Betting on sports has become more interesting, convenient, and fun than ever. And major credit goes to digital advancement. Bettors no longer have to visit a stadium oblor attend the match physically to wager on their favorite sports. They can simply do it from their home or other places of comfort using online sports betting software or sportsbook. The best part is they can place wagers while watching live streaming of the match. They can also enjoy the reward and referral bonus. They can get instant, accurate odds and make quick betting decisions.
What's more?
Well, the list of features of sports betting software is endless. A sports betting software development company can suggest more innovative features to make your software more engaging. However, in a quest for advanced features, you must not overlook the basic features such as multiple bet types. Yes, offering different betting options is essential to boost user engagement and make your software worthwhile for every user. Different bettors have different strategies for betting games. Your platform must cover various bet types that can support their strategy and enhance their overall betting experience. Here, we have listed ten must-have bet types you should include in your sports betting software to attract and retain maximum bettors.
- Parlay Bets
A parlay bet refers to grouping together multiple bets into a single wager. They are also known as accumulators, combo bets, or multi. The odds are adjusted according to the total number of picks bettors’ group makes together. In this bet type, bettors need to win every single wager to win the game. If any single bet is lost, the entire parlay will be lost. Though parlay bet involves higher risks, bettors enjoy it thoroughly due to the higher payout benefit.
- Straight Bets
The straight bet is a basic type of sports bet every bettor is probably familiar with. These types of bets are most commonly placed on sports such as football and basketball. Thus, if your sports betting software covers these popular sports, you must offer straight bet options to the bettors. In this, a betting line often called the point spread is set. Players can either bet on favorites and abandon the points or place a wager on the underdog and earn the points. However, in order to cash in, the favorites must win the game with more than the set betting line. And the underdog must win outright or lose by less than the set betting line. Draws in this situation are referred to as Push, which means no money is won or lost.
- Full Cover Bets
Full Cover Bets are known with different names depending on the selection. Three selections is called Trixie, selection of four is called Yankee, five selections bet is called Super Yankee or Canadian, selection of six is Heinz, seven selections bet is Super Heinz, and eight selections bet is Goliath. Bettors love this bet due to the benefit of splitting the bet in multiple selections. By placing a bet in this type, bettors can earn the money even if they don’t win all selections. It is a less risky yet profitable betting option.
- Over/Under Bets
Over/Under is one of the most popular and easiest types of bets in the sports arena. It is also known as Total line wagers, which means the wager depends on the total score of the particular match. Odds providers set a number for the combined last score of both teams and bettors then bet on the real score staying under or going above the set number. When it comes to basketball or football, bettors can often wager on a total line by each half of the match.
- Handicap Bets
Handicap bets are most popular in Football betting. However, other sports like Rugby, Golf, and Tennis often have handicap markets. These bets are also called the spread, points, or line betting. In this bet, bookmakers can even the field by providing advantages or disadvantages to some competitors. They can transform sports matches comprising different odds into even money matches.
- Future Bets
Future bets refer to wagering on the outcomes of events or matches that will occur in the future. For instance, it may involve betting on MLB world series, WorldCup, or football championships before they even take place. Bettors can place bets on the entire series or event. If you want to boost players’ engagement on your platform, then you must offer a future bet option as future bets can continue for weeks and even for months.
- Money Line Bets
In money line bets, bettors need to pick a team that he/she expects to win. Bettors win the bet straight-up without any point spread. Also, the bets are represented in both positive and negative values. The negative values stand for the favorite team and inform the bettors how much they need to bet to win $100. And positive values represent underdogs. Higher positive values indicate that the teams are expected to lose based on the predictions of oddsmakers.
- Head to Head Bets
Head-to-head bets belong to the conventional group of bets. These bets are most popular in sports like NASCAR and professional golf. Bettors can bet on the head-to-head outcomes between only two teams. With head-to-head bets, punters can bet on wins, losses, and draws as well. Due to the simplicity, these bets are favorable among professional amateur bettors
- Teaser Bets
A teaser bet is similar to a parlay bet but there is a twist. Like parlay bet, in teaser bet, bettors can group two or more bets in a single bet. However, they can also make the betting line in their favor for a lower payout. If the sports betting platform offers a 6-point teaser bet then a 3.5-point underdog will now get 9.5 points.
- Pleaser Bets
Pleaser bets are the opposite of teaser bets. In pleaser bet, bettors can move the point spread in the favor of a sportsbook, in exchange for better odds. This not only offers a better line to sportsbooks but also offers an opportunity for the punters to get higher payouts. The more points punters give away, the better odds they get.
On a Final Note!
These are the most popular bet types in the sports betting arena. Many sports betting software developers consider integrating these ten sports bet types to ensure better player participation. Providing all these bet options on your platform will also help you outperform the competition and increase customer retention.
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