Over the last 20 years, online sports betting has been besieged by a great evolution. Bettors used to be confined to simple straight or single bets on a limited number of markets from very closed knit regions. Today, sports bettors have more available variety of betting options and markets than ever before. The Internet has made it possible for bookmakers to take bets from all over the world, using a larger variety of betting options to the benefit of action gamblers.
For the benefit of both the grizzly veteran sports gambler and the inexperience sports gamblers who are looking to improve, here’s a glossary of betting terms that should help make things a little easier to understand.
Types of Betting:
Fixed Odds Betting – The bookmaker posts fixed betting odds on both sides of an event, game or match. The fixed odds are a reflection of the estimated betting value of each outcome. This form of betting is usually reserved for sports with low scores and point differentials. The bettor’s task is to simply pick the outright winner at the stated odds.
Spread Betting – In lieu of using betting odds to establish betting value, the bookmaker sets a point spread that will be used to bring two opponents closer together in betting value. This form of betting is usually reserved for sports with higher combined scores and larger point differentials.
Matched Betting – This is the process of betting both sides of a game where the bettor creates a guaranteed small win no matter which team is victorious. This usually entails having an exchange betting account and a traditional betting account. The bettor will typically place a back bet (backing a team) in the traditional betting account while establishing a lay bet on the other side at slightly different odds (in the right direction) in the exchange betting account.
Exchange Betting – This type of bet allows the bettor to act as a bookmaker and post a line through a betting exchange. The lay bet is posted for all prospective back bettors to see until a bettor accepts the wager. If the bettor who laid the bet wins, they must typically pay a small commission to the betting exchange for the use of its services.
In Play/Live Betting – This form of wagering in relatively new. The bettor has access to make wagers during a live event. The wager might evolve as the bookmaker adjusts the point spread or over/under while the game is going on because they sense the momentum has moved in a certain direction.
Daily Fantasy Sports – This is one of the fastest growing forms of sports betting in the world, though most people claim this to be a game of skill, not chance. Acting as a sports team manager, the bettor will draft a set number of players (active on that particular day) based on the player’s position and set salary. The bettor must stay within the established salary cap and compete with one or more
other managers operating under the same guidelines. The final stats for each individual player for that day will be used to allocate points to a fantasy team. The fantasy team with the most points will be declared the winner and wins the pool of entry fees, less the host’s commission.
Types of Betting:
Straight or Single Bet – A wager place on one side or team in a single event, game or match.
Accumulator or Parlay – A series of sides or teams placed on one betting slip where all of the selections have to be winners for a winning bet. Accumulators can range from two events or games, up to as many teams or sides as a particular online bookmaker will permit. The return is calculated by multiplying the betting odds from each individual side or team times the amount wagered.
Proposition Bet: These types of betting options give bettors an opportunity to bet on individual or team performances within the confines of a particular event, game or match. For instance, a typical prop bet might be presented as follows:
Most Shots on Goals for the game – Team A -160, Team B +130
Future Bet – As the name implies, these are bets on some outcome that won’t be determined until some time in the future. An example of a typical future bet might read as follows: Dallas Cowboys to win the Super Bowl in 2018 at +800. Still other future bets might revolve around individual player accomplishments over an entire season. For example: Player X to score the most total goals during the 2017 season at +800.
Teaser Bet – When a bettor sees a couple of lines they feel are out of whack, a teaser bet will allow them to adjust the point spread in either direction by a predetermined number points as established by the type of teaser they intend to play. For example, a 4-point Basketball teaser allows them to adjust each side included on the bet by 4 points either up or down. The betting odds on a teaser are generally 50% of what an accumulator would return on the same number of sides.
Individual Sports – This would include sports like golf, darts, tennis, boxing, track and field, auto-racing and MMA.
Team Sports – This would include European football (soccer), Aussie Rules Football, Cricket, Rugby, Handball, NFL, MLB, NCAA FB, NCAA BB, NHL, NBA.
E-Sports – The day has finally arrived when playing video games is considered a sport. Bettor can wager on which team of gamers will win while playing certain war-style video games.
Special Events – From one year to the next, there are certain sports events that elicit special wagering activities. Some of the sports events that receive special treatment include the Olympics, the Super Bowl, Premiere League Finals, The World Series, The FIFA World Cup, NBA Finals, The British Open, The Masters, The U.S. Open – Golf, The PGA Championship, Wimbledon, Australian Open, U.S. Open – Tennis, French Open, Rugby World Cup, The President’s Cup – Golf and the Ryder Cup – Golf.