There’s more to sports betting than simple wagers, such as money line bets or point spread bets. Like other sports bets, exotic wagers have posted odds in the casino that move up and down depending on how heavy the betting is. The following list identifies some typical exotic wagers available at almost every sports book.

Parlay. A bet which involves two or more games or events in combination. All games or events must be won in order to win bet. The pay-off is higher than if games were bet separately, but you must win all. If one game is a tie, then the winnings are reduced.

Example:

Bears -3 vs. Eagles
Lions +4 vs. Raiders
Packers - 4 vs. Falcons

This is a three game parlay. If you win all three, then you win a big payout. If you win two games and lose one, then you lose the entire bet.

Teaser. A bet where the bookmaker teases the bettor with extra points above or below the normal betting line. The catch is the bettor has to bet two or more games parlay style to win bet. Lose any game and you lose entire bet. Plus, more juice is taken out of winners.

Example:
Normal Line Dallas -6 vs. Washington
Teaser Dallas even vs. Washington
Or Dallas -12 vs. Washington
Bet in combination with:
Normal line Chicago -4 vs. Minnesota
Teaser Chicago even vs. Minnesota
Or Chicago -8 vs. Minnesota
Must win both games no matter what lines you pick.

Future Bet.  Betting on how well a team will do or who will win the championship before the season has started.
Example: The odds are 15-1 that the Marlins will win the 2012 World Series. Bet $1000 on the Marlins and if they win, you collect $15,000.
The over-under for the Ravens is nine wins. If you bet $1,000 on the over and the Ravens win 10 or more games, you would collect a little more than $1,900.

A proposition bet is a very specific bet offered by the house. The individual bets have titles that explain what event, action, or player the wager is being placed on. Proposition bets are always money line bets. An example of a proposition bet is which team will score first during the Super Bowl.

Exotics are the kind of bets to avoid for two reasons: first, exotics attract tourists rather than knowledgeable bettors, and second, the odds usually don’t compensate for the risk you’re taking.