The whole betting process can be a bit overwhelming for new sports bettors. There are so many different types of wagers to learn. After you read this guide to the types of bets, you will no longer be confused as to how to bet on sports.
Every sportsbook offers multiple types of wagers for most sporting events. So, after choosing a betting app, once you get logged in and make a deposit, you’ll see a list of games and matches with various wagers. On events such as the Super Bowl, there are literally hundreds of different types of bets you can place.
On most sporting events, however, you’ll find standard betting types that we are about to explain. Here’s a list of all of the wager explanations you’ll find on this page along with examples.
How Do Sports Betting Odds Work?
Effectively betting on sports – turning a profit – requires an understanding of the odds. You can’t win every bet you place. In fact, many great sports bettors lose around 40 percent of the games they play. They don’t have to win them all because over time, if they play the odds correctly, they’ll win.
To help you understand how betting odds work, we created a spreadsheet. The following is based on standard point spread odds. For this example, we’ll use a 2018 Week 17 game between the Chicago Bears and the Minnesota Vikings. We’re betting $110 on the Bears to cover.
Example: Understanding Point Spread Odds
|$10 per $100 wagered
In this example, we needed the Bears to win by at least seven points to win the bet. And if that happened, we turned a $100 profit. Fortunately, Chicago came through with a 24-10 victory to cover the spread.
The point spread line (-110) is in place to help the casino turn a profit. If the sportsbook offered even money on this type of wager, they wouldn’t turn a profit. Let’s say $500,000 is bet on the game, half on both sides, the casino would pay $250,000 in profits to one side and collect $250,000 from the other for a break-even game.
That’s where the juice comes into play. When the casino gives less than even-money odds, if they get even bets on both sides, they automatically come out ahead.
Understanding the Different Types of Sports Bets
We’ve already discussed the basics of betting the point spread, which is the most standard form of betting on football and basketball. When you bet the point spread, you don’t care if a team wins or loses, only that they cover the spread.