The many types of bets include:

* Proposition bets are wagers made on a very specific outcome of a match. Examples include guessing the number of goals each team scores in a handball match, betting whether a player will score in a football game, or wagering that a baseball player on one team will accumulate more hits than another player on the opposing team.

* Parlays involve multiple bets (usually up to 12) and will reward a successful bettor with a large payout. For example, a bettor could include four different wagers in a four-team parlay, whereby he is wagering that all four bets will win.

If any of the four bets fails to cover, the bettor loses the parlay, but if all four bets win, the bettor receives a substantially higher payout (usually 10-1 in the case of a four-teamer) than if he made the four wagers separately.

* Progressive parlays. A progressive parlay involves multiple bets (usually up to 12) and rewards successful bettors with a large payout, though not as large as normal parlays. However in a progressive parley, unlike a regular parley, a reduced payout will still be made even should some of the bets lose.

* Teasers. A teaser allows the bettor to combine his bets on two or more different games. The bettor can adjust the point spreads for the two games, but realizes a lower return on the bets in the event of a win.

* If Bets. An if bet consists of at least two straight bets joined together by an if clause which determines the wager process. If the player’s first selection complies with the condition (clause), then the second selection will have action; if the second selection complies with the condition, then the third selection will have action and so on.[1]

* Run line, puck line or goal line bets. These are wagers offered as alternatives to straight-up/moneyline prices in baseball, hockey or soccer, respectively. These bets feature a fixed point spread that (usually) offers a higher payout for the favorite and a lower payout for the underdog