This guide explains the main sporting bets used in U.S. regulated markets and why state wagering catalogs and operator house rules matter. It focuses on practical definitions, payout math, and the regulatory constraints that can change market availability. Read on to learn how moneyline, point spread, totals, parlays, teasers, futures, and proposition markets work, plus decision criteria to match markets to your skill and bankroll management basics.

State wagering catalogs determine which sporting markets operators may offer and how bets are settled.

Moneyline, point spread, and totals are the foundational pregame markets in U.S. regulated markets.

Parlays raise variance by requiring all legs to win; teasers trade improved lines for reduced payouts.

What sporting bets are and how U.S. regulation frames them

Definition of sporting bets

Sporting bets are regulated market offerings defined by state wagering catalogs and operator house rules rather than loose, generic terms. These documents list permitted markets, set settlement conditions, and define how each market type is named and settled across licensed operators, which helps keep terminology consistent for consumers and operators alike Approved Sports Wagering Catalog

Steps to verify state catalog and market availability

State
Market
Operator

Use official state catalogs for confirmation

Where state catalogs matter and why

State wagering catalogs matter because they legally record which markets an operator may offer and how outcomes are settled, so two operators in different states can offer different options or apply different settlement rules for the same-sounding market Event Wagering Catalog. See an example: Approved Sports Wagers (Iowa)

How market availability can vary by jurisdiction

Availability of specific sporting markets varies by state, and catalogs often note special limits such as college player prop restrictions or differences in multi-leg bet handling, so users should always check local catalogs and operator terms before placing a bet Colorado Sports Betting Catalog

Core pregame sporting bets: moneyline, point spread, and totals

Moneyline: pick the winner

Close up of American odds display on a dark minimalist betting screen with favorite and underdog badges and a small conversion formula overlay for sporting bets

A moneyline wager is a straight bet on which side will win the game; American odds display favorites with a negative number and underdogs with a positive number, and those signs drive the payout math for a winning ticket Sports Betting Glossary

Example, worked: if a favorite is listed at -150 and you stake 100, the implied payout calculation method and convention are explained in industry guides and basic examples clarify how risk and return relate to the sign of the odds Moneyline Bet: Definition and Examples

Point spread: handicap and pushes

Point spread betting handicaps the favorite by a defined margin so that the adjusted outcome decides the bet, and many state catalogs and operator house rules define how exact ties or pushes are handled in settlement Approved Sports Wagering Catalog

Simple spread illustration: if an away team is -6.5, then the favorite must win by seven points or more to cover; a line of -7.0 can result in a push and consequent refund depending on the operator's settlement rules Event Wagering Catalog

Totals (over/under): combined score lines and settlement

Totals are bets on the combined points scored by both teams relative to a posted line, and catalogs typically state whether overtime points count and how exactly the line is rounded for settlement Colorado Sports Betting Catalog

Practical note: check whether a league's overtime counts toward totals, since that detail can change whether a ticket wins, loses, or pushes under specific catalog or operator rules Approved Sports Wagering Catalog

Parlays and teasers: how multi-leg sporting bets change risk and reward

What a parlay is and how combined odds work

A parlay combines multiple independent selections into a single wager where every leg must win for the bet to pay, and the parlay payout equals the product of the legs' decimal odds, which raises variance and potential return compared with separate single bets Parlay: Definition, How It Works in Sports Betting

Minimal 2D vector showing two leg parlay calculation for sporting bets with decimal odds 1.75 and 2.40 multiplied to result 4.20 on a dark Funded Plays style background

Because all legs must win for a full payout, a parlay's probability of success falls rapidly with each added leg, making parlays a high-variance choice that demands careful sizing and awareness of leg eligibility rules in state catalogs Event Wagering Catalog

Check parlay and teaser rules on the FundedPlays Challenges page

Before placing a parlay, review the operator's rules on eligible legs, pushes, and refunds to avoid unexpected voids or partial payouts.

