Forms of Betting
When it comes to online sports betting, possibly the most important step in the betting process is deciding what type of bet to place. What people don’t realise is that there are a number of different forms of betting, including fixed odds betting, spread betting, exchange betting, and pari-mutuel betting, to name a few. Each has their pros and cons and should be considered in conjunction with the type of sport in question, the specific event and the odds on offer.
Fixed Odds Betting
The most popular form of sports betting in New Zealand is fixed odds betting. Fixed odds bets include regular bets as well as future bets. These types of bets are found in just about every major sport including rugby, football, cricket, soccer and horseracing. The best football odds are usually given as fixed odds bets. What defines a fixed odds bet is the price of the bet and the payout. Fixed odds simply mean that a punter will be a paid out the agreed price when the bet is placed. Even if the odds change at a later date, the bet will still pay out whatever the odds were on the placement of the initial bet.
Pari-Mutuel or pool betting is completely different to fixed odds betting as punters have no idea of what the odds are when the bet is being placed. With certain sports like horse racing, sports betting sites will offer pari-mutuel betting where all the bets on the event go into a single pool. The betting site will then take a small percentage fee and whatever is left over is divided among the winning bets. Thus, the only time a punter knows how much they could possibly win is when all the bets have been closed.
In-Play or live sports betting is actually a form of fixed odds betting, but is has one fundamental difference. Instead of the bets being placed before the event opens, all bets are placed live as the action unfolds. Usually offered on sports games like rugby, basketball, soccer or tennis, the odds are updated every couple of minutes or whenever there is a major turn in the game. Punters can place fixed odds bets at any given time in the game up until the last few minutes. This type of betting provides punters with more opportunities to get better odds than what the best sports betting brands could offer before event opened.
Exchange betting is the most modern form of betting offered in New Zealand. It is also the only type of online or mobile sports betting that does not take place at traditional betting sites. Exchange betting takes place at betting exchanges where punters both back and lay bets. Exchange betting is actually a form of peer-to-peer betting where one punters will lay the bet and the other will back the bet at agreed upon odds. The exchange site facilitates the bet and takes a cut of the winnings. With exchange betting, punters can either choose to create or lay a sports bet or back any bet posted on the exchange site.