The different bet types are among the first things that pop into your head when it comes to sports betting. With several types of bets available, you can wager on which team will win the game or the total number of points scored. No matter what type of bettor you are, this guide will help you learn about the different types of bets available to place on sports. Read this blog till the end, as the more you go in-depth, the more informed you will be to make your daily betting decisions.
Let’s dive into the core of this blog to learn the different bet types.
Table of Contents
With several different bets available to wager on sport, let’s know each one of them in-depth with examples.
It is the simplest form of bet you can find. You just have to bet on a team and are good to go. Just as simple as that. When you click on a specific game in an online sportsbook software, you will find moneyline bets, followed by point spreads and totals.
Moneyline odds can vary significantly based on the matchup’s competitiveness. A mismatched game may see an underdog with long odds while the favorite has short odds. Short odds do attach low payouts but you can expect to win.
Overall, moneylines are easy and simple to understand. Bettors wager on the team to win straight up.
Point spreads are one of the fun types of bets for skilled bettors as they are even the playing field. In this type of betting, the underdog team is given extra “phantom” points. For example, the point spread bets for two teams are listed as follows:
Herein, the Chicago Bears are expected to lose by 14 points or so. Oddsmakers give the Bears 14 extra points to add to their total as represented above. For this bet to pay out, the Bears have to either win or lose by less than 14 points. A final score of Bears 21-Buccaneers 27 means the Bears have covered the spread. The 14-point spread would allow the Bears to cover against the Buccaneers.
Oppositely, with this type of sports betting, the Buccaneers would have to beat the Bears by more than 14 points to cover the spread. A final score of Buccaneers 31- Bears 10 would see the Buccaneers cover the spread and win the bet.
Are you unsure which team will win? Try total betting. When you bet on totals, you’re wagering on the total combined score of both the teams, and whether it’ll be over or under a certain limit set by a sportsbook. And this is why this type of sports bet is known as over/under.
For example,
Dallas Mavericks Vs. Golden State Warriors
If you bet the over, you are guessing if the teams will combine for more than 214.5 points If the final score was Mavericks 114-Warriors 102, the over would have hit. The total final score is 216.
If you bet the under, you hope that the teams combine for fewer points than the set line. A final score of Mavericks 99-Warriors 100 would see the under hit because the combined score is 199 (total).
No matter who wins or loses, the only thing that matters the most in totals is the final combined score.
Parlay is one of the greatest and different types of sports bets combining multiple stakes into a single bet that increases the odds for the highest payout possible. However, there is a catch that every single leg of a parlay needs to hit to win. If you make a parlay that consists of five bets and four of them hit while the remaining one loses the entire parlay is a bust.
Let’s understand Parlay bets with the following example and see how the odds behave and change.
By combining into a parlay, these bets transform into a single wager with odds of +843. A stake of $10 would pay out $84.33 if all bets hit.
Teasers are the popular types of sports bets that allow you to change the lines of two bets with a set amount. Let’s say that you want to bet on the following lines:
You may think both of them can benefit from a boost, as I expect both games to be close. You could provoke this parlay by +5 points, adding 5 points to each point spread that will make them as
As you can see both spreads have changed by 5 points and the odds of this two-leg teaser parlay now stands at +100.
Teasers are common types of sports bets among bettors who track team performance over time.
These bets are wagered on the future outcome of a sporting event that you guess can happen. This can include winning a championship, an MVP award, or the total number of wins a team holds. Futures can also be player props like how many points a player averages per game. Future odds change as the tournament progresses so it can make sense to place bets earlier and lock a benefiting line.
Live betting, also known as in-play betting, allows you to place bets on a game while it’s in progress. Line changes fast, making live betting a favorite among potential sports fans who a frequent watchers.
Also Read:- Live Betting Odds API
Prop bets are not directly tied to the game’s final score. They include an individual’s performance stats or team affecting the final result. There are two types of prop bets:
A player prop is a bet on a player’s performance such as how many passing yards they have in football or a basketball player has a double-double.
A game prop is a bet on an outcome, such as the first team to score 20 points or which team will score first.
