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For beginners, betting on sports can be overwhelming. And we’re not just talking about our favorite teams losing their games or losing a friendly bet with friends because your favorite players stumbled during crunch time.
Unlike playing slots or other popular casino games, the results in sports betting aren’t random. Sporting knowledge and access to the correct stats and information are critical to becoming successful in sports betting. For example, as a bettor, you’ll also need to know the different sports bet types. And there’s more: there are other ways to bet, whether pre-match or in-play and some sports may require different types of bets. Following and betting on sports is certainly not an easy hobby, is it?
Sports betting lingo and its multiple bet types may be intimidating for first-time bettors. But if you’re passionate about the game and want to explore betting, it’s best to know these basics.
Below, we’ll take you through the most common bet types in some of the best online sportsbooks for Filipino fans.
Understanding the different sports bet types is crucial in your journey in sports betting. As mentioned, betting on sports is more challenging since it’s a number, stats, and info-based leisure activity. You don’t rely solely on the Random Number Generator (RNG) or the chance to win. Your access to information and sporting knowledge, including multiple bet types, is the key to potential payouts.
First, it promotes informed decision-making, a must if we want to bet responsibly. Knowing the different sports bet types allows you to select a value bet suited to your background, knowledge, and risk level. For example, if you’re new to tennis or football, you don’t blindly bet into prop or in-play betting. With your limited information, getting a feel of the markets is better, so wagering on Moneylines is better.
Second, knowing these betting options lets you maximize the payout potential. You can prioritize bets in sports you’re most familiar with and bets where you have more confidence in winning.
Third, an appreciation of multiple bet types promotes a better betting experience. The more you know the multiple bet types, the more convenient it is for you to participate in experiences that are not just enjoyable, but also potentially rewarding.
For some beginners, betting on sports means putting money on their favorite teams or players. And for others, sports betting means betting on the team or player who’ll win. While this is partly true, sports betting goes beyond supporting the eventual winner. Here’s a look at the most popular sports bet types sportsbooks allow.
Moneyline is the most common way to bet and only requires picking the winner of the match. For example, a betting site lists the finals schedule for the Wimbledon Ladies Singles, pitting Aryna Sabalenka and Iga Swiatek. With Moneyline betting, you’re just putting your money on the player you think will win the match and the championship.
In point spread betting, you’re wagering on the team’s or the player’s margin of victory, not necessarily the final result. In these betting lines, a favorite is represented by a minus symbol (-), and the underdog with the plus symbol (+). For example, if the sportsbook priced the Los Angeles Lakers at -7.5, the team must win by at least 8. So, your bet on LA only wins if the team wins by at least 8 points.
In addition to setting the underdog and favorite, sportsbooks will also set the total number of points scored in a game. We call this Totals or over/under betting.
A prop or proposition bet is a popular option for experienced players looking for variety and some challenges. These sports bet types aren’t connected to the match’s final score or result but focus on players’ specific events or achievements. For example, you can bet on how many aces Aryna Sabalenaka can achieve in a Wimbledon match, the number of goals a player earns in football, or even the number of kills in an eSports betting market.
In sports betting, a parlay is wagering on multiple bets winning. Every ‘leg’ in the parlay must win to earn a payout. For example, you lose your bet if you have a four-leg parlay and only match two. Let’s say you have a three-team NBA parlay with three spread bets: Lakers -2.5, Bulls +4, and Hornets -10. All three teams must cover the spreads and win for your three-team parlay to win.
Teaser bets work like your parlays, but the main difference is that bookmakers only allow these on-point spreads and pay like a single bet. Here, you can change the point spread, making it easier for you to win. In exchange, the betting site may offer lower payouts.
These bets work like teasers, but the spread is against the bettor. Unlike traditional teasers, reverse teasers are risky but have high payout potential. Reverse teasers are better suited for experienced bettors since you’ll need to bet based on the spread adjustment. For example, you can drop a total from 50 to 46 points and bet ‘Under’ rather than getting an advantage with ‘Over.’
Many premium sportsbooks will be off futures betting markets or betting on future results, such as the league champion. For example, you can place a futures bet on the upcoming 2024 Wimbledon on who’ll be the Gentleman and the Ladies Singles champions weeks before the start of the tournament. These are long-term bets, so you must know the sport, the teams participating, and the intricacies of the leagues.
Unlike the first eight sports bet types we covered in this guide, pre-match bets specifically refer to a form of betting. In pre-match betting, you’ll need to place your wagers before the start of the match.
In-play or live bets work the opposite since you can place wagers even when the match is ongoing. For example, even if the NBA match between Lakers and Hornets is already in play, bookies can still accept bets based on real-time odds.
At first glance, betting on sports can be challenging, with so much information, stats, and even bet types to know or even master. While it’s true that you need to learn first before you bet, the experience of informed betting is more exciting and potentially lucrative. Also, by knowing the sports bet types and making informed bets, you can always enjoy responsible betting.
Are you ready to follow and support your favorite team? Can’t decide what sportsbook to play, wager, and find the best betting markets? If you’re still undecided and want to learn more, head to BK8 Philippines, one of the country’s trusted sports betting destinations. With your BK8 Philippines account, you can enjoy most sports bet types, covering popular Philippine and international sports like basketball, tennis, volleyball, and boxing. And did we mention that there’s a 100% deposit bonus of up to Php 5,000 when you sign up today? Register today and see some of the most competitive sports and eSports markets!
