Different Betting Types To Learn

With many states legalizing sports betting over the last few years, it only makes sense that the amount of people just getting into it has grown. But some people may have issues with figuring out what the differences are between some of the most popular betting types and which ones you want to take part in.

Moneyline Bets

This is probably the most well-known bet and the easiest way to get started, as this has only 2 (sometimes 3) possible outcomes. You place a bet on the team or player (depending on the sport) that you believe will win. 

There are a few terms that you may encounter when getting into a moneyline bet, and these include; the favorite, the underdog, and an even / pick ‘em.

The favorite is the player or team that is most likely to win; in order to win $100, then the bettor would have to bet $150. They are always marked with a minus sign (-).

The underdog is less likely to win, but the bettor would have a higher payout if they do win. For instance, if they wagered $100, then they would win $150 with a total of $250. The underdog is represented by a plus sign (+).

Even and/or pick ‘em means the teams are so similar in skill level that the sportsbook will price them equally, so no matter what, the bettor is able to make the same amount no matter who wins. 

Within moneyline bets, there are three different outcomes; a win, a loss, and a draw / draw no bet. 

Win means bettors chose the right team or player. Loss means bettors will lose the money they wagered as the team or player they chose was wrong. Lastly, draws mostly occur in European soccer matches. When this occurs, bettors will only win if they selected a draw as the outcome; otherwise, they lose their wager.

Point Spread Bet

This is a common type of bet as it is based on the point margin instead of the actual final result. Similar to the moneyline bet, a favorite is represented with a minus sign, while the underdog is shown with a plus sign. The spread can range depending on the sport and home-field advantage by one to three points. If the bettor chooses the favorite and the favorite wins with an amount greater than the point spread, then the bettors can collect.

If the bettor chose the underdog and they outright win, or even if they lose as long as the margin is less than the spread, the bettor wins. If the favorite wins with the exact amount of points to the spread, then the bettor is able to receive their wager. A key term to know is the ‘hook,’ which refers to a half point that can change the trajectory of the game.

Points Betting

This is similar to point spread betting, but it’s easier for bettors to make a profit because the more they get right, the more they can collect however it can also be applied to the opposite, where the more that they’re wrong, the more they lose.

In point spread betting, it was the margin that mattered, whereas here, every single point matters as the original bet is multiplied by the number of points in which the spread gets beat.

Betting Types and Specific Sports

Not only are there many different kinds of bets that people can take part in, but sports can have a style that suits them more than others which can impact the style and strategy that you want to take part in. For example, the NFL, which is the most popular way people in the US choose to bet on, has the tendency to use point spread bets. This is because games are most often close calls.

In the NBA, while the spread bet is popular, moneyline and point total bets have become close styles. Within the MLB, moneyline bets are the choice for most, as games are often close. 

Conclusion

After the explanation of a few kinds of bets and what the common ones are depending on the sport, I hope it was helpful in figuring out which ones seem to be appealing for you to try. Spread bets and moneyline are popular for people interested in team performance while betting on totals is for those that lean more towards the pace of the game.

No matter what, you should be able to find a betting style that suits you and matches your favorite aspect of the sport of your choice.