In sports betting, no matter how hard you try to make the perfect bet, there’s always a chance that things won’t turn in your favor. Though anything can happen in sports betting, you can always try to mitigate losses by using proven betting strategies.
However, you cannot implement the right strategy at the right time if you don’t have a good understanding of your betting options. Whether you are new to the world of sports betting or have been wagering for quite some time, here’s an overview of different types of bets you can place:
- Win Bets and Moneyline Bets
Win bets and moneyline bets are often used synonymously to describe wagers placed on the winning team. For example, if you’re betting on an NBA game between the Miami Heat and Phoenix Suns, you’ll have to place the bet on the team that you think will win.
- Totals and Over/Under Bets
Total or over/under bets are wagers that can be used with moneyline bets. Check out the best sportsbooks on Bet Station, which sets a specific total for a game, which is often tied to the total number of points scored. In this type of wager, bettors decide if they think the total score will be higher (over) or lower (under) than the score specified by the sportsbook.
In an NBA game between the Miami Heat and Phoenix Suns, for example, a sportsbook issues a total of 130 points. You will bet the over if you believe that the combined score of both teams will be higher than 130 points. Conversely, you’ll bet the under if you believe that their combined score will be lower than 130 points.
- Point Spread and Handicap Betting
Both point spread and handicap wagers share the same idea. In this type of betting, the sportsbook decides which team is more likely to win the game. Once they have predicted the winning team, they’ll issue a total number of points by which they believe the team will win the match. The bettors will then decide if they think that the sportsbook’s pick is overstated or understated.
For example, in an upcoming game between the Phoenix Suns and Miami Heat, a sportsbook has issued a point spread of 3 points in favor of the Phoenix Suns. In simpler terms, the sportsbook has predicted Phoenix to win the game by 3 points. When you place a point spread wager on this game between Miami and Phoenix, you’ll have to decide whether the sportsbook is high or low.
- Futures and Outright Bets
In future and outright bets, you choose the winner of the entire tournament or league. Most sportsbooks require bettors to place their wager well in advance of the tournament. That’s why the term ‘futures’ is used with this type of bet. In this case, you’ll be placing a wager on the winner of the NBA Finals even before the next season begins.
As most of the outright bets are placed well ahead of the event when you don’t have a lot of information about the performance of each team, it can be hard to make the right pick. However, these risky bets come with very handsome payouts.
- Proposition Bets and Specials
If you don’t want to place a standard sports bet, proposition bets or specials are for you. You can place a prop bet or special on virtually anything, from which team will score first in the game to the time of the first goal in the match.
You can also place a bet on which player you think will score the first goal in a football match. These examples don’t even scratch the surface of different specials. You can use this wager to bet on all kinds of different things.