Exploring Different Types of Sports Bets: From Moneyline to Parlays

People have been betting on sporting events since the Bronze Age, but sports betting has become an increasingly popular pastime activity in recent years. More and more people are looking to add excitement and potential profit to their favorite sports events. In fact, the global sports betting and lottery market size in 2021 was 194.63 billion US, making it one of the largest industries worldwide.

However, for beginners, the world of betting can be confusing and often overwhelming, especially as there are so many different types of bets available that you might get to a point where you don’t even know what all those numbers mean. We believe that it’s essential to understand the basics before diving in in sports betting at the no limit bookmakers of your choice, which is why we’ll guide you through the main types of bets, from the classic moneyline to the thrilling parlays and live betting.

Moneyline Bets: Just Pick Who Will Win the Game

The moneyline bet is the most straightforward and the most commonly used type of sports bet. All you have to do is guess the winner of a game or match correctly, regardless of the point spread. The odds for each team or player are assigned by the sportsbook and they indicate the potential payout. For example, if the odds for Real Madrid to win against Barcelona are +150, it means that a $100 bet on Madrid will get you a $150 profit. On the other hand, if the odds for Barcelona are -150, you would need to bet $150 in order to win $100.

Let’s take an NBA game between the Los Angeles Clippers and the Boston Celtics as an example. If the Clippers have odds of -200 and the Celtics have odds of +180, it means that the Lakers are the favorites to win, and you would need to bet $200 on them to win $100. On the other hand, a $100 bet on the Celtics, which in this case are the underdog, would get you a $180 profit if they win.

Parlay Bets: Combine Multiple Bets on One Bet

Parlays, or accumulator bets, mean combining several bets into one, with the condition that all the selected bets must be correct for you to win. What’s the point of this? Well, the odds of each leg in the parlay are multiplied, so if you win – you win big.

Let’s say you wish to place bets on three various NFL games: the Kansas City Chiefs vs the New England Patriots, the Green Bay Packers vs the Seattle Seahawks, and the San Francisco 49ers vs. the Dallas Cowboys. Instead of betting on each game individually, you can create a parlay by selecting the winners of all three games. If all your selections are correct, the odds for each game will be multiplied together, resulting in a substantial payout.

However, if any of your selections in the parlay bet is incorrect, the entire bet is lost, which is why parlays are considered high-risk, high-reward bets.

Point Spreads: Level the Playing Field

In point spreads, you’re betting on the margin of win of the team of players. They’re usually used in sports like basketball or football, where one team is the clear favorite.  The sportsbook assigns a point spread to even out the odds and make the game more interesting for bettors. Of course, the odds are lower when compared to moneyline bets, and the point spread represents the number of points by which the team is expected to win.

To explain this further, let’s consider an NFL game between the New England Patriots and the Miami Dolphins. The sportsbook might assign a point spread of -6.5 for the Patriots, indicating that they are expected to be winning by 6.5 points minimum. However, the Dolphins would have a point spread of +6.5, meaning that they can either win the game or lose by less than 6.5 points for a bet on them to be successful.

Over/Under Bets: Predict the Total Score

In Over/Under bets, also known as Totals bets, you’re not betting on which team or player will win the event, but whether the total combined score of both teams will be over or under a specific number set by the bookie.

For example, in an NFL game between the Cincinnati Bengals and the Washington Redskins, the sportsbook might set the line for Over/Under bets at 47.5 points. If you think that it will be a ‘scorefest’ and both teams will score more than 47.5 combined, you would bet on the Over. If you think that both teams’ defenses will shine, or that there won’t be too many points scored in the game, you can bet on Under. The odds that bookmakers offer for both Over and Under are often the same or very similar

Live Betting: Bet After the Game Has Started

Live betting, also known as in-play betting, allows you to place bets on a sports event while it is in progress. Sportsbooks provide real-time updates and odds for the event, and you can watch the game live, make a decision, and place a bet immediately. For example, if you’re watching an EPL game between Liverpool and Manchester City and notice that the Reds have been dominating possession and creating numerous chances to score, you can bet on them to score the next goal.

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