bets can offer better value before odds adjust.
- Consider Hedging: If your futures bet is looking good late in the season, hedge to guarantee a profit.
Comparing Parlays, Teasers, Props, and Futures
Each type of bet has its own strengths and weaknesses, making them suitable for different betting styles and goals. Here’s a quick comparison:
- Parlays: High-risk, high-reward bets that combine multiple wagers.
- Teasers: Adjusted parlays with lower risk and payouts.
- Props: Fun and diverse bets on specific events or performances.
- Futures: Long-term bets with the potential for big payouts.
Final Thoughts
Understanding the different types of bets—parlays, teasers, props, and futures—is essential for any sports bettor looking to diversify their strategy. Each bet type offers unique opportunities, but they also come with their own risks and challenges. By learning how these bets work and following the tips outlined in this article, you can make smarter, more informed wagers.
Whether you’re chasing the thrill of a high-payout parlay, enjoying the flexibility of a teaser, diving into the variety of props, or planning for the long-term with futures, there’s a bet type for every kind of bettor. Remember to gamble responsibly, set a budget, and always bet with your head, not your heart.