In the last five years, sports betting took a different dimension. The industry witnessed tremendous growth with several companies coming on board.
This has created some sort of competition and bookmakers are offering new sports betting options every day.
In the time past, the most common types of sports betting were the home team to win away team, both teams to draw, and away team to win the home team. But all that has changed.
The entire process of sports betting atmosphere is becoming overwhelming, especially for new gamblers.
The reason is not far-fetched: betting options are numerous.
This article aims at providing you with a comprehensive analysis of different types of bets including those you may have never heard about.
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Different Types of Sports Betting options
Let’s start with the simplest betting options before introducing the complicated once. Below are the various types of sports betting strategies;
This is the most common type of sports betting option. It is straightforward and without complexity. Even new gamblers are quite familiar with this option. Studies have shown that it is the most wagered option in sports betting.
If it’s a soccer game, you have three options to choose from. They are the home team to win away team (1), both teams to draw (X), and away team to win the home team (2). Most times the odds for the favourite team is usually small while that of the underdog is higher. Understanding football bets like straight betting will give you more advantage over the bookmaker.
For example: if Manchester City and Liverpool are playing a match, it will appear like this;
From the table above Manchester City are the favoured team to win with 2.14, the odd for both teams to draw is 3.60, and the odd for Liverpool to win is 2.90.
So a straight bet requires that you select any of the three options based on your analysis of the outcome of the match.
For NFL Football, straight betting simply requires you to place a bet on the favourite team or the underdog. If you place a bet on the favourite team, it has to win the match more than the set point spread. While the underdog has to win outrightly or lose less than the point spread. If both teams draw, it’s called a “Push”.
The same thing applies to horse racing, basketball, and other sports. You are either staking a bet for either team to win or draw. In the case of horse racing, you have to predict the horse that will win the race.
Between two teams, there is always one that is favoured to win. So a handicap bet is like giving the underdog or weaker team an advantage over the favoured team. For instance, in a match between Manchester City vs Liverpool, you can place a Handicap of 0-2 (this means that Liverpool is 2 goals ahead of Manchester City). If Manchester City wins by 1-0 at the end of the game, your bet will still win because, for that bet, the scoreline is 1-2.
Handicap betting also means the same thing in NFL Football.
From the table above, the handicap line is 4 and it’s in favour of Dallas Cowboys. The minus sign before the number 4 means that the Dallas Cowboys is the favourite team. So if you stake a handicap bet in favour of Green Bay Packers, it means that they 4 points head start against Dallas Cowboys.
Your bet on Dallas Cowboys will succeed if they win by 4 points and above. Also, if you stake on Green Bay Packers you succeed if they win the match or lose by 3 points maximum. If the Dallas Cowboys win by 4 points, the bet on both sides will be pushed because the handicap line was not beaten. Sometimes, a handicap line is represented with fraction, e.g. -4.5.
A handicap bet gives you more room to win because the odds are higher. Handicap betting means the same thing in other sports like basketball, baseball, hockey, etc.
This is also referred to as special bets. It is called a props bet for short. This betting option was added just recently by most online sports betting sites. It has become very popular because of the numerous betting options available.
A proposition bet or specials are wagers on events that will likely occur during the game. These events don’t affect the outcome of the match. Most of the props are relatively simple to understand. For instance, in a soccer game, you can select a prop bet for the number of corner kicks or the team that will score the first goal in the match.
Prop bets are divided into various segments. Some of the prop bet for a soccer game are as follows:
1. Which player will score the first goal?
2. Which team will score the first goal?
3. How many yellow cards in the first and second half?
4. The number of corner kicks
5. How many red cards in the first and second half?
6. The number of fouls
7. How many throw-ins
8. The number of penalties in a match
9. Which team manager will be sacked?
The props betting options are so many. Sometimes, each match has peculiar props betting option. Other sports like NFL Football also have their unique props betting options. The props betting options available in NFL Football are:
1. Game props
2. Team props
3. Player props
5. NFL season props
You can stake a bet on how many points a player will score or the number of fouls. Check the sports betting website for some of these props options, it improves your chances of winning. So instead of staking for straight wins or handicaps, just go for props bets.
Total Line Bets
A total lines bet is a combined number of goals or points in a single game. The total line bet could be over or under a particular margin. So you can bet over or under the number of goals that both teams will score at the end of the game.
For instance, if Manchester City vs Liverpool, you can stake that the total number of goals will be over 3 goals. At the end of the game, if the score is 1-3 in favour of Liverpool, you will win the bet. But if the goal is lower than the 3 goals, you will lose the bet.
The same thing goes for NFL Football. If you place a bet in a game between Dallas Cowboys v Green Bay Packer to have combined points of more than 41 points, and the total points are more than 41 points, you will win the bet. If the total points are lower than 41, you will lose the bet.
