How to Bet on Sports in the US

The Sporting News

24 November 2023

As of 2023, sports betting (in some form) is legal in 37 states and Washington DC. There are retail and online sportsbooks almost nationwide.

These days, Americans can bet on point spreads, moneylines, props, parlays, futures, and much more directly from their phone or laptop. You can always bet on your local team or virtually any sport worldwide.

Here's what you need to know to start betting on sports online. We’ll cover basic odds, bet types, sport-specific betting, and where to get a bet down online and in person.

Where to bet on sports online

Legal online sports betting is available in dozens of states, and it's spreading annually.

The best online sports betting sites post thousands of betting lines and odds for all major US sports daily. As long as you’re of legal betting age and in a state where the betting site (or sports betting app) you want to bet at is licensed, you can bet.

Here’s a look at arguably the top four online sportsbooks and why you should seek these sportsbooks out to take your action.

Caesars Sportsbook

Legal states: AZ, CO, IN, IA, IL, KS, LA, MA, MD, MI, NJ, NY, OH, PA, TN, VA & WV

Caesars streams NBC’s Sunday Night Football game and lets you bet while you watch. Caesars posts odds that regularly beat the competition’s. Plus, it’s connected to the Caesars Rewards program, allowing you to earn Reward Credits and Tier Credits with every bet.

Caesars also runs regular odds boosts, parlay and profit boosts, free-to-play contests, and bonuses.

BetMGM Sportsbook

Legal states: AZ, CO, DC, IL, IN, IA, KS, KY, LA, MA, MD, MI, MS, NJ, OH, NV, NY, PA, TN, VA, WV & WY

BetMGM Sportsbook has an even more generous welcome bonus and a long list of ongoing promotions. These promos include scoring bet bonuses, single-game parlay and Parlay Plus profit boosts, parlay insurance, and more. Plus, it’s connected to MGM Rewards, the same loyalty program available at the 30-plus MGM Resorts gaming properties.

BetMGM is built on a solid software platform, and its lines and odds are consistently competitive.

DraftKings Sportsbook

Legal states: AZ, CO, CT, IL, IN, IA, KS, KY, LA, MA, MD, MI, NH, NJ, NY, OH, OR, PA, TN, VA, WV & WY

DraftKings Sportsbook is a market leader in several states because of a rather large welcome bonus and competitive odds on the broadest range of betting markets available. DraftKings posts odds surrounding almost every pro, college, and international sport imaginable. Plus, you can move seamlessly between the sportsbook and daily fantasy sports contests and earn Crowns and Tier Credits in DraftKings' Dynasty Rewards loyalty program.

Other promos at DraftKings include free-to-play contests, odds boosts, bonus bets, parlay insurance, and more. The software is easy to use and cutting-edge.

FanDuel Sportsbook

Legal states: AZ, CO, IL, IN, IA, KS, KY, LA, MA, MD, MI, NJ, NY, OH, PA, TN, VA, WV & WY

FanDuel Sportsbook is the market leader in most states because of its user-friendly software, competitive odds, and variety of ongoing contests and promos. FanDuel also lets you move seamlessly between the sportsbook and DFS.

However, it has traded in the traditional loyalty program for promos that include free-to-play contests, odds boosts, bonus bets, parlay insurance, and more.

How to read sports betting odds

Most US sportsbooks use American Odds. That means odds are expressed as three-, sometimes four-, and even five-digit figures with a minus or plus symbol out front.

The symbol tells you if you’re looking at the favorite (-) or the underdog (+). Plus, the figure tells you how much you need to lay on the favorite to win $100 or how much you can expect to win by betting $100 on the underdog.

The size of the figure is also an indicator of either side’s chances of winning. The bigger the number, the bigger the favorite or underdog, and the better or worse that side’s chances of winning are.

Negative (-) odds mean the favorite

When you see a minus symbol before the odds, you’re looking at the favorite to win. The figure tells you how much you must bet to win $100. Plus, the bigger the figure, the higher the chances that side will win.

Positive (+) odds mean the underdog

You're looking at the underdog when you see a plus symbol in front of the odds. The figure tells you how much you stand to win for every $100 bet. The bigger the figure, the bigger the underdog, and the lower the chances that side will win.

