If you have some special insight into a large underdog, go ahead and bet a small amount, but don t get too excited about it. Then there are what I will call proposition bets. They offer you a proposition on a specific event that may not occur again. For instance, the Super Bowl is famous for these kind of bets. First player to score, then a list of players and odds.
Game goes to overtime, yes or no with odds.
In basketball they will match two players up and quote odds on who will score more points. The range of bets is limited only by your imagination. Want to bet the opening coin flip at the Superbowl no problem. The odds maker probably has some basis to justify the odds quoted on these events, but rest assured since they are unique propositions, the odds will heavily favor the bookmaker, not you. But, if you have a hunch and just want to have fun, make a small wager on your favorite proposition.