Extensive Guide on Understanding Different Wagering Types with Online Casino Market

BettingManagementGuide
09 june 2020

As a self-respected operator, you must be sure that before launching any project, you are totally into it. The betting sphere is one of the most complex subjects to discuss here. Besides setting up an efficient operational process, a bookmaker must configure the wagering scheme on the platform.

For this, it is essential to perceive the existence of all kinds of bets and understand how they work. While the operators who had betting experience know perfectly well how the process works, others might need further explanation.

Betting platform: understanding bet types

Online Casino Market cares about your theoretical background and want to deliver the most insightful explanation to our clients. This guide will help you perceive all intricacies of wagering possibilities and figure out what way you should move in order to receive maximum benefit.

On top of that, we offer convenient turnkey business solutions on all products and services that we have available. So, in case you have any queries, be sure to contact our experts.

Explaining the Odds

With different types of coefficients that players are offered on popular betting platforms, it is essential to understand how they work and the way they are different from each other.

Fractional Odds

This type of odds is most popular on the territory of the United Kingdom and Ireland. It is easy to distinguish them by the display like 8/1, 10/2, 5/1, and so on.

The formula for calculating the winning amount is as follows:

((Wagering Amount / Coefficient B) * Coefficient A) + Wagering Amount

Since bets are displayed as 8/1, it is perceived as Coefficient A / Coefficient B. Let us dive a bit deeper and see a few examples:

  • if a player wagers $5 with an odd 8/2, the winning amount is $20 and $5 back;
  • if a player wagers $3 with an odd 9/3, the winning amount is $9 and $3 back;
  • if a player wagers $15 with an odd 2/5, the winning amount is $6 and $15 back.

The difference between the coefficients is in the first number. If it is bigger than the second, it is applied for an underdog (8/2). Otherwise, if the first number is smaller than the second, it is used for the likely winners (2/5).

Decimal Odds

This type of odds is most popular in the territory of Australia, other European countries, Canada, and the rest of the world except for the USA. It is easy to distinguish it by the display of a decimal point: 2.42, 5.23, 7.0, etc. The formula for calculating the winning amount is as follows:

Wagering Amount x Coefficient

It is a pretty straightforward method that gained its popularity in the majority of countries around the world. For example:

  • if a player wagers $6 with an odd 1.50, the winning amount is $9;
  • if a player wagers $10 with an odd 7.43, the winning amount is $74.3.

Similarly to fractional odds, if a coefficient is higher, it is meant for an underdog. The smaller the coefficient, the higher chances are for a team or a player to win.

Moneyline Odds

Calculations: moneyline odds

This type of odds is most popular in the territory of the USA. It is easy to distinguish them by the display like +500, –200, etc. The formula for calculating the winning amount should be perceived like this:

  • positive coefficients show how much you will win with betting $100;
  • negative coefficients show how much you need to bet to win $100.

Moreover, apart from getting the prize, you also receive the wagered amount back. For example:

  • if a player wagers $100 with an odd +500, the winning amount is $500 and $100 back;
  • if a player wagers $130 with an odd -130, the winning amount is $100 and $130 back.

Underdogs have positive coefficients while an estimated winner has negative odds. In case a bet is higher or lower than $100, the winning amount must be calculated for each dollar wagered, for example:

Winning for $1 = Coefficient / 100

Winning for the Wagered Amount = Winning for $1 * Wagered Amount

Using the offered formula, you are now able to calculate any possible player’s win:

  • if a player wagers $50 with an odd +165, the winning amount is $82.5 and $50 back;
  • if a player wagers $145 with an odd +230, the winning amount is $333.5 and $145 back.

Betting in a Match

Decimal odds are the most straightforward to understand. Let us imagine a match between the two teams. Judging on the previous performance of both sides and any other insider information that can influence the resolution, bookmaker’s companies create coefficients on the success of each team. For example

Team 1

Team 2

1.53

6.32

As you can see, the first team is definitely a favourite and has much higher chances to win according to experts. At the same time, in case a player wager similar amounts, $100, for example, he will be able to get $632 if an underdog comes victorious in contrast with $153 if a Team 1 wins.

Also, bookmakers offer wagering on draws if the rules of the event consider such a development of events. In this case, players are free to wager on the success of Team 1, Team 2, or a tie game.

