If you’re looking to try your hand at sports betting but find it hard to understand the different types of bets, 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 in leaps and bounds over the last two decades. More and more punters are joining online platforms to place wagers on all types of sports. There is a market for every sport on the planet.
For example, when you decide to open an account at Casumo, it is important to know the different types of bets available for you there. Knowing and understanding different betting lines will help you see more opportunities and have several options for potential winnings.
Let’s take a closer look at the different types of betting.
Moneyline is the most basic type of bet. You pick the winner of the event and place your wager on it. Bookies work out the favourite and the underdog in an event and place odds accordingly. Favourites are normally the stronger team, the ones on a winning streak, or the team with fewer injuries on the roster. Bookmakers use various other factors to work it all out.
If the Toronto Raptors play the Canada Colts in a basketball game, for example, the Raptors would be overwhelming favourites because of their well-known pedigree. Bookmakers would offer odds of -800 on a win for the Raptors. So if you place a wager of $800, your return would be $100. $1,600 wins you $200 and so on. The Canada Colts would get odds of +800 for a win. Your $800 wager would earn you $6,400 if the Colts were to get an upset win over the Raptors.
So, the favourites typically pay less than the underdogs. It is extremely rare for bookmakers to get it wrong, but some eagle-eyed punters do catch big wins by angling for the so-called underdogs.
Points spread or handicaps are also based on the favourites and underdogs tags. With a spread, the teams do not start on equal footing. The favourites must win and beat the point spread for you to collect on your wager.
Going back to our example, bookmakers can give Raptors a point spread of -10.5. If you back the Raptors, then they must win by 11 or more points for you to collect since it’s impossible to score half a point. The same bet can be Colts +10.5. If you place a wager on the Colts and they lose by 10 or fewer points, you are a winner.
This type of bet is also known as a totals bet. The sportsbook sets a total number of points or goals scored, and you wager against that total. So you can either go under the bookmaker’s total or over it.
If bookmakers set the total number of points to be scored by both the Raptors and the Colts to be 119.5, then your over wager would need a points total of 120 or more to win. Placing money on under means the game will end with 119 points or fewer combined. The .5 takes away the possibility of tying with bookies.
The totals can also be for one of the teams involved in the game. Bookmakers can set a total of Colts 89.5. A wager for over means the Colts must score 90 points or more for you to win. If you back them to score 89 points or fewer, you place a wager on under.
Other variations of this come under prop bets which we will get into later in the article.
As the name suggests, a futures bet is a wager on something happening in the future. It usually applies to season-long championships or tournaments. Sticking with our Toronto Raptors example, a futures bet would be placing $10 on them winning the Eastern Conference or the NBA Finals.
Odds tend to be more favourable while the season or event has not started or is still in the early stages. Unforeseen circumstances like injuries and loss of form will cause the odds to fluctuate.
A parlay is a combination of bets on one ticket. Parlays offer bettors the chance to place small wagers with opportunities to win big. You can combine one type of bet or mix all the bets mentioned above in one parlay. If one bet in the parlay loses, they all lose. It’s a one-for-all and all-for-one kind of bet.
Parlays always look easy to win on paper, and that’s why many punters love them. You can combine moneyline, over/under, spread on a parlay that has two or more events. Some sportsbooks limit the number of events you can have on one parlay, while others will stop you at a certain monetary amount.
Proposition bets, or prop bets, are wagers on events that may or may not happen during a game or event. In most parts, prop bets have nothing to do with the game’s outcome.
Going back to the Toronto Raptors, you can wager on David Johson 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 the number of shots on goal or on target a player will make 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 game flow and score extra winnings.
Teasers are popular with football and basketball punters. With teasers, the lines are shifted to increase the chances of winning while reducing the payout. So if you have a 3 team point spread parlay, the lines can be shifted by +7, for example, to increase the chance of winning. Like a normal parlay, if one event loses, the ticket busts.
Knowing the different types of bets and how they work puts you on better footing when placing wagers on your favourite teams and sports. If done responsibly, betting can increase the thrill of watching and following sports.