Types of Online Sports Betting

For Beginner
sports-betting

The role of the internet in expanding the gambling spectrum is very significant. It has not only turned things around but opened lots of opportunities and possibilities for alternative types of wagering. In this article, we will reveal the various types of online betting available for USA-based bettors.

Sports Betting Types

Sports Betting

The sports betting volume around the world is the largest out of all forms of gambling. Under sports betting are the top international games like football, baseball, basketball, soccer, etc. Bettors place wagers on fixtures based on the odds. Reading the odds, you can predict which team has a higher chance of winning or which markets hold the most value.

You can head to our list of the top online sports betting sites to begin betting immediately. Here are some of the markets available:

  • Totals (over/under): you get the chance to place Over/Under bets on fixtures based on the number of goals you predict will be scored during the game.
  • Head to head: you can predict outright game outcomes - either win, lose, or draw.
  • Spread betting: betting on the spread is common in sports like football, hockey, and baseball. Here, you are simply wagering on by how many points a team will win or lose. Spread bets usually have a margin of +/-1.5.

Fixed Odds Betting

One of the oldest traditions of sports betting is the fixed odds. Even though this is not the only type of betting, most people only engage in this kind. All bets made before a game begins are fixed odd bets. You get a payout based on those odds, irrespective of whether the odds change later on.

Parlay Betting

A parlay bet is simply a combination of individual bets (minimum of two) all placed into one betting slip, making it a significantly larger bet. Parlay betting is very popular as it allows players to potentially cash in on bigger profits with a smaller stake. A parlay bet can include moneylines, points spread and totals and can also include wagers from different sports.

The odds of each individual bet are multiplied, making the odds more attractive to bettors. However, there is a greater risk, since all the individual games chosen in the parlay must not lose in order for the parlay bet to be a winning one. 

For instance, if you pick the Lakers, the Clippers and the NFL’s Patriots to win in a parlay bet, all teams will need to win, otherwise the whole bet falls through.

  • Lakers at odds of -150 to win
  • Clippers at odds of -150 to win
  • Patriots at odds of -150 to win

Odds of -150 equals odds of 1.66 in decimals. Then all you need to do is multiply all the odds together and you’ll have the final odds of the parlay bet. In this case it will be the following:

Odds of 1.66 x 1.66 x 1.66 = 4.57 which when converted back to the American odds format, gives the parlay bet a total of +357. A $100 parlay bet with this example will return $457.

parlay-bet

Points Betting System

Points betting system is essentially a sports betting system where punters allocate points to a particular bet instead of displaying the money they placed on it. Each point has a unique value to the bettors, depending on their budget.

For example, if you have a budget of $100 and you start with 100 points. Each point to you is worth $1. The amount of points you allocate to each bet indicates the confidence you have in the outcome. The points system bet is a pretty straightforward one and you’ll come across many tipsters who use the points system to suggest bets to their followers. This sports betting system is a great way to stay disciplined and not to stray off the betting strategy.

pointsbetting

System Bets

A systems bet is also similar to parlay betting but not all individual bets need to win in order for the systems bet to be a winning one. The risk on a systems bet is lower but so is the potential profit. A systems bet could be incorporated into a betting strategy by including riskier bets that have higher odds.

Example for System Betting

There are many combinations of system bets that you can create in your bet, but for the following example, we’ll cover the 2 out of 3 systems bet. You can combine sports in a systems bet, but it’s usually used with one sport per systems bet.

2 out of 3 Systems Bet

In NBA betting for instance, you decide to back the Nets, the Clippers and the Lakers to win, all at odds of +200. The system bets will place three individual bets which will be the following:

  • Bet 1: Nets to win (+200) and Clippers to win (+200)
  • Bet 2: Nets to win (+200) and Lakers to win (+200)
  • Bet 3: Clippers to win (+200) and Lakers to win (+200)

A $60 dollar systems bet would mean that the system placed 3 x $20 bets. If the Lakers lose, bets 2 and 3 fail and will not be taken into consideration. This means that your return from the whole systems bet would be: 

$20 on Nets to win at odds of +200 and Clippers with odds of +200 = $180. Removing $60 from the $180 will give a profit of $120.

system bets

Value Betting

Value betting simply means betting on an outcome where you’ll be getting more value than the odds are stating. Value comes from the knowledge of the sports and games you’ll be betting on. Online bookmakers are very good at predicting odds but a fresh injury or a sudden change in line-up could influence the odds. Bookmakers are quick to adjust the odds, but not all reflect the true nature of the outcome. This is how you can leverage value from the game’s outcome.

