Sports betting is a competitive industry that has expanded in recent years. Bookmakers are constantly looking for ways to scale activity and motivate people to bet sport as often as possible. A key element of success is the diversity of betting options. Below, we’ll explore the main markets and betting types.
Flyers Trevor Zegras (left) celebrates the Flyers go-ahead goal by Christian Dvorak (not pictured) – Photo by Jack Lima
What are betting markets and their main categories
A betting market is a particular outcome or event on which a player can bet. Any match contains multiple markets. It gives players the freedom to predict outcomes.
If you bet sport and select a football match, you’ll have markets such as match result, player to score, and correct score. Bookmakers use mathematical modelling, statistical data, and market conjuncture to set odds for each market. These odds demonstrate the event probability and the potential payout.
The modern market offers hundreds of betting options, but each falls into three main categories.
- Single bets. These are simple wagers on an outcome. The bettor wins if their prediction is correct. These bets are optimal for beginners. They enable bettors to understand how odds and payouts work.
- Combo bets. These combine two or more outcomes in a single bet. To receive a payout, all predictions must be correct. The potential return increases with each additional outcome, but so does the risk.
- System bets. These allow you to place multiple combinations of selections on a single ticket, allowing you to receive payouts even if not all your bets are correct.
You can practice with free bets to understand the principles of placing bets and calculating payouts.
The most popular bet types
If you’re new to bet sport, it’s important to understand the bet types. You don’t need to memorize every detail, but it’s helpful to have a general idea.
- Money line. It is the simplest option. Users bet on who will win a game or event, and the score doesn’t matter.
- Point spread. The bettor chooses not only the winning team, but also the points or goals they will score by.
- A total or over/under bet means the user isn’t betting on a team. The wager generally centers on predicting if the total score of teams will be over or under the set number.
- Double chance. This wager allows you to bet on multiple outcomes. It reduces risk but also decreases potential winnings. Double chance bets are best suited for matches with close scores, where it’s difficult to predict the winner.
- Handicap bets. These give one team a virtual advantage or disadvantage to offset the perceived strength difference.
- Asian handicap. It eliminates the possibility of a draw and adds adjustments of half or quarter goals, for example, +1.5 -2.25.
As we can see, users who want to bet sport have significant potential. Some bets are simple, while others are complicated. Beginners should focus on moneyline and point spread. If you’re looking for high-risk bets with high profit potential, try out accumulator bets. Remember that the more outcomes you add, the lower your chances of winning.
