This article is intended to explain the different types of bets in a simple manner as to not confuse the novice gambler looking for information and bet types. Please continue reading to find out all the different types of bets.
A straight bet involves one single wager, whether it is on your team to cover the point spread to win the game straight up on the money line, or to go over/under the total at the end of the game.
A parlay is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The main benefit of betting a parlay is much better odds than placing single bets separately since the difficulty of hitting is much higher. Standard payoffs on a two-team parlay are 13/5; while a three-teamer pays 6/1 and a four-teamer 10/1. Parlay cards are also common in sportsbooks and popular with bettors. They are released early in the week with set odds that do not change in return for a slightly lower payoff.
Daring bettors who enjoy betting parlays will sometimes put together a series of parlays called a round robin. A three-team round robin consists of one three-team parlay and three two-team parlays. Example: John likes teams A,B and C ñ with a round robin he has a three-teamer with ABC and a two-temar with AB, AC, and BC.
Teaser bets are similar to parlays. Teaser bets are single bets that link together two or more single wagers, but they are different in that the point spread is adjusted to your advantage on each single wager. In exchange for the points, you get less of a return on your bet compared to that of a parlay.
- Example: a 6 point teaser would move the line on a 7 point favourite team from -7 to -1, which means the team would have to cover 6 less points. Each separate wager must win or the bet is a loss.
Above we have gone over and listed the most common types of sports bets widely used and known today. However, as sports betting continues to grow, sportsbooks will continue to develop creative new ways to place bets.