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The world of sports betting can be a place where an individual can take his or her love of a game and convert it into hard cash. If you normally win the wagers you place with your group of friends, then you may think you have what it takes to place a real wager with an online casino.

Before you dive in and start wagering money, it’s a good idea to understand the different sports betting options. Here are some common types of bets you’ll find through an online casino:

Parlay

A parlay is a wager for two or more teams. In a parlay bet, you can combine bets from different games. The wager can be more difficult because you have to win all your picks, not just one. On the flip side, a parlay can return a higher payout than other sports bets.

Teasers

Teasers also involve picking options, but online casinos will usually adjust the spread in your favor. The payout is less and you still have to win all your picks, but you can have a better chance at doing so because the odds are in your favor.

Straight Bets

In a straight bet, a casino picks one team to win. The favorite team will have a minus sign behind the name. Sometimes a number, the spread, will accompany the favored team. If you wager on a team with +3, the team has to win by four points for you to win. If it wins by three points, it is a tie, and the casino will refund your initial wager. If the team fails to win by three points, you lose.

Over/Under Totals

In this type of wager, you bet on whether the total score for both teams will be under or over a set amount.

By understanding the types of bets, you can improve your odds of winning a sports bet and the payout amount you can win.