Bet Type #1 – 1x2
One of the most common markets bet on by punters, 1x2 is also the simplest market for a punter to understand the costing of bets. Let’s take the example of an English Premier league game between Chelsea (1.917) and Everton (4.250). The odds for the draw are 3.790.
Betting £ 10 on Everton would provide you with the returns of £ 42.5, including your initial £ 10 bet amount. Hence, your total profit would work out to £ 32.5. You’ll not win anything if it’s a draw or a defeat for Everton.
Placing a £ 10 bet on the possibility of a draw would deliver returns of £ 37.9, including £ 27.9 profit and £ 10 bet amount.
The same £ 10 bet placed on Chelsea would deliver return of £ 19.17, or £ 9.17 profit.
The value in the 1x2 odds may vary from bookmaker to bookmaker, thus affecting your potential returns.
Bet Type #2 – Handicaps
Handicap betting proves valuable whenever there’s a clear favourite and clear underdog in a game. The perceived bias in teams’ / players’ abilities is countered by introduction of a handicap by the bookmakers.
This handicap is factored into the final score for determination of the outcome, and for calculation of bet results.
So, for instance, the handicap for the above discussed game between Chelsea and Everton was -0.5 at 1.917 for Chelsea and +0.5 at 2.020 for Everton.
What this means that if the final score line is 1 – 0 in favour of Chelsea, all bets placed on Chelsea would win as application of the -0.5 handicap won’t change the final outcome. It would still be 1 – 0.5 = 0.5 goal in favour of Chelsea. This is often referred to as ‘covering the handicap.’
On the other hand, if the match ends in a 1 – 1 draw, bets placed on Everton would win after application of the 0.5 handicap. As 1 plus 0.5 added to their score would result in 1.5 goals, 0.5 higher than Chelsea.
Bet Type #3 – Totals
This is another commonly used bet type which is a popular alternative to the handicap and 1x2 bets. In totals, the focus isn’t on the winner of a particular game/event, but making predictions about the different game variables, for instance, total points, total runs, total goals or anything that’s easily quantifiable.
Bookmakers provide bettors the option of either betting under or over their own assessment of the variable. So, for instance, in the Chelsea vs Everton example above, the goal mark set by the bookmaker may be under 2.5 at 1.909 odds and over 2.5 at 2.080 odds.