A Moneyline bet has to do with placing a bet on the team that will win the match. The difference between point’s bets and Moneyline is the outcome of the game. While the former has to do with who wins with a particular point, the latter is basically about who wins. Usually, Moneyline bets may be difficult to understand.
Let’s draw our illustration from a baseball match.
From the above, our interest here is on the moneyline column. The moneyline for Boston Red Sox is -165 while for J Happ is +140. The Red sox are favoured to win this match (don’t forget the minus sign before the point means that the team is favoured to win the other team known as the underdog).
This simply means that you have to stake $165 in favour of the Boston Red Sox to win $100. On the other hand, you have to stake $140 in favour of J Happ to win $100. So if either of the bets goes as planned, you will receive a profit of $100 plus your $165 or $140 depending on the outcome of your bet.
This illustration applies to all other sports like Hockey, basketball, NFL Football and so on.
Full Cover Bets
It’s a bet that is a combination of multiple bets, double bet, accumulators, straight bets, handicap etc. It comprises of several betting options. The interesting thing about full cover bet is that you don’t need to win all the bets to get your profit. The various types of full cover bets are:
This full cover betting option is made up of 4 wagers on 3 selections. It comprises of 3 doubles and 1 treble bet. To get some returns, at least two of your bets must win.
This comprises of 11 wagers on 4 selections in different. It is a combination of 6 doubles, 4 trebles and an accumulator. Two of these bets must win to get some profits.
3. Super Yankee
It is also referred to as the Canadian full cover bet. It comprises of 26 wagers on 5 events. It is made up of 10 doubles, 10 trebles, 5 accumulators and one 5 fold accumulator. Two of these games must succeed to get your profit.
4. Heinz bet
It is made of 57 bets. Your selections must cover 6 different games. The entire combination must be made up of 15 doubles, 20 trebles, 15 fourfold accumulators, 6 fivefold accumulators and 1 six-fold accumulator. You must win at least 6 selections to get some returns.
5. Super Heinz
This is made up of 120 bets that cover 7 selection in various events. It consists of 21 doubles, 35 trebles, 35 accumulators, 21 fivefold accumulators, 7 sixfold accumulators and lastly 1 seven-fold accumulator.
This is the highest among all the full cover bets. It consists of 247 bets and 8 selections of various events. Two of the selections must succeed to get a profit.
Futures and Outright Bets
A future bet just like the name implies means predicting the team that will win the season or competition. This type of wager is fun because all you have to do is sit back and wait till the end of the season or competition.
For instance, you can predict the winner of the Super Bowl. Assuming you bet that Seattle Seahawks will win the Super Bowl, it means that this team will have to qualify for the Playoffs and eventually win the Super Bowl. This requires a lot of patience on your part. Most often the profits are very high if the team you selected eventually wins.
An outright bet means the same thing as a future bet. Below are some of the benefits of this type of bet:
1. It’s fun and entertaining
2. It’s a single bet with one of the highest payout
3. No pressure to win
Parlay Bets/ Accumulators
A parlay bet is also called accumulators. Several experiments with these forms of sports betting have shown that it is difficult to win. The main advantage is the ability to stake with a small amount and win huge sums.
A parlay consists of multiple individual bets that are combined. These bets consist of a point spread, total lines, or moneylines. The only way to cash out your profit is to win all your bets. A typical example is when you have several teams playing a soccer game on the same day. You can select different events from each game and place a bet.
Let’s say you there is a match between Everton v Bolton, Chelsea v Hull City, Manchester City v Liverpool etc.
Everton V Bolton = home team to win
Chelsea v Hull City = both teams to draw
Manchester City v Liverpool = home team to score the first goal
After you have chosen your teams and events, place your bet with any amount. The total accumulated odd will be multiplied by the amount you stake to get your expected profit. If you stake $100 and the total odds for all the games you selected is 10.5, then your expected winnings will be $1,050.
To avoid losing, don’t choose too many events. Just select two or three and stake some reasonable money. The more events you select, the higher your chances of losing. Also, from our illustration, if any of the events selected doesn’t succeed, you will lose your bet. In other words, all the events must succeed to cash out your profit.
This is completely different from the individual parlay/accumulator. With a progressive parlay, if some of the events succeed, the player or bettor will still earn some profits. For example, if you place a bet on 4 events, and two loses, you will still have something to smile about. However, the payout will be smaller compared to what you would have gotten if the entire event had succeeded.
Progressive Parlay Size
From the table above, it is obvious that if the entire events succeed, the payout is very high. Meanwhile, just one loss could reduce your winning by 90 percent. For instance, if you select 10 teams with various events and if they succeed, you will receive $25,000. Then if you lose one event, your returns will reduce to $2500, 2 losses will be $300 and 3 losses will give you $100.
A progressive parlay is similar to a full cover bet. The major difference is the number of events that must succeed to get some returns.
