Types of Betting Explained: Different Ways to Bet on Sports
Sports betting is defined as a way/activity of predicting the outcomes/results of sporting events and placing a bet/wager on the results. Whereas that does appropriately define what sports betting entails, actually, this term “sports betting” is a bit vague.
It entails very many activities and can be used in varieties of wagers associated with sporting activities.
There are multitudes of sports betting where some kinds are relatively new.
Technology has not only changed how we place our bets, but has also opened modern possibilities for various kinds of betting.
Conventional types of wagering have been around for some time; actually, some have been around for a longer time than the internet.
Today, we’ve different types of sports betting such as fixed-odds sports betting, live betting, exchange betting, spread betting, daily fantasy sports, reverse bets, et al.
Different Types of Betting
1. Fixed Odds Sports Betting
Very few gamblers manage to earn some cash from betting, and only a few still manage to make a living from it. But it’s simple to earn clean and easy money from Fixed Odds Sports Betting.
Fixed Odds sports betting is a convenient way of sports betting, and it’s actually the most popular type of betting.
The term “Fixed Odds” implies both the punter and the betting company have an agreement on the odds before placing the wager.
If the wager wins, the punter is paid on that agreed odds.
As a matter of fact, this is a very straightforward sport betting type.
Simply, it’s a way of wagering the outcome of a sporting event.
It’s simple to predict and place a bet on which particular team wins a particular match, which player wins a particular tennis tournament. By picking the correct team or player that ends up winning, that wager wins and money is paid out.
For instance, in a Champions League match between Manchester United and Paris Saint Germaine (popularly known as the PSG), if the odds for PSG to win the game are 3.23 while for Manchester United to win the match are 1.98; suppose PSG beats Manchester United 3 goals to 1, a punter who had placed the wager for PSG to win will get the money. If they had betted otherwise, they will lose the money. Whereas that’s just a simple review of what this type of betting entails, there’s something more about it. Also read about the single bet strategy.
2. Live Betting (In-Play Betting)
This’s a cascaded type of fixed-odds betting.
However, even though placing the bets is performed on sporting events the same way fixed odds are done, there occurs a major difference.
In conventional betting, punters must place their wager before the event commences. But in live betting, the procedure and the rules are a bit different.
In-play betting allows you to place your bet any time when the event is still going on until it’s about to end.
In-play betting is relatively new in the sports betting industry but has become the topic in town thanks to the advancement in technology and the internet.
Even though in-play betting is only available online, it’s becoming incredibly popular among the majority of punters. Almost every betting site is offering live betting applications nowadays, and they actually cover a wide range of various games and sporting activities.
In-play betting offers an entire range of betting opportunities which would not be possible when using conventional betting. An example of these opportunities is which team scores the next goal, which player schools the next goal, etc.
The precision of the market depends on the type of betting site/company you’re using or the type of sporting betting you are betting on.
In-play betting gives you the chance or the feeling to judge how the event is going on before making a decision.
Suppose in that game between Man U and PSG Marcus Rashford is subbed in the 20th minute with a knee injury, then is Fred red-carded for a foul on Neymar, now from your own judgment you can see that the Man U team becomes weaker in the midfield and forward positions, implying that PSG has a higher chance of scoring the next goal. If you predict Neymar will score the next goal and it happens that he scores the next goal, oh my brother you will rejoice! You can also check out some football betting tips.
3. Exchange Betting
Like in-play betting, exchange betting is a new way of betting for sports betting enthusiasts.
A great number of punters prefer using exchange betting for their bets these days, and the majority are doing their wagering in that manner.
Placing wagers on exchange betting has been the norm nowadays.
Wagers placed on exchange betting are similar to conventional sports betting.
At the time of placing your bets, all the odds are fixed implying that every time you’re exchange betting you’re typically wagering with other punters who are actually doing it in the opposite direction as you.
Supposing you are looking forward to wagering on a tennis tournament between Roger Federer and Novak Djokovic and the exchange market appears as shown below:
In a traditional betting setting, each of the two players will only have a single set of odds. But in the above table, each player has two sets of odds.
Looking keenly you will observe that one set represents “back” betting (blue) while the other one represents “Lay” betting (red). The odds exhibit wagers that have been proposed by other people. If for example you “back” Federer at 1.49, you would be wagering against another punter who “layed” Federer at those odds.
In the real sense, the other person would be “backing” Federer to lose. Rather than backing Novak to win, they have chosen to lay Federer.
In exchange betting, “laying” implies that the punter takes on the work of the bookmaker.
This means that the punter you’re betting against gives you the odds just like the bookmaker would do. If the bet is in your favor, then they must pay you, otherwise, they will retain your stake.
4. Spread Betting
Spread betting is a popular type of betting, especially in America.
It’s absolutely different from fixed-odds betting and somewhat a bit complicated.
It’s similar in several ways to total betting (total betting: prediction of whether a particular value should be higher or lower compared to the value set by the bookmaker).
Supposing that we were wagering on the number of points scored in a basketball match. The bookmaker sets the value at 195.5. If you decide you’re going to back the over, then you can predict the value to be 196 points and above. If you feel the under will be okay, then you can predict the value to be 195 and below. The results are clear, regardless of what happens. If the bet is correct, you will earn your money based on the odds. Otherwise, your stake will be gone. But in spread betting, the wagers are not settled depending on whether the punter is right or not. Instead, they are settled depending on “HOW MUCH” from the set value you’re either correct or not. Placing a wager on a spread bet requires you to determine the amount you would like to stake in every unit. The losses and wins are determined depending on the extent you’re from the total. Also read about the matched betting guide in India.
5. Reverse Betting
Reverse or If betting is one of the hardest wagers.
They are the kind of bets that allow punters to choose multiple selections. But depending on the way you select your picks, the way things play changes a lot. For instance, you will be allowed to pick at least two wagers that are joint by one cause. With the kind of wagering, if the first pick happens to be wrong, then the subsequent wager will be off. Due to this reason, if bets have reduced risks making them safer compared with parlay wagers.
For reverse bets, punters are essentially integrating two if-bets to make it one.
In the initial wager, the punter places an if-bet on both the first and second selections. In the second wager, the second selection will have an if-bet and then the first one follows. In other words, the reverse bets work in two ways.
6. Permutation Betting
Indeed it’s one of the most complicated sports betting types to understand. With this kind of sports betting, the punter is allowed to make several selections and place various wagers by combining multiple selections.
It’s the type of sports betting that beginners must keep off due to the complications involved.
7. E-sports Betting
The newest sports betting type in town.
In a traditional sense, e-sport betting is not associated with any type of sports but electronic sports and video gaming. Since this type of betting is gaining immense popularity, various organizations have been developed particularly to operate e-sport gaming activities as well as governing the emerging sport.
Hopefully, after going through the above discussion you’ve gained the knowledge on what types of sports betting there are in town. It’s your responsibility to choose wisely which one is right for you.
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Rabona sportsbook is one of those new bookies that serve plenty of players across the globe, Indian customers being one of them. Having established in 2019, this platform comes with a ton of sports and plenty of features that players can make money on bets placed on.
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