Many people have heard or know of sports betting, but probably less than a handful know what it means practically speaking. The majority of the population may assume that sports betting is when you place a wager on the winning team or the scoring player. However, the reality is much more complicated. There are actually a number of different types of bets that one can make, and not all of them are as easy to find or as popular as one might think. Below, you will discover the various types of sports betting and the odds of winning along with them. In addition, you will find some suggestions on where to bet and some helpful hints on how to lower your betting risks when betting online.
Which Type Of Bet Should You Place?
The first question one should ask themselves is, “Which type of bet should I place?” This is a question one should ask themselves prior to placing any wagers at all, as there is more than one type of bet that one can make. In general, you should avoid placing single bets on individual games, as you run the risk of suffering from variance. Instead, you should try to set up a book of bets in which you bet on multiple games in the same manner as one might do when watching one of the major sports leagues. In other words, you can increase the chances of winning by placing bets on several games.
Below, you will discover the various types of bets that one can make and the odds of winning along with them.
Moneyline Bets
A moneyline bet is the simplest type of betting to understand and the most popular type of bet when it comes to sports betting. In a moneyline bet, you stake a certain amount of money on the contest you’re playing, and the bookmaker pays you according to the outcome. For example, you may bet $10 on the Michigan Wolverines and win $12 if they beat the Ohio State Buckeyes. In this case, you would have won $2 on a $10 wager, which is also known as 2 to 1 payout.
Odds are generally used to represent the relative likelihood of a certain event occurring. When it comes to moneyline bets, the odds are usually very simple and straightforward – you are either “in” or “out” on the moneyline based on the outcome of the game. For instance, if the score of a game is 0-0 at the beginning of the fourth quarter, you would check the betting odds for that game and see if you’ve won or lost based on the current score.
Since a moneyline bet is based on a single game, it is the least risky bet to make. You are not exposed to the same types of risks as you would be if you were to place more elaborate and complicated bets, such as those that require you to consider the dynamics of multiple games. This is why so many people chose to bet on sports using this method.
Over/Under Bets
An over/under bet is similar to a moneyline bet in that you stake a fixed amount of money on the outcome of a game. However, in an over/under bet, you are either betting that the total amount of points scored by both teams will be above or below a certain number. For example, you can bet that the total points scored by both teams in an NCAA basketball game will be less than or equal to 60. This kind of bet is also known as an under-under bet.
Odds are usually used to represent the relative likelihood of an event occurring as in a moneyline bet, but in the case of an over/under bet, you are picking whether the total score of the game will be above or below a certain amount.
Over/under bets are very popular when it comes to fantasy sports, as the amount of money that can be won or lost is determined by how many points the players achieve. This is why you see so many people placing bets on their fantasy teams’ behalf.
Point Spread Bets
A point spread bet is similar to an over/under bet in that you are wagering on the outcome of a game. However, in a point spread bet, you are either betting that one team will score more points than the other team or the opposite – i.e., you are betting that the scoring margin between the two teams will be a certain amount. For example, you can bet $10 that the Miami Hurricanes will score at least 40 points in an upcoming game against the Clemson Tigers.
Odds are usually used to represent the relative likelihood of an event occurring as in a moneyline bet, but in the case of a point spread bet, you are picking whether the team you are wagering on will beat the team you are comparing it to. This makes point spreads a type of competition bet.
Point spread bets are popular in college football and basketball, but they’re also used in Major League Baseball and the NFL. Fantasy sports fans will alsooften lay down point spread bets on their fantasy teams’ behalf, since the amount of money won or lost is determined by the competition’s final points differentials.
Field Goal Bets
A field goal bet is similar to an over/under or point spread bet in that you are wagering on the outcome of a game. However, in a field goal bet, you are either betting that the team you are wagering on will score a certain number of points or that they will score at least a single touchdown. For example, you can bet $10 that the New England Patriots will score at least two touchdowns in the upcoming game against the Tennessee Titans.
Odds are usually used to represent the relative likelihood of an event occurring as in a moneyline bet, but in the case of a field goal bet, you are picking whether the team you are wagering on will be successful in reaching a particular score.
Field goal bets are most popular in the NCAA and the NFL, but they are also used in the NBA and the NHL. Fantasy sports fans will often lay down field goal bets on their fantasy teams’ behalf, as they have the potential to win large amounts of money if their team scores the desired number of points.
Proposition Bets
A proposition bet – also known as a “pick ’em” or “predictor” bet – is when you stake a certain amount of money and the bookmaker pays you according to the outcome of a randomly selected game. For example, you can bet $100 on the Minnesota Vikings and receive $120 if they win and $100 if they lose. This type of bet is often used in the NFL and the NCAA football betting pools because their outcomes are based on random chance and not on the performance of a particular team or player.
Odds are usually used to represent the relative likelihood of an event occurring as in a moneyline, over/under, or point spread bet, but in the case of a proposition bet, you are picking whether the team you are wagering on will win or lose based on a random selection made by the bookmaker. This makes proposition bets a type of crapshooting bet.
Proposition bets are most popular in the NFL, but they are also used in the NBA, NHL, and MLB. Fantasy sports fans will often lay down proposition bets on their fantasy teams’ behalf, as they have the potential to win large amounts of money if their team wins the randomly selected game.
Totality Of Wagers
A totality of wagers bet is similar to a proposition bet in that you are wagering on the outcome of a randomly selected game. However, in a totality of wagers bet, you are staking a certain amount of money and the bookmaker pays you according to the outcome of every game. For example, you can bet $100 on the Florida State Seminoles and win $120 if they win the upcoming game against the Clemson Tigers and also win the game against the Louisville Cardinals by an astounding 12 points. In this case, you would have won $2,400, which is equal to $100 times the total amount bet ($100 x 2 + $100 x 1.5).
Odds are usually used to represent the relative likelihood of an event occurring as in a moneyline, over/under, or point spread bet, but in the case of a totality of wagers bet, you are picking whether the team you are wagering on will win or lose based on the outcomes of every game. The potential for profiting from this bet is tremendous, as long as you identify the right games and win them correctly.