Betting is performed through Sportsbooks (US) or Bookmakers (UK) entities that accept bets. You can bet on the outcome of several sporting events, such as for example; Baseball betting, Basketball betting, Football betting, Tennis betting, Hockey betting, Snooker and Soccer betting games.
To place a sport bet, you go to a sportsbook, physical or online. You could also bet over the phone with many sportsbooks. Remember that a sports book or sportsbook isn't exactly like an oddsmaker. The sportsbook simply accepts sports bets. An oddsmaker is really a one who sets the sports betting odds.
It is advisable to state what you are betting on by making a selection, the type of bet and the amount you're wagering. Your selection will obviously depend on the odds offered, and that means you would 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.
Here is the simplest and most common bet. You bet on a winner at given odds.
Point Spread.
This bet lets you bet on successful from two selections who've been made equal by allocating appropriate points to the underdog team. The Point Spread is the amount of points allocated and is shown with a + sign for the favourite and a - sign for the underdog. The favourite has to win by a lot more than the Point Spread so you might 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 that you should win. If the favorite wins by the exact Point Spread, then it is a push or perhaps a tie. You get your bet back. To eliminate a tie result, the oddsmakers sometimes include a half point spread. Since scores use full numbers only, one team has to win outright.
Buy Points.
Also, to buy TIPS. Move the Point Spread favorably at a cost.
The Money line.
This establishes the chances 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 favourite. Say team A 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 each and every $180 without a doubt on A you'll win $100 or lose $180, but also for every $100 without a doubt on B you'll win $120 or lose $100.
Total.
A bet for the number 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 the two teams in the game will be Over or Under the total set by the oddsmaker.
Parlay or Accumulator.
A multiple bet. A kind of 'let-it-ride' bet. Making simultaneous selections on several games with the intent of pressing the winnings of the first win on the bet of the next game selected, etc. All of the selections made must win that you win the parlay. In case 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 like a parlay, but with the option to include or subtract points (called 'moving the line') from one or even more Spread bets. When betting a teaser additional points are either added to the underdog or subtracted from the favorite. The odds vary in line with the number of points the spread is moved and the amount of teams combined to form the teaser. As in the parlay, all selections must win for the teaser to win. Teasers odds are usually worse compared to the parlays.
If-wager.
A bet which allows the bettor to make a second wager, around the same amount, pending a win on the first selection.
Open Wager.
Open wagers permit the bettor to play teasers or parlays creating a selection at different times and even different days.
Future.
A bet on a future event. In the beginning of each season, the sportsbooks hand out odds for teams to win a particular championship. The chances change as the game date approaches and in most cases get shorter, but in the event that you win you get paid at the initial odds that you took. That is possibly one of the profitable bets when you have considerable knowledge of the sport you are betting on like the players, and a good sense of judgment.
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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 just about 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.