Decades ago, sports bettors had limited options when it came to placing bets. They were mainly restricted to straight bets and parlays. However, as time went on, bookmakers introduced new betting options to cater to recreational bettors with smaller bankrolls. These bettors were looking for ways to cover more games with less money for the chance of bigger wins.
Today, there are over a dozen different types of sports bets available for bettors to win real money. In this article, we will define the seven most popular types of sports bets offered by retail and online bookmakers worldwide.
1. Straight Bets – Money Line
The easiest and most straightforward type of bet is the money line straight bet. With this bet, the bettor simply wagers on a single team or player. The odds are presented as a money line, indicating the amount the bettor needs to wager for certain returns.
Money lines are used to differentiate between favorites and underdogs. A minus (-) sign is used to represent the money line for favorites, while a plus (+) sign is used for underdogs. The higher the money value on either side, the greater the perceived difference between the teams or players involved.
2. Straight Bets – Point Spread
Point spread straight bets are similar to money line bets, but with one key difference: the perceived difference between the teams is expressed in terms of points. The objective is to bring the two teams closer together so that either team is worth betting on.
For example, let’s say Alabama is playing Syracuse in a college football game. Alabama is ranked #1 in the country, while Syracuse has yet to win a game. Without a point spread, the game would likely not be listed because Alabama would be a huge favorite. However, bookmakers want to offer action on the game, so they set a point spread. The point spread is Alabama -30 and Syracuse +30. Bettors would then adjust the final score of each team by subtracting 30 from Alabama’s score or adding 30 to Syracuse’s score to determine the winner for betting purposes.
3. Parlays
A parlay bet, also known as an accumulator in Europe, is a single wager that includes at least two selections on the same betting slip. The stake for a parlay bet is significantly riskier because the bettor only wins if every selection on the betting slip is correct. However, the potential return is higher with more choices, offering greater potential returns.
4. Teasers
Teasers are similar to parlays in that they require the bettor to make at least two selections on the same betting slip, with each selection needing to be correct for a win. However, teasers give the bettor a certain number of points that they can use to adjust the point spread of each selection in their desired direction. The potential payouts for teasers are lower than parlays for the same number of choices due to this privilege.
5. Proposition Bets
Bookmakers offer as many as 600 propositions during events like the Super Bowl. Proposition bets are listed for specific outcomes or events that may or may not occur during a game, match, or event. These bets can be related to players, teams, or non-game-related outcomes, such as the final attendance for the game. The odds reflect the perceived likelihood of a particular outcome occurring.
6. Future Odds Wagers
Future odds bets target future outcomes involving teams or players. The most popular future odds bets are placed on teams to win league or tournament championships. For example, at the beginning of each NFL season, bettors can wager on which team will win the Super Bowl. The odds for each team reflect their perceived likelihood of winning the championship.
7. Live in-Game Wagers
Live in-game wagering is a relatively new phenomenon that allows bettors to place bets on specific outcomes or events during a game while it is being played. These bets enable bettors to watch a portion of the game before making their decisions. For example, bettors can wager on which team will score next. This type of betting adds excitement and engagement to watching games.
Conclusion
Before placing any bets, it’s important to choose a type of bet that aligns with your betting objectives. With numerous options available, sports bettors can find the perfect bet to suit their preferences and increase their chances of winning real money.