Sports betting has been around for centuries and has evolved into a multi-billion dollar industry. With the rise of online sports betting, more and more people are getting involved in placing bets on their favorite teams and players. However, not everyone is familiar with the different types of bets that can be placed in sports betting. Whether you’re a seasoned bettor or just starting out, understanding these different types of bets can greatly improve your chances of winning. In this guide, we will dive into the various types of bets in sports betting and how to make the most out of them.
1. Straight Bets
Straight bets, also known as single bets, are the simplest form of sports betting. It involves placing a wager on the outcome of a single game or match. This type of bet is popular in traditional sports betting and can be found in most sportsbooks. Straight bets have fixed odds, which means the payout is predetermined based on the odds at the time of placing the bet.
Types of Straight Bets
1. Moneyline Bets
Moneyline bets are the most common type of straight bets and they involve picking a team to win the game. The odds for moneyline bets are represented by either a plus sign (+) or minus sign (-). A plus sign indicates the underdog, while a minus sign indicates the favorite. For example, if the odds for a team are +150, it means that a $100 bet on that team would result in a $150 profit. On the other hand, if the odds are -150, it means that a $150 bet on that team would result in a $100 profit.
2. Point Spread Bets
Point spread bets are similar to moneyline bets, but they involve a handicap given to the favorite team in order to create a more even playing field. The favorite team has to win by a certain number of points for the bet to be successful, while the underdog team can either win or lose by fewer points than the given spread for the bet to be successful.
3. Total (Over/Under) Bets
Total bets, also known as over/under bets, involve predicting the total number of points or goals scored in a game. The sportsbook sets a total number and bettors have to wager whether the actual total will be over or under that set number.
Tips for Straight Bets
- Do your research and analyze the teams and players before placing a bet.
- Keep an eye on the odds and look for value bets.
- Don’t bet with your emotions, always bet objectively.
- Look for underdogs with good odds, as they can bring in bigger payouts.
2. Parlay Bets
Parlay bets, also known as accumulator bets, are a combination of multiple straight bets. It involves placing a single bet on the outcome of multiple games or matches. The catch is that all the bets in a parlay must be successful in order for the entire bet to be successful. This type of bet is popular among casual bettors as it offers high payouts with a low initial investment.
Types of Parlay Bets
1. Traditional Parlays
Traditional parlays involve picking the winners of two or more games. The more games you include in a parlay, the higher the potential payout. However, if just one of the bets in the parlay fails, the entire bet is considered a loss.
2. Teaser Bets
Teaser bets are similar to traditional parlays, but they allow bettors to adjust the point spreads for each individual bet. This means that you can give the underdog more points or reduce the spread for the favorite, increasing your chances of winning. However, the more you adjust the spreads, the lower the potential payout will be.
3. Pleaser Bets
Pleaser bets are the opposite of teaser bets, where bettors can adjust the point spreads in favor of the sportsbook. This means that the spreads will be harder to cover for each individual bet, but the potential payouts will be higher.
Tips for Parlay Bets
- Keep parlays to a maximum of four or five bets to increase your chances of winning.
- Always research the teams and players before placing a parlay bet.
- Look for value bets and avoid betting on every game in a single parlay.
- Consider using teasers instead of traditional parlays to adjust spreads in your favor.
3. Prop Bets
Prop bets, short for proposition bets, involve wagering on specific outcomes or events within a game or match. They are often seen as fun bets and are popular during major sporting events such as the Super Bowl or World Cup. Prop bets can range from simple yes or no questions to more specific queries.
Types of Prop Bets
1. Player Prop Bets
Player prop bets involve wagering on the performance of individual players. These bets can include the number of points scored, total yards gained, or even the number of assists in a game. They are popular among fantasy sports enthusiasts as they allow them to use their knowledge of players to make educated bets.
2. Team Prop Bets
Team prop bets involve betting on the overall performance of a team. These bets can include the number of touchdowns scored, total rebounds, or even the number of fouls committed. They can also include bets on which team will score first or last in a game.
