Online Sports Betting Types

With so many online sports betting types available today, it really can seem like an overwhelming industry at times. But it doesn’t need to be this way, and we have created this article to explain all of the various bets and markets that you will find.

It is true that there is many different online sports bet types for the different sports, yet it is also true that these bets often overlap. This basically means that as long as you gain an understanding for the most common bets, you will have a general idea of how these bets are applied to a whole range of sports.

Online sports betting markets can seem a scary place when you are just getting started, but at the end of this article you will be knowledgeable and ready to take them on!

Most Popular Online Sport Bet Types – In Detail

In general, once you understand the four basic online sports bet types you will ready to make bets on a multitude of sports and events, both in Canada and around the rest of the sporting world.  We have These four bet types are explained in detail below, and you should familiarize yourself with them and with sports betting strategy to get a head start with your online sports betting.

  • Spread bets

You will typically always see this bet within online sports betting markets. Spread betting is incredibly popular with team sports, yet it is also used for individual sports too. As an example, you could choose to place a spread bet on basketball. If the Cleveland Cavaliers were playing the Houston Rockets at home, you might see an option to place a spread bet.  There will be two choices here, to place a spread bet on the favourite or the underdog. The favourite will have a spread bet of possibly -7.5 in basketball, which means that they must win by more than 7.5 points for the bet to win. The underdog might have a spread bet option of +7.5, which means they must finish within this number of points for the bet to win.

  • Outright winner

In terms of the various online sports betting types, this is definitely a fan favourite. An outright winner bet means that you are betting on the ultimate winner of a particular event. For example, you could bet that the New York Yankees will win the World Series in baseball for a particular season. The catch is that outright winner bets need to be placed before an event starts.  Outright winner bets are popular since odds are usually available well in advance for a whole host of events, which provides the opportunity for greater value.

  • Single bets

Out of all the online sports bet types, this is the simplest. A single bet just means that you are betting on a particular team or an individual to win a game. For example, if the New York Rangers were playing the Detroit Red Wings you could bet on either of these teams to win. This is known as a single bet, since you have chosen one singular outcome of one particular game. These odds will always be presented in a '1x2' format.

  • Over/under bets

Since sports are usually played using a set points system, this has paved the way for over / under bets to take place across a whole range of sports. By placing an over / under bet, you are betting that a game will go beyond a certain number of points or stay under a certain number of points.  Over/under betting can also be used for particular aspects of an event too, such as the number of yellow cards in a game of soccer, or the number of free throws in basketball.

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Understanding Odds

Apart from the range of online sportsbook betting markets, you need to understand how the odds work. This is actually one of the most important aspects of online sports betting, and we have a detailed example right here.  Firstly, odds are typically presented using a decimal or fractional format. We will use the decimal format for simplicity purposes.

Let’s say that Rafael Nadal is playing Novak Djokovic in a game of tennis, and since Nadal has been in great form he is actually the favourite. Therefore we will likely see odds of 1.5 for Nadal, and 2.1 for Djokovic to win. If we bet $20 on Rafael Nadal to win the game, we will get a return of $30 ($20 x 1.5). Our profit in this example would be $10, since the $20 is what we had to bet to get this return.  Of course by betting on Djokovic, we could win more money but we would have more risk. This is the case since Nadal is the player that is in form.

Where to Find Popular Sports Betting Markets

The term online sports betting markets simply means the range of bets that are available for a particular sport. In terms of the online sports betting types, they are typically just variations of the four most common bets mentioned above. Therefore once you understand these four, you will be nicely prepared for the majority of the others.  Before getting started however, it is important to know online sports betting basics and where to find the greatest ranges of online sports betting markets. A rule of thumb here is that the more popular and more prestigious the sport or event, the bigger the range that the markets will have. Leagues such as the NBA, MLB, NFL, NHL, Premier League Soccer, PGA golf and many others will present a large number of markets to bet on. This is because they are hugely popular, and many different punters are taking part in them. 

When getting started, it is highly advised to stick to these major leagues since you will have a wider range to practice from.

Last, But Not Least …

Online sports betting should always be fun, and never be an activity that causes any financial worries for you or anyone else. For this reason, you should always bet small and never gamble more than you can afford to lose.

Keep the activity fun by betting small amounts, and this will ensure that you keep control.

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