SPORTS BETTING BET TYPES
There are several different types of bets that you can use for betting on sport. It’s important that you understand the available bet types you have at your disposal so that you can maxmise your winning returns. We have listed the available sports betting products below:
FIXED PRICE SINGLE BETS – Fixed price on an event at any given time
Most sports bets are single fixed price bets. Unlike racing, there are no totes (except football betting exotics) and no bookies who pay top fluctuations or any of the other bet types. This is largely due to the fact that most outright sport events have only two or three results (Win/Lose/Draw). Punters need to scan the bookies prices in order to get a good price for their favoured outcome.
FIXED PRICE EXCHANGE BETTING – Fixed price on an event at any given time on betting exchangeOffered by BETFAIR
The betting exchanges really come into their own when it comes to betting on sport. The odds are generally always better on the exchanges, particularly the popular ones like Betfair. This is because the market determines the price and not the bookies, the market does not allow for the bookies margin. The exchanges don’t compete with products like BOB and Top Fluc because they simply can’t offer them. See the example below for an even money event.
BETFAIR vs BOOKIE MARGIN EXAMPLE
The example shows the difference in odds offered by a betting exchange e.g. Betfair as opposed to a bookmaker on a fictional even – money event. The bookie has to allow for a margin to make a profit, whereas the exchange merely puts punter against punter with no allowance for margin, hence the odds are generally always better.
The thing to be aware of with exchange betting is the commission fee taken by the exchange on winning bets. With the bookmakers, the fixed price is exactly what you will receive plus your initial stake. Betfair takes anywhere between 2.5 – 5% commission of your net winnings.
LAY BET (EXCHANGE BETTING) – Bet that an outcome will NOT eventuate
One of the beauties of betting on the exchanges is that you can back a team / player or particular outcome to lose. This arms punters with the possibility of backing and laying an outcome in the same event (see betting exchange benefits).
One thing to be aware of is just as the exchanges provide better prices for backing outcomes, punters wanting to lay outcomes must also pay a higher price and then factor in the commission payable to the exchange from any net winnings.
MARGIN BETS – Select the winning team / player and winning margin
Margin bets provide better value about the outcome of a sporting event because there are more potential outcomes. For example, Team A might win by between 1 – 39 points or 40 points and above. Instead of simply having two bet options (Win/Lose/Draw) there are now five.
LINE BETS – Contest is handicapped by bookie using the margin to make a contest even
Line betting is where one team is given a head start for example 20 points. This is the margin that the bookie believes makes the game equal eq. odds of $1.90 a piece. This margin is called the line.
MULTI BETS – Combines a selection of single bets together in effect multiplying your bet.
Multi bets are becoming more and more popular and punters seek to multiply their winning returns by having a series of bets roll into each other. Punters can combine a number of single bets into one bet. Each time a leg is successful, the dividend from that bet is placed onto the next leg providing for a valuable dividend should all legs be successful. There are big differences between the bookies when it comes to Multis, some only allow you to combine a certain number of legs whilst others even offer a percentage bonus for successful bets.
LIVE / IN PLAY BETTING – Single bet placed during an event
Live betting is the process of placing a bet during a sporting event.
FOOTY BETTING (Totes) – Various exotic bets involving winning poolsOffered by TAB
The totes offer the only form of exotic bets that split the pool of winnings according to the number of correct combinations. Products offered include: Tip 8, Tip 7, Footyquad and Margin Betting. Rather than set prices, the totes take their cut and return a winning dividend to punters with the successful selections. This is one area where the totes genuinely offer a point of difference, especially now that all of the corporate bookies are offering exotic bet types on racing.