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Understanding the Different Types of Sports Bets and How to Use Them

Betting by Bet Types. How To Bet The Quinella - Nov. 7, 2019; How To Bet The Double - Jul. 20, 2018; How To Bet The Trifecta - Jul. 12, 2018; How to Bet the Exacta - Jul. 5, 2018; Advanced Betting Strategy. Pros and Cons of Multi-Race Wagering Strategies - Mar. 24, 2020; Handicapping 101: How Smart Ticket Building can Increase Profits - Nov. There are many types of bets, but the most common are: moneyline bets, spread bets, total bets, parlays, teasers and futures. In the beginning we will explain how to read betting lines and then we will deal with different types of bets. Betting line usually shows current odds or moneyline, point spread (handicap. Win bet is used almost universally, while moneyline wager is used in the United States and a few other regions. The term “straight bet” is also used in some regions for this type of wager, but in the US, a straight bet refers to point spread wagers (which we will cover shortly).

One of the first revelations anyone new to sports betting has is that you can bet on a lot more than the winner of a game. This typically engages a rush of excitement quickly followed by an even bigger rush of confusion. New bettors are excited at how expansive their new landscape is, but then quickly realize that they have no idea what they are doing. This usually results in new bettors running from the book with their tails between their legs because they’re lost and not sure how to proceed.

Thankfully, we’re here to help untuck your tail, clear up the confusion, and send you back to the sportsbook radiating with confidence. Whether you’re brand new to betting or just someone looking for a refresher course, you’re in good hands. We’re going to take the time to walk you through every type of sports bet that is available to you. We’ll tell you how the bets work, tips and strategies you need to know for each, and how you can utilize them in your sports betting strategy.

We’ll then walk you through some additional need-to-know tips and strategies to help you utilize this new information properly. Ideally, when you get done with this guide, you’ll have full command of the different types of sports bets at your disposal. You’ll know how they work, the advantages and disadvantages of each, and most importantly when and how to use each type.

If you’re ready to get started, grab a pen and paper, buckle up, and let’s get to learning!

Types of Sports Bets

When most people first get started in sports betting, they usually think it’s only about picking the winner of a game. Most of them don’t realize that that is only a small portion of the betting options you have. Nowadays, thanks to the growth of the industry, you can bet on pretty much any aspect of a game or sport that is measurable. This betting flexibility is not only awesome from an entertainment standpoint, but it provides a lot of great opportunities for you to make more money with all of your predictions.

To help get you started, we’ve compiled a list below of all of the types of sports bets that you need to know. Take the time to read through each of these guides and make sure you fully understand each bet type that is available to you. Whether you choose to use all of these or not, it’s important to know what exists in case you run into some knowledge that can make you some money with a bet type you don’t normally make.

Types of Bets

Betting Flexibility – Why Different Bets Are Important

We mentioned the term “betting flexibility” once already, but we really haven’t gotten into what it means and how it affects your sports betting strategy. In the old days, your only option was betting on the winner of the game. This meant that if you had knowledge or a prediction that did not directly affect who the game winner would be, it was worthless.

If you had a prediction that a certain player was going to do well but you weren’t sure how it would affect the final score, it was worthless. If you knew the game was going to be super high-scoring but had no idea who the eventual winner would be, it was worthless. Sports betting in the old days lacked flexibility. It was a rigid system where picking winners was your only option.

This all changed, though, as technology and the internet helped the sports betting industry to grow and evolve. You now have the ability to bet on pretty much anything that can be measured during a game, match, fight, or season. While this obviously adds a new layer of fun and excitement to betting, it also adds new money-making opportunities.

Let’s say that you believe that a game is going to be exceptionally high-scoring, but you have no idea who is going to win the game. In the past, that information did you no good. Today, though, you could bet the over on a game and cash in on your prediction. What about if you think that a certain player is going to have a big game, but you don’t know if the team will win? Again, in the old days, this was worthless. Today, though, you could place a prop bet on that certain player to have a big game.

If it’s football, that might be on how many touchdowns, catches, yards, or completions they have.

