The Most Common Types of Bets
At every Nigerian bookmaker, you will come across a variety of betting options that you can use. Most of them are super easy to understand while others might require some experience. Without further ado, here are the types of bets that you can use for sports betting.
1×2 Bets
The 1×2 betting options are the most popular as well as most used types of bets on the market. They give you a chance to wager on the outcome of the match.
However, you can only find them at sports where the sporting event can end in a draw. Some of those sports are football, handball, hockey, rugby, chess, and more. With the 1×2 bets, you get to choose to bet on the following outcomes:
- Home team to win (1)
- Away team to win (2)
- Draw (X)
It is the simplest form of sports betting out there that is suitable for all types of punters. You simply wager on how you think the match will end up. The number of goals or points is irrelevant, as the end result is the only thing that you should be concerned about.
Moneyline Bets
Moneyline bets are similar types of bets to 1×2 but with one big difference. With the moneyline bets, you can only wager on the home team or away team to win. This means that you cannot use the draw option, as it isn’t available in the given sports.
Some of the most popular sports where you can use these types of bets are American football and basketball. Just like with the 1×2 bets, with moneyline, the number of goals, points, or runs is irrelevant.
These types of bets are the most used by beginners, but also by experienced punters. The simple rules behind them make them super easy to understand and use.
Double Chance Bets
Next, we have the double chance bets, which are in many ways alike the previous ones. With these types of bets, you are wagering on 2 out of 3 possible outcomes. This makes them the safest bets out there. However, the odds are significantly lower in that manner.
With the double chance bets, you get to use the following options:
- Home team to win or draw (1X)
- Away team to win or draw (2X)
- Home team or away team to win (12)
It goes without saying that you can use these types of bets on sports where there are 3 outcomes. Punters are often using double chance bets in matches where the winner isn’t certain. Some bettors combine several of these types of bets on a single bet slip to get a bigger payout.
Over/Under Bets
Over/under bets, also known as total bets, are unique types of bets that allow you to wager on goals or points. This means that the outcome of a match is irrelevant, as you are only betting on the number of goals or points in a match.
The bookmaker is setting a value of points where you get to choose whether to bet over it or under it. For instance, in a football match, you can choose whether the teams will score over 2.5 or under 2.5 goals. Bookmakers combine the goals from both teams for the over/under bets.
The odds vary from one match to the other, depending on the teams in play. If the football teams in question are scoring more goals, then the odds will be lower.
Handicap Bets
Bookmakers are offering handicap bets as a way to even out a sporting event. With it, they make things either easier or difficult for the teams in the match. For instance, a favourite will start the match with a disadvantage in to form of minus goals or points.
So, they will need to win the match by a certain goal or point difference in order for you to collect a payout. As a result, you get much bigger odds than the ones that feature at the 1×2 bets.
These types of bets allow you not only to wager on the favourite to win but also on the underdog. This team will get an advantage in the match, but also some lower odds. Bookmakers also allow you to wager on a draw when using the handicap bets.
Asian Handicap Bets
Asian handicap bets are very similar to the previous types of bets. But, there is one major difference that separates them. You can only use the Asian handicap bets when wagering on a team to win.
This means that you cannot bet on a draw outcome with these types of bets. The bookmakers set a virtual score that will give one team an advantage over the other. It means that the team that starts the match with a lead is actually the underdog.
Just like with handicap bets, the favourite begins the match with an obstacle that it must overcome. Bookmakers mark the favourite with a minus (-) symbol while the underdog features a (+) symbol.
Outright Bets
At the Nigerian bookmakers, you can also find outright bets. These types of bets give you an opportunity to wager on an outcome in the future. You can use them to bet on a winner of a tournament, league, or competition.
There are outright bets that allow you to wager on the top scorer, best player of the tournament, best young players, and much more. If you place these types of bets early in the season, then you will get some big odds.
However, as the season progresses, the odds tend to get lower on certain teams and players. Outright bets are the hardest to win, as you have very little information that can help you make a decision.
Prop Bets
Proposition bets, or prop bets, are types of wagers that do not directly affect the match’s final score. With these types of bets, you are wagering on a specific aspect of the match. At the bookmakers, you will come across player, team, and game prop bets.
Player bets, are types of wagers where you bet on a certain player’s performance during a match. You can wager on points or goals scored, assists, rebounds, touchdowns, etc. Team props focus on the performance or specific outcome of a team. You can choose to bet on the total goals scored, penalties, turnovers, etc.
With the game props, you are betting on something to happen in a match. Here you can wager on which team will score the first goal, the first team to score 20 points,
Live Betting
One of the most popular types of bets in recent years is live betting. This form of sports wagering allows you to place bets after that match begins. So you are wagering as the match unfolds.
Nigerian bookmakers present you with a variety of betting markets that you can use for your live betting. With these types of bets, you have a chance to see how the match progresses before making a decision. This is something that very much lacking in pre-match bets.
However, it is worth noting that the odds tend to change during the live events. This is due to the changes in scores and the team’s performances on the pitch. It gives you an opportunity to capitalize on higher odds before the bookmakers adjust them.
