If you’re looking to try your hand at sports betting but are struggling to understand the different types of betting, then read on. We will unpack the different betting options and the value they can add to your gambling investment.
The online gambling industry has grown by leaps and bounds over the past two decades. More and more bettors are joining online platforms to place bets on all types of sports. There is a market for every sport on the planet.
For example, when you decide to open an account with Casumo, it is important to know the different types of bets available to you there. Knowing and understanding the different betting lines will help you see more opportunities and have multiple options for potential winnings.
Let’s take a closer look at the different types of bets.
Moneyline is the most basic type of bet. You choose the winner of the event and place your bet on it. Bookmakers determine the favorite and the underdog in an event and place the odds accordingly. Favorites are normally the strongest team, the one on a winning streak, or the team with the fewest injuries on the roster. Bookmakers use various other factors to solve everything.
If the Toronto Raptors take on the Colts of Canada in a basketball game, for example, the Raptors would be the overwhelming favorites due to their well-known pedigree. The bookmakers would offer odds of -800 on a Raptors win. So if you place a bet of $800, your return will be $100. $1,600 gets you $200 and so on. Canada’s Colts would get odds of +800 for a win. Your $800 bet would net you $6,400 if the Colts got an upset win over the Raptors.
Thus, the favorites generally pay less than the underdogs. It’s extremely rare for bookmakers to get it wrong, but some eagle-eyed bettors are hitting big wins fishing for so-called underdogs.
Point distribution or handicaps are also based on favorites and underdogs tags. With a gap, the teams do not start on an equal footing. Favorites must win and beat the point spread for you to collect on your bet.
Going back to our example, the bookmakers can give the Raptors a -10.5 point spread. If you support the Raptors, they must win by 11 points or more for you to collect them because it is impossible to score a half point. The same bet can be Colts +10.5. If you place a bet on the Colts and they lose by 10 points or less, you are a winner.
This type of bet is also known as a total bet. The bookmaker sets a total number of points or goals scored, and you bet on that total. So you can either go under the bookmaker’s total or go over it.
If the bookmakers set the total number of runs to be scored by both the Raptors and Colts at 119.5, your overbet would require a total run of 120 or more to win. Placing money on under means the game will end with 119 points or less combined. The .5 removes the possibility of linking with bookmakers.
Totals can also be for any of the teams involved in the game. Bookmakers can set a total of Colts 89.5. A bet for over means the Colts must score 90 or more for you to win. If you back them to score 89 or less, you place an under bet.
Other variations of this fall under prop bets which we will discuss later in the article.
As the name suggests, a futures bet is a bet on something that happens in the future. This usually applies to single season championships or tournaments. Going by our example of the Toronto Raptors, a futures bet would be to place $10 on their win in the Eastern Conference or the NBA Finals.
The odds tend to be more favorable when the season or event has not started or is still in its early stages. Unforeseen circumstances such as injury and loss of form will cause the odds to fluctuate.
A parlay is a combination of bets on a ticket. Parlays offer bettors the ability to place small bets with opportunities to win big. You can combine a type of bet or mix all the bets mentioned above in one single bet. If one bet loses, they all lose. It is a one for all and all for one type of bet.
Parlays always seem easy to win on paper, which is why many punters love them. You can combine moneyline, over/under, split on a parlay that has two or more events. Some sportsbooks limit the number of events you can have on a parlay, while others stop you at a certain monetary amount.
Bets on accessories
Proposition bets, or prop bets, are bets on events that may or may not occur during a match or event. In most games, prop bets have nothing to do with the outcome of the game.
Going back to the Toronto Raptors, you can bet on David Johnson scoring over a certain number of points or a certain number of 3-pointers. Some sportsbooks offer markets on the number of fouls the player will commit.
In soccer, there are markets on how many shots on goal or on target a player will take during the game. A football game offers markets on who will score the first touchdown or a touchdown during the game. Parlays are a good opportunity for bettors to read the flow of the game and score some extra wins.
Teasers are popular with football and basketball bettors. With teasers, the lines are shifted to increase the odds of winning while reducing the payout. So if you have a team 3 point parlay, the lines can be shifted by +7, for example, to increase the chances of winning. Like a normal bet, if an event loses, the ticket is void.
Knowing the different types of bets and how they work puts you on a better footing when placing bets on your favorite teams and sports. If done responsibly, betting can increase the enjoyment of watching and following sports.