This article breaks down the common types of sports wagers you are likely to encounter and explains why regulatory catalogs matter. It focuses on mechanics, settlement conventions and the practical tradeoffs between single-game bets, multi-leg tickets, props, futures and live markets. The goal is to give readers a clear, regulation-backed primer so they can evaluate markets, compare implied probability with their own estimates and make disciplined choices that match their bankroll and objectives.

State catalogs are the authoritative source for defining which wager types and markets are permitted in each jurisdiction.

Parlays increase payout potential but also concentrate variance and are a notable driver of operator hold.

Live betting updates odds continuously and depends on reliable real-time data sources for settlement.

Overview: why clear definitions of sports wagers matter

When people talk about all sports wagering, they often mean a set of familiar bet types that appear across operators. State sports wagering catalogs list and define those core wager types and serve as the practical rulebook operators use to offer markets and resolve outcomes, which helps protect both bettors and operators by creating consistent settlement and product rules Massachusetts Gaming Commission sports wagering catalog.

Regulatory definitions matter because they set the permitted scope of markets, identify approved event categories and specify how wagers must be settled. Those definitions are typically stable over time and are updated incrementally to reflect new event types and market variations, so bettors should treat catalogs as the authoritative source when they want to confirm whether a specific market is allowed where they participate Ohio Casino Control Commission sports gaming catalog.

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Quick glossary of core wager types

Moneyline

A moneyline is a straight win or loss selection on a single outcome in a game or match. Put simply, you pick which team or player wins and the payout depends on the odds set by the operator; this is one of the basic types defined in state catalogs and glossaries for clarity across platforms American Gaming Association sports betting glossary. For an accessible primer on moneyline bets, see Sports Betting 101.

Point spread

A point spread handicaps one side by adding or subtracting points so the matchup attracts balanced betting interest. Betting the favorite requires that team to win by more than the spread, while betting the underdog can pay if they lose by fewer points than the spread or win outright; regulators and catalogs describe this structure so operators settle spread bets consistently Colorado official catalog of events and wagers.

Totals (over/under)

Totals are wagers on the combined points, goals or runs scored by both teams, where the operator sets a single line and bettors choose whether the actual combined score will be higher or lower. Operators and state catalogs define how totals are set and how pushes or ties are handled at settlement American Gaming Association sports betting glossary.

How moneyline bets, spreads and totals work in practice

Interpreting odds and implied probability, all sports wagering

Odds express the implied probability of an outcome after the operator’s pricing margin is included; understanding implied probability helps you compare market pricing with your own estimate of a likely result, which is fundamental when assessing single-game bets American Gaming Association sports betting glossary. For a practical guide to reading American odds and implied probability, see Investopedia: Sports Betting Odds.

Example: converting a spread or moneyline to expected outcomes

In practice, a simple way to use odds is to translate them into an implied win probability and then compare that number to your model or judgment. If an implied probability meaningfully understates the chance you assign, the market may represent value; this kind of comparison is central to how many bettors decide between a moneyline, spread or total American Gaming Association sports betting glossary.

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Settlement basics matter: operators follow catalog and internal rules for ties and pushes, and those rules determine whether a stake is returned or a partial result is paid. For example, many spread or totals markets are resolved as a push when the final margin equals the line, but the exact handling is defined in the applicable catalog and operator rules Massachusetts Gaming Commission sports wagering catalog.

Combined bets: parlays, teasers and round robins

Parlay mechanics and the all-legs-must-win rule

Parlays combine multiple selections into a single ticket that succeeds only if every leg wins, increasing payout potential while raising the chance of a losing outcome; regulators and industry glossaries explicitly describe the all-legs-must-win mechanic so consumers understand the higher variance of this product Ohio Casino Control Commission sports gaming catalog.

Teasers: line adjustments in exchange for reduced payout

Teasers let bettors shift point spreads or totals across multiple legs in their favor, but that concession reduces the payout compared with a standard parlay; state catalogs authorize teasers under state-specific rules that define permitted adjustments and settlement practices Colorado official catalog of events and wagers.

Round robins and other multi-leg variations

Round robin bets create many smaller multi-leg combinations from a larger set of selections, which changes the risk profile by producing multiple partial wins instead of a single all-or-nothing outcome. Operators vary in how these products are priced and settled, and those product rules are governed by the broader catalog framework that defines allowable wager structures American Gaming Association state of the states 2025 report.

Because parlays and related multi-leg products concentrate variance, they are commonly noted in industry reporting as a material contributor to operator hold, which helps explain why they attract prominent marketing but also why they are riskier than single-game bets American Gaming Association state of the states 2025 report.

