The Won & Done Guide: How to Bet on Sports

The Basics

Sports betting can sound like a foreign language—moneylines, spreads, props, parlays—but once you learn the terms, it’s surprisingly simple. Think of it as another way to follow the games you already love, with odds and numbers adding an extra layer of storylines.

Moneyline

What it is: The most straightforward bet—you’re picking which team wins.

• If the Packers are -150, they’re the favorite. You’d risk $150 to win $100.
  • Win: Profit $100 + Your $150 back = $250 total
  • Lose: You lose your $150 stake
• If the Bears are +130, they’re the underdog. You’d risk $100 to win $130.
  • Win: Profit $130 + Your $100 back = $230 total

Point Spread

What it is: A handicap that levels the playing field.

• Packers -3.5 means they must win by 4+ for your bet to cash.
• Bears +3.5 means they can win outright or lose by 3 or fewer and you still win.

Payout example: Standard spreads are usually -110 odds.

• Risk $110 → Win: Profit $100 + Your $110 back = $210 total
• Lose: You lose your $110 stake

Radio tip: That “hook” (the half point) often decides whether you win or lose.

Totals (Over/Under)

What it is: Betting on the combined score.

• Over/Under set at 44.5 for Packers–Bears.
• If final is 27–21 (total 48), the Over hits.

Payout example: At -110 odds:

• Risk $110 → Win: Profit $100 + Your $110 back = $210 total

Radio tip: Weather, tempo, and garbage-time scoring often swing totals.

Parlays

What it is: Multiple bets rolled into one ticket. All legs must win for the payout to hit.

• Example: Packers -3.5 AND Over 44.5.
• Risk $50 → Win: Profit ≈ $80 + Your $50 back = $130 total
• If one leg loses, the whole ticket loses.

Radio tip: Parlays offer big payouts, but low hit rates—fun, not strategy.

Props

What it is: Side bets on player or game stats.

• “Aaron Jones Over 68.5 rushing yards.”
• “First touchdown scorer: DJ Moore.”

Payout example: DJ Moore to score first at +600:

• Risk $100 → Win: Profit $600 + Your $100 back = $700 total

Radio tip: Injury reports and matchups matter more here than team strength.

Futures

What it is: Long-term bets on season outcomes.

• “Packers to win NFC North at +250.”
• “Giannis to win MVP at +600.”

Payout example: Packers +250 division odds:

• Risk $100 → Win: Profit $250 + Your $100 back = $350 total

The Vig (a.k.a. Juice)

Sportsbooks take a commission on each bet, baked into the odds.

• A standard spread bet is -110 each way.
• That’s why you risk $110 to win $100.
• Break-even at -110 = 52.4% win rate just to stay even.

Bankroll Management

• Flat betting: Same unit (1–2% of bankroll) every time.
• Don’t chase: Doubling up after a loss empties your wallet.
• Set limits: Decide your max loss before kickoff.

Reading the Slip

Your betting slip shows:

• Teams, bet type, odds, stake, payout.
• Push = tie → stake refunded.
• Void = canceled leg → parlay adjusts.

Responsible Play

Betting should be fun, not stressful. Set limits, take breaks, and never risk money you can’t afford to lose.

Need help? Call or text the National Council on Problem Gambling at 1-800-522-4700.

Quick Rule of Thumb

• Negative odds (−): how much you must risk to win $100.
• Positive odds (+): how much you win if you risk $100.
• Total payout = Profit + Original Stake.