Many decades ago, sports bettors were confined to one or two types of sports bets, usually straight bets and parlays when available.
As time passed, bookmakers started putting forth other betting options, mostly for the benefit of recreational sports bettors who had less money to wager. With restricted bankrolls, recreational bettors were always searching for bets that would allow them to cover more games with less money for bigger wins.
Today, there are over a dozen different ways that sports bettors can secure action on their favorite sports events for a chance to win real money. The following information is being offered to define the seven (7) most popular types of sports bets being offered by retail and online bookmakers worldwide.
Straight Bets – Money Line
Let’s start with the basics. Money line straight bets are the easiest bets to make and understand. The bettor is required to wager on a single team or player. The odds are reflected in terms of a money line, the amount the bettor will need to wager for certain returns.
Money lines are used to differentiate favorites and underdogs. The money line for choices is indicated with a minus (-) in front of the money value. Conversely, the underdog is shown with a plus (+) before the money value. The higher the money value on either side reflects the gap between the perceived difference between the teams or players involved in the game or match.
Straight Bets – Point Spread
Point spread straight bets are very similar to money line bets with one major difference: the gap between the perceived difference between the teams is expressed in terms of points. The objective is to bring two teams closer together so that either team will be worthy of a bet.
For example, Alabama is playing Syracuse in a college football game. Bama is ranked #1 in the country, and Syracuse has yet to win a game. Without a point spread, the game would likely not be listed because Bama would be a huge winner. Still, bookmakers want to offer action on the game, so they post odds as a point spread. The point spread is Alabama -30 and Army +30 (minus for favorite, plus for underdog). After the game, bettors would either deduct 30 from Alabama’s final score or add 30 to Army’s final score. The result of these actions would point out the winner of the game for betting purposes.
Parlays
A parlay bet is also referred to as an accumulator in Europe. It’s a single wager that lists at least two selections on the same betting slip. The stake is significantly riskier because the bettor only wins if every selection on the betting slip wins. There is a higher potential return for the higher risk with more choices offering higher potential returns.
Teasers
Teasers are similar to parlays because they require the bettor to make at least two selections on the same betting slip. Again, every selection has to win. However, the teaser gives the bettor a certain number of points that they can use to adjust the point spread of each selection in the direction they want. For this privilege, the potential payouts are lower than parlays for the same amount of choices.
Proposition Bets
Bookmakers will list as many as 600 propositions during the Super Bowl. Propositions are listed for events or outcomes that might or might not occur during a specific game, match, or event. The targets of prop bets could be players, teams, or a non-game-related outcome like final attendance for the game. The odds (money lines) will reflect the perceived likelihood that a particular outcome will or will not occur.
Future Odds Wagers
As the name indicates, future odds bets will target some future outcome involving teams or players. The most popular future odds stakes target teams to win certain league or tournament championships.
Example: At the beginning of each NFL season, bettors can wager on which teams will win the Super Bowl at the end of the season. The odds of each team will reflect the perceived likelihood that they will win it all.
Live in-Game Wagers
Live in-game wagering is a fairly new phenomenon. It’s a wager that allows bettors to bet on certain outcomes or events of a game while it is being played. These types of bets allow bettors to watch a portion of a game or event before deciding the outcome. In some cases, bettors can wager on which team will score next. It’s a terrific betting dynamic that motivates bettors to get more intimately involved in watching games.
Conclusion
Before investing any money on a bet, you owe it to yourself to select a type that matches well with your betting objectives.
