Explanation of different types of bets

Betting Explained

Venturing into the realm of sports wagering can be thrilling yet intimidating. The array of bet types and tactics can bewilder novices. This guide is designed to simplify sports betting, offering a thorough explanation of different types of bets, various wagering methods, and handy strategies for each. Additionally, it highlights the common blunders to steer clear of, ensuring a responsible, enjoyable, and potentially lucrative betting experience. Regardless of whether you’re an experienced punter or a newbie, this guide will provide the essential knowledge required to traverse the exciting, yet intricate landscape of sports wagering.

Bet Types


As we delve into the realm of betting types, we start with the most straightforward one: straight-up wagers, better known as Moneyline bets. They involve predicting who will emerge victorious in a contest. The odds will be different for each participant, mirroring their perceived winning probability. For example, if Team A has odds of -150, a $150 wager would net you $100 in winnings. Conversely, Team B’s odds at +200 mean a $100 wager could yield a $200 return.

Good research forms the backbone of successful straight-up wagering. Consider factors like current form, player availability, and historical performances. While the potential return from favorites is often lower, it’s generally less risky than placing wagers on underdogs.

Point Spread

Our journey through the diverse types of sports wagers brings us to Point Spread ones or Handicap bets. Here, the sportsbook assigns a margin (the spread) to level the playing field. Wagering on the favorite requires them to win by more than the spread. Conversely, if you wager on the underdog, they can afford to lose, but not by more than the spread, or they can win outright.

Effective handicap wagering hinges on understanding the strengths and weaknesses of the teams. A team that often outperforms predictions against formidable opponents may be a solid pick for a handicap wager when they are the underdogs.


Over/Under bets invite bettors to speculate whether the cumulative points scored in a game will exceed or fall short of a number established by the sportsbook. This wagering type doesn’t depend on the contest’s winner or loser.

A thoughtful evaluation of past match scores, offensive and defensive stats, and even external factors like weather (for outdoor sports) can aid in forecasting whether a game’s total points will overshoot or undershoot the set figure.


Accumulator wagers, commonly known as Parlay bets, combine multiple selections into one bet. To pocket a payout, all selections must win. While the potential return escalates with the number of picks, the risk proportionately increases.

Accumulators offer high returns but are inherently risky. Therefore, bettors should limit their use and stick to sports and teams they know well. Consider reducing the number of selections to boost winning chances.


Next up are Teaser bets. These are a variation of parlays where the point spreads or totals are adjusted in the bettor’s favor. This risk reduction also means a decrease in potential winnings.

Teasers can be a wise approach if you’re fairly sure about your predictions but want some margin for error. These bets are generally best for closely contested matches.


Futures bets involve staking on events that will occur in the distant future, such as a team winning a championship at the season’s onset. The odds for these bets can be quite appealing, promising sizable payouts.

Futures bets, while tempting, carry significant risk due to the many variables that can change over time. Bettors should therefore wager sparingly, only wagering what they can afford to lose. 


Lastly, we examine Special, or Prop bets (short for proposition bets). These wagers involve predicting specific events or non-events within a game. For example, you might bet on a particular player to score a certain number of points, or a team to score first. These wagers can hinge on individual player performances or broader team statistics.

Prop bets can be quite unpredictable, so they’re best used sparingly and primarily for enjoyment. However, if you’re an avid sports enthusiast with in-depth knowledge of specific players or teams, you might be able to spot value in these bets.

In conclusion, the different types of sports bets explained make up the diverse wagering landscape. Whether you’re a seasoned gambler or a novice bettor, understanding these bet types, their strategies, and their risks is crucial to enhancing your wagering experience and success.

Read also: Different types of bonuses and how to claim them.

Various Betting Ways

Live Betting

Live betting, or In-Play wagering, grants bettors the opportunity to place wagers during ongoing events. Odds shift continuously to mirror the evolving game situation, offering a dynamic and interactive experience. You can adjust your bets based on the on-field action.

To thrive in placing wagers live, a strong grasp of the sport and quick decision-making are essential. Keep an eye on the game’s progression and seize moments where you believe the odds are more favorable than the bookmaker’s estimates.

Exchange Betting 

Exchange betting is a distinctive wagering form where players bet against one another instead of a bookmaker. You can assume the roles of both a punter, by accepting odds set by others, and a bookie, by providing your odds. The exchange platform then takes a percentage of each winning wager.

Success in this type of wagering hinges on grasping market dynamics and spotting incorrectly priced odds. Patience and discipline are crucial, as the best opportunities for placing a bet or offering odds may require waiting.

Asian Handicap Betting

Oriental Handicap betting, better known as Asian Handicap betting, is a form of point-spread wagering that originated in Asia. This approach aims to balance the competition by assigning a handicap to the stronger team, removing the chance of a draw. Asian Handicaps may involve whole, half, or quarter goals, helping to avoid push situations (when the outcome results in a tie after applying the handicap).

Success in Asian Handicap wagering depends on understanding the teams’ strengths and weaknesses, as well as the way handicaps are set. A sharp eye for spotting value and undervalued teams are essential skills for this form of betting.

Simulated Sports Betting

Simulated Sports Betting, or Virtual Sports Betting, involves placing wagers on computer-generated sports events. These virtual matches operate based on specific algorithms and offer a variety of options. One key advantage of simulated sports wagering is its constant availability, providing non-stop action for bettors.

Although simulated sports events rely on algorithms rather than real-life performance, understanding the basics and odds can prove beneficial. Remember to maintain a disciplined betting approach and treat simulated sports betting as entertainment, rather than a primary income source.

Common Mistakes to Avoid 

  1. Wagering without sufficient research

A common pitfall for many bettors is placing bets based on gut feelings or impulses, without conducting adequate research. While trusting your instincts can occasionally pay off, it’s crucial to support your decisions with an in-depth analysis of the teams, players, and other variables that may impact the outcome.

  1. Pursuing lost funds

Some bettors may attempt to recoup lost money by doubling down on bets, hoping to win back what they’ve lost. This approach, known as pursuing lost funds, often leads to more considerable financial losses. Instead, exercise discipline and accept that losses are an inevitable aspect of gambling.

  1. Neglecting bankroll management

Design a budget dedicated specifically to your betting endeavors, and determine an upper limit on the portion of this budget you’re prepared to risk on each individual bet. Such fiscal discipline reduces the chance of severe financial setbacks and encourages a more balanced and long-term approach to betting.

  1. Making betting decisions under the influence

Substances like alcohol can cloud your judgment and lead to poor decisions. To optimize your chances of success, abstain from placing wagers under the influence, and maintain a clear, focused mindset when placing wagers.

  1. Banking on unrealistic expectations

Some bettors may harbor the belief that they can consistently outsmart bookmakers and earn a living from gambling. However, this expectation is largely unrealistic. Approach betting as a form of leisure and avoid relying on it as your primary income source.


To sum up, wagering can be a captivating hobby when approached with insight, self-control, and practical expectations. By grasping the diverse types of bets and betting methods, along with their related strategies, you can make well-informed choices that enhance your betting journey. However, it’s crucial to always wager responsibly, sidestep common mistakes, and treat betting as a form of amusement rather than a consistent income source. Keeping these principles in mind, you can relish the excitement of sports wagering while reducing potential risks.