If it’s basketball, it might be how many points they have. These prop bets exist now in almost every sport that wagering is offered on.

This flexibility not only ups the fun factor for recreational bettors but increases the avenues you can take as a serious sports bettor to make more money with your knowledge and predictions.

Complexity Does Not Equal Profitability

One of the worst things that you can do is start making new bets just because you feel like you have to. Here’s something you have to know: the complexity of the bet type has nothing to do with the likelihood that you’re going to win the bet. In fact, the more complex the bet is, the less likely someone is to win it based on the fact that more people aren’t going to understand what they are betting. Regarding the odds, though, it will not be different.

You do not receive super-secret special odds when you make a more complex sports bet. You can be a successful professional sports bettor and never touch anything but a simple moneyline bet or a spread bet. In fact, a large chunk of professional gamblers do just this. Instead of focusing on using complex bet types, they focus on making great picks with the simplest of bet types. The money from those simple bets is just as real as the money you get from an overcomplicated sports bet.

The point we are trying to make is that you don’t have to use all the different bet types just because they are available. If you have an instance where you need to use them, go for it. Or, if you just happen to need them constantly for your particular betting strategy, that’s okay, too. As long as you aren’t forcing different bet types just to mix things up or because you think it does something special for you.

You see, a lot of sports bettors get wrapped up in the “looking and sounding cool” side of sports betting. They think that walking the walk and more importantly talking the talk will somehow make them more likely to win. They seem to get a rise from spouting off the complex and tricky bets that they’ve decided to make. They discuss crazy parlay bets and wild props strung together in a way that confuses anyone listening. Confusing their audience makes them feel like they are smarter and a cut above everyone else.

The problem, though, is that only makes you look cool for so long. Eventually, if you’re not winning, you’re going to have to confess that you don’t have any idea what you’re doing. People who truly understand sports betting are not impressed by the people that can talk the talk, but more by those who can show winning results. If all you make are moneyline bets and you are crushing, you’re going to be a superstar in our book.

In reality, it doesn’t matter what anyone else thinks of you. All that matters is that you’re making smart bets and winning.

Make Sure You Fully Understand Things Before You Bet

For those of you that do choose to utilize this betting flexibility, it is imperative that you fully understand the different bets that you are making. The worst thing that you can do is make a bet that you aren’t completely sure how it works. Additionally, you need to check with the betting sites you are wagering with to make sure they don’t have any special rules that you aren’t aware of. This is usually more for the prop bets, parlays, teasers, and pleasers. 99.9% of sportsbooks in the world are going to treat moneyline bets, spread bets, and totals bets the exact same. The other bets will usually be treated the same, but we have seen some instances where things were different specifically when it came to how they treated ties.

Just as we advise you never to bet on a team that you aren’t an expert on, you shouldn’t be placing bet types that you don’t fully understand. This is like a surgeon doing surgery with tools that they don’t know how to use. It’s dangerous, and it’s going to cause problems. Luckily, you won’t kill anyone by incorrectly using bet types, but you will most likely put your bankroll on life support.

It doesn’t take you long to get acclimated to the different types of sports bets available to you. There really aren’t that many, and most of them aren’t that complex. We’ve provided all the information and resources you need in the sections above. You just need to take the time and put in the effort to advance your sports betting career. A good foundation of knowledge is the key to being successful in the industry.

How to Choose the Right Bet Type: Predictions Before Bets

The age-old question of which came first, the chicken or the egg, has plagued intellectual thinkers for years. The not-so-old question of which comes first, the bet or the prediction, is one that shouldn’t be plaguing anyone after you get done reading this section. You see, many sports bettors plan their bets out starting with the bet type. They’ll usually say something to the effect of, “All right. I’m probably going to bet the spread on this next game… Not sure which side I’m going to take yet… Need to do some research first.”

The problem with this is that it can lead you to make the wrong type of bet and you can miss out on some other bet types that might be profitable. Your better course of action is to predict everything you can about the game, including the score, the chance of winning, how the game flow will go, and which players will excel. Once you have all of this information, then you should be looking at what types of sports bets you should be making. You may find that the original type of bet you wanted to make is not optimal for the predictions you have.

