Betting is done through Sportsbooks (US) or Bookmakers (UK) entities that accept bets. You can bet on the outcome of several sporting events, such as; Baseball betting, Basketball betting, Football betting, Tennis betting, Hockey betting, Snooker and Soccer betting games.
To place an activity bet, you visit a sportsbook, physical or online. You might bet over the phone with many sportsbooks. Note that a sports book or sportsbook is not the same as an oddsmaker. The sportsbook simply accepts sports bets. An oddsmaker is really a one who sets the sports betting odds.
You must state everything you are betting on by creating a selection, the type of bet and the amount you're wagering. Your selection will obviously depend on the odds offered, which means you will want to examine the range of odds available before you make a decision.
There are many types of bets you can place. Some sportsbooks may offer more betting varieties and combinations than others. Below is a list of the more common types of bets.
Straight bet or Single.
It is the simplest & most common bet. You bet on a winner at given odds.
Point Spread.
This bet lets you bet on a winner from two selections who have been made equal by allocating appropriate points to the underdog team. The Point Spread is the number of points allocated and is shown with a + sign for the favorite and a - sign for the underdog. The favourite has to win by more than the Point Spread that you should win; otherwise you lose your bet even if the team wins. Inversely, if you bet for the underdog, that team must lose by significantly less than the Point Spread so that you can win. If the favourite wins by the exact Point Spread, then it is a push or a tie. You get your bet back. To eliminate a tie result, the oddsmakers sometimes add a half point spread. Since scores use full numbers only, one team has to win outright.
Buy Points.
Also, to buy Key Points. Move the Point Spread favorably at a cost.
The Money line.
This establishes the odds for each team but inversely proportional to what is a Point Spread, and is indicated by way of a + for the underdog and a - sign for the favorite. Say red 88 is favorite and quoted at -180 and B is the underdog at + 120. The bets offered will be 10:18 odds-on for the favorite, and 12:10 for the underdog. For every $180 you bet on A you would win $100 or lose $180, but also for every $100 you bet on B you'll win $120 or lose $100.
Total.
A bet for the amount of points scored in the overall game by both teams combined, including points scored in overtime.
Over/Under.
A bet that the combined amount of points scored by both teams in the game will be Over or Beneath the total set by the oddsmaker.
Parlay or Accumulator.
A multiple bet. Some sort of 'let-it-ride' bet. Making simultaneous selections on two or more games with the intent of pressing the winnings of the initial win on the bet of the following game selected, and so forth. All of the selections made must win for you to win the parlay. If a game is a tie, postponed or cancelled, your parlay is automatically reduced by one selection; a double parlay becomes a straight bet, a triple parlay becomes a double. A parlay bet can yield huge dividends if won.
Teaser.
It is such as a parlay, but with the option to add or subtract points (called 'moving the line') from one or more Spread bets. When betting a teaser additional points are either put into the underdog or subtracted from the favourite. The odds vary according to the number of points the spread is moved and the number of teams combined to create the teaser. As in the parlay, all selections must win for the teaser to win. Teasers odds are usually worse than the parlays.
If-wager.
A bet which allows the bettor to make a second wager, up to the same amount, pending a win on the initial selection.
Open Wager.
Open wagers permit the bettor to play teasers or parlays creating a selection at differing times and also different days.
Future.
A bet on a future event. At the start of every season, the sportsbooks hand out odds for teams to win a certain championship. The chances change because the game date approaches and in most cases get shorter, but in the event that you win you get paid at the original odds that you took. That is possibly just about the most profitable bets for those who have considerable knowledge of the activity you are betting on like the players, and an excellent sense of judgment.
Exotic Bets.
Betting on unusual events. Some sportsbooks post odds and take bets on a wide selection of other sports related events and activities. Several others will take bets on almost anything you can think about.
Proposition Bet or Prop Bet.
An offer of bets at odds and conditions chosen by the sportsbook, usually on 'Exotic' bets.