Sports betting is now more accessible than ever, but for those who are unfamiliar with how the various bet kinds operate, there is a learning curve. The most common bet kinds are thoroughly explained below, along with examples from real-world situations.
Betting on straights
The most popular kind of sports betting is a straight wager. A straight bet is merely a betting on the outcome of a single game or event, often referred to as a “single bet” on occasion.
Betting on spreads
Spread bets are best understood in terms of how they relate to margins of victory. In a spread bet, a particular amount of points, goals, or runs are either “given away” or “taken.” The sportsbook determines that figure, which represents the anticipated winning margin.
In order to “take” the spread (bet on the underdog), a bettor must do so. In order to “give” the spread, a bettor must do so (which means betting the favorite).
- A good example would be Dallas Cowboys (-5.5) versus Philadelphia Eagles (+5.5). Betting on the Cowboys with 5.5 points is a good place to lay a bet. In this case, you would take the 5.5 points if you think the Eagles have a good chance of winning or losing by 5 or fewer points.
There are odds associated with every point spread, and the odds are typically -110 for both sides. The Cowboys -5.5 points or Eagles +5.5 points would require a stake of $110 to have a chance of winning $100 (or $11 to have a chance of winning $10), as we mentioned above in the “How do the odds work” section.
Bets placed on parlays
A parlay is when two or more straight bets are combined into one wager. Due to the opportunity to win larger payouts while putting less money at risk, parlays are popular. (Consider it to be the lottery of sports betting.)
How much a gambler can win depends on how many legs (bets) are included in a parlay and the odds associated with each of those legs. The possible payout grows in proportion to the size of the parlay and the wager.
It’s vital to remember that parlays of any size are challenging to complete, and the more legs you add, the harder they become. 토토사이트 Your parlay is over if just one leg fails, and that’s it. In actuality, if you win a seven-team parlay going 6-1, you might as well have lost.
Parlays can be divided into two types:
- Same-game: Bets on a single game included in a parlay.
- Multi-game: Multiple bets are combined into a parlay. It is not necessary to have the legs of a multi-game parlay from the same sport.
The third kind of parlay is known as a “teaser,” and it’s most common in football (particularly the NFL). A teaser is created using two or more teams, much like a parlay. The primary distinctions: Only point spread wagers are permitted in teasers, and wagering participants may change the point spread by any number of points.
Bets on the totals
Point spreads and totals bets are very similar. Totals bets, which are also known as “Over/Under betting,” concentrate on the final score of a game rather than the winner.
When placing a totals wager, all you are doing is guessing whether the combined runs, goals, or points scored by the two teams will exceed or fall short of the total number of runs, goals, or points specified by the sportsbook.
It’s never Under until it’s Over! If you’re interested in Over/Under betting, keep in mind this proverb when placing totals bets. Meaning that your Over bet can always win as long as the game is still in progress (or lose your Under bet).
Futures Bets
Another entertaining way to wager on sports is via futures bets. Futures bets are simply that: wagers that will be resolved in the future, as opposed to wagering on a game that will take place today or this week.
One can wager on a team to win the World Series, a nation to win the World Cup of soccer, a golfer to win the Masters tournament the next year, or a player to win NFL Offensive Rookie of the Year, as some examples.
Compared to straight bets, futures wagers often have better odds and higher potential payoff. The justification is straightforward: It’s more difficult to pick which team will win a random regular-season game than it is, say, to predict the Stanley Cup champion at the outset of an NHL season.
Futures bets require careful consideration because the odds are subject to frequent change. For instance, just because the Los Angeles Lakers are given +1500 chances to win the NBA championship on the first day of a season doesn’t guarantee that those odds will remain stable for the following seven months (in fact, they most certainly will not).
Prop Bets
Prop bets pertain to a specific athlete’s performance—or even something that doesn’t appear in the boxscore—while other markets concentrate on the end result of a game or event.
Choosing the color of Gatorade that will douse the coach of the Super Bowl-winning team is an example of a prop bet that has nothing to do with the actual action on the field or court.
Prop bets can take many forms, but here are a few of the most popular:
- Player prop: Relates to a player’s individual performance, such as the overall amount of points scored in a basketball game, goals scored in a hockey game, or rushing yards in a football game.
- Game prop: Relates to a single game, such as picking the MLB player who will hit the first home run or the football club with the most passing yards.
- Novelty prop: Typically used only for major occasions, such as the Super Bowl, novelty props can be anything from the length of the national anthem to the first song that the halftime performer will play.