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How pushes, voids, and ineligible legs affect parlay settlement

Settlement handling varies by jurisdiction but commonly a pushed leg either voids and reduces the parlay to fewer legs or triggers specific partial payout rules; catalogs and house rules spell out the precise behavior and list ineligible markets for parlays Event Wagering Catalog

Operators may disallow certain bet types inside parlays or set limits on correlated legs, so always confirm which markets are permitted to avoid surprises when the parlay settles Colorado Sports Betting Catalog

Teasers: moving lines in exchange for lower payouts

Teasers are a multi-leg variant that move point spreads or totals in the bettor's favor by preset amounts in exchange for a reduced payout schedule, and they are most common in football and basketball markets where point movement matters most Sports Betting Glossary

Because teasers change the underlying line to improve the chance any single leg wins, the payout is smaller than a comparable parlay; state catalogs and operator rules will define the available teaser types and the specific squeeze in payout rates Colorado Sports Betting Catalog. See an example catalog: South Dakota catalog

Futures and longer-term markets in sporting bets

What futures markets cover

Futures are markets that resolve at an event milestone rather than at a single game's end, covering season outcomes like championship winners or awards and often carrying settlement conventions defined at the catalog or operator level Approved Sports Wagering Catalog

Futures can remain active for months and may include clauses about player trades, season cancellations, or other contingencies, so catalog guidance and operator terms are the primary sources for final settlement rules Event Wagering Catalog

Typical settlement timing and catalog guidance

Settlement timing for futures differs by market; some resolve at the end of a regular season while others settle after playoffs or award announcements, and catalogs list permissible resolution triggers and any special conditions that apply Colorado Sports Betting Catalog

Common examples and restrictions

Common futures include season champion markets, division winners, and season-long award markets; availability varies and regulators or operators may restrict certain event types or impose unique settlement rules that bettors should check before entering long-term markets Approved Sports Wagering Catalog

Proposition bets: team and player props and important college restrictions

Team props versus player props

Proposition bets cover outcomes not directly tied to the final game score, and they split into team props, which track team-level milestones, and player props, which focus on individual performance metrics Event Wagering Catalog

Because regulations differ, many jurisdictions treat player props and team props differently, especially when college athletes are involved, and operator rules often mirror catalog restrictions for clarity and compliance Approved Sports Wagering Catalog

What are the major types of sporting bets and why do state catalogs matter?

Major types include moneyline, point spread, totals, parlays, teasers, futures, and proposition bets; state catalogs and operator house rules determine which markets are permitted and how outcomes are settled, so consult them before betting.

Regulatory limits on college player props

Several state catalogs and operator rule sets restrict or prohibit certain college player props while allowing many team-based props, so bettors should verify a state's catalog and operator terms before assuming a college player market is available Colorado Sports Betting Catalog

How to check availability and settlement rules

To confirm whether a specific prop is permitted, consult the state wagering catalog and the operator's house rules where the bet will be placed; these documents together determine settlement events, timing, and information sources used for official statistics Event Wagering Catalog

How American odds and payout math work for sporting bets

Reading American odds: negatives for favorites, positives for underdogs

American odds use negative figures for favorites and positive figures for underdogs, and that convention is the basis for calculating implied probability and payout on single-moneyline wagers Sports Betting Glossary

Calculating payouts for single bets and combining odds for parlays

For single moneyline examples, common guides show how a stake at -150 differs from one at +150; for parlays, payout is the product of each leg's decimal odds and then multiplied by the stake to give the parlay return, which is why parlays amplify both upside and downside risk Moneyline Bet: Definition and Examples

Worked two-leg parlay math can be demonstrated by converting American odds to decimal, multiplying the decimals, then applying the stake, and industry glossaries provide stepwise examples and conventions used by operators in settlement Parlay: Definition, How It Works in Sports Betting