Handicaps / Points Spread

It is an exciting wagering possibility where players do not get to bet on a winning or losing side. In this case, a bookmaker creates a certain threshold of points that a bettor believes or does not believe to be covered by a particular team. Let us get acquainted with it a bit closer:

Team 1

Team 2

+8

–8

–130

–130

The spread here is eight points. As a bookmaker gave the first team a positive value of points, it means they are an underdog (they have a handicap).

The coefficients, in this case, are similar, meaning the sides are thought to cover the spread equally in different ways:

  • a player wagers on Team 1 that wins or loses by less than 8 points — it is a win;
  • a player wagers on Team 1 that loses by more than 8 points — it is a loss;
  • a player wagers on Team 1 that loses by 8 points exactly — a bet is returned;
  • a player wagers on Team 2 that wins by more than 8 points — it is a win;
  • a player wagers on Team 2 that wins or loses by less than 8 points — it is a loss;
  • a player wagers on Team 2 that wins by 8 points exactly — a bet is returned.

Also, a handicap can be displayed as a decimated number (8.5, for example). In this case, no return is granted, and a player can only win or lose the wager. On top of that, judging on what team is believed to cover the spread better, coefficients can also be different.

Totals

In this case, a bookmaker sets a threshold of points that will be scored in a game. With the number estimated, players then get to bet on whether this number will be higher or lower. Similarly to a decimated rule with handicaps, no tie is considered.

Over

Under

14.5

14.5

-210

-230

The coefficient defines how probable the outcomes of the event are, alongside the possible winning amounts for the bettors.

Special Bets

Special bets for players

Also known as proposition bets, these are the wagers that offer players consider other aspects of a match. In most cases, these are made no more than just for fun. At the same time, some players meet them seriously, conducting heavy analytics to try to benefit from these bets.

The possible options for the specials are:

  • the first scorer;
  • when the first point is received;
  • the number of fouls;
  • the amount of additional time;
  • whether there will be a penalty in a match;
  • a clean sheet for either of the teams.

The variety of these bets is only limited by a bookmaker’s imagination and also requires some analysis before being offered to clients.

Futures

This type of bets allows a player to wager on a probable winner of a competition before the event begins. Usually, the futures are displayed as fractional odds, making it possible to see the probabilities that are calculated as:

Coefficient B / (Coefficient A + Coefficient B) * 100

Team

Coefficients

Possibility

Team 1

38/11

22.4%

Team 2

14/3

17.6%

Team 3

25/12

32.4%

Team 4

43/9

17.3%

Team 5

44/5

10.2%

The chances for a Team 3 to win the event are the highest, according to the bookmaker. Depending on whether players agree or not, they can make respective wagers.

Accumulations

Accumulative wagers, also known as parlays, include a combination of several bets under a single payout. It means that if a player opted for wagering on several matches, he could have all of these coefficients combined in two different ways:

  1. Depending on the operator’s choice, the more wagers there are, the higher the multiplier is — x2 for two wagers, x3 for three, and so on.
  2. All coefficients are multiplied, with the final number being a player’s coefficient.

Of course, such a method of betting is complicated, since as a player loses a single bet among the selection, the entire betting combination is lost.

Offer Your Players Smart Wagering Possibilities

Smart wagering possibilities

The more options you include on your betting platform, the more difficult your operation becomes. You have to keep track of several different wagering types and configure them accordingly. At the same time, wider selection attracts more bettors, meaning your profit is more likely to be high.

Your crucial task is to find a balance, a happy medium between these two notions, to receive the most convenient and lucrative environment.

In order to achieve this, Online Casino Market offers you a wide range of services to ease your organizational process, including:

  • a comprehensive explanation of coefficients (fractional, decimal, moneyline odds);
  • how betting in a match works;
  • what points spread are;
  • how totals work;
  • what are the most popular special bets;
  • the possibilities of the futures;
  • why accumulations can be dangerous both for you and your clients.

If you happen to have any questions regarding bets or anything else connected with the gambling business, contact our managers. Next time, we are going to discuss another gripping gambling topic on understanding your player. Next time, we are going to discuss another gripping gambling topic on understanding your player.

Meanwhile, ordering a turnkey online casino must be the most efficient way to get enrolled in the gaming sphere. Therefore, we are looking forward to hearing from you.

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Written by

Karen Fill

Gambling business expert at Online Casino Market

09 june 2020