Accumulator Bets
Accumulator bets are types of bets where you include 4 or more selections on a bet slip. This means that you must choose at least 4 matches to bet on. Bookmakers allow you to use all betting markets when placing accumulator bets.
For you to win such a wager, each selection must provide a positive outcome. You will lose your accumulator bet even if one selection fails. With accumulator bets, you can even combine different sports on a single bet slip.
Punters use these types of bets as it gives them a massive payout, much bigger than the single bets. This is because the odds from each selection multiply with each other. Then the total odds of the selection are multiplied by the stake to give you a potential payout. The more selections you include, the bigger the win.
Multi Bets
Many Nigerian punters think that accumulator and multi bets are the same. But, there is one big difference that distinguishes them. With multiple bets, you can choose 2 or more selections on your bet slip. It gives you a chance to combine several bets into one and use a single wager instead of multiple.
You can place these types of bets on any sport. Bookmakers even allow you to use different sporting events on your multi-bet. However, it goes without saying that each selection must come through before you can collect a payout.
With multi bets, you can win some big amounts, much bigger than single bets. The calculations are the same as the accumulator bets. Bookmakers multiply your wager with the total odds of the selections.
Arbitrage Bets
Last but not least, we have arbitrage bets, also known as sure bets. These types of bets offer a unique way of sports wagering. Arbitrage bets allow you to capitalize on the different odds provided by the bookmakers.
To conduct them, you must first find two sportsbooks that offer different odds on the same sporting event. Then, you will need to use an arbitrage calculator to determine what betting market to use at which bookmaker. The calculator will also show you how much money to place on each bet.
You should always look for matches that feature a bigger difference in the odds. Those sporting events are offering you the biggest payouts. However, you must have a bigger budget as the odds tend to be lower.
How to Use the Types of Bets?
Using the featured types of bets that we mentioned above is super easy, as long as you know what they represent. If you don’t know anything about them, then we suggest you study them before spending money on them.
In order to place such types of bets, you must first find a reputable Nigerian bookmaker. The betting site that you choose must feature a valid license. After that, you will need to register an account, which won’t take long to finish. Also, make sure to verify your account, so you can request cash outs.
Next, deposit some funds, as sports betting requires money in order to place wagers. Once you complete all of this, head over to the sports section.
There look for your favourite sports and explore the available matches. Choose one of them and scroll down to the betting markets. Here, you will need to choose a bet option by clicking or tapping on the odds of the designated market.
After that, you will notice that the bet slip on your right features the selection that you selected. If you want to use only one selection, the next step is to input an amount. Lastly, confirm the wager and wait for the match to end. If your bet comes through then the bookmaker will give you your payout.
FAQ
There are numerous types of bets available at the Nigerian bookmakers. You may even find different betting options for different sports. However, the most common types of bets are the 1×2 bets, moneyline, handicap, Asian handicap, double chance, over/under, outright bets, accumulator bets, multi bets, live bets, and arbitrage bets.
No, you should never expect to win every sports bet that you place. Nothing is certain in sporting events, as every outcome is possible. Even when you wager on the betting markets with the lowest odds, you are still able to lose your bet. So, with that in mind, make sure to gamble responsibly at all times.
Beginners should start off with 1×2 bets and moneyline wagers. They are the simplest forms of sports betting out there. With the 1×2 bets, you are wagering on the outcome of the match. The same goes with the moneyline bets, but here you cannot bet on a match to end as a draw. Additionally, beginners can also use the double chance bets, as they are possibly the most secure wagers out there.
Possibly the riskiest type of bet at the bookmakers are the outright bets. This is because you are wagering on an outcome to occur in the future. When placing these types of bets, you have very little information that can help you make a decision. Accumulators and multi-bets are also very risky, especially if you include a large number of selections.
The safest type of bet at the Nigerian bookmakers is probably the double chance bet. This is because you are wagering on 2 out of 3 outcomes of a match. As a result, you will get the lowest odds out of all available betting markets. However, you can always combine several double-chance bets on a single bet slip.
Responsible Gambling
Regardless of how fun sports betting is or how much money you can potentially win, you must always gamble responsibly. Nothing is certain in the world of sports betting as every match can have an unexpected turn. On such occasions, you may end up losing a lot of money.
Also, you may develop a gambling addiction from this form of betting. If you experience such harm, then you should reach out to a gambling prevention organization.
Nigerian bookmakers can also provide you with some very useful tools to avoid gambling addiction. Some of those tools are self-assessment, deposit limit, loss limit, self-exclusion, time limit, time out, and a few more.
Conclusion
There are numerous types of bets provided by Nigerian bookmakers. This allows the punters to choose from all kinds of betting markets, regardless of the sporting events. However, some sports like football and basketball, tend to feature more types of bets than others.
Each betting option represents a unique thing to wager on. You can choose from basic ones such as 1×2 and double chance bets, or use the more advanced ones like arbitrage wagers. Either way, there are types of bets for all types of punters, beginners and experienced ones.
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