Types of bets
Sports betting sites offer various types of bets that cater to both novice and experienced bettors alike. For beginners, Moneyline and spreads are typically recommended, while seasoned bettors may opt for more risky bets such as parlays.
Outlined below are the different types of sport bets that can be placed on sports gambling sites, each with its own unique set of rules and potential outcomes.
This is the simplest type of wager. You bet online on which team will win the game outright. As with any sports bet on betting apps or sports betting sites, there are favorites and underdogs. Placing stakes on the favorite is a typical move for many bettors because it has a better chance of winning. However, the underdog on a sports betting platform pays out more if the team is lucky enough to beat its opponent.
A "point spread" is a popular form of sports betting that involves wagering on the margin of victory for the favored team. Typically, if a minus sign appears next to a team's name, they are considered the favorites and must win by the margin specified by the sportsbook in order to pay out.
Conversely, if the team you are betting on has a plus sign next to it, they are considered the underdog. In this scenario, a win is achieved either by an outright victory or by losing by a margin smaller than the odds listed. Therefore, keeping track of the constantly changing sports betting odds is crucial, as each team's odds will vary.
For example, in a typical college football season, Oklahoma is generally expected to beat Kansas in a Big 12 matchup. As a result, one could wager on how badly Oklahoma will defeat Kansas using the point spread provided by bookmakers.
Oklahoma would be the favorite in this situation, with the odds likely set at -34.5. Meanwhile, Kansas, being the underdog, would have a point spread of +34.5 at the sports betting site. If Oklahoma wins by a score of 51-21, Kansas would still cover the spread despite suffering a significant loss. This is because the loss was less than the set point spread of 34.5 points.
These are bets that bettors place based on what the total score at the end of a game would be. Betting on the over means wagering that the game's total points will be more than the sportsbook specified. On the other hand, betting on the under means wagering that the total at the end of the game will be less than what the sportsbook has set.
Consider an MLB game where the online sports betting site sets the total at 10.5. If the total points end up being 9.5, punters that had wagered on under win their bets. However, there are times when the total points are precisely what the sportsbook predicted. In this case, the bet is a push, and you get your bet amount back from the sports betting site.
Parlays are combinations of bets that pay off handsomely if every single wager in the parlay is accurate. A parlay consists of at least two wagers and can include as many bets as the sports betting platform will accept.
The parlay's potential payoff is based on the odds of each individual wager, and the same applies to the payout. So, for instance, parlays with more underdogs are riskier but will pay more than parlays with more favorites.
Note that for this bet to win, each wager involved must win. In other words, a parlay bet is a loss if any participating wagers lose. In case of a push, the sports betting operator removes the wager from the parlay, and the remaining bets determine the odds and payout.
Proposition bets are placed on a specific match outcome that has nothing to do with the final score. For instance, on betting apps, you wager on whether certain players will reach a particular total. It is common in American sports games like the NFL and NBA. The lines and odds for the prop bets are set by an online sports betting site.
These are the baseball equivalents of a point spread, but its runline is usually set to 1.5. Like the point spread, the favorite is at -1.5, while the underdogs are at +1.5. If you bet on the favorite, your team must win by two runs or more. On the other hand, if you bet on the underdog at +1.5, your side can either win or lose by one run.
Although, you wager on future events in online sports betting, bets that categorized as "futures" have a long-term period measured in weeks or months. An example of this is betting that a specific NFL team will bag the Super Bowl for the coming season.
Bettors place their stakes before the season begins in September to get the best reward for such a wager. However, futures are often available all year long at sports betting apps or sites. Just note that the payouts decrease as the season progresses since choosing the winner is simpler.
The sportsbook will only pay winning wagers once the Super Bowl ends in January or February. The odds for such a gamble are typically stated as a ratio of the units you win to the units you stake. For instance, if the team is 40-1 (or +4000) to win the Super Bowl, the bet will pay 50 times the amount you stake if the team wins.
In play betting
Some online sports books now allow bettors to place new wagers during a sporting event. This feature is known as in-play betting or live betting. With the advent of in-play betting, bookmakers have expanded the available markets to bet on during sporting events.
For instance, you can wager on in-play markets for football games that include the match outcome, halftime score, and the names of goal scorers. The in-play markets depend on the online sports betting site.
In-play sports betting appeals to punters because of the betting possibilities it presents. The best gambling websites update their odds based on what's happening in the game. This gives punters an edge, as they can place better-informed bets based on these odds.