There’s no doubt the sports betting market is exploding in popularity, with the industry expected to be worth around USD 140 billion by 2028. However, if you’re new to sports gambling, you’ll want to learn more about the different types of sports betting before risking your money.
While the huge variety of gambling options can seem overwhelming, they’re fairly straightforward when you learn the lingo and know about the finer points of each betting type.
We’re sure you’re keen to place a winning sports bet, so let’s dive right in and learn more.
This is the most straightforward type of bet, as there is a maximum of three outcomes to choose from. You will select a team or competitor to win, lose, or draw. For example, if two NFL teams are playing each other, you can gamble on which one will win.
Should your prediction be correct, you win and the bookmaker loses. If you are just starting out with sports wagering, this type of bet is a good way to dip your toe in the water.
Futures betting involves gambling on the eventual outcome of an event, series, or award. This is different from moneyline gambling as it does not involve betting on a single game, but rather the result of a larger competition that will end in the future.
This can be a fun way to gamble as you’ll have an interest in many games over the course of a season that will determine the result of your bet.
Over/under wagers are another type of single bet. A bookmaker will predict a number for a particular game, and this is usually the total number of points that the two competing teams will score.
You then wager that the points tally will either be higher (over) or lower (under) the bookie’s prediction. This is another simple way to place wagers as you can only make two choices.
Point Spread Gambling
When you place a point spread bet, you are gambling on both the outcome of the match and the margin of the result.
For example, if you see that a team is listed as a -6.5 favorite to win, then they need to record a victory by a 7 point margin to cover the spread and give you a winning bet. Conversely, if a team has +7 beside their name, this means if they lose by 6 points or less, your wager would be a winner.
This type of bet can be tricky to predict, and you might want to carry out a bit more research before trying to guess such precise outcomes. If you would like to get some expert guidance when deciding which bets to place, you can get todays sports picks here.
Prop bets, or proposition bets, are not linked to the outcome of a game or the scoreline. Instead, they allow you to wager on a number of variables within the game. These could be aspects such as which team will be the first to reach a certain number of points, or if a match will go into overtime.
As these bets focus on very specific events, they often come down to luck, but you can use your sports knowledge to increase your chances of success.
For example, you may know that Tom Brady has the all-time most NFL touchdown passes to his name. Therefore, you might feel confident placing a bet that he will deliver 2 or more touchdown passes in his next game.
Parlay betting involves linking 2 or more bets together, with the promise of getting a better payout than if you placed the wagers separately.
However, while the increased risk of the combination bet means you can win more money, there is a greater chance that you will lose, as all the individual bets need to be successful for your wager to come in.
As the odds can change depending on how many bets you include in your wager, you may want to use an online calculator to ensure you calculate your potential winnings accurately. You can then make sure the risk is worth the reward.
When you place a head-to-head bet, you’re betting on one competitor over another in an event that has multiple other participants. For example, in a golf tournament, you could wager that Tiger Woods will finish higher up the leaderboard than Rory McIlroy.
You could also place online gambling head-to-head bets by predicting that one quarterback will throw more passes than another, or that a player will make more yards than one of their opponents.
If bets are not as common as the other types of wagers, but they are still pretty simple. You would place several bets in a row, and the second one will only be placed if your first wager wins, the third one if the second bet comes in, and so on.
For example, if your wager says that a team playing on Saturday afternoon will win, and your second bet backs a team playing in another game on Sunday, the second bet will only be placed if your first result is correct.
This is different from parlay gambling as if your first bet wins but your second bet loses, you will still be paid for the first wager.
Choose Your Favorite Types of Sports Betting
Understanding the various types of sports betting isn’t difficult, and knowing how each gambling option works can help you maximize your winnings. If you want to keep things simple, a moneyline or futures bet is a good choice.
But, if you want the chance of a bigger payout, then going for a parlay bet could be the right option for you.
You never know, you could soon be making lots of extra cash by placing bets on your favorite sports!
For more great articles, check out our Entertainment posts before you go.