Betting Types 2021

The difference between cashing out and loosing on your bets greatly hinges on having a sound knowledge about betting types. All successful punters will rightly attest to the fact that knowing which combination of bets to wager on greatly affects the success of respective bets.  New punters often ask “What are the best types of wagers to place?” Each type of wager has its merits in the right situation and also demerits likewise. New punters who just entered the betting world must have a sound knowledge of betting types to have a successful betting career. For those of you looking to learn about the different types of sports bets, you’ve come to the right place. We’ve developed this page with the aim of helping sports punters of all categories gain a full knowledge that they need on the subject. By the time you finish checking out our detailed guide on the different types of bets, you’ll have a good understanding of what your betting options are and how they all function.

Background Sport Betting
Jay Sanin
Last Update:
December 1, 2021
This author was thoroughly tested and approved by the experts at before joining the editorial board to ensure a high content quality.
Author Bio:
Jay is a total online gaming crack and knows every slot developer, operator and game theory by heart. Before becoming an editor he was part of a blackjack card counting group and taught young players how to beat the house. Now he's an ambitioned online editor and writes about new games, legalization of online gaming in the US and much more.
Jay is a total online gaming crack and knows every slot developer, operator and game theory by heart. Before becoming an editor he was part of a blackjack card counting group and taught young players how to beat the house. Now he's an ambitioned online editor and writes about new games, legalization of online gaming in the US and much more.

Top 7 Betting Types

In this section, our first order of business will be providing you with an explanation of the top seven most common betting types. So, let’s dive in straight away to the treasure trove of knowledge

Table of Content: What You Will Learn

Single Bet

A Single bet is a bet made on just one selection. For the bet to win, the selection has to be successful. The selection could be an outright win for the team, or some other kind of wager. This kind of bet is simple and it is one of the least completed form of betting type. You only need to make your selection and then place your stake in the hope for a profitable return.


In a grand slam final between Roger Federer and Novak Djokovic. A punter only needs to make a selection of which tennis star will land the Grand Slam title and place the wager.

Combination Bet

A combination bet is typically made up of series of multiple bets and selections. A combination bet doesn’t just combine of single bets, but also two or even more types of multiple bets. It is one of those type of betting type that may seem a little confusing to new bettors.


Let’s say you’ve got $60 to wager at the racetrack during a day of flat horse racing that includes six separate horse races. You could use the full $60 to wager on a horse in one of the races. In the event that the horse wins and the odds were good, then you can expect a relatively high payout. Otherwise, you will lose the entire money wagered. You may also want to place 3 separate bets of $20 each backing which horse will win each of the 3 races. This is one way of thinking of combinations bets as consisting of 3 singles. In the case that any of the horses wagered on wins at a high odd, then you can expect some decent profit.


You could also choose to split your $60 into a $10 wager on which horse will win in each of the six horse races. If just one of your selections wins at odds of 6/1, you’ll breakeven – and if the odds are higher or more than one of your selections wins, you’ll make a profit.

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System Bet

Also known as a full cover bet, a system bet is composed by several individual combination bets. Contrary to a single combination bet, you can earn winnings even if not all bets are correct. Please note that in using our online calculator in our sports betting comparison page, the amount shown under potential win is the maximum amount you can earn if all bets are correct. Furthermore, the stake you place will be divided according to the number of combination bets created through your system bet.  There are several types of bets that can be placed and this basically determined by the number of selections.

Handicap Betting/Asian Handicap

This betting type eliminates the draw option from “Win-Draw-Win” situation. In this case, the least favorite team kickstarts the game with some advantage in points. This way, the punter cn then pick favorite to cover the spread line. In most cases, the favorites are represented by a preceding negative sign (-), while the underdogs are indicated by a positive sign (+).


Leeds United (-1, -1.5) vs LA Galaxy (+1, +1.5). In the example made, Leeds will have to win the match by at least 2 goals in order for the bet to win. In the case that Leeds United wins by just one goal, then the game is lost and this will result in a draw when the handicap rule is applied.

Over Under Betting

Also referred to as betting the “Total” is a bet that is placed on the sum total score points of the two teams, depending on the market. The total is usually set by the bookmaker and you can either bet over or under this marked.


In the Dolphins vs Cowboys matchup with a total of 48.5, you may see the odds laid out like this:

  • 5 OVER -200
  • 5 UNDER +100

In this example, the total is placed at 48.5, but the form of risk is quite different. If you stake on the over point at $100, you will win $200, making a profit of $100. In the same vein, if you wager on the under value, you have to wager $100 for a chance to win a profit $100.

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Double Chance Bet

Double Chance bet is basically a two chanced option where you get to choose whether a team wins or draw in a game. The bet is a win provided the backed team doesn’t lose. Even a draw in enough to allow the bet sail through.


In a game between Leeds United and LA Galaxy, suppose a punter wagers on Leeds united using a double chance bet, Leeds United need to win the match or at least draw before a double chance wager on Leeds united will pay out.

Spread Betting

Points Spread in sports betting is set by the bookmaker to reflect a favorite or underdog situation between two teams. The stronger is typically marked with the “-” sign while the underdog team is represented with the “+” sign. Points spread betting work by giving the weaker underdog team an advantage not to lose by a number of set points. We shall consider an example of an NFL game.

Dallas -5.5 (-110) New York +5.5 (-110)

As you can see, Dallas is the 5.5-point favorite and this indicates that they would have to win the game by at least 5 points to win the bet. If the Dallas team wins the games by 25- 22, then it is a lost bet since they have failed win with a Five points margin.

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Common FAQs on Betting Types

Since the bookies are extremely knowledgeable and work with enormous data, the odds are set at the initial or opening line to incorporate statistics and public opinion. There are many companies whose singular job description is to set the initial opening lines.

You can find real time-odds value from many websites available on the internet. While some of these sites might charge a buck, you can get hold of some sites who offer the service for free. For instance, offers free real-time and even features two of the smartest bookmakers online,, and Pinnacle Sports. Another betting portal that offers free live odds is

There are more than a few different odds types. The most popular odds types are decimal and Moneyline odds, with fractional odds just behind those two. The default odds at your sportsbook will depend on your region, but just about all sportsbooks offer several different odds types.

No doubt, the most popular sporting events NFL Super Bowl and the NCAA tournament. This is also known as the March Madness.

This is also known as in-play betting and it involves betting on sports while the game is still on-going. Live In-play betting is available for virtually all kinds of sports event. In some cases, it can be profitable, but it can also be volatile and dangerous, especially if you are not privileged to be watching the game live.


Betting Types and how to win
Having looked at the seven most common betting types with practical illustration to show how they work; you don’t need to fear when picking a betting type. So quickly sign up with one of our recommended betting sites and start betting with amazing odds offered on different betting types. You can also find other incredibly relevant information from our Sport Betting Comparison page.
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