The Wrap-Up

By now, you should feel much more confident about stepping into (or logging into) a sportsbook to place some bets. Remember, betting flexibility can help your bottom line immensely as long as you utilize it properly. If you’re content keeping it simple and sticking to one or two bet types that you like, awesome. If you’re someone who likes to mix things up and has a lot of predictions that require that flexibility, awesome.

The takeaway is that we want you to choose the bet types that work best for you. Find the strategy that gives you the biggest edge and the best chance to turn a consistent profit. Remember, you can always bookmark this page if you want in case you want to get into some other types of sports bets down the road. Whatever you do, make sure that you fully understand the bets you are making and what you need to accomplish for those bets to pay off. There is nothing worse than making a bet with great information and losing because you accidentally made the wrong type of bet.

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Given the huge scale of international sport and the healthy competition between bookmakers there has never been a greater choice for punters in terms of the array of bets on offer.

Bookmakers and regular bettors refer to sports as markets. Some of the most popular markets for punters in the UK, for example, are football, tennis and horse racing. Meanwhile, there is also plenty on offer for bettors in sports such as boxing, cricket, cycling, darts, F1, golf, greyhounds, MotoGP, rugby league, rugby union, snooker and UFC.

In some countries there is more interest in betting in more niche sports such as handball or volleyball, whilst there are plenty of punters around the world betting on U.S. sports such as American Football, basketball, baseball and ice hockey. Intriguingly, betting on Esports is one of the fastest growing markets for bookmakers internationally.

Types of bet

In addition to the vast amount of sporting activity there is to bet on nowadays there are many types of bets available across those sports. Let’s take a look at some of the main types of bets that bookmakers offer to customers:

Single bet

A one-off bet on the outcome of a single event. This could be a win only bet on the first horse past the post in racing or on a football team to win a match.

Win

The punter backs their selection only to win the race, match or competition.

Place bet

Here the punter is staking money on a selection to finish first or in the top places in a race or competition. This could be the top three in a horse race or for a football team to ‘at least’ make the final in a cup or tournament. Place terms differ from race to race and event to event.

Each way bets

Here there are two bets being placed, so it can be said that there are ‘two stake units’. One stake unit is on the selection to win outright and the other is on a place finish. The stake is essentially doubled and split across the ‘win’ and ‘place’ wagers in an each way bet.

Multiple bets

In simplest terms multiple bets are wagers on two or more outcomes. A double bet could include two selections to win separate races, whilst a treble could be three win singles grouped together in one bet. With accumulators things get even more interesting – and harder to predict – with four, five, six or an even higher number of outcomes being bet upon. Returns can be much higher in multiple bets as winnings from the sequence of bets are staked on the subsequent bets along the chain. However, if any of the selections are incorrect the entire bet is unsuccessful.

Forecast betting

Here bookmakers offer punters the opportunity to predict the finishing order of the top two or three finishers in a race, league or event.

Straight forecast bets

Sometimes referred to as a computer straight forecast, or more concisely a straight forecast, in this type of wager the bettor names two selections to finish first and second in a race or event, in a specified order. You could back Horse A to finish first and Horse B to finish second. You might want to back Manchester City to win the Premier League and Chelsea to finish second. Unless the exact outcome is predicted correctly the bet is lost.

Reversed forecast bets

In this bet you predict the first two finishers but you do not have to specify the exact order you think they will finish in. So here you might back Real Madrid and Barcelona to be the top two at the end of a Spanish La Liga season, without having to predict which one will win the league. Or in horse racing it could just be the first two horses past the post, without specifying the order. This bet usually requires two stake units.

Combination forecast

This is a bet on three of more selections to finish in first and second - in a specified order - in a race or event. So this is a combination of straight forecast bets. Thus there are multiple numbers of unit stakes and multiple bets being placed. For three selections – let’s say horses A, B & C - it would require six bets (the top two predicted in the correct order as AB, BA, AC, CA, BC or CB) to cover all the possibilities of their possible top two finishes. If any other horse finishes in the top two the bet is lost. If the punter wants to bet on four selections to finish in a specified top two order this requires 12 bets, for five selections it’s 20 bets and so on.