Proposition bets and speciality markets

Player props vs team props

Proposition bets are wagers on discrete events inside a game, such as whether a specific player reaches a scoring threshold or a team achieves a particular statistical milestone. Player and team props are often popular because they let bettors focus on narrow outcomes rather than overall game results, and catalogs and glossaries help standardize terminology and common settlements American Gaming Association sports betting glossary. For another glossary perspective, see RG.org sports wagering glossary.

What are the different types of sports wagers and how do they differ in mechanics and risk?

Different wager types include single-game bets like moneyline, spread and totals, multi-leg products such as parlays and teasers, proposition bets, futures and live in-play markets. Each has distinct settlement rules, variance characteristics and state-specific permissions, so choose based on your probability estimate, bankroll rules and whether the market is permitted where you participate.

State catalogs may restrict certain prop categories, especially novelty or league-specific offerings, and they typically require operators to specify the stat source used for settlement so bettors know how outcomes will be measured Tennessee approved events and wagers.

Settlement terms for props are an important detail: the operator should disclose the chosen stat supplier and tie rules, as those choices determine whether marginal plays are paid, voided or treated as pushes under catalog and operator policies Colorado official catalog of events and wagers.

Futures and season-long markets

Futures are long-horizon wagers on outcomes such as season champions, award winners or leaderboard outcomes. State catalogs list futures as permitted market types and define the governance around settlement timelines and exceptional conditions, like season cancellations or vacated titles Massachusetts Gaming Commission sports wagering catalog.

Simple decision checklist for choosing a wager type

Implied probability
Bankroll impact
Settlement rule
Time horizon

Use this to compare options before placing a ticket

Because futures resolve over months, settlement conditions can include special clauses for interrupted seasons or retroactive changes, and operators follow catalog guidance when drafting their event rules to ensure clarity for bettors about when and how payouts occur American Gaming Association sports betting glossary.

Futures typically expose bettors to longer time horizons and lower per-event win probabilities, so they are best understood as strategic choices for long-term exposure to a team or player rather than short-term trading instruments Massachusetts Gaming Commission sports wagering catalog.

Live and in-play betting: how betting after kickoff works

Continuous odds updates and micro-markets

Live or in-play betting takes place after an event starts and uses continuously updating odds to reflect what happens on the field, which enables micro-markets like next-possession or next-score wagers that are priced in real time; several state catalogs explicitly recognize in-play betting as a permitted market type Colorado official catalog of events and wagers.

Regulatory recognition and permitted scope

Close up mobile app screen for all sports wagering showing moneyline spread and totals lines minimalist layout with Funded Plays color palette

Because in-play betting is fast paced, it demands disciplined decision-making and clear bankroll rules; operators and catalogs together set expectations about settlement timing and the authority used to determine live outcomes, which matters if a disputed play occurs Massachusetts Gaming Commission sports wagering catalog.

Regulators may limit which micro-markets are allowed or require specific data sources and settlement practices to protect market integrity, so bettors should check the applicable catalog for rules about time windows, permissible in-game markets and data providers used for settlement Tennessee approved events and wagers.

How states and catalogs shape what bets you can place

Different states explicitly list permitted wager types, approved events and the structural limits on products, so a market you see in one jurisdiction may be unavailable in another. For concrete authoritative language, consult the catalog that applies to where you plan to participate Ohio Casino Control Commission sports gaming catalog.

Catalogs also guide how operators must label, price and settle products, which helps reduce ambiguity when disputes arise. Because updates tend to be incremental, the basic set of permitted wagers has been consistent through recent years, with regulators adding new event types or clarifying settlement rules as needed Colorado official catalog of events and wagers.

When you are uncertain about a specific market, the practical step is to check the state catalog or the operator’s product rules tied to that jurisdiction before placing a ticket, as that ensures you know how a market will be settled and whether it is permitted where you are located Tennessee approved events and wagers.

Risk, variance and the operator edge: what drives payouts

Different wager types carry different variance profiles: single-game moneyline, spread and totals bets usually produce lower variance than multi-leg products, while parlays and other combination tickets concentrate variance into a single outcome that either returns a larger payout or loses wholly American Gaming Association state of the states 2025 report.

Parlays are often highlighted in industry reporting because their structure and pricing contribute materially to operator win or hold, which helps explain why they are prominent in product suites even though they typically carry a higher house advantage compared with single-leg wagers American Gaming Association state of the states 2025 report.

As a rule of thumb, treat larger advertised payouts as higher variance opportunities rather than as guaranteed value; balancing probability and payout and applying disciplined bankroll sizing helps manage exposure across different bet types Ohio Casino Control Commission sports gaming catalog.

