The Basics
When you make a decision to start doing sports gambling, I am sure your main motivation is to win some cash by beating the Oddsmakers/Odds Compilers. In addition, betting on your most favorite sport event adds to the fun in the game and makes it more exciting.
Entities that accept your bets are called Sportsbooks in the US or Bookmakers in the UK. They provide the platform, either physical or online, through which you do your wagering. Different types of sporting events, including Baseball, Football, Basketball, Tennis, Snooker, Hockey, Soccer Games, etc. enable you to bet on their outcomes and results.
In order to place a bet, you visit either a traditional physical sportsbook or an online one. Nowadays, many bookmakers also allow you to bet over the phone. It is important to note the distinction between a sports book and an oddsmaker: the former simply accepts bets while the latter is a person who is responsible for setting betting odds.
When placing a bet, you have to state what you are wagering on by for instance choosing your favorite team, as well as picking your type of bet and bet amount. Since it is obvious that your choice of favorite will be guided by the range of available odds, examining them before making your selection is something that you will be keen on.
There exist several types of wagers that one can use to place bets. Also, some bookies do offer more varieties and combinations of bets than others. The following is a compilation of the most popular types of wagers available:
-Straight Bet or Single: this type of bet is the simplest and most common. Here, you bet on a favorite emerging winner at a given odds.
-Point Spread: here, you place your bet on a winner from two selections that have been made equal via allocation of appropriate points to the underdog team in the match. The Point Spread refers to the total number of points allocated to each team; indicated with a + sign for the underdog and a – sign for the favorite. For you to win your bet, the favorite needs to win by more than the value of the Point Spread, otherwise you will lose your wager even if the team emerges victorious. On the other hand, if you pick the underdog team, it has to lose by less than the value of the Point Spread in order for you to win your bet. But if the favorite wins the match by the exact Point Spread, that result is called a tie or a push. In this case, you will get back your bet money. Quite often, oddsmakers will include a half-point spread so as to avoid a tie outcome. This is because scores use whole numbers only, therefore meaning that one of the teams gets an outright win.
-Buy Points: also to buy Key Points. Here, the Point Spread is moved favorably at a price.
-The Moneyline: here, odds are established for each of the participating teams in a duel, but inversely proportional to a Point Spread, meaning that a + shows the underdog while a – indicates the favorite. Consider this scenario: team A (-180) and B (+ 120). Odds offered here are 10:18 for A and 12:10 for B. You either win $100 or lose $180 for each $180 you place on A. Contrarily, you win $120 or lose $100 for each $100 you place on B.
-Total: this is a bet for the total number of points scored in a game by both opponents, including those scored during overtime.
-Over/Under: this is a bet that the total number of points scored by both teams will be Over or Under the figure set by the oddsmaker.
-Parlay or Accumulator: this is a multiple bet; a ‘let-it-ride’ kind of wager. In a parlay, you select on two or more games simultaneously with the aim to press the winnings of the initial win on the wager of the next game chosen, and so on and so forth. All your picks must win in order for you to win the parlay. If the match ends in a tie, is postponed or cancelled, your parlay automatically reduces by one selection, meaning that a double parlay will become a straight bet while a triple parlay is reduced into a double. You can get huge returns in a parlay if all your teams win.
-Teaser: this kind of wager is very similar to a parlay, but comes with an option of adding or subtracting points (known as ‘moving the line’) from one or more Spread wagers. When you are wagering a teaser, extra points are either added to the underdog team or subtracted from the favorite team. Odds will vary depending on the total number of points the spread is moved and how many teams are combined when the teaser is formed. Like with parlays, all your picks must win for your teaser bet to win. Generally, teaser odds are worse than parlays.
-If-Wager: this wager allows you to make a second bet — up to an equal amount — pending a win on your first selection.
-Open Wager: these allow the gambler to play parlays or teasers making selections at different times or even different days.
-Future Bet: this is a wager on a future event. At the beginning of every sports season, Bookmakers will usually give out the betting odds for teams to win a particular championship. These odds will change as the date of the game approaches, in most instances becoming shorter, but if a bettor wins before the date they get paid at the original odds that they took. Future bets have huge returns if one has some significant knowledge about the sport that they are wagering on, including players, as well as a good sense of judgment.
-Exotic Wagers: these involve betting on unusual events. Some bookies will post odds and allows bets on a range of other sports-related activities and events. Others allow bets on just about anything that one can think of.
-Proposition/Prop Bet: this is an offer of gambles at the odds and conditions selected by bookmaker, which are normally on ‘Exotic’ wagers.
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