Different Types Of Bets - Everything You Need To Know
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Betting is a means to earning in a way. However, not all manners of betting involve gambling on sporting events, animal races, etc. The overall umbrella name seems to leave people confused so today, we will discuss the different types of bets that are out there and how they benefit you.
We have been receiving some important questions in regards to different types of bets and how you can access them. In this article, we will answer all the questions pertaining to different types of bets so you know what you are doing. Let’s get started, shall we?
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As we have mentioned, betting, in general, is often stereotyped as sports bets. Undoubtedly there are different types of sports bets depending on the kind of sporting event you prefer. However, not all the different types of bets are sports bets.
There are related bets such as gambling games, which also involve a lot of betting. Nevertheless, most betting functions do not necessarily revolve around different types of sports bets and gaming. There are plenty of other alternatives that you can discuss with your booking agent or surf on various betting platforms.
There are different types of betting that are reliant on the kind of activity you prefer. Even under the large overheads of sports betting, you can find different types of bets based on the odds available.
Overall, there are 15 major types of betting action. These bets can be further diversified as per the activity or event on which you place your bets. Here’s a list of the 15 different types of bets available:
- Over-under bets
- Moneyline bets
- Point spread betting
- Futures bets
- Handicap betting
- Outright Bets
- Prop bets also known as propositions
- Special events betting
- Accumulator betting
- Reverse bets
- Conditional bets, known as ‘If’ bets
- Permutation bets
What is Goliath betting?
Goliath betting is a large selection of bets that consists of an overall of 247 bets that are divided equally. These are further bifurcated into 8 individual selections such as:
- 1 eight-fold bet
- 8 seven-fold bets
- 28 six-fold bets
- 56 five-fold bets
- 70 four-fold bets
- 56 treble bets
- 28 double bets
In order for your Goliath bet to pay forward, you must win at least 2 out of the 8 selections available. It is an alternative to Accumulator betting and the odds of earning are a little higher since you only need to get two of the selections correctly.
How does underdog betting work?
Underdog betting usually offers better odds. The concept is to place your bets on a team that has a slim chance of winning.
The underdog for a certain match is determined by comparing the statistics of both teams that are participating in the event. The team that has encountered the most losses in the past is considered to be the underdog. Since their chances of winning are almost negligent in a Moneyline, the odds offered against these teams are higher than those offered on the team that is blindly expected to win due to their past record.
How does Matched betting work?
Oftentimes when you take part in betting, especially through a bookie or a mediator platform, you will find that there are equal chances of winning for or against a certain pick. Since this results in a 50% chance of loss, you can partake in Matched betting.
The idea is to place a bet on a certain pick at the given odds and then lay another bet against your former bet. This way you balance the scales. Thus, regardless of which way the odds pan out, you end up earning something or at least breaking even.
Simply put, matched betting is when you bet against yourself so that if your initial predictions were incorrect, you don’t lose a lot of money. Instead, you balance the scales by betting on both for and against the same odds.
How does Yankee bet work?
This is mostly used on horse races at track events. The Yankee bets provide 11 bets available for equal values and split into 4 major selections, which are:
- 1 four-fold bet
- 4 three-fold bets
- 6 two-fold bets
This is another alternative to Accumulator betting and the odds offer better chances of winning big or losing it all.
How does a Reverse bet work?
Reverse bets are a form of conditional betting actions, also known as ‘If’ betting. Here, you can place bets on both sides, much like Matched betting. Only if your subsequent bet works out can you place another bet which works in reverse.
For instance, let’s say you have three bets to place. So, you have to win your third bet in order to place your second round of betting. You need to win this second bet before you can partake in your first bet.
The phenomenon gets its name from the confusing reversed structure of placing your wagers.
How do Vegas odds work?
Vegas bets are a form of underdog betting. When the odds are on the team that is likely to win, you get negative odds and the odds on the underdog have positive numerations. Thus, if you place your odds on the team that is likely to win, your earnings will be a lot less. However, if you wager on the underdog that has positive odds, then you win your money back plus the equivalent amount.
How do betting lines work? Spread and Moneylines explained
Line betting is the most common form of underdog betting.
Here, the bookie determines the handicap by evaluating the chances of one team winning over the other and the number of points, or runs, or scores that will put them over the top.
Let’s say, in a T20 cricket match, India vs Australia is playing. If the Indian team is a favorite to win by 25 runs then the odds will be set as +25 on Australia and -25 on India. Thus, you get to know the handicap score and the Betting Spread is marginalized.
In this game, India has to surpass the handicap score by 30 for the betting odds to pay. Similarly, Australia must not score less than India by 30 runs, only then will you receive the payout.
This phenomenon differs from spreads to Moneylines.
Moneyline betting is probably the simplest and easiest bet, especially for newbie gamblers. There are no handicaps and spreads involved. The odds are placed on the outcome of the match to identify which team will win. If the team you bet on wins, then you get paid. If the other team wins, you lose your money, it’s that simple.
How to work out a single bet?
Single bets are as simple as they come. You wager your money on the outcome of an event, sports, race, games, what have you. If the odds pan out in your favor, you get paid, if the odds are against you, your money is lost.
How does a Double Bet work?
It is a simple and beneficial form of betting. It combines two single bets, uses your stake in the bet as a multiplier, and ends up with much higher odds.
Double bets usually work for a specific sporting event that features the same team. For instance, you can place a bet for India to win against Australia and then India to win against Pakistan.
If India ends up winning both matches then you get a double-bet payout for both at much higher odds.
If India wins against Pakistan but loses to Australia, then you will earn as
Your stake x odds for the match against Pakistan + your stakes.
If India loses both matches, then your money is lost.
Although the concept of double bets is relatively simple, the winning odds can sometimes be unfavorable since you need to win at least one of the two bets to be paid.
How does Plus Minus work in betting?
Plus Minus betting is a form of spread and betting line wager. The betting mediator determines a handicap score for the game between two teams.
The team that is expected to win has minus betting odds so they have to surpass the handicap score in order to make you money. The other team that is considered an underdog will have a plus odd. They have to surpass their expected score so you can make money.
How does an Alphabet bet work?
Another form of accumulator betting is the Alphabet type. You have a choice from 26 different bets that are assigned to each letter of the alphabet with a total of six selections. The 6 combinations are chosen from 26 bets such that they are divided as:
- 6 single bets
- 12 double bets
- 6 three-folds
- 1 fourfold
- 1 six-fold
You need to win at least 1 of the 6 selections in order to earn from the Alphabet bets.
How to work out a Forecast bet?
It is a simple phenomenon used majorly in horse races, however, they are sometimes featured in league sporting events as well. The idea is to predict the outcome of an event and place your bets accordingly.
If the forecast is based on fixed odds then you can see the odds after you place the wager and work out the expected payout. This phenomenon is rare in animal races though.
For odds that are not prefixed, you can work out the forecast bet using a Computer Straight Forecast that factors in the starting price of the animals in the race and the total number of participants.
How does Chain bet work?
A chain bet is a custom of placing consecutive single bets that are independent of each other. The gambler can place multiple bets one after the other on separate events and tournaments. At the end of each event, the balance in the account holder’s portfolio is calculated and the next bet is placed. If the account balance falls to zero after losing consecutive bets, the chain is broken and the gambler can initiate a new chain in future events.
How does Round Robin bet work?
The Round Robin bets are contingent on the Round Robin games wherein each team plays all the other teams in that tournament. You can place parlay bets on the team and it will be consolidated to accommodate the team’s performance throughout the tournament. You have the option to bet on smaller parlays in the tournament.
The team has to win all the matches for you to get paid. If the team loses one parlay then all your other parlays pertaining to that team are an absolute loss.
How does a Teaser bet work?
In teaser bets, the gambler has an option to bet on two different games and combine them for the payout. This is a simple form of betting where the gambler can adjust their bets due to a realization of lower returns.
How to play System bet?
System bets work on the number of possible outcomes of an event. You can choose three possible outcomes, which are standard, but there may be more or less.
Based on the outcomes, there are specified odds and your overall winnings are calculated. You need to win one or more of these system bets to get a payout, however, the amount initially calculated may not be your actual winning because the ultimate result is based on your successful outcomes.
How does Spread betting work?
How a spread works are very much like betting lines. You get an accurate ratio of points, scores, runs, etc., as per the type of sporting event. The handicap is predetermined based on the performance of the underdog against the team that is a favorite to win.
The bookie will offer a plus-minus odds for the score. The accuracy of this score will determine whether or not you win.
So, considering the example of India having a 25 run advantage against Australia, the odds are paid out when Australia diminishes that difference by 20 or you lose if they increase the difference by 30 points.
Spread betting is best suited for professional gamblers since it takes a while to get accustomed to the odds and the predictions are also highly versatile.
How do Sportsbooks work or how does Book-making work?
Bookmakers or sportsbooks are accommodators who facilitate betting on various sporting events. They are bookies and betting exchanges that determine the odds for a game and allow gamblers to bet money.
They can facilitate such exchanges because of the difference in how many bets a gambler plays and how many they win. When the gambler loses, the money goes to the sportsbooks.
This is also how Bookies work to make money from gamblers.
How does Sports betting work – point spread?
Betting in sports in India is challenging but point spreads make it accessible. It is the same as spread betting wherein plus-minus systems are used to determine the margin for the winning team against the underdog.
How does a Patent bet work?
Patent bets are multiple bets placed over long odds. They offer a high earning potential if all your bets pan out because they provide additional sums for larger wins. However, even if you win at least one or more of your odds, you still receive money, thus making this sort of betting highly beneficial.
How does laying a bet work?
Lay betting is the simple concept of wagering your money against a team or participant in an event.
For instance, instead of placing a bet on India to win against Pakistan, you place a lay bet that says that Pakistan will not win the match.
How does Handicap betting work?
Handicap betting is when the odds declared on a team are determined because their chances of winning are slim. Thus, the team which has a disadvantage as compared to its competitors incurs the odds for the handicap bet.
How do Fractional odds work or how do Decimal odds work?
Fractional odds are when the bookies declare the odds as a divider rather than in decimal points.
For instance, if the odds on Ind vs Pak is 8/5 then you need to divide the odds on India, which is 8, by the odds on Pakistan, which is 5, and add 1 for your betting amount. Thus, if you bet Rs. 100 then you will calculate as:
8/5 = 1.6 + 1 = 2.6
Therefore if India wins, your earnings will be calculated by multiplying your stake with 2.6
How do Negative betting odds work?
Negative bets are associated with the favor-to-win contestant against an underdog. Therefore, if there is a negative betting amount specified, then you are likely to lose some money when you win because the negative amount will be deducted before your payout is determined.
How do betting pools work?
Betting pools are phenomenal betting actions wherein all the bets placed on a particular event are accumulated from both sides of the odds. Once the outcome of the event is declared, the people who won the bet will receive the betting pool minus any taxes and charges levied on the total cash prize.
Usually, betting pools allow equal betting amounts for all participants so that the prize money can be distributed evenly.
How does Arbitrage betting work?
Arbitrage betting is when you compare the picks, odds, and options available for a certain event or tournament across various platforms. It is a great way to escalate your winnings by choosing the platform, betting exchange, or bookie who is offering the most beneficial odds.
How do Accumulator bets work?
An accumulator bet is when one sporting event has multiple selections and all the selections need to pan out in order for you to win. Basically, all the selections for that bet are combined under an overhead bet which is all-encompassing thus allowing you to place a large sum of money on multiple outcomes in one go.
How do bonus bets work?
A bonus bet is when you place a bet and add a bonus sum to it. After the outcome of the event, the stake will be calculated upon multiplying your bet with the bonus bet then deducting the exact bonus amount.
For example, if you bet Rs. 100 for India to win and place a bonus bet of Rs. 10 then the stakes calculated are 100 x 10 – 10 = 990.
How do odds work in sports?
How odds work is when you wager a sum of money, the betting odds, be it fractional or decimal, is used to multiply your winnings. The calculations are based on one unit of wager multiplied by the odds.
The unit for stakes can be Rs. 1 or Rs. 100 based on the specifications of the platform.
How does second-half betting work?
Second-half betting is when the bookies or sportsbooks offer revised and additional odds after the first half of the game is over. The payouts for second-half betting are only limited to the points, scores, and outcomes of only the second half of the game, not the final score or the overall game itself.
How does over-under work?
How over-under works is when the sportsbooks and bookies specify estimated points, runs, or overall total scores for both teams and you can bet whether it will be higher or lower. The odds for this kind of betting are equal on both ends and you can choose if the resulting outcome will be over the amount specified or under.
How to work out a bet – Professional gambler tips to settling bets
Working out a bet is something all professional gamblers need to know. You can calculate the payout from your wager by calculating the fractional or decimal odds of the event that you chose.
You can calculate the odds and determine the percentage for a chance of winning. Thus, if you win the bet, you multiply the percentage with your stake in the event to calculate your total winning.
In order to settle the bet, the betting exchange or bookie, or sportsbooks will pay you the expected amount. If you lose the bet, you may either lose your entire sum unless the bookmakers have a special contingency where you have to pay only the percentage lost as per the odds.
Betting can be confusing yet it is such an enticing way to earn money. Thus, you can study the different types of bets and how they work so you can make informed decisions when placing your bets in the future.
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