Types of Sports Betting

Sports betting is one of the most popular forms of gambling. It has been around for a long time and works on any type of sport you can think of. Horse racing, football and tennis are the most popular sports punters bet on every day.

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However, there are also country-specific sports such as ice hockey and rugby that thousands of punters bet on.

Additionally, most bookies also have a variety of special markets in their offer, covering upcoming political events or major award shows.

types of sports betting
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How to Get Started?

Before you enter the world of sports betting, you need to learn some basic rules first. It’s probably the easiest form of online gambling since you’re betting on the outcome of a match.

That doesn’t mean it’s a breeze, though. There are many possibilities of how a sports match may end, and we’re not only talking about the final outcome. In fact, sports betting has hundreds of markets (depending on the event) you can wager on that are quite lucrative and simple to understand.

Even if you’re not a sports fan, you surely know at least the basics of sports betting. This is everything you need to get started. However, aside from the full-time winner market and regular 1×2 bets, there are many other types of wagers you can place on a sports match, and they can be confusing.

Once you learn what’s what, though, you’re more likely to bet in the alternative markets rather than the standard ones. Alternative betting markets often offer much better odds than the traditional, so it’s a good idea to learn more about them before delving deeper into sports betting.

Different Types of Sports Betting Explained:

Also known as the traditional form of sports betting, fixed odds betting is essentially betting on the winner. The term fixed odds is pretty self-explanatory – you’re wagering on odds that the bookie has set. If your selection wins, you will be paid on those agreed odds, no matter if they changed in the meantime.

The selection and stake are what’s most important here. The selection refers to the choice you can make – for example, if Real Madrid and Barcelona play and you pick the latter, Barcelona to Win is your selection. Of course, it doesn’t always apply to single to a team or an individual – in fact, there are different types of wager in sports betting.

The stake, on the other hand, is the amount you place on a wager. Most bookies have minimum and maximum limits set for a stake, limiting your potential wins.

Read more about Fixed Odds Betting

The name explains it all. Live betting is the opposite of fixed odds betting, with odds that are ‘live’ while the match is in play. Also known as in-play betting, live betting has become a favorite of many punters in recent years thanks to the excitement it offers.

What does live betting mean? Well, it features odds for sports events that change depending on how the match goes. Unlike fixed odds betting where the bets are placed before the match starts, you can bet during the match with live betting. As you can imagine, it opens up a world of possibilities depending on the course of the match. This is what makes live betting so exciting and why online bookies are starting to warm up to the idea.

Additionally, live betting offers special markets not available elsewhere. For example, if it’s a football match you’re betting on, you can wager on who’s going to score next after one of the teams open with a goal. You can also bet on the time the goal comes or try predicting which team gets the next corner. All of this creates an unparalleled experience you simply won’t get with fixed odds or any other type of sports betting.

Read more about Live Betting

Exchange betting is essentially betting without a third-party involved, in this case, the bookmaker. Instead, the betting’s done between two bettors at fixed odds. One bettor backs a selection, while the other one lays it – those who do are the bookmaker in this case. If the backer’s selection wins, he’s paid out by the layer – if he gets it wrong, the layer gets the money.

Although it might sound confusing for beginners, exchange betting is pretty simple once you learn the basics. It’s still not a popular choice – in fact, there are many countries where it doesn’t even exist. In bookmaker shops or online betting sites where it is available, you’ll find backing and laying odds you can wager on. The process is the same with a complex betting system calculating the potential payout on its own.

It’s a great way to make money on fixed odds. However, as it’s harder to predict what exactly is going to happen in a match, sometimes betting on what’s not going to happen. Bettors usually prefer this option and usually avoid laying at high odds. We wouldn’t recommend exchange betting to beginners, but you can try it simply for the change of pace.

Read more about Exchange Betting

Spread betting may look pretty challenging for a beginner, but it’s quite an interesting and profitable way of betting. It generally applies and works best for matches with many points such as basketball, but it can be used in other sports too. Spread betting is popular in the USA and Europe, but it’s not as accepted as other types of betting. It’s not even considered a traditional way of betting and it has a bit of a steep learning curve. Get the hang of it quickly, though, and it can end up being very profitable.

It has a few negative sides as well. For starters, it’s highly volatile and a bit too complicated for beginners. Once you master it, though, you’ll fall in love with it.

The first thing you need to learn about spread betting is that the amount you can potentially win isn’t based on odds. In this case, it’s based on how accurate or wrong the wager is. The bookie will announce the spread based on the fact of what they believe will be the most likely result. For example, it can be the number of total points in a basketball match or the total number of goals in a football match. For example, you might see Total Goals – 1.5-2.2. The former is the selling price, while the latter is the buy price.

Of course, the match can’t end with a decimal number of goals. It will end with a total of fewer than 2 goals, 2 goals exactly or more. It’s a little like betting in the Over/Under market, although without the odds. The decimals in the spread are used to calculate the payout. For example, putting $10 on a 2.1 spread means that we need 3 goals in the match to win. If that happens, then we simply deduce the price from the total goals, in this case, 3-2.1=0.9. Now, we multiply our $10 wager by 0.9, getting to a payout of $9. The higher the number of goals in this particular scenario, the higher the amount we’ll win.

See? It’s not that hard. If you’re a beginner we’d suggest going with small stakes. Spread betting will take some time to get used to, so don’t waste all your money on it. Once you master it, though, you can make a lot of money off it.

Read more about Spread Betting

Pari-mutuel betting is kind of like exchange betting. It eliminates the need for a bookie and pays the winnings from a shared pool. Bettors can place bets against each other, forming a pool that is shared between the winners. It is generally used in horse and greyhound racing, but it can be used on other sports events as well.

Pari-mutuel betting is not as widespread as the other types of betting, but it’s legal and regulated in every country. The payout depends on the number of wagers and the number of winners as well. It’s not a simple type of betting, yet it can be pretty fun and profitable as well.

When the betting is done, all the money goes into the pool, with the house taking a small cut. After the provision has been made, the number of winners at the end of the event determines the share they get. The more money in the pool, the bigger the share.

The potential payouts in pari-mutuel betting can be huge. This, along with the fact that it’s a unique way of betting, makes it a hit with punters.

Read more about Pari-Mutuel Betting

Other Types of Sports Betting

This is just a fraction of the types of sports betting. Sports betting is a huge branch of gambling and features numerous types of bets and an even higher number of markets. Because of this, we strongly suggest exploring all your options. Don’t stick to fixed betting – it often isn’t as profitable as the other options.

Take small steps forward and manage your bankroll and always go for the best option. The more you learn, the better you’ll become at sports betting. Once you master it, you will see that the range of bets and markets can be quite profitable.

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