In NFL betting for instance, value can also come from spread betting. Keep in mind that the aim is to win not to cover the spread, and knowing the sports and teams you’re betting on can create the perfect opportunities for value betting.

Handicap Betting

Handicap betting is very popular in online sports betting and it involves making an event more even by giving a ‘handicap’ to the favorite team. This is especially interesting when one team is far better than the opponent. Bookmakers will set a goal or point handicap to the superior team and for the bet to be successful, they must overcome the assigned handicap.

For example, in soccer betting, if the USA are playing against San Marino, bookmakers will set a goal handicap on the USA, since they are the clear favorites. A goal handicap of -1 simply means that hypothetically, for the sake of the handicap bet, the USA will start a goal down and need to win with a difference of two goals for the handicap bet to come through.

handicap

Prop Bet

A props bet or a proposition bet is one that has nothing to do with the outcome of the game. The bookmaker will make a ‘proposition’ about anything which could occur during a sporting event. Prop bets could range from the number of goals or points scored in a match for a particular player to the number of corners in football and everything else in between.

For example, in soccer betting, the bookmaker will present punters with an option and all that needs to be done to place the bet is click on ‘Yes, No’. Prop bets are particularly popular in live betting, where prop bets are taken to new heights.

Corner In the Next 5 Minutes’

‘Yes: -200    No: -100’

Total / Over/Under Betting

The over/under is probably the most popular bet when betting on sports. It essentially involves betting on the total number of goals or points in any sporting event. The totals bet can be used in a variety of ways, not just on the final score of the game.

For example, when betting on the NBA, an online bookmaker will set a totals on 175 points and the bet will be presented in the following format:

  • Totals: 175.5
  • Over (-210)
  • Under (+210)

If you pick the ‘Over’ bet, the total points would need to be greater than 175 for the bet to be successful. For the ‘Under’, total points would need to be lower than 175. The under/over bet could be applied to anything that can be counted. From total birdies in a tournament when betting on golf to the number of games in a tennis match.

over under bets

Teaser Bet

Teaser Bet Example

The standard teaser bet includes 7 points for sides to win and 5 points for totals. If a bookmaker is offering odds of Patriots -4, with a totals bet of 44, placing a teaser bet would give you a combination of Patriots +3 (-4 + 7 = +3) and over 39 (44-5). If both of these teaser bets come through, you have a successful bet.

Teaser bets are very similar to parlay bets with the only difference of having the luxury of adjusting the points spread or the under/over bet to your advantage. The most popular type of teaser bet is the 6-point teaser, which allows players to add or remove six points from the spread or total bet. Some bookmakers offer different point sizes for teaser bets, such as the  6.5-point and 7-point teaser bets.

Head to Head Betting

Head to head betting is a very simple bet and it involves picking an individual or a pair of individuals in a sporting event or a tournament and betting on which one will perform better.

When betting on tennis, a head to head bet would look like the following:

  • Roger Federer vs. Novak Djokovic
  • Serena Williams vs. Aryna Sabalenka

Head to head betting is great when you know individual players very well and have done your research into player forms, injury trouble and latest news in order to make a profit.

Futures Bet

Also called outright betting, the future bets implies that players will be betting an outcome that does not reflect an outcome of a particular match, but how a team or a player will finish in a tournament or series.

Future bets are usually placed at the beginning of the season or tournament, as punters will have to pick which team or player will win the series, event, or season. Bookmakers will also present other future bet options, including second place, relegations and teams eliminated.

Futures betting

Full Cover Betting

Full cover bets involve placing a series of bets consisting of a selection between 3 and 8 bets. These full cover bets have individual names, listed hereunder:

  • Trixie (3 selections)
  • Yankee (4 selections)
  • Canadian (5 selections)
  • Heinz (6 selections)
  • Super Heinz (7 selections)
  • Goliath (8 selections).

Full Cover Betting Example:

Let’s take the trixie bet as an example. When you place a trixie bet, you will be placing a total of 4 bets, which comprise 3 doubles bets and 1 treble from 3 selections. A doubles bet is a bet with two selections and a treble is one with 3.

For you to earn a payout in a full cover bet, two selections will need to come through. Needless to say, you’ll need to stake more on the other full cover bets, but most punters stick to trixies and yankee bets.

