7 Types of Sports Betting
Sports betting involves predicting sports results and placing a wager on the outcome. Depending on the country you are gambling from some sports may be more popular than others. Sports bettors typically place their wagers with a bookmaker who essentially sets the odds and holds your money. If you lose, they keep the money and if you win you get your money back plus any earnings. Since we all would rather be making money, let’s have a better understanding of 7 of the most popular sports betting types worldwide.
Straight bet or Win bet is the simplest and most straightforward type of wager that can be placed. This is also considered the most traditional way to bet as it works for every sport. All you need to do is bet your money on the match/game/event winner. The bookmaker will usually display the competing teams/players along with their winning odds. For example, let’s pretend you bet $100 on the Celtics basketball team in a match against the Warriors. Let’s also pretend that the bookkeeper assigns the Celtics an odds of 3.60 and the Warriors 1.33. This means if the Celtics win you claim $360!
A quick tip to keep in mind, bookkeepers will always assign higher odds to the team less likely to win.
Point spread is very popular across the U.S, especially for football and basketball. In this bet, you are wagering on which participant will cover the spread. The size of the spread determines how many points are awarded or deducted from a participant or team. The bookmaker effectively deducts points giving the underdog more points and taking away points from the stronger team. When you back your favourite team on the point spread, you’re backing them to win by a margin that’s greater than the size of the spread. In case you decide to bet your money on the underdog, you’ll be backing them to either win or lose by a margin that’s less than the size of the spread.
Something to be aware of is that bookmakers often equalize the odds for both teams for betting.
This type of betting is very popular worldwide for several sports. Similar to point spread betting, points are awarded and deducted from teams for the betting. The aim of this type of bet is not specifically to make the team dual favourites. Handicap offers a variety of options for betting, increasing your chances of winning in terms of splitting your money across different odds and point spreads.
Totals and Over-under describe the same type of wager in different parts of the world. The idea here is that a bookmaker sets a line for the total number of points, goals, or runs to be scored in a game. Then you have the option to bet on the actual total being higher or lower than the line the bookmaker has set. Betting on higher is known as backing the over while betting on lower is known as backing the under.
This kind of wager focuses on the winner of a specific tournament, league, or competition rather than a single game.
This type of bet involves making more than one selection as a part of a single wager. For example, it gives you the possibility to back up 5 different soccer teams to each win their next match. When you come to bet you would include all five teams in a parlay.
Other types of bets that are especially popular for soccer involve predicting the exact score of the match. It’s a hard bet to get right but if you do the potential payouts can be very rewarding!