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US Gambling Sites / Betting Guide / Types of Bets Guides: The Different Betting Types To Use Online

Types of Bets Guides: The Different Betting Types To Use Online

Sports betting is massively popular across the world. You have access to dozens of different sports, with countless markets available for each of these options.

In this day and age, there are a staggering amount of different types of bets you can place. In addition to the traditional betting types like outright winner and handicap betting, you can place bets on individual players to score a touchdown or have a certain amount of catches. This guide walks you through some of the most popular betting types on the market today.

Famous Betting Types

While there are dozens of different betting types available to you depending on the given event, some are more popular than others. Here are 10 of the most popular betting types in this day and age.

Each Way Bet: Cover your bases by betting on your selection to place as well as win

each way bet

There are two parts to an each way bet. There is a Win bet and a Place bet. These bets are of an equal amount and are for the same selection. This type of bet was first made popular in horse racing. The win portion of the bet naturally is based on the horse winning race.

The Place portion of the bet is successful if the horse finishes inside the place positions. The number of place finishes offered depends on the race, with usually 4 or 5 places being paid out by the operator. When placing a $10 each way bet, your stake will be $20 in total. It is a $10 bet on the horse winning and a $10 bet on the horse placing. Most sports allow each way betting in certain markets. For example, if you are betting on who will score the most touchdowns in the NFL season, you can place an each way bet and you will still get a return if the player is in the top three of the rankings come the year end.

Accumulator Bet: Win big with small stakes

draftsking-parlay

The accumulator bet (also known as a parlay bet) sees you combine five or more selections into a single bet. For this bet to be successful, you need every selection to win. While the odds are lower than most types of bets, the rewards are potentially massive. There are constantly stories about players winnings hundreds of thousands of dollars from an accumulator when their initial stake was only a few dollars. The types of events you can have as part of the accumulator depends on the specific operator. Certain operators for example might not allow you to mix selections together from different sports.

Goalscorer Bet: Bet on specific players to score

goalscorer-bet

The goalscorer bet can come in a few different forms. Effectively, you are going to be betting on a certain player scoring in a given game. There is a First Goalscorer market whereby you are betting on a given player to score the first goal in the game. You also have an anytime and Last Goalscorer market, which are self-explanatory. Usually, you will get good odds for first goalscorer bets, with anytime goalscorer odds being more conservative.

4. Handicap Betting: Get better odds when betting on strong favorites

handicap-betting

Handicap betting is a popular bet type in most sports. It gives one of the sides a handicap that they need to beat in order for you to win your bet. This is usually a popular bet option when there is a strong favorite in a given game. Therefore, for a football game if the clear favorite that has short odds can be given a handicap of a goal or two and then you can have a bet at longer odds. There are different types of handicap betting including split handicap, single handicap, level handicap and Asian handicap.

Spread Betting: Make more when your selection wins by more

spread-betting

Spread betting in sports will see a bettor place a bet on whether a certain outcome in a sports game will be greater or fewer than the outlined spread. The amount of profit or loss that you make depends on the extent of the result. For example, if you are betting on an NFL game and your team beats the spread, you will make a profit that is determined by how many points they win by. The more points they win by, the more profit you make. The opposite is also the case if the bet goes against you. Therefore, you are liable to lose more money than you initially staked with sports spread betting. This is a game type that can be dangerous for players if they are not careful.

Live Bet: Place bets in the middle of the live sporting event

bet-mgm-live-bet

Live betting is becoming more popular as the years go by. The advent of smartphones made this possible, as people can place bets instantly from their mobile devices no matter where they may be. People can react to what is happening in a game and place a bet accordingly. For example, they may place a bet on a given team to score the next touchdown. This is a great way to make a game more exciting when you are watching it.

Lay Betting: Bet against an outcome from happening

lay-betting

Lay Betting is a form of betting where you bet against something happening. For example, if you don’t think that the New England Patriots are going to win their game, you will make a lay bet against them. You are betting on them either losing or drawing. Most regular sportsbooks don’t offer this lay option, but it is popular on sports betting exchanges.

8. Double Chance Bet: Eliminate the potential of a draw ruining your bet

bet365-double-chance-bet

This type of bet gives you the ability to make sure you cover two of the three outcomes in a given game. You can bet on a team to win the game or to draw the game. The double chance bet is effectively the opposite of a lay bet.

9. Draw No Bet: Provides insurance in the case of a draw

draw-no-bet

The draw no bet will see your stake being refunded if the event you are betting on ends in a draw. You will be backing one of the participants in the fixture to win the game. You will therefore only lose money with this type of bet if the opposition wins the game.

10. Yankee Bet: Combine numerous multiple bets into one

yankee-bet

yankee bet is made up of four selections and comes together to make 11 separate bets. This includes 6 double bets, 4 trebles, as well as a single fourfold accumulator. A $1 Yankee is going to cost you $11. This is a popular way to combine numerous selections into one with having some form of insurance in case one or two of these selections are not successful.

Take your pick

As you can see, there are many different markets for sports betting. You will be able to keep matters fresh and interesting, as well as discovering certain niches where you seem to make the most profit. Getting started exploring these markets is very exciting and we have already reviewed the best sports betting sites for you. Therefore, you should get started trying out these markets today and see where they can take you.

Betting Types FAQs

💰What type of bet allows you to win big from a small stake?

Accumulators are very popular among players because you only need to stake a very minimal amount and obtain massive odds. The more selections you add to an accumulator, the greater the odds are going to be. You can stake as little as a dollar and be in with a chance of winnings thousands of dollars if your accumulator is a success.

❓What are the riskiest type of bets?

Sports spread betting is the riskiest type because you can lose more than you initially staked. This is because for spread betting, the amount you win or lose depends on the margin of the result.

⚡What are the most exciting types of bets?

If you are watching a game and want to make it more exciting, then placing a live bet on one of the available markets is a great way to achieve this. You can bet on the likes of the next goalscorer, the correct final score and much more.

🤔 What are good bets to hedge your bets?

There are a few markets that allow you to minimize the potential downside of your bet. A Draw No Bet option gives you your stake back if the game ends in a draw. A Double Chance bet allows you to cover two of the three potential outcomes of a game.

🥇What is the best way to bet on strong favorites?

Handicap betting will be your port of call if you wish to bet on a strong favorite. This will give the favorite a penalty before the game begins that they need to overcome in order for you to win your bet. This will give you much better odds than if you were backing them outright.

References

  • https://www.grandviewresearch.com/industry-analysis/sports-betting-market-report (Sports betting market size, share & trend analysis: grandviewresearch.com)
  • https://www.quora.com/Which-type-of-betting-has-the-highest-win-rate-soccer-betting (Which type of betting has the highest win rate? - quora.com)
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