Some Bet Types are relatively new. The internet hasn’t only changed the way that most of us place our wagers, it’s also opened up new possibilities for alternative types of wagering. Other types have been around for a lot longer, and some have even been around longer than the internet itself.
In this article of our sportsbook guide, we’ve provided information on several popular Bet Types. We start with a brief explanation of fixed-odds betting: the traditional way to bet on sports. Then we move on to in-play betting, also known as live betting, which has become a standard form of wagering at most online betting sites. After that, we move on to exchange betting: a new form of placing wagers that don’t even involve a bookmaker.
In this article, We will explore, Bet Types You Must Have In Your Sports Betting solution
What Is Online Sports Betting
Change is constant in the world. In fact, the process of betting has also come on the digital medium, the world has become so advanced that you can do anything from your place and bet on your particular squad and player from your place and via the internet. This era is progressing day by day and making things much easier and feasible for us, we are getting all the facilities on the advanced technology and dealing has become seamless easier and on every phone, you will get sports betting app. Earlier people used to deal on site but now it has become easier via mobile sportsbook app.
Types Of Sports Betting
- Straight Bet
This is the most basic bet type out there Most sports fans are probably familiar with this; the straight bet. It is also the most common wager placed by sports bettors especially when it comes to football, soccer, and basketball. A betting line is set, and you can bet on the favorite and give-up the points or place a bet on the underdog and get the points. The favorite has to win the game by more than the set point in order to take advantage.
- Total Line Bets
The second-most popular Bet Types out there is on the total line bet. In this type of sports bet, a digit is set for the combined last score of both teams and you then bet on the actual score staying under that total or going over the set number.
- Money Line Bets
When you make a bet like a money line bet, you need to pick a team to win straight-up without any point spread. The risk involved is the amount you have to bet to pick the favorite verse the amount you stand to make if you pick the underdog. These types of bets are for all the major sports. For example; if the Dodgers are favored at home against the Giants the money line might read Austin (+125) vs. Chicago (-130). You would stand to make $125 on a $100 bet if they win and you would have to risk $130 to win $100 on others’ victory.
- Parlay Bets
The act of assembling together 2 or more picks into 1 single bet is known as a parlay. It can be as few as two separate picks all the way up to a particular sportsbook’s set limit. The betting odds on a parlay payout are adjusted accordingly based on the total number of picks you group together. Usually, they start at a 13-to-5 return in your favor for a two-team parlay and can go as high as 645-to-1 for a 10-team parlay. The trick to get prize money on a parlay is that all the players that you picked must win or the entire parlay is lost. Parlays can be very high risk and high reward sports bet.
- Teaser Bets
A teaser bet is a twist on a parlay bet in that you are still combining two or more picks in a single bet type, but you can now make the point spread in your favor in return for a lower overall payout. If the sports betting is offering a 5-point teaser bet, then a 3.5-point underdog would now be getting 8.5 points.
- Head-to-Head Bets
This Bet Types is very popular for sportsbooks. For sports such as The National Association for Stock Car Auto Racing and golf, a common way to bet these events is to bet on the head-to-head results between just two teams. Whichever finishes the race or the tournament in the higher position wins the bet. Many times a money line will be attached to each competitor as a way to handicap the match.
Type of Odds
- American odds
American odds, also known as Moneyline odds, are most commonly used in the US and Canada. They’re among the simplest odd types to understand. The format centers around the $100 betting amount.
American odds types have a positive and negative sign next to the betting odds. If the odds are (+), the odds show how much a $100 bet would win if placed. If the odds are negative, it shows the amount that is needed to be wagered to win $100.
- Fraction odds
Fractional odds are most commonly used in the United Kingdom, Ireland, and Scotland. Although, decimal odds are becoming a lot more popular in these markets. Fractional odds are based on, well, fractions. They can be more complicated than other bet types when calculating the profits
- Decimal odds
Decimal odds are the easiest among other odds to understand. Also, this is the most popular odds format in the world. Many experienced bettors choose to play in decimal odds. They’re most popular in Europe aside from the UK and Ireland (fractional odds) and are the favorites in Australia.
Must-have Features In Your Sports Betting Solution
- A Wide Selection of Sports
A variety of sports render plenty of choices to the vendors and keep them coming back to the platform. They also give new bettors the opportunity to explore sports and know what they feel comfortable with.
- Multiple Betting Market Support
Multiple betting market support is one of the top features of sports betting software. Multiple betting markets allow the vendors to explore the markets and choose from a variety of odds and place bets.
- Multiple Bet-type Support
Online sports betting provides several betting options that give various options for bettors to explore, to understand, and try their hand in the bet in which they are comfortable.
- Pre-Match and Live Odds
Pre-Match and Live Odds are great options to have in your custom sports betting solution as both render the most engaging, thrilling, and excellent betting experience. These enable your users to place bets before the event starts.
- Social Sharing Module
The online sports betting sites checklist cannot be completed without this feature. Social media sharing modules give the opportunity to your users to share their accomplishments and victories with their online friends on their social media platforms. It boosts the engagement among your customers.
- Scheduling Tools
Enabling this so that users can plan for the future and get maximum participation of the bettors in the events. This also leads to boost engagement and revenue.
- Real-Time Settlement
Real-time settlements are an ideal pick for boosting engagement on your platform. When cash gets transferred in real-time, it keeps users coming back.
- Speech-Based Betting
This is one of the most important features of sports betting solutions, without which this checklist of sports betting sites wouldn’t be complete. It enables punters to use voice commands for placing bets and enables them to multitask.
- Multi-Currency Support
Multi-Currency Support is one of the most important sports betting sites featured in our complete checklist of betting sites. Betting sites operate around the globe. People from different countries and regions access betting sites. It enables bettors to make transactions in their own currency.
- Multi-Lingual Support
Not everyone completely understands English. When you have visitors from around the universe, it becomes very important to have multi-lingual support on your website which helps you in eliminating the language barrier.
- Cryptocurrency Payment Option
Another must-have sports betting site feature is cryptocurrency payment options that add more flexibility to your payment model. These widen the options and enable your users to make payments easily without any hassle.
- Safe and Secure Platforms
When it comes to betting, safety and security are the keys. If your platform is full of spam, bugs, or doesn’t seem safe enough, users may feel comfortable while placing bets or they may leave your platform. Maintaining security in your platform is very crucial.
- Dedicated User Profiles
To track all the important activities, information, and updates about their favorite events effectively. Dedicated User Profiles enables users to personalize their profile to place bets more effectively.
- Live Feeds
This is the topmost must-have feature in your sports betting solution. It enables users to get all the insights about the real-time live events and help them create better strategies for placing the bets.
Tecpinion is a user engagement centric and sports betting web & application development company and a pioneer in creating custom sportsbook solutions for more than 8 years. Understanding your need is at the core of our sportsbook software development solutions because we practice design thinking. For more info – Do give us a call.