Sports betting is a game of gambling on sports. It entails placing a wager, also known as placing bets upon the outcome of the event. The primary betting is also a form of winning money. Sports betting is straightforward. Either you are going to earn some profit based on the bookmakers’ odds, or you are going to lose. These odds depend on the current form of the teams or that of the players.
The sporting wagers can also be on the fixtures of the tournament results. For an example, in a football game between Real Madrid and Galatasaray, possible bets including Real Madrid to beat Galatasaray, Real Madrid to win 3-1, Real Madrid to win by two goals, Galatasaray leading at the first half, and a particular player to score one or more goals. Now people bet on these aspects and who gets most of his/her predictions matched get the most amount of money.
There are a lot of companies like betting 365, bookmaker, skybet and other betting agencies. The marketplace in which the odds are set is called betting exchange. A person placing the bet is called a punter.
Different types of sports bets
Now we know what sports betting is, what are the different types of it. Well, there are different types of sports betting. There are straight bets that are the most common betting in sports. Then there are the total line bets, money line bets, parlay bets etc. Here we will take on the responsibility to make your conception clear with different kinds of bets.
Starting with the most popular one, Straight bets. Most of the sports fans are familiar with this type of betting. Also, it is the most common wager placed by the punters when it comes to sports like football or basketball. After the betting line is set, you have to bet on the favorite side and give-up the points. However, you can also bet for the underdogs and get the points. In this type of betting, the favorites have to win the match with more than the set point spread to cash-in. The underdogs, however, have to win outright or lose by lesser points to “cover” and win the bet. Whereas, if the game ends in a tie, it is called “push”, and no money is lost or won.
Total Line bets
Then comes the Total Line Bets. The second-most popular betting option is the Total Line Bets. In this type, a number will be preset combining the final score of both of the teams. Then the punters bet based on the score staying either “under or “over” the number set. Sometimes the bettor can also bet on a total line by each half of the game in the games like football and basketball.
Money Line bets
Making Money Line Bets is basically when the punter or bettor picks up a team to win without any point spread. The main risk of money line betting is the wager you are picking for the favorites verse the amount you have stood to make if you are picking the underdogs in that match. These types of betting are in every major sport from the likes of baseball, hockey etc. For example, if you are picking the San Francisco Dodgers against the Los Angeles Giants, while the money line read San Francisco (+120) vs. Los Angeles (-135). That means you will make $120 on a $100 bet if the Giants win. However, you have to risk $135 to win $100 if the Dodgers win.
The Parlay bets, however, is a whole new ball game. Two or more picks in one single bet are known as Parlay. It can be two separate picks up to a particular sportsbook’s set limit. The parlay payout odds adjust accordingly to the number of picks grouped together by a bettor. It starts from a 13-to-5 return in a two-team parlay. However, it can go as much high as 645-to-1 return in ten teams parlay. When you are betting on Parlay, all of your picks have to match, or else you will lose the whole Parlay. These kinds of bets are very high risk/ high gain reward for the sports bet.
Another kind of sports betting is the Teaser bet. It is just a little twist on Parlay. You will be picking two or more together but, with teaser bets, you can also tweak the point spread in your favor with a low overall payout. The problem with these kinds of bets are, what was 6-to-1 with a three-team parlay will now drop down to 2-to-1 on a winning bet with teasers.
Head to Head bets
Head to Head bets is famous in sports like NASCAR or golf competitions where the bettors bet on the head to head results between two competitors. In this betting, whoever finishes the game on a higher position wins the bet. This type of betting is very popular in sports like these as it is very hard to choose an outright winner between a large field.
What are different types of odds in betting?
Now we know about different types of betting, what are the different type of odds? The odds basically serve two purposes. One, they will have an impact on how much you can win. Two, they reflect the likelihood of the particular outcome of the match, which is why the odds for the favorites are low, and the odds for the underdogs are high. Now, there are different kinds of odds in sports betting.
- The Moneyline odds, more widely known as the American odds
- Decimal Odds
- Fractional odds
Frequently asked questions
What are the betting types I can place?
There are a lot of different types of bets that you can place. You, as a bettor, can place your bets for any of the types of betting we have described here.
Should someone pay for sports betting tips?
There are mainly two reasons that people pay for sports betting tips. One they want to be ahead of the others using the expert opinions. Or, they don’t have enough time to analyze the games and do their own betting-related researches. So, if you are asking us, you should not be paying for betting-related tips.
Do I need to be a sports expert to bet on a sport?
No. anyone can bet on sports regardless of their knowledge. However, if you are a sports enthusiast, that may help you in winning these bets.
What is vigorish?
Vigorish is the commission bookmakers charge on the wager placed by a bettor. However, the vig is factored into your bet already, so you will not pay any additional fee for that.