3 Different Types of Sports Betting

Parlay Betting

Parlay gambling is the most popular type of gambling within sports betting. Two or more bets are combined into one bet and include futures, prop bets, money lines, and point spread. A wager can place a bet on more than two teams. The drawback of this game is that the whole parlay has to win, and if one of the results bet on does not hit, the bettor would lose their principle. However, due to its flexibility in combining multiple sports into your parlay bet, it can be attractive to the gambler. For example, you can include the Coyotes from the NHL, the Celtics from NBA, and the Cowboys from the NFL to win in a single bet. If they all win, you win. If any of them loses, you know the odds. 

In-Play Betting

In-play betting offers more than parlay gambling to sports bettors because it is wagering on an outcome that is happening in real time, and the sportsbook’s odds change during a commercial break or timeout. Like other traditional pre-game odds, every sportsbook has different rules depending on the type of the game. Currently, in-play betting is only available for specific sports and in certain localities. However, there are chances that in-game betting will be more widely available soon.

Placing an in-play bet

Currently, online gambling apps provide an opportunity for in-play bets. At times, there are only 10 to 20 seconds to place a bet, so make sure to be prepared and to be able to make a quick decision. 

Prop Betting

Prop betting sets itself apart from other forms of betting as you wager that a specific event will happen within a sporting event. There are different types of prop betting used, with a varying level of skill needed.

Fun prop bets

Fun prop bets require little skill and are instead intended to be fun guesses that can make or cost you money, so you should be ready to lose any money put into them. For these bets, a popular example would be the Super Bowl, where prop bets are most often placed. You can usually bet on things such as the amount of commercials, the result of the coin toss, and how many times the announcers may say a certain phrase. Overall, it’s a fun way to get invested in the little things surrounding a sporting event and can make you some cash!

Skilled prop bets

As opposed to fun prop bets, a skilled prop bet calls for you to have knowledge and skill in the area you place a sports bet in. This may be a bet that is more specific to a player, such as LeBron James getting over 8.5 rebounds. If he were to grab 9 or more boards, you win; if he gets 8 or under, you would hold a losing ticket.