Most popular sports bet types explained

Betting has evolved from wagers between friends to a multi-billion-dollar global industry. Its popularity continues to rise, helped by the growth of online betting platforms, mobile apps, the availability of real-time livescore results, and the legalization of sports gambling in more countries.

With so many betting options now available, it’s more important than ever to understand the different types of bets before you start wagering. This article will guide you through sports bets, online bets, exotic bets, and more, giving you the knowledge to navigate the betting landscape with confidence.

What is betting in gambling?

At its core, betting is wagering money on an event with an uncertain outcome. While informal bets between friends are common, structured betting usually refers to gambling through a bookmaker or a betting exchange.

Common examples of betting in gambling include:

1. Wagering on the result of a sports match (e.g., picking a winner, point spread, or total points scored).
2. Gambling on casino games like slots, roulette, or craps.
3. Playing poker or other card games for money.
4. Betting on competitive video games (e-sports).
5. Wagering on political elections or entertainment events.

Gratitude to the internet, you can now bet on almost anything with an uncertain result. Betting specifically refers to risking money on these outcomes for the chance to profit from your predictions. Whether you’re interested in sports or checking tennis scores today, betting allows you to wager on specific outcomes. It differs from other forms of gambling, like playing the lottery or bingo, which don’t always involve a direct wager on a specific result.

How to choose a bet type

With so many varieties, deciding what to bet on can feel overwhelming for newcomers. Here are a few factors to consider:

1. Match bet complexity with your skill level
   As a beginner, stick to straightforward moneyline, point spread, and over/under bets while you learn the ropes. These simple bets are highly accessible and uncomplicated. More experienced bettors can evaluate if they have the analytical skills needed for complex bets like accumulators.
2. Assess your goals
   What appeals to you most? Is it the thrill of exotic markets, maximizing returns from parlays, or simply adding interest to a game? Prioritizing your motivations will help guide your bet choices.
3. Understand the risk-reward trade-off
   Less likely outcomes generally bring larger potential payouts. Make sure you are comfortable with the real risk and implied probability of any wager. For example, betting on obscure entertainment events is exciting but unlikely to be profitable long-term.
4. Diversify your bet selections
   Betting only on favorites brings consistency but smaller returns. On the other hand, betting only on high-risk underdogs can be alluring, but the variance will catch up to most bettors. It’s best to blend speculative bets on underdogs with safer options.

Types of bets for beginners

When starting with sports betting, it’s wise to limit yourself to simple bet types while you learn. Straightforward wagers let you focus on mastering core concepts like bankroll management, understanding odds, and researching teams.

Beginners should consider sticking with these popular types of bets:

1. Moneyline bets. This is one of the most basic bets. You simply pick which team or player you expect to win a game outright, without any point spread. The odds determine your potential payout.
2. Point spread. This is another accessible bet type. Bookmakers set a margin of victory that a favorite must “cover” or that an underdog must stay within. This handicap wagering is easy for new bettors to grasp.
3. Over/under totals. Here, you predict whether the total points achieved by both teams will be over or under a set number. You don’t need to pick the winner, just anticipate a high- or low-scoring game.

As you gain knowledge, you can gradually introduce more exotic bets. However, it’s best to avoid overly complex wagers at first to build confidence and profits over time.

Traditional sports betting

Sports betting is one of the most popular forms of gambling, with a major focus on events like football, basketball, baseball, and horse racing. Here are some of the most common ways to bet on sports:

1. Moneyline bets. These require you to predict the outright winner of a match. The underdog team will typically have higher odds, meaning a larger payout if they pull off an upset.
2. Point spread bets. Also known as a handicap, a point spread sets a margin of victory that the favored team must exceed for a bet on them to pay out. This helps level the playing field compared to just backing an outright winner.
3. Over/under bets. With these bets, you wager on whether the total points scored by both teams will be over or under a threshold set by the sportsbook. This removes the need to predict a winner.

Advanced bet types

As you gain experience, you may want to explore more sophisticated bet types that offer greater excitement and the potential for higher rewards.

1. Parlay bets. A parlay combines multiple individual bets into a single wager. The catch is that every selection within the parlay must win for the bet to pay out. This all-or-nothing approach is risky, but the potential payout is much higher because the odds are multiplied together.
2. Teaser bets. A teaser is a special type of parlay that lets you adjust the point spread or totals line in your favor. This makes it easier for your selections to win, but it also lowers the potential payout. Teasers are popular in sports like football and basketball.
3. Futures bets. Futures are wagers placed on the outcome of a future event, like a team winning a championship. These bets are often made long before the event, and they can offer attractive odds due to the uncertainty involved. A successful futures bet can yield a substantial payout, but it requires patience.
4. Prop bets. Short for proposition bets, prop bets let you wager on specific outcomes within an event that don’t necessarily relate to the final score. This can range from a player’s performance (e.g., how many touchdowns they’ll throw) to unique events (e.g., which team will score first). Prop bets add an extra layer of excitement to any game.

Understanding core bet structures

Before exploring exotic bets, it’s important to be familiar with these standard bet variations:

1. Single bets. As the name implies, this involves betting on a single outcome, like one team winning a match. This is the simplest form of betting and contains your risk to a single event.
2. Multiple bets. Here, you combine two or more single bets. For example, you might bet on Team A to win and also predict that over 2.5 goals will be scored in the match. This can boost potential winnings, but the risk also increases.
3. Accumulator bets. Popular online, accumulators combine four or more selections into one bet. The returns increase exponentially with each correct prediction. However, just one incorrect pick means the entire bet is lost.