Three markets, three questions
Open any sportsbook and the menu looks enormous, but almost everything is built on three core markets: the moneyline (who wins), the point spread (who wins, adjusted by a handicap), and the total (how many points get scored). Props, parlays and live bets are variations on these three, so understanding them is most of the education.
Here’s each one, with examples, and a practical note on when each makes sense. If the numbers themselves are new to you, start with our guide to how betting odds work.
Moneyline: pick the winner
A moneyline bet is the simplest bet in sports: pick the team that wins. No points, no handicaps. If your team wins, you win; if not, you lose.
Example: Chiefs -200 vs. Raiders +170.
- $100 on the Chiefs wins $50 (total return $150).
- $100 on the Raiders wins $170 (total return $270).
The minus price says the Chiefs are the favorite, an implied 66.7% chance. The plus price says the Raiders are the underdog, 37.0%. Add those together and you get 103.7%: the extra 3.7% is the book’s margin, the vig, at work.
A terminology note for international readers. In the United States this market is called “the moneyline.” Elsewhere it’s usually called “head-to-head” or the “win market.” In soccer, where draws are common, it’s typically a three-way market, home, draw, away, which international books label “1X2” or “match result.” Same idea, one extra outcome to price. In US sports, overtime rules mean games almost always produce a winner, so the moneyline is a two-way market. When a US game does end level, possible in the NFL, where regular-season ties remain on the books, most sportsbooks grade moneyline bets as a push and refund the stake, since neither side won.
When it makes sense: when you have an opinion on the winner and nothing else, especially when you think an underdog wins outright, since plus prices pay well. The trade-off is that heavy favorites get expensive: -300 means risking $300 to win $100.
Point spread: betting on the margin
The point spread gives the underdog a head start and the favorite a handicap, so both sides of the bet become roughly even money.
Example: Bills -6.5 vs. Dolphins +6.5.
- Bills -6.5: the Bills must win by 7 or more points for the bet to win.
- Dolphins +6.5: the Dolphins cover if they lose by 6 or fewer, or win the game outright.
That half point matters. The line is 6.5 rather than 7 so the bet can’t land exactly on the number: a 7-point Bills win pays the Bills backers instead of refunding everyone. (More on pushes below.)
How the outcomes play out:
- Bills win by 10 → Bills cover.
- Bills win by 7 → Bills cover (7 is more than 6.5).
- Bills win by 3 → Dolphins cover.
- Dolphins win → Dolphins cover.
Both sides are typically priced around -110, so a $100 bet wins about $91. The spread is how bookmakers offer balanced prices on a lopsided matchup: instead of charging a steep price on the favorite, they make the favorite give up points.
Vocabulary: the favorite “lays” the points and the underdog “takes” them. A team that wins but doesn’t beat the spread “won but didn’t cover.” Results measured against the spread are often written “ATS.” The half point itself is called “the hook.”
When it makes sense: when you like a team but not at the moneyline price, when you think the game will be closer (or more lopsided) than the market does, or when you want a price near even money. The spread adds a dimension, margin of victory, to every opinion.
Totals: over or under on the whole game
A total (also called the over/under) is a bet on the combined score of both teams. You don’t care who wins.
Example: an NFL game with a total of 48.5.
- Over 48.5: wins if the two teams combine for 49 points or more.
- Under 48.5: wins if they combine for 48 points or fewer.
Both sides are usually priced around -110. A 27-24 final (51 points) cashes the over; a 20-17 final (37 points) cashes the under.
The half point does the same job as it does on the spread: a total of 48.5 can never land exactly on 48, so there’s no push. Books also offer team totals (one team’s points on their own) and player props built on similar over/under logic.
What moves totals: weather (wind and rain suppress scoring in football), injuries, especially at quarterback, pace of play, and how the units match up. A great defense against a slow offense drags a total down. Totals also move on money: when the market leans one way, the number drifts in half-point steps.
When it makes sense: when your read is about the game’s environment rather than its result, a defensive matchup, a windy stadium, a fast-paced offense. Totals are the market for “how” when the moneyline is about “who.”
How pushes work
A push happens when the result lands exactly on the number: your stake is refunded and the bet is a wash, no win, no loss.
- Spread push: if the line is a whole number, say -7, and the favorite wins by exactly 7, the bet pushes. That’s precisely why you see 6.5 and 7.5 far more often than 7: half-point lines can’t push.
- Total push: a total of 48 with a 24-24 final (exactly 48 points) pushes. A total of 48.5 cannot.
- Moneyline: two-way moneylines don’t push, because US sports settle games with overtime. In soccer’s three-way market, the draw is simply its own outcome; in a two-way “draw no bet” market, a draw refunds your stake.
- In parlays: if one leg pushes, most books drop that leg and recalculate the ticket on the remaining legs. Rules vary by book: the house rules page is the authority.
Why lines move
A line opens when the book posts it, then moves as information arrives. The number you see right now is the market’s current best estimate, shaded by money.
What moves a line:
- Injuries and lineup news. A starting quarterback ruled out can move an NFL spread by several points and a total by even more.
- Weather. Wind, rain and snow move totals and sometimes spreads in outdoor sports.
- Sharp money. Large, well-informed bets make books adjust; when a number jumps quickly, bettors say the line was “steamed.”
- Public money. Heavy recreational action on a popular team can nudge a line too, though books are more comfortable holding their ground against it.
Why it matters: the number you take is the number you get. Betting early can lock in a better line; betting late can get you updated information but a worse price. And if a spread moves from -6.5 to -7.5, the market is telling you something, the favorite got more expensive because the money (or the news) leaned that way.
Which should you use?
There’s no “best” bet type: there’s the market that matches your opinion:
- Moneyline if you just want to pick a winner, especially an underdog you think is live. Simple, but favorite prices get steep fast.
- Point spread if you have a view on margin, a team that wins big, or an underdog that keeps it close, or if you want a balanced price on a mismatch.
- Totals if your edge is about scoring, pace, weather or matchups, independent of who wins.
One habit beats all of them: compare the price across books before you bet. The same spread can be -6.5 at one book and -7 at another; the same total can sit half a point apart. Our sportsbooks page tracks licensed options in the US, and our glossary defines every term used here, including moneyline, cover, and juice.
The short version
Moneyline asks who. Spread asks by how much. Totals ask how many. Learn the three and you can read any sportsbook menu, and if you want to combine picks into one ticket, read how parlays and same game parlays work before you do, because the math changes when legs multiply.
