Sports Betting Rules: Everything You Need to Know

Understanding the Basics of Sports Betting

Sports betting is the act of wagering money on the outcome of a sporting event. The most common types of bets include moneyline bets, point spread bets, over/under (totals) bets, parlays, teasers, and prop bets. Each of these bet types follows specific rules and payout structures depending on the sportsbook and the sport involved.

Moneyline Bets

Moneyline bets are the simplest form of sports betting. You are wagering on which team or player will win the event. The odds are expressed in positive or negative numbers. For example:

Team A: -150 (you must bet $150 to win $100)
Team B: +130 (you win $130 for every $100 wagered)

There are no point spreads involved. The team simply needs to win outright.

Point Spread Bets

Point spread bets involve betting on the margin of victory. One team is the favorite and the other is the underdog. The favorite must win by more than the spread for a bet to win, while the underdog can either win outright or lose by fewer points than the spread.

Example: Patriots -6.5 vs. Jets +6.5
Patriots must win by 7 or more
Jets can lose by 6 or less or win outright

If the final score lands exactly on the spread, the bet is considered a “push,” and the bettor’s stake is refunded.

Over/Under (Totals)

In over/under betting, the sportsbook sets a total score for the game. Bettors must wager on whether the actual combined score will be over or under that number.

Example: Lakers vs. Celtics – Total: 210.5
If the final combined score is 211 or more, the over wins
If the score is 210 or fewer, the under wins

Parlay Bets

Parlay bets combine two or more individual bets into a single wager. All bets within the parlay must win for the parlay to pay out. Because of the increased risk, parlay bets offer higher payouts.

Example: A 3-leg parlay on NFL games
If one of the three bets loses, the entire parlay loses

Teasers

Teasers are a variation of parlays that allow bettors to adjust the point spread in their favor. However, the payout is lower than standard parlays.

Typically used in football and basketball
A 6-point teaser allows a bettor to add or subtract 6 points from each leg of the parlay

Prop Bets (Proposition Bets)

Prop bets are wagers on specific events within a game that do not necessarily affect the final outcome.

Examples:
- Will a player score a touchdown?
- Who will win the coin toss?
- How many strikeouts will a pitcher have?

These bets are popular in major events like the Super Bowl or World Cup.

Futures Bets

Futures are long-term bets placed on events that will be decided in the future, such as who will win the championship or MVP award.

Example:
- Betting on the Kansas City Chiefs to win the Super Bowl before the season starts

The odds are typically higher earlier in the season and change based on team performance.

Live Betting (In-Play Betting)

Live betting allows wagers to be placed during the game as the action unfolds. Odds are updated in real-time based on the score, momentum, and time remaining.

Common live bets include:

Next team to score
Outcome of the next play
Updated spreads and totals

Betting Limits and Minimums

Each sportsbook sets its own rules for minimum and maximum bets. Common limits include:

Minimum bet: $1 or $5
Maximum bet: Varies widely; can be thousands of dollars for high-limit bettors

Some sportsbooks also limit the number of bets you can place on the same event.

Rules on Cancellations and Postponements

If an event is canceled or postponed, most sportsbooks will void all bets and return the stakes, unless the event is rescheduled within a specified time frame (usually 24–48 hours).

If a match starts but is abandoned mid-way:

Moneyline bets may stand if the outcome is already decided
Spread and total bets are often voided

Always check the sportsbook’s terms and conditions.

Settlement of Bets

Winning bets are settled shortly after the official result is declared. Most sportsbooks credit winnings to your account automatically. For bets involving statistics or long-term outcomes, settlement may take longer.

Responsible Gambling and Legal Age

All bettors must be of legal gambling age, typically 18 or 21 depending on the jurisdiction. Sportsbooks often enforce identity verification and deposit limits to promote responsible gambling.

Most reputable sportsbooks offer self-exclusion options, deposit controls, and access to gambling help resources.

Final Thoughts

Understanding the rules of sports betting is essential for making informed wagers and maximizing your chances of success. Whether you’re betting on simple moneylines or complex parlays, knowing how each bet type works—and what rules govern each—will give you a significant edge. Always read the sportsbook’s rules and terms carefully before placing a bet.