Betting is performed through Sportsbooks (US) or Bookmakers (UK) entities that accept bets. You can bet on the outcome of several sports, 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 the same as an oddsmaker. The sportsbook simply accepts sports bets. An oddsmaker is a one who sets the sports betting odds.
You need to state everything you are betting on by creating a selection, the sort of bet and the total amount you're wagering. Your selection will obviously be determined by the odds offered, and that means you would want to examine the number of odds available before you make a decision.
There are many types of bets it is possible to 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.
Here is the simplest and 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've 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 that you win; otherwise you lose your bet even though the team wins. Inversely, if you bet for the underdog, that team has to lose by less than the Point Spread that you should win. If the favourite wins by the precise Point Spread, then this is a push or a tie. You get your bet back. To get rid of a tie result, the oddsmakers sometimes include a half point spread. Since scores use full numbers only, one team must win outright.
Buy Points.
Also, to buy Key Points. Move the Point Spread favorably at a cost.
The Money line.
This establishes the chances for each team but inversely proportional to what would have been a Point Spread, and is indicated by way of a + for the underdog and a - sign for the favorite. Say team A is favorite and quoted at -180 and B may be the underdog at + 120. The bets offered would be 10:18 odds-on for the favourite, and 12:10 for the underdog. For every $180 without a doubt on A you would win $100 or lose $180, but also for every $100 without a doubt 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 the two teams in the overall game will be Over or Under the total set by the oddsmaker.
Parlay or Accumulator.
A multiple bet. A kind 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 on. All the selections made must win that you can 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 just like a parlay, but with the option to include 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 favourite. The odds vary based on the number of points the spread is moved and the amount of teams combined to form 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 the same amount, pending a win on the initial selection.
Open Wager.
Open wagers allow the bettor to play teasers or parlays creating a selection at different times and also different days.
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A bet on another event. At the start of every season, the sportsbooks hand out odds for teams to win a particular championship. The odds change because the game date approaches and in most cases get shorter, but in the event that you win you obtain paid at the initial odds that you took. This is possibly the most profitable bets assuming you have considerable knowledge of the sport that you will be betting on including the players, and a good sense of judgment.
Exotic Bets.
Betting on unusual events. Some sportsbooks post odds and take bets on a wide selection of other sports related events and activities. Several others will need 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.