The Appeal of Sports Wagering
The excitement of sports betting is unparalleled. Emotions surge with every play on the field, adrenaline flows, and the taste of victory is not only sweet but potentially profitable. It’s no surprise that sports betting has seen a surge in popularity, with more states moving to legalize it.
For novices, understanding the outcomes of winning and losing is straightforward. However, the various types of bets available can be somewhat daunting. Familiarizing yourself with the different betting options not only broadens your wagering choices but also improves your odds of success by knowing the best bet for any given scenario.
Every bettor finds a fit in the diverse types of bets offered at sports betting platforms. Let’s delve into the most popular ones to ensure you’re well-equipped for your next wagering opportunity.
Moneyline Betting
Also known as a straight bet, moneyline betting represents the simplest form of sports wagers: betting on one team to win outright. The crux lies in understanding the plus/minus format, which indicates potential winnings on an underdog with a $100 bet and the required bet on the favorite to win $100.
Consider this college football scenario: Alabama is up against Missouri, with Alabama as the favorite at a moneyline of -500. This means you need to bet $500 on Alabama to win $100 if they succeed. Conversely, Missouri stands as the underdog at +350, offering $350 for every $100 bet if they win. In moneyline bets, the minus sign indicates the amount needed to win $100, while the plus sign shows what you win with a $100 wager.
Remember, the $100 figure is just a standard for setting the odds; you can bet any amount you feel comfortable with. Moneylines are straightforward once you understand the odds and are particularly useful when you believe an underdog could upset.
Point Spread or Handicap Betting
Point spread betting, also known as handicap betting, forms the foundation of many sportsbook offerings but might seem complex to beginners. Similar to moneylines, these are also expressed in a plus/minus format, but here, the numbers represent point advantages rather than monetary amounts.
For instance, an NFL point spread might read: Packers -7.5 Bears. This indicates that Green Bay is favored to beat Chicago by 7.5 points. Since half points aren’t possible in actual scoring, the Packers must win by at least eight points for a bet on them to pay out. If you bet on the Bears at +7.5, you win if they either lose by seven or fewer points or win the game outright.
Point spreads create an intriguing dynamic, especially in closely contested matches where the lead changes hands frequently. They can also add an element of interest to lopsided games; for example, a team losing by 21 points in a game where they are 24-point underdogs still results in a win for those who bet on them. This type of bet requires the favorite to not only win but to win by more than the specified spread, and payouts are typically around the moneyline value of -110.
Diving Deeper into Sports Betting Types
Over/Under Betting
Also referred to as a totals bet, this wager involves predicting whether the combined score of both teams in a game will be over or under a number set by the sportsbook.
For instance, if examining NBA odds where the Boston Celtics face the Los Angeles Lakers with an over/under set at 214, and you predict a high-scoring game, you might bet on the over. Winning this bet means the combined score exceeds 214, and typically, the odds for over/unders are set around -110. This means a $110 bet on the over would return $100 if successful.
Over/under bets are straightforward and popular across various sports including the NBA, NFL, NHL, MLB, and collegiate games. You’ll also find over/unders for specific segments of games, like halftime or individual periods.
Futures Betting
A futures bet involves wagering on events or outcomes that will happen in the future, such as who will win a championship, an individual award like the Heisman Trophy, or events like the Masters or Daytona 500.
Futures are essentially moneyline bets. For example, betting on the Astros to win next season’s World Series at odds of +500 means a $100 bet would yield a $500 payout if they clinch the title. However, this type of bet carries both higher rewards and risks since odds are more favorable early on, but unforeseen events like injuries can affect the outcome.
Futures bets are popular and accessible, offering a fun and often lucrative betting option if you can spot high-value opportunities early.
Proposition Bets (Prop Bets)
Prop bets are engaging wagers that don’t necessarily hinge on the game’s outcome. These bets can be highly strategic, like betting on who will score the first touchdown in an NFL game if you know a team’s play style. Others are more chance-based, like predicting if a golfer will make a hole-in-one.
Prop bets also include lighter, more entertaining stakes such as predicting the outcome of the Super Bowl coin toss or the color of the Gatorade shower at the end. While these bets can be fun and easy for beginners, they generally offer smaller payouts and are not typically a way to make significant money, as sportsbooks limit their exposure to these bets.
Parlay Betting
Parlays combine multiple bets into a single wager, increasing the potential payout but also the risk, as all included bets must win for the parlay to pay out. These can range from small combinations to large, with odds increasing dramatically with more bets included. For example, a four-team parlay might offer odds of around 13-to-1, while a 10-team parlay could yield 640-to-1.
Parlays are particularly popular for their high reward potential, but they are challenging to win, making them more suitable for experienced bettors or those looking for a bit of fun rather than a steady income.
Round Robin Betting
A subset of parlay betting, round robin bets involve creating multiple two-team parlays from three or more teams. If one team fails, it affects all parlays that include that team. While the payouts for individual round robin bets are less than a large parlay, they offer more chances to win smaller amounts.
These various types of bets provide a dynamic range of options for sports bettors, from beginners seeking simple fun to seasoned enthusiasts looking for strategic betting opportunities.
Advanced Sports Betting Options
Teaser Bets
A teaser bet is a type of parlay that allows bettors to adjust the point spreads or totals in their favor, thereby reducing both the risk and potential payout. Teasers are most commonly associated with football and basketball betting.
In a teaser, the lines for each game within the parlay are shifted by a set number of points, chosen by the bettor. For instance, in a typical NFL three-team teaser, you might adjust all lines by 7 points. Here’s how it looks:
- Original lines: Packers (-3) over Bears, Vikings (+4) over Lions, Patriots (+6) over Ravens
- 7-point teaser: Packers (+4) over Bears, Vikings (+11) over Lions, Patriots (+13) over Ravens
This adjustment makes teasers appear easier to win, though like all parlays, losing even one bet in the sequence means losing the entire wager.
If and Reverse Bets
If and reverse bets are more complex and less common among casual bettors. An “if” bet is a sequence of wagers that depend on the outcomes of each preceding one. For example, you only place the second bet if the first one wins. This setup allows a bettor to potentially extend a small bankroll, as winnings are reinvested in subsequent bets.
A reverse bet is similar but covers two potential sequences to increase the chances of securing a payout. For instance, if your bet sequence is “if the Cowboys win then the Eagles win,” the reverse would be “if the Eagles win then the Cowboys win.”
Full Cover Bets
Full cover bets are comprehensive betting packages that include all possible multiple bets among a selection of choices. These are more prevalent in the UK and include wager types like the Trixie (four bets), Super Yankee (26 bets), and Goliath (247 bets).
Unlike parlays, full cover bets do not require all selections to win to return a payout. Often, winning just a couple of the included bets can yield a return, making them somewhat less risky than their American counterparts.
Outright Bets
An outright bet is essentially the European counterpart to the American futures bet, focusing on the overall winner of a tournament or season-long competition, such as the British Open or the English Premier League. Betting early on such events generally offers more favorable odds but comes with increased risk due to the duration and unpredictability of sports seasons.
In events like tennis, “each way” outright bets are popular, paying out if the selected player reaches the final, albeit at a reduced payout. These odds are often presented in fractional format (e.g., 100/1), indicating the potential winnings from a single unit wagered, but they can be converted to American odds using an odds calculator for clearer understanding.
These advanced betting options offer seasoned bettors more strategic depth and the potential for significant payouts, though they require a thorough understanding of risk and reward dynamics in sports betting.
