Uncategorized

Betting on your favorite sports can be a fun pastime activity. Still, if you’re not thinking much about it, you could easily lose your hard-earned money in a heartbeat. So, if you want to become a profitable pundit, it’s of the utmost importance that you learn everything about sports betting bankroll management. 

If you’re a novice bettor or an experienced one, and you’re unfamiliar with managing your bankroll, don’t worry because we’re here to help you.

In this article, we’ll explain in detail bankroll management, its importance, various tips, and much more interesting information. 

After reading our guide to sports betting bankroll management, you’ll undoubtedly become an efficient bettor who can make regular profits.

Without further ado, we’ll begin!

What is Bankroll Management in Sports Betting?

Bankroll management is an efficient way to manage your funds while betting on various sports. It includes putting away a specific amount of money you’re willing to lose and only betting a small percentage of your bankroll on a sports event, match, or game. 

Here’s an example. If your bankroll is $1000, you should bet something within 1-2% of your bankroll on a particular sports game. In this case, that would be between $10-$20. It might look like a small amount of money, but if you win consistently while betting 1-2% of your bankroll on each game, you could accumulate a large amount of money. 

Why Is Sports Betting Bankroll Management Important?

Bankroll management in sports betting is essential. But why? Knowing how to manage our bankroll is of utmost importance because if you don’t know how you will ruin your chances of becoming a successful bettor. Even the smartest sports pundits would go bankrupt if they didn’t follow bankroll management practices. Let’s see why that is the case.

It Prevents Chasing Losses

A foolproof betting bankroll management strategy ensures you don’t chase losses when you’ve lost a few bets. Surprisingly, even the most seasoned betting enthusiasts can’t avoid losing streaks occasionally since they’re just a part of the betting experience. Moreover, it’s always tempting to put a larger amount of money on a bet than you would usually put, but that doesn’t mean your odds of winning will increase.

What’s great about bankroll management is that you’re provided with a set of rules that you should abide by. Initially, the rules will be hard to follow, but once you see the benefits, you won’t think about chasing losses again. 

It Helps During A Hot Streak

Bankroll management is as important in the previous segment as in this one. For instance, imagine that you’ve won three consecutive bets, and you think you’re on a roll. Then, you decide to increase your bet size and go for that big win. For obvious reasons, this would be a huge mistake because if you lose that big bet you’ve made, then your winning streak would’ve meant nothing. 

That’s why you must follow a sports betting bankroll management strategy since it forbids you from going for that big win and ensures that you don’t dramatically change your bet size. All in all, you shouldn’t make careless bets while you’re on a winning streak. 

It Helps To Withstand Multiple Losses

Multiple losses will prevent you from making a profit. When that happens, you should stop betting for a minute and consider how much money you’re willing to spend on placing wagers.

A good bankroll management strategy demands that you decrease the stake of every bet you make when you suffer multiple losses. This allows you to avoid losing a large amount of money. 

Betting should be a fun experience, and you can do it longer if you rationally spend your money. 

Sports Betting Bankroll Management Strategies

Below, you’ll see various bankroll management strategies you can apply while betting on your favorite sports. No one can guarantee you’ll make more money using any of the following strategies, but they can be an effective way to save your funds. 

The Fixed Unit Strategy

If you’re a novice sports bettor and not familiar with bankroll management, we highly recommend using the fixed unit strategy. You don’t have to be knowledgeable in math to figure out the system since it’s pretty straightforward. Also, it’s a strategy that will make sure that you’re consistent and systematic as well. 

With this bankroll management system, you should pick a certain bet size and stick to it while betting. The bet size should be 1-2% of your bankroll. 

For instance, let’s say you’re willing to put away $1000 for sports betting, and you decide that your bet size will be 1% of your bankroll. That means that you’ll always bet $10 for each wager that you make. 