This betting option is similar to multiple bets and accumulators. It is also called combination bets. It involves several selections but not all the selections need to successfully get some profit.
The risk in permutation betting is lower compared to parlay bet. You can win high payouts with very little stake. Even when you lose some part of your selection, you will still get some winnings.
The best way to illustrate the permutation bet is with two selections.
Simply stake a single bet in favour of Manchester City with 2.14 odds to win Liverpool and bet $10. Then also stake a single bet in favour of Bolton with 2.0 odds to win Hull City and bet $10. Then lastly, place the same bet and combine/accumulate the selections and stake $10. So if the first event succeed you will receive $21.4 (2.14 x 10), and the second succeeds too, you will receive $20 (2.0 x 10). Lastly, if the two selections you combined win, you will get $41.4 (2.14 + 2.0 =4.14 x 10). It means that your total profit will be $82.8 (41.4+21.4+20).
A teaser bet is similar to a parlay bet. These types of wagers imply that you have to select two or more events to succeed. Just like the parlay bet, all the events must succeed to cash out. The downside to this betting option is that the profit is very small. What attracts bettors to teaser bet is the fact that it appears easy to win.
The major difference between teaser and parlay is that the bettor can alter the points spread and over or under total between 4 and 10 points. This will depend on the sport. When you change the point spread, it makes the bet look very easy to win. They are three types of teaser bets:
1. Open teaser
This type of teaser is played online only. You can enter in open spots or later so far the game has not started. Here you can include more events to your betting slip.
2. Progressive teasers
You will receive consolation for losing your bet. To get more profit, you have to ensure that most of your selections succeed. The more your selections are correct, the higher your payout.
3. Multi chance teasers
It works like the progressive teaser but they are not the same. To win, your selections must meet the minimum required correct bets. For instance, if you select 5 events, the minimum required an amount of correct selections maybe three, if three of your selections succeed and the remaining two lose, you are a winner.
A reverse bet comprises of two “If” bets. And if bet consists of two or more selections. The difference between a parlay and a reverse bet is that all your selections have to succeed to win. Meanwhile, you get some profits if one selection succeeds.
For example, a bet on team A and B to win their matches will succeed if one of your selection succeeds.
Head to head betting
It is also called a two-way betting system. Here your bet is on either team to win outright or lose. This is similar to straight betting.
For instance, if Manchester City and Liverpool are playing a match, you stake in favour of either team to win or draw. If you stake in favour of Liverpool to win, and they do, you will win the bet. However, if they lose, you will lose your stake.
Here is how to calculate your expected returns from a head to head bet:
If you stake $100 that Liverpool will win the match and they succeed, you will have to multiply your stake by the odd. That is 100 x 2.90= $290
Head to head betting is a simple bet and that is what makes it popular.
This bet is related to Trixie bet. It consists of 7 different bets namely; 3 singles,3 doubles and 1 accumulator. This means that the bettor has to win one selection to get some profit. This type of sports wager is very popular in horse racing, NFL Football, and basketball.
For example, if you combine three parlays and one lose, you will still some returns if the remaining selection succeeds. If you like three teams A, B, and C, but you’re not sure if all the teams will win, simply use this sports betting option. You can stake $5 in favour of each team and if team C loses, meanwhile A and B win you will get some part of your investment back. Assuming the three selections succeed, you will get huge returns.
How to add betting flexibility to your selections
Apart from the various types of sports betting systems mentioned above, there are other ways to add some betting flexibility to your game.
1. A fourfold bet
This bet comprises of one bet that is made up of four selections in various events. Assuming the bets win as planned, you will also win and make some profit. However, if any of the selection loses, you will lose the bet. For instance, if your selections include team A, B, C, and D, all these teams must win to get your winnings.
2. Lucky 31
This betting system consists of 31 selections. It is made up of five singles, ten doubles, five fourfold and a fivefold accumulator. The minimum amount of correct selections to get a profit is 1 bet.
3. Patent bet
This is one of the different types of full cover bet. It is also called a Trixie bet. It is made up of 3 doubles, and 1 treble bet. To get some returns, at least two of your bets must win to get a return.
This is a selection of 15 games comprising of various selections including 6 doubles, a fourfold, and 4 singles. If four of the doubles succeed, you will receive a 10 percent bonus. All you need is one to succeed to get some returns.
Other types of odds in sports betting that add flexibility to your selection are Trixie, Yankee, Heinz, Goliath, Super Yankee, and Super Heinz. These types of sports betting wagers have been discussed here. Go to Full cover bets paragraph to see their various meanings.
Frequently asked questions about types of betting
What are the types of sports betting options to win big?
The truth is that some sports betting options are formulated by bookmakers to make the bettor lose. They seem so enticing but at the end of the day, you still lose your bet. The best sports betting option is head to head or straight win. It is safer to bet for the favourite team to win. Although all sport betting options work under probability, straights bets are safer.