‘Betting’ is an agreement between two parties that the one who has made an incorrect prediction about an uncertain outcome will give something pre-decided to the other.
Likewise, ‘Sports betting’ is placing a financial wager on the outcome of a sporting match, as well as on events that occur within the match. The growth of sports betting and gambling promotion is gaining popularity in various sports like Auto racing, Baseball, Basketball, Boxing, Football, Golf, Hockey, Horse Racing etc.
Of the above major sports, Basketball is one of the easiest to bet on. The common bet types are as follows:
- Point spread:
Point spread betting is big in basketball. Putting a point spread on a basketball game is essentially a line based on how much one team is projected to win by. In point spread, the team expected to win is called the favorite, while the team expected to lose is the underdog.
When betting against the point spread, bettors are asked to lay 11-to-10 odds, which means that they risk $11 to win $10. If I bet $11 on Team A and you bet $11 on the Team B, the bookie collects $22 between us, but only returns $21 to the winner of the game. The extra dollar is the bookie’s fee.
The second most popular method is betting Over/Unders, which is also known as Totals. In this type, a total of the combined score of the two teams playing is predicted. A number is posted and bettors have the option to bet whether both the teams will be over or under the predicted score.
Just like the point spread, bettors are asked to lay 11-to-10 odds and risk $11 to win $10 on each over/under wager. For example: If the combined total is given as 150, then you can bet that the final total points score will be over 150 (151 or more) or under that (149 or less).
- Money line:
In this you bet on which team will win the game. The team you pick doesn’t have to win by any amount of points, they just have to win the game.
The problem in this bet is that if the team you bet on is a big favorite, the odds won’t pay out very well as compared to betting on the underdog, which will give a better payout.
An exotic bet played by experienced players, parlay is when a bettor selects two or more basketball sides, and all sides selected must win. It is similar to betting point spreads.
Bettors with multiple games can opt to parlay their selections for a much better payout than betting each game individually. Win all of those bets and win big.
A teaser works basically like a parlay. Instead of just betting on one team in one game, a teaser allows to combine bets on two or more different games with a condition that 100% of the teams you pick must win their respective games. A push will lower the teaser by one team, and a loss by any team will result in a loss on the whole. The only difference between a teaser and a parlay is in the difference you make by modifying the point spreads.
Apart from the above common bets, other bets available for basketball betting are futures and outrights, proposition bets and specials, if bets and reverse bets, permutation bets etc.
With the continuing growth of so many sports all over the world, sports betting is regulated and has great potential. So gear up and “Don’t bet on the game, Invest on the probable outcome”.