Betting is done through Sportsbooks (US) or Bookmakers (UK) entities that accept bets. You can bet on the results 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 visit a sportsbook, physical or online. You might bet on the phone with many sportsbooks. Note 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.
You should state what you are betting on by creating a selection, the type of bet and the amount you are wagering. Your selection will obviously be determined by the odds offered, so you will want to examine the range of odds available before you decide.
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 successful at given odds.
Point Spread.
This bet enables you to 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 amount of points allocated and is shown with a + sign for the favourite and a - sign for the underdog. The favorite has to win by a lot more than the Point Spread for you to win; otherwise you lose your bet even though the team wins. Inversely, in the event that you bet for the underdog, that team has to lose by less than the Point Spread that you win. If the favourite wins by the precise Point Spread, then this is a push or perhaps a tie. You get your bet back. To get rid of a tie result, the oddsmakers sometimes add a half point spread. Since scores use full numbers only, one team must win outright.
Buy Points.
Also, to buy TIPS. Move the idea Spread favorably at a price.
The Money line.
This establishes the odds for each team but inversely proportional to what would have been a Point Spread, and is indicated by a + for the underdog and a - sign for the favorite. Say team A is favorite and quoted at -180 and B is the underdog at + 120. The bets offered would be 10:18 odds-on for the favourite, and 12:10 for the underdog. For each and every $180 you bet on A you would win $100 or lose $180, but for every $100 you bet on B you would 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 Beneath the total set by the oddsmaker.
Parlay or Accumulator.
A multiple bet. Some sort of 'let-it-ride' bet. Making simultaneous selections on several 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 really 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 add or subtract points (called 'moving the line') from one or even more Spread bets. When betting a teaser additional points are either put into the underdog or subtracted from the favourite. The odds vary in line with the amount 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 itâs likely that usually worse compared to the parlays.
If-wager.
A bet that allows the bettor to create a second wager, around the same amount, pending a win on the first selection.
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Open wagers permit the bettor to play teasers or parlays creating a selection at different times and even different days.
Future.
A bet on another event. In the beginning of each season, the sportsbooks give out odds for teams to win a certain championship. The chances change because the game date approaches and generally get shorter, but in the event that you win you obtain paid at the initial odds that you took. This is possibly one of the profitable bets if you have considerable knowledge of the sport you are betting on like the players, and a good sense of judgment.
Exotic Bets.
Betting on unusual events. Some sportsbooks post odds and take bets on a wide variety of other sports related events and activities. A few others will need 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.