Types of Sports Bets that can be placed
If you are an avid sports fan and are looking to place your first sports bet, then you need to be aware of how it works and what bets can be placed. As betting on sports is one of the most popular types of gambling, there are plenty of sports people can wager on, such as baseball, boxing, tennis, soccer, and more.
That being said, it can be overwhelming and confusing for first-timers when they see all the different betting options available. However, do not be discouraged, even if you are unfamiliar with the terms. In fact, plenty of experienced bettors sometimes still get them mixed up too. But with more betting options available, means more flexibility for the customers and more chances for big rewards.
Of course, if you want to place a bet, you will need to do so through a sportsbook. These are entities and organizations that take wagers on various sports competitions. There are plenty around if you know where to look, with one of the best ones to use in Ohio. You can either choose to physically go to a retail location, or you can do it online through your computer or smartphone. This makes it even more convenient for people who may live far away from a sportsbook but still want to participate in sports betting.
Below are some of the ways a gambler can bet on sports. Some options are easier than others, so be sure you understand how they work before placing a wager.
What are odds?
Before learning about the types of sports bets available, you will have to learn what the odds are first. With all types of wagers and anything that deals with probability, everything revolves around the odds of an outcome occurring. In America, money line odds (also known as US or American odds) tend to be used in the region. Each bet contains either a positive (+) or negative (-) sign. The positive sign indicates how much a bettor could win with every successful $100 bet. In contrast, the negative sign showcases how much a gambler has to bet in order to win $100.
For example, say Team A has +600 odds to win a sporting event. That means if you bet $100, you could gain back $600 if they won. Conversely, if Team B has -200 odds, that means a gambler needs to bet $200 to win back $100. Of course, the ratio will scale with how much a gambler puts down.
Odds that are negative also show that the team or individual is the favorite. This means the sportsbooks are more likely to believe that side will win the event. However, if multiple teams have positive odds, then the one with the smaller number denotes which is the favorite. On the other hand, if multiple teams have negative odds, then the larger number is the favorite instead. The side that is not the favorite is considered the underdog.
In both cases, if someone has won their bet, then they can get back their initial wager in addition to the amount that has been won. However, it is important to keep in mind that the difference in probability between the favorite and the underdog widens as the odds for the favorite increase.
This is the simplest and most popular type of sports betting available. It is sometimes referred to as a single bet, as a gambler is only betting on a single game or sporting event. For instance, if you believe Team A would win a game, you will make a straight bet on that team.
Slightly more complicated is the spread bets. These wagers are related to the margins of victory, rather than to the team’s final results. This usually involves giving away or taking a certain number of points or goals. This number is determined by the particular sportsbook and is supposed to reflect the victory margin of the team. Gamblers have to choose whether they are going to take the spread (this means they will bet on the underdog) or give the spread (betting on the favorite). For example, Team A has -5.5 odds, and Team B has +5.5 odds. If you believe that Team A will win by at least five points, you will give or ‘lay’ 5.5 points. If you think Team B will win, you will take the 5.5 points. Here, most bets have odds attached to them.
Unlike the above two betting types, this is where a gambler combines two or more straight wagers into a single bet. Parlays also tend to be popular because they offer gamblers the opportunity to win larger rewards while at the same time risking less money. The number of bets (otherwise known as legs) in a parlay, in addition to the odds attached to them, determine how much someone can win. Generally speaking, the bigger the parlay and the bigger the bet, the bigger the potential rewards someone can achieve.
However, it is important that people know parlays can be difficult to land. Often, the more bets that are added means the degree of difficulty increases. All in all, if you miss one bet, your entire parlay bet is gone. There tend to be two types of parlays:
Same-game: This is a parlay that is made with multiple bets, from a single game.
Multi-game: This is a parlay that is made with bets from multiple games. Do note that bets do not have to come from the same sport.
Much as its name suggests, rather than wagering on a game taking place currently, futures bets are bets that involve the future. Examples include betting on a team to win a future championship series, betting a particular athlete will win next year’s tournament, or betting on a player to win an award.
Futures tend to offer larger odds, and therefore a greater potential payout than a straight bet. This is because it is harder to predict the odds of a future event. However, you have to remember that the odds are constantly changing. Just because some team has certain odds does not mean they will stay the same in the future. That being said, the odds someone gets when they place a wager will not change.
This is similar to point spreads. It is also known as over or under-betting. Total bets tend to focus on the final score of a particular game rather than who wins overall.
Here, bettors will be wagering on whether the two sides will combine with either more or fewer points than what is being posted by the sportsbook. If you are thinking about trying to place a total bet, you must remember the popular saying “It’s never Under until it’s Over”. This means that so long as a game is ongoing, it is always possible to win an Over bet, or lose an Under bet.
These bets relate to an individual player’s performance, or something not involved with the box score, instead of the outcome of a game. For example, gamblers could bet on how many touchdowns passes an athlete makes in a game. Another example could be predicting the color of the energy drinks that douse the coach of a winning team.
Some other popular kinds of prop bets include:
- Game prop: relates to a single game. For instance, this includes choosing which player will score a goal or a point first.
- Novelty prop: Mainly for large events such as the Super Bowl. This can range from how long the National Anthem takes to sing, or what song will be performed during halftime.
- Player prop: Refers to a single player’s performance, such as the total number of points they score in a single game.
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