There are many types of bets, some of which that relate particularly to a certain sport, the basic betting types are what you ought to know about if you wish to pursue sports betting. Here we shall take a deeper look at the three fundamental betting types, the Win Bet, Each Way Bet and the Lay Bet. This will help you understand these bets and employ them in your betting while you slowly learn about the other betting types and how to use those as part of your betting strategies too. For beginners, these bets would be sufficient to give them a good start in their sports betting career.
Starting with the first, which is the win bet, we shall help you understand through examples how these types of bets work.
Win Bet: The Win Bet is the simplest and the most popular betting type where you place a bet on your pick to win, which could be on any sporting event, such as a selection of a soccer team of your choice that you strongly believe will win. It could be a horse that you think will win the race or one of the cricket teams or the tennis player that you feel is going to win the match and many other such events. If your selection wins the event, you will be paid out your original bet multiplied by the offered odds.
For example: You choose to back Manchester United to win against Chelsea for a bet of £50 at the odds of 3/1. If you win the bet, your winnings will be calculated as –
£50 x 3 = £150 + £50 (your original bet) = £200
So your total winnings for the bet will be £200. If your selection loses, you will lose your money. To put it simply, a win bet has only two outcomes, you either win or you lose.
Place Bet: In a place bet you wager on a selection to end in a place, which means that you are not competing for the first place here, but could win even if you achieved a second or a third position. The number of places that could make you a winner will be decided by the bookmaker based on the event and the number of entrants in it. The places are commonly 1st, 2nd and 3rd, but in events such as horse racing where there are several horses competing in certain events, the place payouts could be up to 4th place and in special circumstances even up to the 5th place. On the other hand where there are only half a dozen horses racing, the place payouts are only for the 1st and 2nd positions.
For example: If you place a £100 bet on a horse for the first three places with the odds 4/1 and the horse finishes in one of these positions, your winnings will be calculated as
£100 x 4/1 = £400
The benefit of a place bet is that you do not lose if you get to one of the winning places, only there is no difference in your winnings whether your selection comes first, second or third. However, if you get the fourth position, you will lose your stake. Also it is always wise to check with the bookmaker the conditions applicable for the winning place before you place your bet.
Each Way Bet: An each way bet is similar to the place bet, but here it is a two-way bet instead of only a place bet. So, instead of betting for a place only, you are also betting for your selection to win the race. Your bet is Split into half with equal amounts wagered on both results and you win with either of the outcomes. So you get paid if your selection wins and also if it closes at 2nd or 3rd positions, but you lose your bet if your selection finishes fourth or later.
For example: You bet £100 on an each way bet with the odds 8/1 if your selection wins and if it gets a place, the place odds will be calculated at ¼ the odds, which means that you will get a payout on the odds 2/1.
Your selection wins. What you get in payouts is :
£100 x 8 = £800 + £100 (original bet) = £900 + £300 (1/4 the odds for the place bet plus the original bet) =£1,200 in total
In case your selection does not win but makes it to the 2nd or 3rd places, you will be paid £300 (£200 + £100) as calculated according to the place odds.
If you do not make it to any of the two winning categories of the each way bet, you lose your stake.
Lay Bet: In laying, one makes a selection that something he/she is betting on will not win. This kind of betting has become quite popular in recent years especially with the coming up of betting exchanges. So basically what happens in this type of bet is that if your selection loses as predicted by you, you win your bet, but if it wins, you lose your bet.
For example: You make your selection at odds of 4/1 and set your loss at a maximum of £400, which means you take bets of £100. If you win, you get £100, but if you lose, you will have to pay £100 x 4 = £400.
These are the three major types of bets used by sports bettors that beginners need to know about, but there are many others kinds of bets that are used too, such as A Double, A Treble, An Accumulator, A Trixie, A Patent, A Yankee, Lucky 15, Lucky 31, Lucky 63, Super Yankee, Heinz, Super Heinz, Goliath, Straight Forecast, Reverse Forecast, Combination Forecast, Straight Tricast and Combination Tricast. Apart from this there are various types of bets that are used particularly for a sport, such as the First Goal Score, Correct Score, Total Goals and others used for football betting. For now, the main types of bets have been explained to get you started on sports betting, so all the best for a good start.
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