Blog Posted on 08/11/2022 | Author: Karen Macarthur

Understanding the Different Types of Betting Options

When betting on sports online as a beginner, backing the outcome of a game or competition is the go-to option for most bettors. This is because they are unaware of the different sports betting types available in the land-based and online sports betting world. Here, we take a look at common types of betting options bettors can choose from.

Moneyline bet

Also known as a straight wager, a Moneyline is perhaps the most common type of sports betting option. In essence, you are betting on who you think will win the game in this betting option. So, if you were betting on football, you would bet on which team would win.

Speaking about the payout for Moneyline wagers, the split isn’t even for both sides. The better the team or player is, the higher their chances of winning. This, in turn, leads to lower payouts for that side. Meanwhile, the payout for the underdog side will be higher if you happen to wager on them and they win.

Point spreads

This is another popular sports bet type that’s usually offered for cricket betting and other team sports. Unlike the Moneyline bet where you directly wager on which side will win, point spreads allow you to bet on which team will cover the spread. For players who don’t know, the spread is a specific number set by bookmakers as the winning margin.

The team you bet on must be able to cover or beat the spread to win the point spread wager. When enjoying basketball betting online, the favourite side is assigned a minus (-) point spread whereas the underdog is given a plus (+) point spread.

Totals

An over/under wager is based on whether a game’s point total will exceed or fall below a predetermined figure. Unlike the other two bet types mentioned above, which side will win the game doesn’t matter here. So, players can truly bet on whichever side they wish.

The total wager can also be used in player-versus-player games such as tennis, though the scoring of such games is somewhat different from team sports. An interesting thing to note about the total bet is that its odds are the same or almost equal for both sides.

Parlays

For many bettors, wagering on a single event or outcome to happen is the preferred option when they bet on rugby or any other sport. But for bettors who want to add an extra thrill to their betting action, the parlay wager allows them to wager on multiple events simultaneously.

As a bettor, you don’t always have to make straight wagers on parlays. Instead, you can stick with other attractive betting options such as totals and point spreads. Also, you have the option to add several different sporting events to your parlays. The payouts for parlays are usually higher than for other bet types. A parlay bet requires you to win all the wagers included in it.

Outrights

While betting on the outcome of a single event that’s happening shortly is highly exciting, some bettors may want to bet on what the result of the entire tournament or season will be. And this is where the outright wager comes in.

With outrights, you can wager on the final results of championships such as the NBA Finals and the Super Bowl. Also, this betting option works perfectly for gamblers who enjoy basketball and cricket betting online. The outright is quite exciting as you have the chance to win it as long as your chosen side is performing well in the competition.

Prop bets

Prop bets are somewhat similar to outrights. But the major thing that separates them from the latter is that prop wagers are played for much lower stakes. Most bettors enjoy placing prop bets as a recreational activity when betting online. It’s because they hope to win but don’t have many expectations. Some examples of prop bets include who will win the toss, which side will score first and so on.

If bets and reverse bets

If and reverse bets are unique versions of the parlay wager that are quite common in American football betting. The If wager, which consists of a series of bets, continues only if you’ve managed to win the previous wager. The reverse bet, on the other hand, combines a series of bets and covers almost every possible result.