Tricast bet

Similar to a straight forecast but involves three selections and predicting their exact finishing order, first, second and third. There is one unit stake and this type of bet is usually only available when there over a specific number of runners or participants in a race or event; e.g. eight horses in a race or five greyhounds in a race.

Combination Tricast

This bet involves naming three or more selections to finish first, second and third in the specified order in a race or event. Again we are talking about multiple bets in one, so there are six bets on three selections, 24 bets on four selections, 60 bets on five selections and so on, to cover all the permutations. Multiple stake units are at play.

Full cover bets

These are bets which combine all the potential doubles, trebles and accumulators over a specified number of selections. You could consider a double a full cover wager with only two selections.

Trixie

This is a full cover bet on three selections, comprising three doubles and a treble, so four separate bets. To gain a return the punter must be correct with at least two selections. More elaborate bets such as a Yankee, Canadian, Heinz, Super Heinz and Goliath fall into the full cover bet category and we have specific descriptions on all of these bets available via the menu above.

Full cover bets with singles

Similar to the full cover bets mentioned above but with single bets also in the mix.

Patent

The same as a Trixie but with three singles added to the combination. In a patent there are seven separate wagers being placed: three singles, three doubles and a treble. Additional full cover bets including singles include the Lucky 15, Lucky 31, and Lucky 63 - which are also all covered in our individual guides on those bets.

Additional types of bets

For descriptions of wagers such as an Alphabet, Round Robin, Flag and Super Flag check out the comprehensive guide to each, as listed via the menu above.

Types Of Bets For Preakness

Market variety

Types Of Bets On Horse Racing

Depending on the market you are betting on - and the bookmaker you place your wagers with - you will also find various options for handicap betting, ante post odds, live betting and betting exchanges.

With handicap betting the concept is pretty straight forward. On a football match you might see the following odds on offer: Team A (-2.5) 4/5. Draw 3/1. Team B (+2) 2/1. Team A are the favourites to win the match and have home advantage, so if you bet on them to win with a handicap start of minus 2.5 goals they must win by three goals in order for you to win the bet.

If you think the home team will only win by one goal you can back Team B, the away team, to ‘win’ with two goals added to their final tally in the match. If they win, draw or avoid defeat by less than 3 goals, you have won the bet.

Types Of Bets In Craps

There are handicap bets available in lots of sports. In rugby you can back a team to win or lose by over or under a specific number of points or in darts a player to win by a certain margin of legs. It just means there is more to bet on than simply which team/player selection will win or whether the match will be a draw.

Ante post odds allow you to bet on races well ahead of time and potentially get better odds than you would closer to the race. You are essentially also betting on your selection to stay fit, in form and to be selected to take part in the race.

Live betting – Betting In Running (BIR) or Betting In Play (BIP) – adds further interest to watching live sport. As you see how a match is unfolding you can bet on which tennis player will win the next set, for example, or in football you could bet on the next goalscorer, if you see a player who is looking particularly threatening.

Meanwhile, betting exchanges, such as Betfair, allow customers to trade bets with each other. The customers can offer each other wagers. Traditionally bookmakers offer odds, then ‘lay’ bets, offering money to the customer in the event that the punter’s bet is successful. On betting exchanges customers place and lay wagers against each other. Sometimes odds are restricted to certain limits, but often customers can find very competitive odds on betting exchanges.

Free bets

Lastly, always look out for offers on free bets if you are new to betting. Bookmakers often provide introductory offers to encourage new customers to sign up, so this can be an easy way to test the water with your first bet. Often the stake is limited or specified – such as a ‘free £10 bet’ – so if you want to place more on a selection the offer is not for you. There are other conditions too, such as free bet stakes not being returned with winnings, so check with any individual bookmaker on the terms of your free bet.

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Types Of Bets On Horses

Types Of Horse Bets