How to choose a wager: decision criteria and a short checklist

Start by comparing implied probability to your own estimate of the event outcome. If your assessed probability exceeds the market’s implied probability by a margin that covers the operator edge, the wager may be worth consideration. Catalog and product rules also affect choice because settlement conventions alter the expected payout in real situations American Gaming Association sports betting glossary.

Consider the bankroll impact. Multi-leg bets like parlays amplify variance and can quickly increase drawdown risk, so they should occupy a smaller share of a controlled bankroll allocation while single-game bets can be sized more conservatively relative to account equity American Gaming Association state of the states 2025 report.

Check implied probability versus your estimate
Confirm the market is permitted and learn the settlement rule
Assess bankroll impact and set a stake consistent with drawdown limits
Prefer simpler bets when market clarity or data sources are uncertain

Common mistakes and pitfalls bettors make

Confusing a large potential payout with positive expected value is common; big odds can be tempting but do not substitute for a reasoned probability assessment. Always ask whether the payout compensates for the true chance of the outcome rather than assuming size equals value.

Another frequent error is ignoring jurisdictional limits and settlement rules. Props and live markets can look identical across operators but be governed differently by state catalogs, so verifying permitted scope and the chosen data source for settlement reduces unexpected outcomes.

Finally, overexposure to high-variance products like multi-leg tickets without proper bankroll controls is a common driver of avoidable losses. Use disciplined sizing and treat parlays and same-game combinations as occasional tools rather than a core strategy unless you have a robust edge and risk controls.

Practical examples and scenarios

Example 1: single-game moneyline decision

Imagine a moneyline where the implied probability is 55 percent but your model assigns a 65 percent chance. That gap suggests the market may offer value, all else equal, and a well-sized single-game stake could be the disciplined choice compared with combining the pick into a multi-leg ticket American Gaming Association sports betting glossary.

Example 2: building a 3-leg parlay and assessing risk

When you construct a 3-leg parlay, multiply the implied probabilities of each leg to approximate the parlay's theoretical probability, remembering that each leg must win for the ticket to pay. Because the combined probability drops quickly with each added selection, consider whether the boost in potential payout justifies the dramatic increase in variance Ohio Casino Control Commission sports gaming catalog.

Example 3: a live bet scenario and how odds move

In a live bet, odds can shift rapidly after a key play. A disciplined approach is to predefine acceptable odds ranges and stake sizes before the event or to limit in-play activity to micro-markets where you have a clear informational advantage and understand how the operator uses real-time data for settlement Colorado official catalog of events and wagers.

How regulations differ by state: a short reference

Massachusetts, Ohio, Colorado and Tennessee each publish catalogs that list permitted wager types and include product-level details such as allowable props, live market scope and settlement guidance; consulting the catalog for your state will give you the definitive answer on whether a market is permitted and how it is resolved Massachusetts Gaming Commission sports wagering catalog.

Some states permit expansive prop and in-play markets while others maintain narrower lists or require specific settlement sources. If a market you want is not permitted, the catalog will typically explain the reason or provide a contact for clarification, so use that resource before assuming a market will be offered where you are located Ohio Casino Control Commission sports gaming catalog.

Conclusion: choosing wager types that fit your goals

Wager types differ by mechanics, risk profile and the permissions set out in state catalogs, so the best choice depends on your probability estimate, bankroll rules and how clearly a market is governed for settlement. Regularly consulting the applicable catalog and industry glossaries helps you make informed decisions and avoid surprises American Gaming Association sports betting glossary.

Keep bankroll discipline at the center of your approach, treat multi-leg products as higher-variance tools and prefer simpler wagers when settlement or data sources are unclear. If you want to practice skill-focused forecasting within structured rules and virtual accounts, explore virtual accounts, read more on our blog and see a detailed write up on how evaluations work in our how fundedplays evaluations work post.

What is the difference between a moneyline and a spread?

A moneyline is a straight pick on the winner, while a spread handicaps one side by points so payouts reflect that adjustment; settlement rules for pushes are defined by the operator and applicable catalog.

Are prop bets allowed everywhere?

Permitted prop categories vary by state; catalogs list which prop types and settlement sources operators may offer, so check the catalog for your jurisdiction.

Why are parlays riskier than single-game bets?

Parlays require all legs to win, which lowers the combined probability of success and increases variance, even if the potential payout is higher.

Choosing the right wager type starts with understanding the product mechanics and confirming how it is governed where you participate. Use state catalogs and industry glossaries to verify settlement details, and prioritize bankroll discipline over chasing large payouts. If you prefer a structured, skill-based environment to practice forecasting without placing traditional wagers, consider exploring evaluation challenges that use virtual funded accounts and clear rules to measure performance.