3. Special Prop Bets
Special prop bets involve unique or unusual events within a game. These can include the length of the national anthem, the color of Gatorade poured on the winning coach, or even if a certain celebrity will be in attendance at the game. These types of bets are more for entertainment purposes and often offer lower payouts.
Tips for Prop Bets
- Do your research and look for value bets.
- Be aware of the odds and how they can affect your potential payout.
- Don’t bet on too many prop bets in one game, as it can be harder to predict multiple outcomes.
- Keep an eye out for fun and unique prop bets during major sporting events.
4. Futures Bets
Futures bets involve predicting the outcome of a season-long event before it begins. They are popular among bettors who like to make long-term predictions and are willing to wait for the outcome to be determined. These bets often have high payouts but are also considered riskier since there is a longer time frame for things to go wrong.
Types of Futures Bets
1. Championship Bets
Championship bets involve picking the winner of a major tournament or league before the season has started. These bets are popular in sports such as basketball, football, and hockey.
2. Season Win Totals
Season win totals involve betting on the number of wins a team will have in a season. This type of futures bet is popular in most major sports leagues and can include both regular season and playoffs.
3. Player Awards
Player awards bets involve predicting the winners of individual awards such as MVP, Rookie of the Year, or Top Scorer. These bets are popular in all major sports and can offer high payouts if you correctly pick the winner.
Tips for Futures Bets
- Research the teams, players, and coaches before making a futures bet.
- Look for value bets with good odds, as these can offer higher payouts.
- Don’t place too many futures bets, as they require a longer time frame and can tie up your funds.
- Be aware of injuries or other unexpected events that may affect the outcome of a futures bet.
5. Live Betting
Live betting, also known as in-play betting, involves placing bets on games or matches while they are in progress. It adds an extra level of excitement to sports betting and allows bettors to react to what’s happening on the field or court in real-time. This type of betting is popular among seasoned bettors who can quickly analyze the game and make fast decisions.
Types of Live Bets
1. Moneyline Bets
Moneyline bets in live betting are similar to traditional moneyline bets, except they are placed while the game is ongoing. The odds for live bets change constantly based on the current state of the game, making it important to stay updated and act quickly.
2. Prop Bets
Prop bets in live betting are similar to pre-game prop bets, but they are adjusted based on the situation in the game. For example, you can place a bet on which team will score first in the next quarter or how many points a specific player will have by the end of the game.
3. Total Bets
Total bets in live betting are similar to pre-game total bets, but the odds and lines are constantly changing based on the pace of the game. You can place bets on the total number of points or goals scored in a particular quarter or half.
Tips for Live Betting
- Stay updated with the game and be ready to act quickly.
- Use your knowledge and experience to make informed decisions.
- Keep an eye on the odds and look for value bets.
- Avoid chasing losses and stick to your betting strategy.
6. Exchange Betting
Exchange betting involves betting against other bettors instead of the sportsbook. It is relatively new in the sports betting world and is gaining popularity due to its unique features. In exchange betting, the odds are not fixed, and bettors can set their own odds for others to match. This type of betting is popular among experienced bettors who prefer more control over their bets.
How Exchange Betting Works
In exchange betting, there are two types of users – backers and layers. Backers are those who think a particular outcome will happen and place bets on it, while layers are those who think the outcome won’t happen and place bets against it. For example, if you think that a team will win, you can back them at certain odds. If someone else believes that the team will lose, they can lay a bet against your back.
Tips for Exchange Betting
- Understand how the odds work and take advantage of them.
- Do your research and look for value bets.
- Consider being both a backer and a layer to cover your bets.
- Be aware of any commission fees when placing bets in exchange betting.
Conclusion
Sports betting offers a wide range of betting options, and understanding the different types of bets can greatly improve your chances of success. Whether you’re a casual bettor or a seasoned pro, it’s important to know the ins and outs of each type of bet and use your knowledge and experience to make informed decisions. Always remember to bet responsibly and never bet more than you can afford to lose. With this ultimate guide to different types of bets in sports betting, you’ll be well on your way to becoming a successful bettor.
