The Professional and Amateur Sports Protection Act of 1992 (PASPA) was overturned by the US Supreme Court in 2018, allowing each state to enact its own sports betting regulations. Since then, more than 30 states have authorized online sports betting, each with a distinct set of betting regulations. As a result, sports fans want to go from passively watching a game to actively participating by placing bets on it, and quite obviously, that follows many questions.

You’ll find dozens of different ways to bet across countless betting sites and sportsbooks. It might be a very overwhelming experience for a beginner sports bettor, given the variety of games and betting categories available. Picking the winner of the game of the night isn’t always easy. So if a newbie wants to brush up on betting terminology, or an experienced gambler wishes to learn another or master a betting system, we have it covered on betting types explained!

What Is Betting Types in General? 

It would help if you understood betting markets more deeply to comprehend how betting works. Betting markets or bet types are specific outcomes of an event. Operators use them to advise you on the best course of action while betting on a particular sport. You can access the betting markets at traditional betting shops or on an online sportsbook.

Typically, each contest has several betting markets available. Depending on the sportsbook and the event, you can choose up to 1500 bet options. No matter how many sports betting markets the operator offers, you must adequately research your options. The next step is to choose which betting market is most likely to happen within a given timeframe.

An event’s outcome can be bought or sold. To lock in a profit or reduce your losses, you can make your real-time prediction. By offering less-effective fixed odds, the bookmaker makes money. On the other hand, choosing the appropriate betting market each time you place a wager is the only way to benefit. Each betting market has odds that change based on how likely an event is to occur. Less risky events typically have lower probabilities than riskier ones.

How Do Odds Work in Sports Betting?

Understanding the odds is crucial if you want to start betting —in a casino, sports betting, or any other type. Knowing the basic categories of betting odds and reading and understanding their varied formats are necessary for placing bets effectively.

Among the different types of odds in sports betting, the three main types, according to authoritative sources, include: 

  • Fractional (British) odds: 

British fractional odds are the ratio of the amount (profit) won to the stake.

  • Decimal (European) odds:  

The amount one earns for every dollar staked is expressed in European decimal odds.

  • Moneyline (American) odds: 

American moneyline odds either show the amount one must bet to win $100 or the amount one would win for every $100 staked, depending on the negative or positive sign.

These alternate approaches of presenting the same odds result in identical payouts. It implies that any of the odds mentioned before can be used to convert and report the chances (or percentage probability) of an event occurring.

The Most Popular Betting Types for Beginners 

There are numerous ways to bet on a game, which is one of the best aspects of sports betting. You can bet on various things, in addition to merely which side will win the game, such as the margin of victory, total points scored and many more.

Below you will find a list of the most popular types of sports betting and valuable information on them and how they work, as summed up from reliable sources.

  • Moneyline Bets

A moneyline bet is often considered the simplest and easiest bet to understand.

It’s as easy as predicting which team will win a match (or which person will succeed in individual sports like tennis). You’ll gain money if you’re right. However, you will lose your wager and cash if you pick the incorrect team or individual.

There is always an underdog and a favorite when dealing with odds. The triple-digit number and the (-) symbol indicate favorites on a chart, whereas the (+) plus sign is used to indicate underdogs.

You can see how much you need to bet to win $100 by looking at the number next to the favorite (-) symbol. If you wager $100 on an underdog, the number next to the (+) sign shows you how much you will win.

Example of Odds:

For instance, the underdogs will have odds of +175 or something like that before a game. In contrast, the odds for the game’s favorite will have a minus sign in front of them, such as -200.

If the underdogs win in this situation and you bet $100 on them, you would have gained a profit of $175. However, in this case, placing a bet on the favorite would have required you to wager $200 to win $100.

  • Point Spread 

In point spread betting, you must decide whether a team will win or lose by a certain margin of points.

In addition to American odds, point spread wagers include a second number with a (+) or (-) symbol. It is the number of points a team must win for you to win your wager, denoted by the (-).

You may find out how many points a team must lose for your wager to win by looking at the number displayed next to the (+) symbol. Even if the underdog triumphs, your stake will be successful.

Therefore, if you gamble or bet on the Memphis Grizzlies and the Golden State Warriors are listed at -9.5 and +9.5, you will ONLY win if the Grizzlies win the game outright or lose by 10 points or fewer. They are the underdog, thus. However, a Warrior’s bettor needs to predict a victory margin of at least 10 points.

  • Parlays

Consider a parlay as a bet in which you can bet on several different sports, but you must win them all to win. To win a parlay, each bet in it must be successful. Consequently, a parlay (also known as an accumulator) aggregates several wagers into a single stake.

While betting on multiple games at once is considered riskier, the odds are better. Additionally, you can use one stake to wager on more events.

For instance, you may place a parlay bet on the Tampa Bay Buccaneers defeating the Philadelphia Eagles. The Los Angeles Rams defeated the Arizona Cardinals, and the San Francisco 49ers defeated the Dallas Cowboys.

  • Prop Bets

A prop bet is a wager in which the game’s outcome is not predicted; rather, it indicates an event that may or may not affect the outcome.

As an illustration, a prop bet may be made on specific players scoring touchdowns. The players who score the points do not count toward the final score. Only touchdowns do.

  • Over/Under

When placing an over/under bet, the sportsbook establishes a total (a figure determined by bookmakers) for a specific statistic. You then forecast whether the outcome will be above or below that figure.

A sportsbook can set the total for a match between the Milwaukee Bucks and Los Angeles Lakers at 220. You win if you go with the over and both teams score more than 220 points.

Whichever team scores the points doesn’t matter as long as the total matches what you predicted. Additionally, you can place an over/under wager on a market, like passing yards or three-pointers.

The above-mentioned different types of betting have their formation, which might affect their uptake among bettors.

Safe Ways to Bet for Everyone 

If you are a beginner and unsure where to begin, use the guidelines from trustworthy sources to bet sensibly and succeed spectacularly!

  1. Start Slowly: 

Rather than jumping in head-first and placing a ton of bets without much knowledge or experience, start slowly. If you take a step back and the first master the basics of sports betting, you can improve your odds of succeeding.

  1. Have Realistic Expectations:

Setting the proper expectations up front is crucial. It’s unlikely that you will be able to support yourself just through sports betting.

  1. Develop a Bankroll Management Plan: 

By estimating the percentage of your bankroll utilized on a wager, the strategy aims to help you stretch your bankroll as far as feasible. You’ll stake a portion of your bankroll on each bet rather than putting it all on the line.

  1. Bet on Sports That You Know Well:

It’s generally a good idea to stick to betting on sports you are familiar with when you are new to sports betting. Also, it would help if you remained disciplined when betting on sports, which is not favouring your team all the time when the odds clearly show that they are an underdog.

  1. Find a Trusted Betting Site:

There is no shortage of online sports betting platforms and willingness to take your bets. However, you must work with a reputable one to avoid putting your money or sensitive information in danger on a dubious website.

Wrapping Up

Hopefully, you feel better equipped to begin your sports betting adventures now that you know where to start, which type of betting market is most suitable for you, and how to place a bet safely. Although a beginner, you should be able to put a wager like a pro after going through the above information.

Author’s Bio: Rebecca Martin

One of the world’s top authorities on internet gambling is Rebecca Martin, the sports betting expert at Betzillion. Martin can provide first-rate guidance that will almost always help you win big! She can be your go-to specialist if you need assistance as you begin your online gambling career.