Moneyline, spread, or total — which bet type is right for your situation? Clear breakdown of how each works and when to use each for hedging.
Three bet types dominate sports betting: moneylines, spreads, and totals (over/under). Each works differently, applies better to different sports, and matters differently for hedging. Here's exactly how to tell them apart and when to use each.
A moneyline bet is the simplest wager — you pick which team wins the game, full stop. No point spreads, no margin requirements.
The odds reflect the probability gap between the two teams. If the Chiefs are -250 vs. the Broncos at +200:
Best for: Any sport, but especially baseball (MLB) and hockey (NHL) where the scoring is low enough that a single run or goal matters more than margin.
For hedging: Moneylines are ideal. When two sportsbooks price the same moneyline differently, you can bet opposing sides and capture the spread. Most bonus bet hedges use moneylines on large underdogs to maximize leverage.
A spread gives the underdog a virtual head start in points. If the Chiefs are -7.5, they need to win by 8 or more for a spread bet on them to win. The Broncos +7.5 can lose by up to 7 and still cover.
Spreads are designed to make both sides a 50/50 bet, so the price is usually around -110 on both sides.
Best for: Football and basketball, where scoring is high and margins vary enough to make spread betting interesting.
For hedging: Spreads can be hedged, but they're less clean than moneylines for bonus bet strategies because the implied probabilities tend to be too even (both sides near 50%) to create favorable bonus bet leverage. Spreads are more useful for arbitrage when two books post different numbers on the same game.
A totals bet ignores which team wins entirely — you're betting on whether the combined final score goes over or under a number the sportsbook sets.
NFL game total set at 47.5: bet Over if you think both teams will combine for 48+ points, Under if you think 47 or fewer.
Like spreads, totals price at approximately -110 on both sides.
Best for: All sports. NFL, NBA, MLB — totals are available everywhere and very liquid.
For hedging: Totals are valuable as add-on legs in parlay hedges. "Over 47.5" and "Under 47.5" are mutually exclusive outcomes in the same game — perfect for splitting a 2-leg parlay into two covered hedges.
| Moneyline | Spread | Total | |
|---|---|---|---|
| What you're betting on | Who wins | Win margin | Combined score |
| Typical odds | Varies widely | ~-110 both sides | ~-110 both sides |
| Best sports | All sports | Football, basketball | All sports |
| Best for hedging bonuses | ✅ Yes — use underdogs | Sometimes | As parlay legs |
| Best for arbitrage | ✅ Yes | ✅ Yes | ✅ Yes |
Game: Golden State Warriors vs. Chicago Bulls. Warriors are heavy favorites.
Moneyline: Warriors -320, Bulls +260.
For bonus bet hedging: bet the bonus on Bulls +260 (big underdog = big payout if they win), hedge with Warriors cash at another book.
Spread: Warriors -8.5 (-110), Bulls +8.5 (-110).
Less useful for bonus bets since both sides are priced nearly the same. Better for finding arb between two books with different spreads (e.g., one book has Warriors -8, another has -8.5).
Total: Over 224.5 (-110), Under 224.5 (-110).
Best used as parlay legs — bet the bonus as "Warriors moneyline + Over 224.5" and also "Warriors moneyline + Under 224.5" to create two hedged parlay bets.
Moneylines are simplest and most useful for core hedging. Spreads are your entry point for arbitrage when two books disagree on the number. Totals are the ideal second legs in parlay hedges. Each type has its place — understanding all three makes you a better hedger.
For a deeper look at how sports betting mechanics work overall, read our complete guide to how sports betting works.
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