The 2023 MLB season has just ended, and we’re now in the postseason. We’re getting close to the MLB finals, so you can bet that the games will be more exciting from now on.
If you’re planning to join in on the fun but are quite new to MLB betting, there are many things you should know, and the first of them are the types of betting you can do in the MLB. For the most part, most types of bets are practically the same, with a few key differences in some of them. Let’s start.
Moneyline is the simplest type of bet you can do in MLB betting. Essentially, you just have to correctly guess which team will win, and if you’re right, then you win the bet. However, to delve further, let’s have an example. Let’s say that the Red Sox are playing against the New York Mets. The odds will be like this:
Red Sox: -120
New York Mets: +110
In this example, the Red Sox are the favorites, and the New York Mets are the underdogs. Now, what is the meaning of the numbers and their signs? In the Red Sox, -120 means you must bet $120 to win $100.
That means that you win $10 for every $12 you bet. On the other hand, if you’re betting on the New York Mets to win, you have to bet $100 to win $110. That means that for every $10 you bet, you win $11.
The runline is the equivalent of spread betting in baseball. In this bet, the bookie will essentially calculate the margin of runs that would separate the team in their number of points.
Of course, the favorites will subtract their runs from their final score, and the underdogs will add their runs to their numbers. This will balance the two teams when it comes to MLB odds. As an example, let’s use the previous one.
Red Sox: -1.5
New York Mets: +1.5
In this example, if you bet on the Red Sox, they must win with at least a two-point lead against the New York Mets. You lose your bet if they fail to do so or outright lose. On the other hand, if you bet on the New York Mets, you win if they manage to lose within a point or outright win the game.
This one is a no-brainer. Total is a pretty common type of bet in most forms of sports betting. So, to refresh your memory, totals are based on guessing accurately how many points will be accumulated after the game ends. However, it’s not the points per se but the number of runs in baseball. You will find that each bet has a betting line in the total runs market. You might find 7.5, 8.5, 10.5, and so on.
There are two subcategories or bets, which are over and under. Over means you’ll bet the overall runs will be more than the bookie predicted. For example, if you bet on the over and the overall run is 8, and the bookie predicted 7.5, you win your bet. On the other hand, if you bet on the under, you’re betting that the overall runs will be below what the bookie predicted.
You might be wondering why there’s a decimal point in the runs. This is to avoid having ties. For example, the bookie predicted 8, and the game ended with eight runs. There will be a tie where all the bets on totals will be returned to the bettors. With a decimal point, it would be clearer who won and who lost.
4. Live Betting
Live betting is popular in MLB betting, too. These bets can be played anytime during the game, and they are offered with live odds. Of course, these odds will change throughout the game, so as usual, it’s still optimal for you to place your bets quickly. Also, all standard pregame bets like runline and moneyline are still available as live bets.
5. First 5 Innings
The first five innings are moneyline, but only after the first five innings. It doesn’t matter who wins the game in the end. In short, you will be betting on who is winning at the end of the 5th inning, and if you are correct, you win your bet.
This also works with totals. You can bet on the first five innings totals and whether the runs during that point in the game will be over or under what the bookie predicted.
6. Parlay Betting
Parlay betting is typically a bet for more seasoned bettors. So, if you already know your way around MLB betting and are a regular high roller, you might want to consider this betting game.
A parlay bet involves putting several individual bets into a single wager. For you to win your bet, all of the bets inside the parlay must win. Parlay bets are challenging because of their win-all or lose-all nature. However, they have the potential for higher payouts if you win.
Here’s an example. You could make a parlay consisting of three bets: the Chicago Cubs at +110, the New York Yankees at -130, and the New York Mets at -150. If all three teams win their respective games, then your parlay bet would be a winner, resulting in a larger bet than if you bet for these teams individually.
However, again, you should only partake in it if you’re already an experienced bettor. One bet is hard enough to win, and winning multiple games may often seem like a miracle. But if you’re confident about your picks, then parlay betting is a type of bet you should consider for a larger payout.
For the most part, some types of bets are familiar to people who already have experience in betting. However, if you’re new to betting some of those bets can have crucial differences. That said, if you’re new to MLB betting, then the types of bets above are the most popular ones you should learn first.