Betting is done through Sportsbooks (US) or Bookmakers (UK) entities that accept bets. It is possible to bet on the outcome of several sporting events, such as; Baseball betting, Basketball betting, Football betting, Tennis betting, Hockey betting, Snooker and Soccer betting games.
To place a sport bet, you go to 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 making a selection, the sort of bet and the total amount you are wagering. Your selection will obviously be determined by the odds offered, which means you will want to examine the number of odds available before you decide.
There are many forms of bets you can place. Some sportsbooks may offer more betting varieties and combinations than others. Below is really a list of the more common types of bets.
Straight bet or Single.
This is actually the simplest & most common bet. You bet on a winner 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 number of points allocated and is shown with a + sign for the favorite and a - sign for the underdog. The favourite must win by more than the Point Spread for you to win; otherwise you lose your bet even if the team wins. Inversely, if you bet for the underdog, that team must lose by less than the Point Spread for you to win. If the favourite wins by the exact Point Spread, then this is a push or perhaps a tie. You obtain your bet back. To eliminate a tie result, the oddsmakers sometimes include a half point spread. Since scores use full numbers only, one team has to win outright.
Buy Points.
Also, to buy TIPS. Move the Point Spread favorably at a price.
The Money line.
This establishes the chances for each team but inversely proportional to what is a Point Spread, and is indicated by way of a + for the underdog and a - sign for the favorite. Say Win55 is favorite and quoted at -180 and B may be the underdog at + 120. The bets offered will be 10:18 odds-on for the favorite, and 12:10 for the underdog. For every $180 you bet on A you'll win $100 or lose $180, but also 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 game by both teams combined, including points scored in overtime.
Over/Under.
A bet that the combined number of points scored by both teams in the overall game will undoubtedly 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 next game selected, and so forth. All the selections made must win so that you can win the parlay. In case 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 such as a parlay, but with the choice to add or subtract points (called 'moving the line') in one or more Spread bets. When betting a teaser additional points are either added to the underdog or subtracted from the favorite. The odds vary based on the number 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 odds are usually worse than the parlays.
If-wager.
A bet which allows the bettor to make a second wager, up to an equal amount, pending a win on the first selection.
Open Wager.
Open wagers permit the bettor to play teasers or parlays making a selection at differing times and even different days.
Future.
A bet on another event. At the start 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 if you win you get paid at the original odds that you took. That is possibly probably the most profitable bets assuming you have considerable knowledge of the sport that you will be betting on like the players, and an excellent 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. Several others will take bets on almost 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.