Bets and Odds Offered by Sportsbooks
One of the major benefits of wagering at an online sportsbook is the sheer number of different bet types available. These sportsbooks appeal to players by offering them with many betting options that suit their budget and playing or risk styles. In this guide, you’ll learn about each of these bets and the ways to make the most of them.
It’s often reported by both sportsbooks and bettors that the fastest way to lose money is to not understand the betting system being used. With so many different types of bets, users can become confused and lose their stake without fully realising why. This is why understanding bets and odds is essential for your arbitrage betting success.
These simple bet types are the easiest for new bettors to get to grips with. That’s not to say that these can’t be effective however, as some betting professionals only choose to use these types bets. It’s all about correctly identifying the winner of a match or game, based on the odds being offered against it. Players can opt to place their money on the favourite or the underdog, depending on how lucky they feel.
Essentially, those with the most rewarding odds will be the least likely of being achieved. The underdog can bring in a lot more cash, but the favourite will be most likely to win in each instance. Another reason why doing arbitrage betting can help to make a profit out of these simplistic bet types.
Totals Bets and Over/Under Bets
Totals bets, or over/under bets as they’re sometimes known, allow you to pick out an aspect of the game without having to predict the outright winner. The most common form of this bet is to pick the combined score of both teams, choosing if it will be under or over a set limit. The odds on these are quite low, as they’re a more generalist way to bet.
The premise of this bet is straightforward and means that users don’t need to pick out an outright winner on each event. These are common in goal scoring games like football and basketball and are offered on various instances around the game.
Point Spread Bets
Most popular on American betting sites, particularly on American football games, this form of betting is a little more in depth. This betting type has odds set out by the bookmaker, which will be based on the likelihood of the number of points being achieved by each team.
To break this down, it’s best to think of it in terms of a real life example. Say there are two teams taking on one another in a game of football team one (Lions) and team two (Wolves).
A sportsbook will let you bet on either of these teams and pay the same odds for each one – if they win.
They may already have a favourite team, which may seem a bit unfair if you’re betting on the underdog. The way that they rectify this is by adding a points spread to the game. The underdog team (wolves) will have more points attributed to them than the (Lions) which is the team favourite. For the favourite to payout, they need to win by more than the amount of points specified, and the underdog would need to lose by more than the amount of points to not to pay anything out. This bet is a little harder to understand, but it effectively tries to level the playing field between teams that differ greatly.
Futures and Outright Bets
This type of bet has you looking forward to the future and picking out a winner of an entire tournament or season. Like a long-term prediction bet. Far from just selecting the outcome of one game, bettors pick the outcome of a much further reaching bet. The odds on these kinds of bets are a lot better than individual matches, as you are selecting a harder to predict outcome. These bets work for longer term events like football tournaments or shows or racing where any number of changes or injuries can take place before the final winner is selected.
Short for proposition bets, prop bets can cover a wide range of predictions. Everything from the coin toss at the start of the game to the number of players sent off can be covered by this betting type. They can be seen as novelty bets, as there isn’t a lot of research that can be done into the many random outcomes that they can cover. It’s literally just calling a bet and hoping you are lucky on the outcome!
These are effectively many bets that are added together, which means you must win every one to have your bet classed as successful. Instead of betting on each game individually, bettors can receive enhanced odds by stringing them into a single bet. The downside is that if one bet is not successful, the entire parlay bet will be a loss, these offer bigger risks but also bigger rewards. Not recommended for beginners but can be useful to make a tidy sum if you want to advance to more exciting wagering types.
This type of betting applies in horse and greyhound racing. Instead of simply picking an outright winner, bettors can choose whether they think the racer will place in the top three or not. Using a place bet means that the racer will come in either first or second, whereas show bets encompass first, second and third place. As place and show bets are less specific, the odds on them will be lower than selecting a winner.
There are many types of bets out there and understanding them is the key to success. Don’t be tempted to place money on bets that seem confusing, taking some additional time to learn about more complex bets can be hugely beneficial. If in doubt, using clear betting structures like moneyline bets can be a lot more rewarding.