The advantage of this method is that you don’t have to worry about losing a large amount of money. On the flip side, the major drawback of using the fixed unit strategy is that your potential profit will be quite limited because with betting only $10, you won’t be able to make a fortune.

Percentage Method

Another popular sports betting bankroll management strategy is the percentage method. It’s similar to the previous method, but rather than betting the same amount of money on each wager, with the percentage method, you’ll bet the same percentage of your bankroll for each wager. 

Suppose your entire bankroll is $500, and you decide to bet 2% of your bankroll for each wager, meaning your first bet would be made with $10. Nonetheless, that number could change from time to time. If your bankroll goes up to $600, you would wager $12 for each bet. On the other hand, if you go on a losing streak and your bankroll goes down to $400, you will wager $8 for each bet.  

The advantage of using the percentage method is that if you go on a winning streak, that’ll go in your favor since the longer you win, the more money you’ll win. The downside of using the percentage strategy is that if you go on a losing streak, it might take a while to recover since you wager less money. 

Potential Return Method

The percentage method and the fixed unit strategy take the size of the bankroll into account, but the potential return method will take odds into account. Using this method, your goal is to win 1 unit per bet and not risk one unit per bet. 

For example, you might make an against-the-spread bet on an NBA game between the Dallas Mavericks and the Philadelphia 76ers, with odds of -110. In that scenario, rather than betting one unit, you would place a wager of 1.10 units to win 1.0. 

However, if you bet on the underdog, say the Mavs, at +120 odds, you should place a bet of 0.83 (1/1.2) units to win 1.0.

What’s great about this method is that it’s based on the premise that favorites will win more games (less risky) while underdogs will rarely win (more risky). 

Confidence Strategy

Another popular sports betting bankroll management strategy is the confidence method. This strategy is not as reliable as the ones we’ve mentioned earlier because it relies on how much you’re confident about making a certain bet. The confidence strategy will only be efficient if you possess enough knowledge regarding the team or the player you’re betting on to feel confident about making that bet. 

The premise of the confidence strategy is to assign a particular number of units to each match based on how confident you are in making a bet. 

For instance, most confidence strategies recommend that you use a scale of 1-3, meaning you can place a bet up to 3% of your total bankroll.

The 1 on the scale signifies low confidence in making a bet, meaning you’ll only wager 1% of your bankroll. Number 2 indicates you have a medium confidence level in placing a bet, meaning you’ll wager only 2% of your bankroll. The number 3 on the scale shows you have high-level confidence in making a bet, so you’ll wager 3% of your total bankroll.

The advantage of using this method is you can boost your profits by placing more of your funds on the bets you are most confident about. The drawback is that making the right call is hard, especially if you know nothing about the match you’re betting on. 

Kelly Criterion

A highly popular bankroll management method is called the Kelly Criterion. Suppose you want to use this sports betting bankroll strategy. In that case, you must follow this formula to successfully calculate which percentage of your bankroll should place on a wager:

f*= ((p(b+1))-1)/b

• f* – is the percentage of your total bankroll that you should bet
•  b – is the profit based on the odds of your wager (2.0 odds will give you a solid profit $10 if you’ve place $10 on a bet). 

• p – is the probability of winning the wager you’ve made(this is your estimate), from 0 to 100%.

Example:

• The odds are 2.0 or 1:1 on a specific match, b=1

• You estimate that the probability of you winning the bet is 55%, p=0.55

• Here’s how it looks when you put all the variables in the formula: ((0.55(1+1)) -1)/1 = 0.1. So, if we look at this example, you should place a wager that is 10% of your total bankroll. 

Sports Betting Bankroll Management Tips 

If you’re unfamiliar with sports betting bankroll management strategies, these tips will be useful. 

• Track your bets – If you want to be a successful bettor, you should keep track of your bets. You can write all of your bets in a notebook, or you can open, for example, Google Sheets and track bets in that program. 

• Stay level-headed – Don’t get too confident and place a reckless bet, as you’ll lose your money. Instead, use a bankroll management strategy to protect you from rash decisions. 

• Don’t Drink and Place Bets – Watching a game and opening a few cans of beer isn’t all that bad. However, don’t mix alcohol with betting because you can make some irrational bets and lose your hard-earned money in the blink of an eye. 

Sports Betting Bankroll Management FAQ

Below, I’ll provide you answers to the most common questions regarding sports betting bankroll management. 

• Do Bankroll Management Strategies Guarantee Profits While Betting on Sports?

• Bankroll management methods don’t guarantee you’ll make profits. Instead, it improves your chances of having long-term success while betting on sports while minimizing the risk of losing a large amount of your funds.

• Which Percentage of My Total Bankroll Should I Use For Making Bets?

• It’s recommended that you wager anything from 1% to 5% of your entire bankroll on each bet. 

• Is It Wise for Me to Increase My Bet Size After Going On A Winning Streak?

• It would be wise not to increase your bet size if you go on a winning streak because doing so could result in a significant loss of money. Instead, you should stick to a sports betting bankroll management strategy. 

When we talk about sports betting, you always have an opportunity to win big money if you bet randomly. On the flip side, betting on a pure hunch means that, over time, you can lose a significant part of your bankroll. 

Yet what happens when you bet strategically, using betting systems? Then, you can successfully manage your bankroll and increase your chances to win bets. 

However, some betting systems work, while others won’t. But don’t worry because, whether you’re a betting newbie or a seasoned gambling enthusiast, our in-depth guide to sports betting systems has got you fully covered. 

Read ahead to learn everything you need to know about betting systems in sports!

What Is A Sports Betting System?

We can describe a sports betting system as a pattern or a strategic approach that we use to increase our winnings. 

When we find a betting system that works for us, we have to decide if we’ll increase or decrease the amount of money we use for making sports bets, which depends on whether we’re on a winning or a losing streak. 

Which option we choose differs whether we use a positive or a negative progression sports betting system. Everything is explained in the table below. 

Positive Progression	Negative Progression
We raise our stake when we win	We raise our stake when we lose
We decrease our stake when we lose	We decrease our stake when we win

In the following table, you’ll see types of positive and negative progression systems.

Negative Progression Sports Betting Systems	Positive Progression Sports Betting Systems
Labouchere	Reverse Labouchere
Fibonacci	Contra D’Alembert
Martingale	Paroli
D’Alembert

 

Now, let’s dive deeper into the world of sports betting systems by giving a detailed breakdown of each system. 

Negative Progression Sports Betting Systems

Labouchere

The Labouchere sports betting system was named after a well-known roulette player, Henry Labouchere. Besides its use in casino games, this system is also used by sports betting fans. 

This system’s premise is that your bet’s total potential profit is divided into smaller wagers. So, if you want to win, let’s say $6, then you could use the following sequence: 1-2-3. Each time that you place a wager, your stake has to be a sum of the first and the last number in your sequence. Using the before-mentioned example, your stake would be $4 because the first number in your sequence is 1, and the last one is 3. 

If you get a win from that bet, then the Labouchere sports betting method suggests that you should cross out the first as well as the last number in the sequence. So, in our example, you cross out 1 and 3. The final move for you would be to bet $2, and if you win, the sequence is over, and you can repeat the process. 

On the other hand, if you lose that $4 bet, then you must add your stake into the sequence, which is 4. It would look like this: 1-2-3-4.

To sum up, you exclude the first and last number you’ve used in your sequence every time you win. On the flip side, if you lose, you add the stake as your last number in the sequence.

Remember that if you go into a losing streak, the money you wager could increase significantly. 

Fibonacci

The Fibonacci sports betting system is based on the famous Fibonacci sequence. It’s no surprise that a lot of punters across the globe use this betting method. For those who are new to the betting, the Fibonacci sequence looks like this: 0, 1,1, 2, 3, 5, 8,1 3, 21, 34, 55, 89, 144. In addition, when you bet using this method, you continue your sequence with a number that is the total sum of the previous two numbers. 

However, this betting system is about more than just adding numbers in the sequence. The sequence is moving like a see-saw. So, if you lose a bet, then you move to the next number in the sequence. On the contrary, if you get a win, then you go back two numbers in the sequence. 

We’ll give you a few examples of how it works. But, before we do that, in order to preserve your bankroll, we highly recommend that you start your bet using the Fibonacci system with a unit that amounts to $1.

Example 1. 

Let’s say that your Fibonacci sequence is this one: 0, 1, 1, 2, 3, 5. So, in this example, we will make a bet that will be 8(3+5) units because we look at the last two numbers so we can continue the sequence. If we lose, the sequence will look like this: 0, 1, 1, 2, 3, 5, 8.

Example 2. 

In this example, we’ll explain what happens if you win a bet using the Fibonacci method. This is the sequence that’ll be used: 0, 1, 1, 2, 3, 5, 8, 13, 21. We’ll make a bet that will amount to 34 units (13+21). If one unit is $1, then we bet $34. In the case of winning, our sequence will look like this (0, 1, 1, 2, 3, 5, 8) since you should subtract exactly two numbers from the Fibonacci sequence when you win a bet. 

The Fibonacci system could seem complex at first and hard to track, but with this system, you can get decent results if you’re persistent. 

Martingale

One of the most popular and simplest sports betting systems is Martingale. It’s somewhat different from other betting strategies because you don’t increase your bet with one unit or an insignificant amount of money, but rather, you double your stake when you lose a bet. 

Let’s say that you’re a fan of Manchester United and you want to bet on them in the Premier League every weekend. For instance, you decide that your base stake will be $10, and you make a bet on United with that amount. But, they’ve lost that match, and you’ve lost that bet, so you double it and place a $20 wager on their next game. 

Assuming that you lost that wager as well, then you would bet $40 on United. If you’ve lost the bet again, you also double the bet and go for $80. Only this time, you’ve won $80 while betting on Manchester United, and your profit is the initial base stake of $10.  

• You’ve lost $10, your total being -$10
• You’ve lost $20, your total being -$30
• You’ve lost $40, your total being -$70
• You’ve won $80, your total being -$10

The Martingale is a high-risk sports betting system, but if you have deep pockets, you won’t regret it. Therefore, new bettors who want to start betting small amounts of money should be careful when trying it out. 

D’Alembert

Mathematician Jean Le Rond D’Alembert was the one who developed the D’Alembert system, and his basic idea was that over a long period of time, your lost and won bets should even out. 

Resembling the Martingale system, D’Alembert’s only difference is that it lets you increase your stakes slowly, and not just double them like Martingale suggests. The D’Alembert is good for newbies because it will ensure that your bankroll doesn’t go empty. This betting system might not work for impatient bettors because your profits will rise slowly. 

If you want to use this system, it’s recommended that your one-stake unit should be somewhere between 1-5% of your entire bankroll. Let’s say that your bankroll is $1000, and your stake unit is 4% of your bankroll, meaning that you place a $40 bet. If you lose, you’ll raise your stake by one stake unit ($40), so you would place a $80 bet. Every time you lose, you increase the bet by one stake unit. If you win, you decrease your next bet by one stake unit. 

Positive Progression Sports Betting Systems

Reverse Labouchere

Reverse Labouchere is a positive progression betting system that originated from the before-mentioned Labouchere system. The first step in implementing this system into your betting strategy would be to divide your total stake into a sequence or smaller wagers. 

Let’s say that your total stake is $15, and you use the following sequence: 1-2-3-4-5. The sequence is equal to the total stake of $15. For every bet, the amount you wager is equal to the sum of the first and the last number in our sequence. In our example, we will make a $6 (1+5) bet.

If we lose, then we cross out the first and the last numbers in our sequence, which are 1 and 5. 

Then we make a $9 bet because our sequence looks like this: 2-3-4. 

On the other hand,  if we win, then we add the last wagered number to our sequence, and it’ll look like this: 1-2-3-4-5-6. Then, we’ll make a $7 bet. 

This betting system protects your bankroll since each time you lose, the sequence gets shorter.

After you cross out all the numbers, you can repeat the whole process. 

Contra D’Alembert

The counterpart to the D’Alembert system is the Contra D’Alembert. This positive progression system is ideal for novice bettors since they can place wagers even with a small bankroll. 

Let’s use an example so that you can understand this betting system more clearly. Like in most betting systems, we have to set a base stake, which should be from 1 to 5% of our entire bankroll, that you’re comfortable losing in each bet.

In this example, our base stake will be $5. Let’s say, you make a $5 bet, and you win. Then, you increase your bet with an additional $5 base stake and place a $10 bet. Assuming you also won this bet, then you’ll place a $15 bet. 

Unfortunately, if you lose your bet, then your next bet will be decreased by one base stake unit, so you’ll make a $10 bet. If you lose again, you’ll place a  $5 bet. If you also lose this bet, your next wager should be the amount of your base stake, so that would be $5.

Reverse Martingale or Paroli

Reverse Martingale or Paroli is a positive sports betting system, used by many betting fans across the globe. It’s pretty straightforward because the idea of the system is that you raise your stake every time you win, which is a solid betting method if you’re on a winning streak. 

Choose a small percentage of your bankroll that will be your base stake unit, for example, 2%. Then, you should place a bet with one base stake, and if you win, double your next bet. 

The Paroli system suggests that you should go back to betting with one stake unit after making three consecutive wins. On the other hand, if you lose, just bet with one stake unit until you get a win.

For example, let’s say that the Denver Nuggets are playing against the LA Lakers in the Western Conference Finals. Your base stake unit is $100, and you make a bet with that amount. The Lakers have won, and you double the bet and place $200. They win another game, and you bet $400. Then, regardless of the third bet’s outcome, your fourth bet should be $100 or one base stake unit. 

Other Betting Systems

Flat Betting 

Flat betting is a great system for controlling your bankroll. The idea behind the system is that you choose a base stake that will be 1-5% of your bankroll. For instance, your bankroll is $1000, and the base stake is 1% of your bankroll, which is $10.

The flat betting system suggests that you bet the same base stake for an extended period of time (one month for instance) until you get a winning streak. 

Value Betting

Value betting is a betting system whose premise is to make bets that have a bigger chance than the odds given by the bookmaker. 

The easiest example would be a coin toss. We all know that the chances of getting heads or tails are the same, 50%. But, in this example, the bookmaker gives a 2.10 odd, or 47.62 % chance, that the coin will land on heads. This is a value bet, since the real probability is 50%, compared to the 47.62% probability given by the sportsbook.

Arbitrage Betting

Arbitrage is a betting system that allows one to get a profit from making multiple bets on one sporting event regardless of the outcome.

Let’s say that our bankroll is $200, and today, there’s a Premier League match between Arsenal and Manchester City. Using the arbitrage system, we will make three separate bets that will amount to $200 ($50, $55, $95):

• We bet $50 on Arsenal to win, with 4.5 odds. If they win, our profit is: ($50 x 4.5) – $200 = $25
• Next, we bet $55 on Manchester City to win with 4.00 odds. If they win, our profit is: ($55 x 4.00) – $200 = $20
• Then, we bet $95 on a draw with 2.25 odds. In the case of a draw, the profit is ($95 x 2.25) -$200 = $13.75

Busting Common Myths On Sports Betting Systems 

#1 – Sportsbooks aren’t safe

This isn’t true because you can find a lot of sportsbooks where you can have a safe and worry-free betting experience. 

On the other hand, there are a lot of untrusted sportsbooks online that you should avoid since there’s a risk of someone stealing your personal information. The best thing to do is to sign up at a trusted online sportsbook, and you’ll be safe. 

#2 – All online sportsbooks will ban me if I win all the time

Online sportsbooks won’t ban you from their website as long as you don’t do anything illegal or violate the terms and conditions. We all know that sports betting websites make their profit by adjusting the odds so they can make an implied probability that is a little over 100%. 

Nevertheless, some sportsbooks can limit your account if you win large amounts of money regularly. 

#3 –  I’m due for a win

While betting on sports, getting on a losing streak isn’t a good feeling, and maybe you’ve heard from a fellow bettor that the losing streak will end, and you’ll eventually get a win. That’s not completely true. 

That isn’t a healthy mentality, and it’s not good for your bankroll that you just continue betting for who knows how many times without getting a win, thinking that it’ll come one day. 

If you really want to win, stop betting for a while and make a betting strategy so you can start betting smartly. 

FAQ

Do sports betting systems guarantee success?

They don’t guarantee success. While they give you a structured approach to betting, the outcomes of sporting events are uncertain, and there’s a risk that you’ll lose your money.

How Can I Choose The Right Sports Betting System?

It all depends on how much you’re willing to risk, and you should choose systems that go along with your level of betting knowledge.

Do Sportsbooks Allow You To Use Betting Systems?

They do, as long as you follow the terms and conditions. However, some sportsbooks could limit your account if you use particular betting systems. 

Can I Make My Own Sports Betting System?

Yes, you can, and many betting lovers make their system based on their previous experience and risk tolerance. We highly recommend that you test out your betting system as often as possible to improve its effectiveness. 

Being a sports fan is as exciting as it gets, and it can get even more thrilling if you try betting on sports. So, if you’re a novice bettor wanting to dive deep into sports betting, you need to understand all types of bets. On the other hand, if you’re an experienced gambling enthusiast, getting reminded of various types of could come in handy.

In order to comprehend how sports betting works, we’ve made a detailed guide of a wide range of types of bets that will help you become a better and more experienced punter.

Carry on reading to take a closer look into the basics of different types of bets! 

Delving Deeper Into Types of Bets

If you want your betting experience to become smooth and stress-free, you need to be able to choose the proper type of bet. When you develop that skill, you will boost your chances of winning some big money.  

Below, we will give you a breakdown of each betting type, along with helpful examples.

Moneyline or Win Bet

The easiest type of bet to understand is surely the moneyline/win bet. If you’re new to betting, this would be the right bet to begin your sports betting journey.

The term “moneyline” bets are commonly used in the US. Meanwhile, the win bet is the one that’s more accepted worldwide. Another name for the win bet is also called the straight bet. 

The win bet is when you place a wager on who’ll win a match, competition, or race. Regarding this bet type, betting on the underdog can get you more money than if you bet on the favorite of a particular sporting event. 

Let’s walk you through a couple of examples. 

When it comes to the moneyline bet, there is a plus/minus format that you should know. For example, the Boston Celtics are playing against the LA Lakers. The Lakers are favorites at -255 odds, while the Celtics are the underdogs of the game, standing at +235. 

Let’s say that you place a wager of $100 in the favor of the Celtics. If they win, you’ll win $235. Meanwhile, if you make a $255 bet in favor of the LA Lakers, you will win $100. Check out our odds guide to better understand the moneyline format.

Another example is let’s assume that football clubs Barcelona and Real Madrid are playing against each other. The favorite is Barcelona, with odds at 1.70. Meanwhile, Real Madrid is the underdog, standing at 2.10. If you bet $100 in favor of Barcelona, you will win $170. On the other hand, if you place a bet of $100 on Real, you will win $210. So, because Real are underdogs, you will win more money. This is the decimal odds format for the curious punters. 

Totals and Over/Under Bets

Totals or over/under bets are often used by many sports bettors, mainly because they’re pretty straightforward.

Basically, the main concept of this type of bet is that your sportsbook sets a predicted number of total points that teams or players will score. Then, bettors get to pick whether they will bet over or under the total amount of points. What’s also important to know is that it doesn’t matter which team or player you placed a bet on to get the win. 

A few examples will help you to comprehend this betting type better. For those who like to watch and bet on NBA basketball, let’s say that the All-Star game is underway between the East vs.West. The total is 250.5 points, meaning that if you place a bet on under and the game ends with 250 points or less, you’ll win. For you to win, if you place a bet on over, the game would’ve to finish with 251 points or more. 

For football fans out there, let’s imagine that the Italian football giants AC Milan and Inter Milan are playing. Let’s say that you place a bet that will be on over 3.5 goals. To clarify, this means that for you to win the bet, the total amount of goals should be 4. 

Point Spread Bet

The point spread type of bet is one that is popular among punters who place bets on American sports. This type of bet is known to seasoned betting aficionados, but we’ll simplify it for betting newbies.

A point spread bet is when you place a wager on the margin of victory of your selected team. If you bet on the favorite, you’ll win only if that team wins by more points than the spread. On the other hand, if you bet on the underdog, you’ll win only if the team loses by fewer points than the spread. 

For example, an NBA game is played between the New York Knicks and the Brooklyn Nets. The sportsbook determines the following point spread: Knicks (-12.5) vs. Nets (+12.5). If you bet on the favorite, Knicks, you’ll win money if they win with 13 points or more. 

On the contrary,  if you bet on the underdog, the Nets, you’ll win if this team loses with 12 or fewer points. The most common odds for this type of bet is -110 (moneyline) or 1.91 decimal.

Parlay Bet

A parlay or accumulator bet is when you place multiple wagers on a single betting ticket. To win the parlay, you must win all single bets you’ve put on that ticket. For instance, you place a parlay bet consisting of 3 single bets, but if you win 2, you’ll still lose the parlay. 

The parlay is not an easy bet to win, but when all odds add up on your betting ticket, and you win all individual bets, you could potentially win some big money. Sports betting lovers often bet parlays on a single sport but on different matches. 

Here’s an example of the parlay bet:

• Chelsea vs Liverpool (Chelsea to win) – 1.65
• Cleveland Cavaliers vs Detroit Pistons (Pistons, -9.5) – 1.90
• Lionel Messi will score a goal – 1.80

The total odds of this parlay example are calculated like this: 1.65 x 1.90 x 1.80 = 5.64

If you’ve placed a $10 bet and you’ve won the parlay, you will get $56.4.

There is also a variation of the parlay bet called the same-game parlay. It’s similar to the regular parlay, except in the case of the same-game parlay, where you place multiple bets on one match. 

For instance, the Milwaukee Bucks are playing versus the Atlanta Hawks, and you place this same-game parlay bet:

• Bucks +7.5 (1.91)
• Over 230.5 (1.91)

The accumulated bet is 3.648. So, if you win these two single bets and place a $10 bet, you’ll win $36.48 in total.

Futures or Outright Bets

A futures bet is just how it sounds like. It’s a bet that you place for something that’ll happen in the future. They’re easy to place and really fun.

Bettors who want to place a futures bet, try to foresee who’ll win a particular league, race, tournament, or any sports competition. 

Futures bets are basically moneyline bets because you often bet on the winner of a sporting event. For example, if you think the Golden State Warriors will win the next season’s NBA title at 6.00 odds, and you place $100, you will get $600 if they win. 

There’s both an advantage and a disadvantage regarding the futures bet. The good thing is that you can get really favorable odds because you bet far into the future compared to when you would bet a few days before the sports event. 

On the other hand, what could ruin your future bets are some unexpected problems like the injury of a crucial player. 

Prop Bets

A proposition, prop, or special bet is a type of sports bet that has no tie to the final result of a game. This bet is very entertaining since you can bet on practically anything you think could happen in a sporting event. 

In most cases, the bet is divided into a prop bet focused on team statistics and a prop bet focused on the players’ statistics.

Regarding the former, you’ll bet on a particular aspect of the game, like which team will first score the goal or which team will have the most three-point shots. Regarding the latter, this means that you place a wager on something one player would do, like how many assists will a basketball player have or how many saves will a goalkeeper have. 

Teasers and Pleasers

Teasers and pleasers are mostly offered at US sportsbooks. Rarely you’ll find them anywhere else. 

These two types of bets are similar to the previously mentioned parlay bet, but there are couple of notable differences. You can only choose to make totals or point spreads with the pleasers and teasers.

When it comes to teasers, you will make a selection of multiple bets that you would like to place. Then, you can move the point spread to your advantage and boost your chance to win some money. Here’s an example. Let’s say that the sportsbook offered these points spreads on the NBA basketball games you’ll bet on:

• Lakers +7, 
• Cavaliers +3, 
• Celtics +2, 
• Hawks -4 

So, if you place a five-point teaser, the point spread will go to your advantage. 

This is how the point spread will look with the teaser bet after you add five points to each game: 

• Lakers +12
• Cavaliers +8
• Celtics +7
• Hawks +1

The odds for the teaser are low. Therefore, winning is easier.

Let’s say you place a pleaser bet on the exact same NBA games with five points. In this situation, the spread won’t go to your advantage. This is how the spread will look like when you deduct five points from each game:

• Lakers -2
• Cavaliers -5
• Celtics -3
• Hawks -9

Even though the odds for pleasers are high and it’s harder to win, you will get some big money if you get it right. 

If and Reverse Bets

The if bet is when you make a series of bets that are placed independently. Let’s say you want to bet on Manchester United, Liverpool and Arsenal. Each of those clubs have matches on Saturday, but at a different time of the day. 

You’ll only place a wager on Liverpool if Manchester United wins. Then, you will only bet on Arsenal if Liverpool wins. Remember that this isn’t a parlay bet, meaning that each bet is independent of the other. What’s great is if the Manchester United bet wins, but the Liverpool one doesn’t, you’ll get the money for the United bet. 

The reverse bet is a type of sports bet that will combine bets together and cover any possible combination in any order. Here’s an example. You place bets on teams A and B. If Team A gets the win, cancels, or perhaps ties, then bet on Team B. Then, if team B gets the win, a tie, or cancels the game, then bet on team A. 

Full Cover Bets

This type of bet includes multiple betting options in a certain number of selections. In the UK, this is a popular type of bet in sports. These bets vary from the number of all bets you place:

• Trixie – four bets
• Super Yankee (26 bets)
• Goliath (247 bets)

Let’s make an example. For two selections, you have three combinations, so you have to place two single bets alongside a parlay bet. More selections mean more combinations.

Live Betting

Live betting is when you place a wager after the sports event has taken place. This is one of the most fun types of bets since the odds change from minute to minute. You can place many different types of bets and make specific bets like which football team will perform the next corner.

Below, you can see our answers to the most common questions regarding sports betting and its types.

FAQ

What is sports betting?

It’s when you place bets on the outcome of a particular sporting event. A bettor can place wagers on many sports like football, basketball, volleyball, MMA, golf, American football, etc.

What are the most common sports betting types?

The most common types of bets are totals, moneyline, over/under, and parlay. These types are recommended for novice punters.

How to be a responsible sports bettor?

Set an amount you’ll use for betting, and don’t exceed that amount. Consult a trained professional if you have a problem with gambling. 

Are there some valuable tips for sports betting beginners?

You should do extensive research on the team or players you bet on, manage your time and money responsibly, and place bets only for fun. 

Read Next: Best Sports Betting Systems