Types of Wagers

Different Types of Bets Explained

For those of you who want to learn about different types of sports betting, you have come to the right place. We have developed this page with the aim of helping sports bettors of all levels gather all the knowledge they need on this subject. By the time you have finished checking out our detailed guide on the different forms of betting, you will have a good understanding of what your betting options are and how they all work.

On this page our first order of business will provide you with an explanation of all the common types of sports betting. After that, we’ve put together an additional sports betting resource section packed with other quality guides you can use to expand your knowledge of several topics. Finally, we’ll conclude things with a frequently asked questions section to help you answer any unanswered questions you may have.

Common Bet Types

In this section, we will provide you with a high-level overview of the main types of sports betting. Along with each description, we’ve also included links to detailed pages packed with more information about each bet type. Using these pages, you can dig deeper into the ones you are most interested in.

If you are looking to learn about one type of bet, you can use the jump link below to jump directly to that section. However, if your goal is to learn all kinds of sports betting, be sure to read each section below so you can absorb as much as possible.

Win Bets and Moneyline Bets

Winning bets and moneylines are interchangeable. Even though they are said to be different, they both have the same meaning. However, depending on where you live, it can be called one thing over another. In the United States, most people refer to this type of bet as the money line bet. All over the world, the same type of bet is called a winning bet.

No matter what you call it, this type of bet is the most basic of all. With this bet type, you will only choose who you believe will win the game or match that you are betting on.

Here’s an example for you: if you bet on the upcoming NBA game between the Chicago Bulls and the Miami Heat, you have to determine which team you think will win. If you believe that Miami will come out on top, you will bet on winning on Miami. If Miami continues to win games, you’ll win your bet too! As simple as that!

If you would like to learn more information about moneylines and winning bets, we have included a link below to our page dedicated to this type of bet. Just click on the link below to see our in-depth coverage of this type of bet.

Total and Over / Under Bets

This bet type also has two interchangeable names associated with it. People in the United States most often refer to this type of bet as a total, whereas the rest of the world usually calls it an over / under bet. Again, whatever they are called, they both refer to the same type of sports betting.

Totals are another very simple bet that can be great for beginners to use along with winning bets. With the total bet, the sportsbook will issue a certain amount related to the sporting event. In most cases this total is related to the number of points scored in the game. When placing this bet type, you have to decide whether you think the total will really come above or below the figure set by the sportsbook.

Let’s take a look at an example. If we go back to the same Miami Heat versus Chicago Bulls game, a sportsbook can set the total line at 199 points. If you believe that the two teams combined will score more than 199 points in play, you will be betting on the over. Conversely, if you feel the team will have a combined score less than that, you bet under. If you choose correctly, you will win your total bet.

If you are new to over / under betting, we have developed a page with more detailed information if you want to learn more. Just click below to get a deeper understanding of this type of sports betting.

Point Spread and Handicap Bet

Another type of bet that you can place at many sporting events is the point spread bet. This type of bet is very commonly used in the United States. Other similar types of betting are common in parts of Europe and elsewhere around the world. In these places this type of bet is referred to as a handicap bet.

The core idea behind these two types of betting is the same. It all starts with a sportsbook that determines which team they think is preferred to win the match. After they finish, they will then set the total number of points that they believe the team will win. It is up to you to then decide whether you think the options at the sportsbook are over or underestimated.

Here’s an example to help you visualize this: in an upcoming game with the Chicago Bulls and Miami Heat, a sportsbook has posted a 5-point point spread for Miami. In short, it means sportsbooks expect Miami to win by a lot of points. If you place a point spread bet on this game, you have to choose whether you think the sportsbook is high or low.

If you thought Miami was going to win the game by at least five points or more, you’d be betting Miami. However, if you believe that Chicago will win the game or lose by 4 points or less then you will be betting on Chicago. To win this bet type, you must correctly select one of the two options above.

To get a deeper understanding of this type of bet, don’t miss the link below. Here, you can get more information about the point spread and handicap betting.

Futures and Outright Betting

In the world of sports betting, futures betting and outright betting also have the same meaning. With this sports betting type, you will choose the winner of the tournament, competition or the league as a whole. In most cases, you make your choices well in advance of the actual sporting event taking place. Hence the term “futures” is associated with these bets.

For example, you might bet on the winner of the NBA Finals before the next season actually starts. Another example is if you bet on the Super Bowl winner before one NFL game is played for the season. In both of these examples, you are placing a bet long before the actual event takes place.

Since most of these live bets are placed long before their settlement, they can be difficult to select correctly. When betting on sports before the season starts, you don’t have much information on how a particular team is performing. Because of this, the payments associated with it can be very large. However, it’s important to remember that an attractive payout means a risky bet.

We have also developed pages dedicated to futures contracts and live betting. You can take advantage of this page to get a deeper understanding of these types of bets if you want to start placing them as part of your sports betting strategy. To view this page, click below.

Proposition Betting and Bidding

If you’re looking for something a little different from standard sports betting, you might consider placing a proposition bet. Also known as a prop or special bet, this type of bet can be on any.