What are fractional and decimal odds?

American odds aren’t the only way to look at odds. Sometimes, odds are expressed as a fraction or decimal. You can multiply the fraction by your bet to reveal the potential payout of that bet.

Like American odds, decimal odds use a single number to tell you how much a bet will pay. The differences are that decimal odds use a $1 bet as a baseline instead of $100, and no minus or plus symbols exist. The decimal odds figure is larger than 2 for underdogs and between 1 and 2 for favorites.

What are the best sports bets?

Moneylines

Moneyline bets ask you to pick game winners straight up. There’s no spread or any other type of handicap involved. You bet on one side; if that side wins, you win.

You book moneyline bets at the odds as posted when you place the bet, which means winners get paid at the odds as they stood when you bet, no matter how different they may look later.

Point spreads

Point spread bets ask you to pick game winners with a point spread factored into the final score of that game. The spread is a handicap of sorts, giving the underdog the points to even out the odds. You can also take the points from the favorite.

Either way, the adjusted final score with the spread factored in tells you which side of the bet wins. The odds are generally close to even on either side, with a small profit built in for sportsbooks.

That’s why -110 is the most common number for “even” spread odds; the extra -10 goes to the operator.

Totals

Totals are over/under-style bets on the combined number of points scored by both sides in a game. Sportsbooks set totals lines. You bet on the combined points landing over or under that line.

The odds are generally close to even on the over and under, with a small profit again factored in for sportsbooks.

Props

Prop bets are typically side-action wagers on events within games. Most props surround individual player or team stats, milestones, or achievements.

You might bet on:

How many goals a player will score
Whether a player will record a TD
Total yards a team will rack up

or some other tracked statistic. Props are mostly “yes” or “no” questions with variable moneyline odds or over/under lines with close to even odds.

Futures

Futures bets surround the prospects of a team or player. You might bet on a team winning a championship this season, how many regular season games the team will win, a player winning MVP, or leading the league in scoring.

Moneyline futures odds tend to be long on even the favorites at the start of a season. Then, the odds shrink significantly as the end of the season nears, and true contenders separate themselves from the pack.

Parlays

Parlays combine two or more of the bets listed above into one single bet. Sportsbooks will offer you a larger payout on parlays than the sum of the payouts on the individual bets, but you have to win all the bets you’ve combined to win the parlay.

There are also teaser parlays that let you move lines in your favor in exchange for smaller payouts and pleaser parlays that allow you to move the lines against your interest in exchange for larger potential payouts.

How to bet on football

NFL and NCAA football betting is as popular and straightforward as it gets. Betting on moneylines, spreads, and totals are common on every football game in the country. You can also bet on props and futures.

Plus, NFL and college football parlay betting is prevalent on Saturdays and Sundays in the fall. The rub is that football betting can be tough since most lines and odds are set with stunning accuracy.

How to bet on basketball

NBA and NCAA basketball betting is almost as popular as football betting and just as easy to follow. Game lines include moneylines, point spreads, and totals. Plus, various props, parlays, and season-long futures are available.

Basketball betting differs from wagering on other sports because of the game's high-scoring nature and because many games are decided by a basket or less.

How to bet on baseball

Major League Baseball presents a variety of betting opportunities across the country. In fact, baseball betting offers more betting choices and bet-type variety than most other sports, including:

Run Lines (baseball’s spread)
Moneylines
Totals
Alternative Run Lines/Moneylines/Totals
First 5 Innings
Props (HRs, RBIs, Strikeouts, etc.)
World Series and Pennant Futures

How to bet on hockey

You can bet on the National Hockey League the same way you bet on most other sports, with a few slight differences. Plus, hockey lines tend to be tighter than others because it’s a relatively low-scoring game. Typical NHL bets include:

Puck Lines (Spread)
Moneylines
Totals
Alternative Puck Lines, Moneylines/Totals
Props (Goals, Assists, Penalty Minutes, etc.)
Stanley Cup and Conference Title Futures

How to bet on soccer

US soccer betting revolves around Major League Soccer and top-flight pro soccer leagues worldwide. The variety of soccer betting opportunities includes: