Online sports betting has become an exciting and lucrative way for sports enthusiasts to engage with their favorite teams and events. Whether you're a seasoned bettor or a newcomer to the world of online wagering, understanding the different types of bets available is crucial to developing a solid betting strategy. From simple moneyline bets to more complex parlays and futures, each format offers a unique experience. In this article, we’ll explore the various types of online sports betting, explaining how each works and how you can choose the right betting style for your strategy.
The simplest form of betting, the moneyline bet is based on picking the winner of a game or event. Each team or athlete is assigned odds, which indicate how much you can win relative to your bet. For example:
A favorite might have odds like -150, meaning you need to bet $150 to win $100.
An underdog might have odds like +200, meaning a $100 bet will win you $200.
Moneyline bets are ideal for those who are confident in their prediction but prefer to avoid complicated point spreads or other types of bets.
Point spread betting is one of the most popular types of sports bets, particularly in football and basketball. In a point spread bet, a handicap is applied to the favored team, making the game more competitive from a betting perspective.
For example:
Team A (-7) means Team A is favored by 7 points.
Team B (+7) means Team B is the underdog and gets a 7-point advantage.
If you bet on Team A, they must win by more than 7 points for your bet to win. If you bet on Team B, they can either win outright or lose by fewer than 7 points for you to win your bet.
Point spread betting is a good option if you want to level the playing field, especially in mismatched games.
The Over/Under bet, also known as a totals bet, involves betting on the total number of points, goals, or runs scored in a game. A sportsbook will set a line (e.g., O/U 45 points in a football game), and you can bet whether the final score will go over or under that line.
This bet is perfect for those who want to focus on the overall performance of a game, rather than choosing a specific team or athlete to win.
A parlay is a bet that combines two or more individual bets into one wager. The potential payoff is much higher than making individual bets, as the odds of each bet are multiplied together. However, all bets within the parlay must win for you to receive a payout.
For example, a parlay bet might include:
Team A to win
Team B to cover the spread
Over 45 points in a football game
Parlay betting offers the potential for large payouts, but it’s also riskier since one losing bet causes the entire parlay to fail. This format suits risk-takers and those with a deep knowledge of multiple games or events.
Futures bets involve predicting the outcome of an event or season well in advance. For example, you might place a futures bet on who will win the Super Bowl before the season begins. Other common futures bets include league MVP, the winner of a specific tournament, or total season wins for a team.
Futures bets typically offer high payouts due to the increased uncertainty, but they are less common for bettors who prefer short-term, specific outcomes.
Live betting is an exciting and dynamic form of sports betting that takes place while the game is happening. This form of betting allows you to place wagers on events as they unfold in real-time. Odds constantly change as the game progresses, creating new opportunities to bet on things like:
Who will win the game next?
How many goals will be scored in the next 10 minutes?
Will a specific player score next?
Live betting is perfect for bettors who enjoy fast-paced action and want to stay engaged with the game throughout its duration. However, it requires quick decision-making and a solid understanding of the game’s flow.
A teaser bet is similar to a parlay, but it allows you to adjust the point spreads in your favor. For example, in football, you might shift the point spread by 6, 6.5, or 7 points to make it easier for your team to cover the spread. The trade-off is that the potential payout is smaller than a standard parlay because the odds are adjusted in your favor.
Teaser bets are suitable for those who want to improve their chances of winning by modifying the point spread but are willing to accept lower payouts.
Prop bets are wagers on specific events or occurrences within a game that don’t necessarily affect the final outcome. Examples include:
Will a specific player score a touchdown?
How many yards will a quarterback throw?
Which team will win the coin toss?
These bets are popular in high-profile events like the Super Bowl, where there are numerous props available, and they add an extra layer of excitement for bettors looking for unique betting opportunities.
A round robin is a way to create multiple parlays from a set of selections. If you have 3 teams you want to bet on, a round robin will generate 3 separate two-team parlays, increasing your chances of hitting at least one parlay correctly.
Round robins are a good option for bettors who want to minimize risk by diversifying their parlays.
Selecting the right betting format depends on your risk tolerance, knowledge of the sport, and the type of experience you seek. Here are a few tips to guide your choice:
For beginners: Moneyline bets and point spreads are easier to understand and provide a straightforward way to start.
For those seeking higher rewards: Parlays and futures bets offer the potential for bigger payouts, but they carry higher risk.
For thrill-seekers: Live betting and prop bets add excitement and immediacy, keeping you engaged throughout the game.
For strategic players: Teasers, round robins, and over/under bets are excellent for those looking to diversify their strategy while managing risk.
Understanding these different types of online sports betting will help you make more informed choices, tailor your strategy to the types of bets that suit your style, and increase your chances of success. No matter which format you choose, always bet responsibly and enjoy the thrill of sports betting!