For example, you could place a prop bet on which team or player will score first in a game. Other prop bets include the time of first goal in a soccer match or which team player will score the first goal in the game. This sample barely scratches the surface on the different prop bets you can place. In fact, there are a lot of different things that you can bet using this type of bet.

If you’d like to see more information on prop betting and see other examples, be sure to check out the links below. This will take you to our detailed page on prop betting where you can learn more.

Parlays and Accumulators

When it comes to parlays and accumulators things start to get a little more complicated. Therefore, this type of sports betting bet should not be used by beginners. With this bet type, you will actually select a series of selections as part of a single bet.

For example, if you bet on horse racing, you can place an accumulator bet on the winner of six different races. To win this bet, your selection must be accurate for all six races. If only one of your selections is wrong, you will lose your bet and your bet.

Due to the range of selections associated with parlays and accumulators this bet is very risky. That means you can get high payouts, but it is unlikely that you will get them right. Therefore, we recommend that you only place smaller bets when using this bet type.

Enchantment and Fun

Taking the idea behind accumulators to a more complex level brings us teasers and fun. These types of bets are similar to parlays and accumulators in that you will make multiple selections as part of your bet. However, there are some important differences between all of them.

With the teaser, you will select the series of bets you wish to make. Furthermore, you can move around the point spread to help give yourself better odds of winning the bet. This gives you a huge edge over standard parlay style bets.

Conversely, you can also place pleaser bets which make it harder for you to win. With this type of bet, you will literally turn the points out of favor. Here, you will have a loss to win compared to standard parlay bets. However, since it is a more difficult bet, the potential payout will be higher if you can win the bet.

Since teasers and fun differ in the way they function, we’ve created a dedicated page for each of them. If you would like to learn more information about either or both you can use the links below.

If Bets and Bets Reversed

Some of the most difficult to understand bets are if and reverse bets. In essence, this bet is a bet where you will make a lot of choices. However, depending on your choice, how the game can change.

For example, with an if bet, you would start by selecting two or more bets combined for the same reason. With this bet type, if your initial selection is wrong, all subsequent bets are off. Because of this, you have reduced your risk with the if bet, which makes it considered a safer option than standard parlay betting.

With the reverse bet, you are basically combining the two if the bet becomes one. For the first half of the bet, you will place an if bet on your first choice and then your second choice. Next, there will be another bet if for your second choice followed by your first choice. In short, the counter bet works in two ways.

Due to the complexity of if and reverse bets, we highly recommend that you check the links below before placing real money bets using them. In our in-depth page on these types of bets, we’ll give you a deeper explanation along with other samples you can use to understand exactly how they function.

Permutation Bet

Rounding out our explanation of the common bet types leads us to the permutation bet. This type of sports betting is one of the most complicated to understand. With this bet type, you will make many choices and place multiple bets through a combination of choices. This bet type is another bet type that beginners should not use because of how difficult it is to make bets.

If you want to dig deeper into the permutation bet, be sure to check out the link below. This will take you to our detailed page that focuses solely on this type of bet. Here, you will find an example of the permutation bet and a more in-depth explanation of how it works. Now that you’ve seen some of the examples from this page, you should have a good grasp of this complex bet.

Additional resources

We don’t want to leave you without also offering some of our other top sports betting-related resources. Below, we’ve included links to some of our most popular and helpful guides on lots of different things. If you wish to increase your knowledge of sports betting, there is something below to help you learn more.

Beginner’s Guide to Sports Betting

If you are on this page because you are new to sports betting in general then the link below is your new friend. These links are our two best sports betting beginner guides. In these two guides you’ll get a solid understanding of the basics of sports betting so you can start placing bets quickly. Even if you have some knowledge of sports betting, these pages are worth a quick scan to ensure that you are well-informed on all important topics.

Sports Betting Basics

For those of you who are seasoned sports bettors, you’ll want to get started on our sports betting essentials page. This page is also an excellent place for beginners who have worked on our two guides above. On our essential page we’ll dive deeper into the more advanced sports betting strategies you can use to upgrade your sports betting knowledge to more than the basics.

Opportunity Converter

When you make online sports betting, sometimes you may come across opportunities to post online sports books in a format you don’t like. If that was the case, all hope was not lost. Using the link below to our opportunity converter page you can take the odds in any format and convert them to another format. By doing this, you will always ensure that you understand the betting odds before you stake real money on them.

Recommended Sports Betting Site

If you don’t already have an online sports betting house, we’ve got some great advice for you. Below, you will find links to some of our pages dedicated to various sports betting craps sites. First of all, we got our page on the best all-around sports betting site. Furthermore, there are also links to our pages for the best mobile sports betting sites and online sports books for live betting. No matter what you are looking for, this page will help you find legit and trusted sites rules  to do all your sports betting.

Conclusion

Hopefully, you have acquired some knowledge of the types of bets you come here for. If you haven’t visited our site before, we encourage you to take a look and take a look at all the other amazing resources we have on sports betting. We’ve developed this site to help gamblers of all skill levels take their bets to all new levels. Thank you for stopping by, and good luck with all your future sports betting!