Getting into the sports betting industry requires knowledge on gambling. You will, after all, earn money from the lines that you will set for the sports events that you will offer. For each game, there will be a set of betting options that your players will be betting on. Since you already have the features from betting software solutions to help you manage your lines easier, you can take the time to understand the different types of wagers you can offer in your sportsbook.
For the first part in our tutorials on the types of wagers, we’ll focus on the three most popular wagers bettors use. Of course, these wagers will vary geographically, or by sport. So some wagers will be available as options on certain sports, but will not be offered in others. Of course, even if your sportsbook uses the best pay per head services that can offer all wagering options, do not offer them all unless you understand how it works.
Different Types of Wagers: The Basics
The moneyline is also called the “Win Bet”, the term just varies based on where you are located. Some regions call this the Straight Bet as well, but other regions use straight bets for point spreads). The Moneyline is very easy to understand, is the most popular betting option for many. In this bet, you simply pick the team or person who will win the event. For example, in basketball, a team can be the underdog with +260, with the favorite having a negative sign in front of the odds at -300. So a wager on $100 can give a player a return of $360 if they win by betting on the underdog. If they bet on the favorite, and they win, they get $133.
The point spread, or the spread, is very popular in the US, particularly in American Football. Here, your players will wager on which team will “cover the spread”, which will be made by you, the bookie. For example, the odds are -110. The spread has a favorite team for -8, with the underdog with +8. So the spread is 8 points. If you bet on the underdogs (+8), they need to win the game or lose by less than 8 points. Of course, if you bet on the favorite (-8), then the team has to win by more than 8 points. If the result ends in the exact number of points, its considered a push, and you’ll get your wager back.
Totals are also called Over/Unders. You’ll usually see one or the other, depending on where you are from. This is a popular bet that is available in a wide variety of sports. The idea behind the wager, is that the bookie will set a line on the total number of points in a game. Meaning, you add up the score, points, goals, or runs that both opponents will earn for the game. If you think the game will end with more than the number the bookie set, you will bet higher, or over. If you think its lower, than you bet lower or under. Some odds will have .5, like O/U 25.5. When this happens, it means there can’t be a push. So if you bet on over, then you need 26 points or more to win. For betting Under, you need 24 points or less to win. Some bookies will also offer totals just for a certain team, especially in football (soccer to Americans).
These three are the most popular wagering options you can put in your sportsbook. But to give your players a better and complete experience, there are more wagering options available. We’ll discuss these in our next post on the topic. Of course, setting lines on all these wagering options is always easier with a good pay per head software. You can check some bookie pay per head reviews for more information.