Definition: In the sports gambling world, "if bet" means a wager that is placed only if a certain outcome of a seperate wager occurs. You can place a $100 wager on Team B if Team A covers the point spread. If Team A covers the point spread, the bettor has $100 on Team B. If Team A does not cover the point spread there is no bet on Team B.
Examples:Sally placed an if bet on the Sunday night football game and needed the Vikings to win in the afternoon.