In Australia online sports betting is a popular way for punters to bet on local and international sporting matches. It is easy to think that every game should have the same type of betting setup. In reality, there are actually a number of different types of bets that can be placed on each match, game or event. In the notes below, we are going to briefly go over the main types of bets that you would find at online websites in Australia.
Fixed Odds Bets
The most commonly offered bet for online sports in Australia is fixed odds. These types of bets are offers on most sports including cricket, rugby, football, golf, tennis and AFL to name a few. The concept of fixed odds is easy to understand. At the time of the placement of the bet, both the punter and the betting sites agree on the odds and the payout. This way a punter knows exactly how much they will win if their bet is successful. Even if the odds change just before the event, the payout will remain the same.
The second type of bet we are going to look at is the over/under bet also known as totals betting. In most cases totals betting are offered on team sports like rugby, soccer, basketball, baseball or American football. With over/under bets, the online bookmaker will set a score line. This is the combined score of both teams at the completion of the match. Here a punter simply has to choose whether the combined score will be over or under the score predicted. Over/under bets are fixed odds with a set payout for a win.
Spread betting is similar to totals betting but in this case the payout or loss is not known until the conclusion of the bet. It works in the same way as the over/under bet where the bookmaker will set a score line. Again, punters must choose whether the score will be over or under the line. The big difference is that with spread betting, the actual score determines how much you will win or lose. If a punter backs the over bet, they will win multiplies of their stake for every single point above the line. If they are incorrect, they will lose multiples of their stake for every point below the score line.
Most punters get confused with fixed odds bets and futures bets. Essentially they are the same thing. The main difference is that futures bets are offered on sporting events much further in the future. This can extend from a couple of days to a few weeks and even a few months. Futures bets are offered on annual sporting events such as the Tour de France, Wimbledon, the FA Cup or any regular sporting event where the teams or players compete year after year. As soon as the event opens for betting, punters can place fixed odds bets months in advance. Even if the odds change in the days leading up to the event, the payout was agreed upon months before.