How reduced payouts work for teasers and parlay pricing

Teasers reduce payout because they adjust the lines in the bettor's favor; the trade-off is a lower payout schedule compared with the comparable parlay because the adjusted lines increase the likelihood the legs win, and catalogs or operator tables show the specific payout scales used Colorado Sports Betting Catalog

How to choose which sporting bets to use: decision criteria

Match the market to the skill edge and information available

Choose markets that align with your informational edge rather than defaulting to high-variance multi-leg wagers; singles reward consistent edges while parlays and teasers magnify variance and should be used only when the math and market conditions justify them. See a statistical treatment: A statistical theory of optimal decision-making in sports betting

Funded Plays Challenges

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Consider variance and bankroll impact

Assess how each market type will affect your bankroll volatility, set maximum exposure for parlays, and use stake sizing rules to protect long-term progress rather than chase big short-term wins. Learn more about our evaluation approach: how Funded Plays evaluations work

Check jurisdictional availability and settlement rules

Before placing any sport-specific market, verify that it is permitted in your state and that you understand push, void, and overtime settlement rules by consulting both the state catalog and the operator house rules

Common mistakes and basic bankroll guidance for sporting bets

Typical errors new bettors make

New bettors often misunderstand settlement rules, misread American odds conventions, or assume college player props are widely available without checking local restrictions, which leads to unexpected ticket outcomes

How parlays and teasers can blow up a bankroll

Because parlays require every leg to win, a single losing or pushed leg can turn a likely payout into a reduced return or a loss, and frequent teaser use without proper sizing can similarly erode bankrolls due to lower expected value

Simple bankroll rules to reduce risk

Use conservative stake sizing, limit the percentage of bankroll dedicated to parlays, and always verify settlement and push rules before placing complex multi-leg tickets to keep variance manageable

Worked examples, quick checklist, and closing summary of sporting bets

Short worked examples: moneyline, two-leg parlay, and a teaser illustration

Moneyline example, stepwise: convert the common -150 favorite example to a payout using standard moneyline math and industry guidance to see how a 100 stake returns profit; authoritative guides lay out that conversion clearly and are useful for verification Moneyline Bet: Definition and Examples

Two-leg parlay example: convert each American odd to decimal, multiply the decimals to get the parlay multiplier, and multiply by the stake; parlay mechanics and settlement notes are summarized in industry parlay guides Parlay: Definition, How It Works in Sports Betting

Teaser illustration: moving two football spreads by six points in your favor increases individual leg win probability but reduces the payout; reference guides explain teaser pricing tables and how the adjusted lines change expected returns Sports Betting Glossary

A printable checklist before placing a bet

Checklist: confirm market availability in your state, verify if college player props are allowed, check operator handling of pushes and voids, size your stake relative to bankroll, and document the official settlement source for the market. See additional tips on the Funded Plays blog: Funded Plays blog

Final summary and next steps

Understanding the core sporting bets and how state catalogs and operator house rules shape availability and settlement reduces surprises and supports better decision-making; use this regulation-aware framework to pick markets that match your skill and to manage variance across your plan. Visit Funded Plays for more resources

What is the main difference between a moneyline and a point spread?

A moneyline is a bet on which team wins outright, while a point spread handicaps the favorite by a set margin so the adjusted result determines the bet.

Are all prop bets legal for college games?

Not always, many states restrict certain college player props while allowing team props, so availability depends on local regulations and operator rules.

How do teasers differ from parlays?

Teasers move spreads or totals in your favor across multiple legs in exchange for lower payouts, while parlays combine selections without line movement for higher potential returns.

If you place bets within licensed markets, start by reviewing your state catalog and the operator's house rules to confirm availability and settlement specifics. Matching market choice to your information edge and managing exposure will help you use sporting bets more deliberately. For readers exploring structured, challenge-style prediction environments, consider platforms that let you practice and test strategies using simulated funds before committing real capital.