Putting money behind an outcome of a sporting event and getting paid if that outcome happens is the core of sports betting. It’s an easy concept to grasp, but it can get complicated fast when you look at the variety of wagering options available in Nevada.

One of the simplest types of wagers is straight bets, where you put your money on a specific team or player to win the game. This is often referred to as a “moneyline” bet. The odds of winning a moneyline bet are displayed on the screen as a positive number, such as +150 or 1.5. Odds on individual players are also offered, which is called a proposition (or prop) bet. A prop bet is a type of parimutuel wager, which means that the more money that is placed on a particular outcome, the lower the odds will become.

Futures are wagers on a specific outcome over a specified period of time, such as the winner of a championship or the champion of a regular season. A common example of a futures bet is on the New England Patriots to win Super Bowl LIII, or on Novak Djokovic to win Wimbledon. Occasionally, futures wagers can even be placed on individual player performances, such as how many points a player will score for the entire season.

Baseball’s official rule against gambling is outlined in the league’s rule 21. This rule is posted on dugout walls and states: “Any player, umpire, club or league official or employee who places a bet of any kind upon a contest in which he has a duty to perform shall be declared permanently ineligible.”

Newcomers to sports betting might be intimidated by the seemingly endless list of terms and phrases associated with it. But there are actually a few simple concepts that are essential to understand to be successful at placing wagers.

Legal Sports Betting in the United States

Nevada is famous for its sports betting, but it’s not the only state where you can place a bet. After a major Supreme Court ruling in 2018, all 50 states now have the option to make sports betting legal. However, each state is free to regulate its own version of sports betting as it sees fit.