The most important thing to know about betting on sports is that it’s fun. And it’s always been fun.

How does sports betting work?

The basic premise behind it all is simply predicting that something will happen during a game or event and risking money on the chances of that occurring.

LuckyRuns will set odds on these occurrences based on their probability of happening, allowing you to bet on the side you think will win with our sportsbook essentially taking the opposite of that opinion.

If something has a high probability of occurring, it has a lower risk and won’t pay out as much as something with a lower probability and greater risk. The greater the risk the bigger the reward but… the greater the risk.

Most sports betting options offer two sides, such as team vs. team or Yes vs. No. However, some bets can have multiple options to wager on, such as picking which team will win the championship before the season begins.

Favorites and Underdogs

Two of the most common sports betting terms are favorite and underdog, which are often the two sides to a bet that you can wager on.

The favorite is the one side, team, or outcome that has the higher probability of winning or happening. Due to the lower risk, the return from betting on the favorite is smaller.

The underdog has a lower probability of winning. Due to the higher risk, the return from betting on the underdog is bigger. If both sides have the same chances of winning, then the odds can be even for both and is often referred to as a pick or pick’em.

Types of bets

As we mentioned, while the premise of sports betting is simple – betting on one outcome or another – there are thousands of ways to bet on sports. These are the most common types of bets:

Spread bets

Spread bets, or point spreads, are used to make uneven games even. A point spread is assigned to a game based on the expected difference in the final score or result, and bettors must decide how much stronger one team is than the other.

LuckyRuns set a handicap between the two sides, forcing the favorite to win by a certain number of points (also known as cover the spread) in order to win the bet while allowing the underdog to win outright or lose by a certain number and still win the bet.

The point spread favorite will have a negative (-) value to its spread while the underdog will have a positive (+) value to its spread. If a game is too close to set a spread and both sides are perceived as even, the game will be deemed a pick or pick’em and you simply select which side will win outright.

Moneyline bets

Moneyline bets are the most basic type of sports wager: simply pick the winner. Moneylines are based on the implied probability of a result, such as one team beating another.

There are no spreads or handicaps involved to even the game, so a moneyline reflects the probability of the result, with low-risk moneylines (favorites) paying smaller returns and higher-risk moneylines (underdogs) paying bigger returns.

Moneyline favorites are indicated by a negative value (-) next to their odds and moneyline underdogs are indicated by a positive value (+) next to their odds.

Over/Under bets

Over/Under bets or totals are formulated from the projected total amount of points, runs or goals scored by both sides in a game.

LuckyRuns will assign a total to a game and bettors can choose whether the actual final score will go Over or Under that projected total. If a total is set at 50 points, a bet on the Over would need 51 or more combined points to win while a bet on the Under would need 49 or fewer combined points to win.

If the final score produces exactly the same amount of points as the Over/Under total, it’s graded a push and bets are returned.

Parlay bets

Parlay bets are a combination of two or more bets tied together for a larger potential payout. However, for the parlay bet to win, all bets involved must be correct.

The more bets added to a parlay, the greater the risk and the bigger the potential return. But, even if only one of the bets involved in the parlay is wrong, the entire parlay is graded as a loss.

Parlays can involve multiple types of bets, including point spreads, moneylines and Over/Under totals. If you're trying to decide on what bets to parlay and want an idea what kind of payout it will yield, try using our parlay calculator.

Same-Game Parlays

Parlays allow bettors to combine different bet types or outcomes of multiple sporting events within a single stake. Each outcome the bettor selects (referred to as legs) must be correct for the bet to succeed. Of course, getting all of the selections in a parlay correct is significantly more challenging. Still, if you do, your payoff can be immense.

A same-game parlay lets you connect the outcome of multiple events within a single game in a parlay. As in a regular parlay, you must correctly select the outcome of every leg for the bet to be successful.

How much should you wager on a bet?

The amount you should wager on a sports bet depends on various factors, including your bankroll, the odds of the bet landing, and the level of risk you're willing to accept. It's something we refer to as sports betting bankroll management.

One common strategy is to use a unit system where you bet a certain percentage of your bankroll on each bet. For example, you might bet 1% or 2% of your bankroll on each bet, so if you have a $1,000 bankroll, you would bet $10 or $20 per bet. This helps to minimize the risk of losing your entire bankroll on a single bet.

Another approach is to consider the odds of the bet and the probability of winning. If you believe a bet has a high probability of winning, you might be willing to bet more than if you think the bet is more of a long shot. However, it's important to remember that even "sure bets" can go sideways, so you should never bet more than you can afford to lose.