Understanding Odds and Bet Types

Sports Betting Strategy & Tips

When placing sports bets, gamblers need to understand the terminology that goes along with betting. Players who understand betting odds and the different types of bets that are available at sportsbooks have an easier type choosing bets and they also come out on top better than those who do not understand the terms. Below you will find a guide that explains betting odds and betting types.

Understanding Betting Odds

For players to be able to earn a profit it is very important for them to understand the main types of betting odds. The three main types of odds bettors will find at sportsbooks are fractional, decimal and American. The name of each type describes how the odds are written. The way the odds are listed will depend on where you are playing and what type of sport you are betting on.

The most popular odds used are decimal odds. This type of odds is usually found at every bookmaker and is pretty easy to understand. The decimal odds clearly state how much money will be gained from a bet of one unit. Bettors should be aware if one unit stake means 1, 10 or 100. Bettors can check with their bookmaker to see which number is used.

Another common type of odds is the fractional odds. This is used mostly by UK bookmakers. This type of odds is figured from one unit stake but they have a different meaning than decimal odds.

Fractional odds will tell a better how much profit they will earn from one unit stake instead of how much will be returned from one unit stake.

American odds are very different from the other two examples and they can also be referred to as money lines. American odds are based on a 100 stake and they will tell a negative or positive outcome. If they are written positively then the odds are telling the bettor how much profit the bettor will make on a 100 stake. If the negative side is written then the odds are telling the bettor how much of a stake is needed to make 100 on the bet.

Types of Bets

Proposition bets– this type of bet is known as a prop bet and it is a wager on a specific outcome of a match or event. An example of this type of bet could be how many home runs a player will hit or which team will score first in a particular game.

Parlays– this type of bet involves multiple bets and will reward players with a large payout. A bettor could place several bets on a parlay but each bet must win for the bettor to receive a payout.

Progressive Parlays– a progressive parlay is a bet that involves multiple bets and will also reward a large payout though not as large as a regular parlay. However some bets can lose and the bettor will still earn a payout.

Teasers– a teaser bet allow the bettor to combine his bets on two or more different games. The point spreads can be adjusted for the two games but a lower payout will result is the bets result in a win.

Future Wagers– future wagers are bets placed on events that are set to take place in the future. For example if you were betting on football then a bettor could place a future bet on who would win the Super Bowl before a season started.

Head to Head– this type of bet is when the bettor chooses the result of a match up of players rather than a team or the result of an event. An example of this type of bet would be in NASCAR when a bettor would place a bet on two drivers.

Totalizators– this type of bet has changing odds which change in real time according to the share of total exchange each of the possible outcomes have received and return rate of the bookmaker offering the bet is taken into account.