General Sports Betting Types, Guides, and Terminologies for your Usage
Sports betting is the act of placing wagers on sports results. Bets can be placed on different types of sports including American football, basketball, baseball, auto racing, horse racing, martial arts and, boxing. Bettors can either place their bets legally using a bookmaker or illegally through private businesses.
Although not new, sports betting continues to be the rage. The constant risks, the favorable and unfavorable odds, all contribute to making it fun, as long as your stakes are in the right place.
Betting providers offer two different betting types, pre-play sports betting and, live bets. While pre-play bets are concluded before the game starts, live bets, on the other hand, end after the game starts. Live bets allow seeing how the game is progressing before placing your wagers.
Live bets are similar to traditional betting in that odds are to be considered. At the same time, one should not place too much emphasis on what the bookmakers are saying or who the favorite team is. Sports betting is based on a lot of research on the playing teams and a bit of luck just like in any other bet.
While betting in sports, there are two different ways to bet on a favorite or an underdog. The first way is the point spread, this is the bet made on the margin of victory. A favorite ‘gives’ points while on the other hand, an underdog ‘gets’ points. Another is the money lines. This is based mainly on which team wins the game. For example, assuming a favorite is -100, this means you have to risk 100 dollars to win 50 dollars. Therefore, in a situation where the favorite wins, you gain 50. On the other hand, the favorite losing means you losing 100. This is because the favorite is expected to win.
The underdogs on the other hand are more rewarding in that they are expected to lose. For example, an underdog is +200, this means that betting 100 dollars on them rewards you with 200 dollars upon winning. However, the underdogs losing the game means you losing just the 100 dollars you started with.
Money lines are available for all sports but are majorly used when betting on lower-scoring sports like hockey, soccer and, baseball.
As in other types of betting, there are many different things to take note of, terms to know and the different types of sports betting.
General Betting Terms
- Betting Odds
This is the ratio of profits won to the stakes-placed. This is done majorly by the bookmaker. It calculates the probability of the different outcomes in the game.
- Bookmaker
A bookmaker is someone who calculates the odds, takes bets and, gives out winnings to winners. The majority of the work rests on the bookmaker here. The bookmaker is the one to conduct research, factor in different events likely to occur, and calculate the different probabilities as well as, calculating the profits on the stakes-placed.
- Stake
This is your risk. The amount of money you put into the winning or losing of a team in a sports match. When placing stakes, you can either place a fixed stake or a proportional stake. A fixed stake is betting the same amount on all the bets you placed. This is wonderful in helping you keep and maintain a budget. There is no involvement of the player’s instinct. Proportional budgets, on the other hand, involve staking different amounts on different bets. This depends on the betting odds or your instincts.
- Betting turnover
This is the total amount of stakes placed by betters. It is calculated before winnings are paid out and before losses are incurred.
- Profits and Losses
Profit is the total amount of money gained by a player while a loss is the total amount lost on a wager. The loss can be as a result of casualty and thefts or a hobby loss.
- Spread betting
This is a type of betting where the pay-out is based on accuracy instead of a simple “win or lose”.
- Internet betting
This is also called online betting. Unlike age-old betting where players have to go to physical locations to wager, nowadays, players just need to have internet connections to place bets. A more convenient and easy way of placing bets.
- Cash-out
This function allows the user to take their profit early or take out some of their stakes if the odds are going against them.
- Half bet
A bet that applies to the score of only one half of the game. This type of bet can also be applied to a quarter of the game in games like American football and basketball.
- Parlay
This is a type of bet that allows the bettor to place at least two bets, with a greater payout only if all the bets win. The pay-out in a parlay depends on the total likelihood of all the bets placed. The riskier the bet placed, the higher the pay-out. Although parlays are more appealing, the likelihood of hitting on a parlay is very low.
- First to start
This type of bet involves placing wagers on which team will start the game.
- Money line
This bet is on the outcome between two paired competitors. It is also called a head-to-head bet.
- Next goal
This is predicting the next team to score a goal in a game. Extra time does not count.
Types of Sports betting
- 3-way bet
The most common type of bet especially in football. Here, there are three possible outcomes. Either the home team wins, or the away team wins, or here is no win at all. In bets like this, the extra time is not considered. The results are announced as soon as the game ends normally.
- 2-way bet
Here, there are only two possible outcomes. You either bet on team A or, on team B. In this type of bet, the draw is not considered. Therefore, there is a 50 percent chance of winning.
- Special bet
This type of bet is diverse. Players can bet on varying outcomes. From the total amount to goals or points scored to who scores those goals. Not excluding when the goals are scored.
How much to risk on a game ultimately depends on you. Setting a budget is advised and risking only what you can afford to lose is a good rule when betting. While betting, there will be good days and bad days so betting the same amount on every game with minimal risks is important.