For instance, in basketball, player props are common, such as:
This is a unique type of bet, particularly appealing to high rollers. In this type of bet, you either win or lose multiples of your wager, depending on how much your selection wins or loses.
For example, if you place a $10 points betting bet on the Warriors to cover a spread of -5 and they won by 9 points, you would win $40 or 4x bet of yours because they covered by 4 extra points. Oppositely, if the Warriors cover by 4 points, you would lose $40. It’s a high-risk, high-reward betting format.
As the name suggests, parlays that combine wagers on the same game are known as same-game parlays. Various sportsbooks offer this parlay variation, however, there are limits on what type of sports betting you can use to build them.
One of the last among the list of different types of sports betting, round-robin betting is highly similar to a standard parlay, a combination of different parlays. With this bet, you can combine several betting selections into separate parlays. Up to 11 parlays are possible with your four selections. Round robin makes wagering simple, as placing each parlay differently requires high time.
The advantage of this bet type is that you reduce your risk compared to just placing a single parlay of all your selections. The downside is that the upper limit is capped as compared to placing a simple parlay for the same amount.
If you want to focus on one or more types of bets, some are much easier to place than others. The easiest bets are moneyline, point spreads, and totals. The reason they are easy is because they are always the first bets listed for a match on any sportsbook. These bets are light and do not come with too many complexities. They are easier to understand compared to more complex bets like teasers, parlays, and props.
Among these three, moneylines are the easiest form of a bet. However, they don’t always provide the best payout, especially in cases where one team is outmatched. Moneyline holds value in games like baseball or hockey where scoring is generally low.
Point spreads and totals also offer plenty of value. If you want high rewards bets consider trying parlays. They are easy to place and possess the potential to win with huge margins as you add new bets into the mix. However, you must remember that the more you add new bets, the less likely you are going to win.
Choosing the correct bet type is essential when wagering in sports betting. The best type of bet can fit your preferences. Here is how you can pick the right bet type.
The first and foremost thing before finding the right bet types is to research. This step might seem boring but you may find bets or useful information that you can use in your betting. For research, use the internet, scroll through the best betting sites, evaluate information, and think about which sport you have a good command of.
Explore different markets to find the best sports bets. As you have researched on the internet you have become more experienced in betting and know which market you are most skilled at. When looking into different markets you can find a range of betting opportunities.
Once you have shortlisted different types of sports bets, the next step is to decide which one is the best by looking at the odds of each selection and deciding if those odds have the chance of being a winning bet. You need to make a long-term profit. Value betting involves backing selections where the odds are bigger than the chance of selection winning. The better the value, the more profit you get.
This is an important step when choosing the best type of bet in sports betting. Odds comparison sites show odds from major bookmakers for each event and market, allowing you to choose the one offering the best odds for your selections. If you don’t find the odds fruitful then compare odds from different bookies.
The more you learn the more you earn. The same goes for picking up the right bet type. You should concentrate on those events and markets that you know you have a good command of. Learn and repeat the process so that you can make more money in the long run.
At last, we hope that you have fully read and understood our guide to different bet types. This guide should enhance your betting standards and stop you from opting for incompetent bets that may lose your precious money. Bookmarking this BR Softech’s guide to the various sports bets can get your betting skills in good shape.
In case you are interested in starting a sports betting business by creating your betting software, then contact a leading sports betting software development company.
Moneyline is the most popular bet type. It is a wager on which team or player will win a game. Total points, winning margin, or any other factors are not considered for money lines. The outcome is the only thing that matters the most.
Here is the list of different bet types:
Moneyline
Live betting
Futures
Point Spread
Totals or Over/Under
Prop bets
Same game parlays
Round robin
Teasers
Points betting
There is no bet which is completely safe since you are betting on variable outcomes. However, moneyline is the most famous bet among bettors of all skill levels.
Most bookmakers offer different bet types. However, bets like money lines, parlays, live betting, props, and futures are found in almost every sportsbook. The same game parlays can be found in some sportsbooks. Pointsbetting is the rarest bet which is available only at PointsBet.