In-Play/Live Betting

In-play betting lets players place bets after the match has started. This kind of sports betting is rather delicate because odds continuously fluctuate, so to take advantage of a value bet, you need to be quick on your fingers. In-play betting is very flexible, and you can bet up until the last minute on whatever odds are still open.

in-play betting

Pari-Mutuel Betting

In the 19th Century, Joseph Oller invented this system of betting to help reduce the rate of loss in gambling. Pari-Mutuel betting has complex levels involving calculations, but the idea is straightforward, and the system never requires odds. 

For example;

Two outcomes (X and Y) are presented in a game.

Team A has 100 people who placed a wager of $10 for outcome X, and Team B with 50 people placed a wager of $10 each on outcome Y. So, the overall amount would be $1500.

If outcome X wins, then the $1500 would be shared among members of Team A, making each person receive $15. If "outcome Y" should win, then $1500 would be shared among Team B members who backed that outcome, receiving $30 each.

If the wagers placed differ, the payouts are calculated according to the amount of bet placed.

Mobile Betting

At the speed of technological advancements, smartphones might soon take over all forms of digital transactions. Just like live betting, mobile betting also involves a vast number of betting websites. You can easily log in to place your wagers without stress. Funding and cashing out from the mobile betting site is made easy and accessible.  Mobile betting also features special bonuses and with innoative cashout features, it is then possible to make more of your bets.

Exchange Betting

Exchange betting is the first kind of betting that does not involve a sportsbook or casino operator. There are only two kinds of odds here – back and lay. All wagers are placed between bettors, and every time you bet, you are gambling against other bettors who have taken the opposite decision.

The Thrill Of Online Betting

Betting is merely predicting or forecasting game results, races, or events where you place wagers on the outcome. In regard to this definition, betting is a broad topic that covers a significant number of various but related activities. They can apply to all sorts of wagers associated with gambling events. 

Critics claim that the thrill of land-based betting is the best, but we beg to differ. Online gaming has so many perks and a lot more betting opportunities. The intensity of live betting is even greater when you have the option to bet while a match is in play, and the live dealer games offer the interactive aspect that is missing in computer-generated games. More so, with mobile betting, players can find thrill anywhere and anytime they want.

sports-betting

Why You Should Bet Online

The frontier mentality of most people about online betting, in general, is the account of losing money. It is an inevitable outcome, and many don't appreciate that fact. Nonetheless, online betting has significant benefits for those who play right and use the right strategies. 

Multiply Your Cash

The main idea of online betting is to allow bettors to play from the comfort of their homes and win money. Many online betting platforms award various multipliers and bonuses to add value to your initial deposits. The notion of adding more value to your money makes online betting appealing to gamblers who want to make extra cash with their skills of prediction.

Unlimited access

With the internet, distance is just an illusion, and online betting is more fun when you access the website anywhere and anytime to place wagers. This advantage over brick and mortar establishments makes people prefer sitting at home to bet instead of driving to a crowded location to place wagers.

Flexible Betting

Online betting is extremely flexible with betting options. Betting markets for sports often run in the hundreds, and you can bet up until the last minute before cashing out.

Bonuses

You will only find sports betting bonuses when betting online. No other land-based bookmaker is going to offer bonuses to their punters simply for choosing to play with them. Here at sportsbettingguide.com, we work with the best online bookmakers in order for you to enjoy the latest sports bonuses. Risk-free bets are the best kind of bonuses as there is literally nothing to lose. In a risk-free bet, you will get your money back as a free bet if your bet loses (less the stake - you will only be paid out profits if you win the second bet).

Betting Types FAQ

  • Is it legal to practice online sports betting?

    Yes, online sports betting is legal in a number of US states, including New Jersey, and there are over a dozen online sportsbooks available to NJ players.
  • What devices are compatible with mobile betting?

    Androids, iPhones, iPad, and Tablets all support mobile betting. Various other smartphone brands will also support this kind of gaming as long as they have a recent Android operating system.
  • What is the easiest form of online betting for beginners?

    First-time players can engage in any form of online betting. As long as you place simple bets, you can easily navigate online betting sites.
  • Can you make money from online sports betting?

    Yes. But betting online should not be relied on as a way of making money. There are plenty of betting strategies that one could follow but research and discipline are paramount to making a profit in sports betting.
  • How can I know which bookmakers I should trust?

    All bookmakers listed on sportsbettingguide.com are licensed to operate and all regulated by governing bodies. We only work with the most reputable online bookmakers, so you can rest assured that the ones listed here are all safe to play with.