Sports betting is growing in popularity due to the shifting regulatory sentiment towards this form of gambling. As a result, more fans are gravitating toward wagering on their favorite games as a pastime with the thrill of cashing in prizes depending on the odds of particular sporting events they've wagered on. However, this field is quite vast and has plenty of bet types that can be leveraged across various leagues. Understanding this diversity can reshape the type of bets gamblers make for more value and excitement, making the experience more engaging.

Moneyline Bets

One of the simplest and most popular bet types is moneyline bets where betters wager on whether a team will win a game. In this case, the standard format applies across the board without any intricacies such as point spreads and the odds are displayed using either negative or positive numbers. 

 

Favorable odds in this scenario are represented by positive numbers, for example, odds of -150 represent the favored team whereas a team with +120 is the underdog. This format is used by both domestic and international offshore sportsbooks, but the latter typically have better benefits. These perks can include accepting flexible payment methods such as cryptocurrencies and more generous bonus offerings as casino industry expert Ciaran McEneaney mentioned. Therefore betters have a broad variety of platforms to choose from that suit their needs offering moneyline bets which are a mainstay feature in sportsbooks.

Point-Spread Bets

Sports like football and basketball share the commonality of point-spread bets where a particular team is given a handicap that they need to cover for the bet to win. A great example of this is if a team is favored by 7 points against their opposing team and then this team has to get the same amount of points for a payout.

Likewise, if a team has a +7 point spread, it has to win outright or have 7 points less than the other team for the bet to be successful. This makes the underdog team more enticing for betters, adding to the excitement inherent to sports betting in general.

Over/Under (Totals) Bets

Totals also known as Over/Under bets are also a straightforward bet type similar to moneyline bets but the difference is that the sportsbook sets a line on the total combined score and betters wager on whether it will be higher or lower. 

In basketball for instance, if the total points of a game are set at 220 points, betters can choose whether both teams combined will score a value of points that is over or under the stipulated value. The ubiquitous availability of total bets makes it a popular option worldwide as it is available in almost all sports.

Parlay Bets

Unlike simple bets, parlay bets are more complex since they are a combination of wagers in one and to win, all should be successful. To win larger payouts, players have to bet on more games which adds to the difficulty and excitement of this betting option.

The best part is that players can stake their money on different games using a variety of other bet types such as over/under, money line, and point spread as they see fit. In essence, bets can be placed on football games in the NFL, MLB baseball events and even overseas soccer matches in the Premier League.

Teaser Bets

Teaser bets are quite similar to parlays but the major difference is that betters are allowed to adjust their point spreads and totals instead of using set figures. Therefore, you can adjust the odds to your favor and minimize risk with the catch of lowering your potential payout.

The most common sports that use teaser bets are football and basketball and over the years, this unique bet type has increased in popularity. Conservative sports betting enthusiasts who'd like to increase their chances of winning despite the reduced odds leverage this option to stay in the game while high rollers add these bets to the mix to diversify how they stake their money.

Round-Robin Bets

In simple terms, round-robin bets mitigate the risk of parlays by setting up a structure where wagers can be placed in a group of selections instead of one large bet. To put this into perspective, if there are three picks, a round-robin will separate that into three two-team parlays creating a stream for multiple parlays. As a result, the exposure of a wager losing is minimal and this aspect attracts a lot of frequent sports betters and enthusiasts that bet on multiple games at a time.

Asian Handicap Betting

Asian Handicap is a dynamic and competitive betting opportunity that removes the draw option, especially in soccer, and the underdog is given a +1.5 handicap. To win the bet, this team has to either win or lose with one goal, making this bet type quite simplistic yet more exciting than over/under and point spread wagers.

Conclusion

Undoubtedly sports betting is a diverse field that offers a broad range of options to win large payouts and this diversity attracts different audiences ranging from casual gamblers, high rollers, and sports enthusiasts. Bets like parlays and round robins have grown in popularity as they allow betters to wager on different games at the same time whereas others are limited to one although they also have their advantages.