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In New Zealand, online sports betting offers punters the opportunity to place a variety of bets on local and international events. While the majority of wagers placed online are fixed odds bets, there are many forms of betting available, such as pari-mutuel, exchange and spread bets. Of these, spread betting is becoming increasingly popular, especially with punters who have an intimate knowledge of the sport in question, and can accurately predict the possible score line.
For those who are new to the concept, it is possibly the riskiest form of wagering found online. This is because when the bet is placed, you have no idea how much you can actually win or lose. You may end up winning multiple times your stake, or you may end up losing far more than your initial stake.
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What is Spread Betting?
Spread betting works by using totals. It should not be confused with wagering on the point spread, or totals. With totals, the bookmaker will post a total score for the game. For example, in a rugby match between Wales and Scotland, the total posted could be 32.5. This is the combined total of both teams after full time.
With totals, a punter simply predicts whether the total will be above 32.5 (33 points or more) or below 32.5 (31 points or less). A fixed odds punt is placed for over or under bets. This is where this type of wager differs. The same concept is used, except in this case, the amount you can win or lose is dependent on how right or wrong your prediction actually is.
Setting the Stake
The first step with this type of bet is to set the stake. The best sports betting brands will allow you to set it at any amount from $1.00 to $10, or any amount you feel comfortable with. The stake is tied to the point number and ultimately determines how much you will be paid out or how much you can lose. Setting it low is the best way to start, as going in high could mean a serious loss.
Winning Big
If we continue with the above example and the we predict that the point score will be above 32.5, we will be paid out our stake amount for every point over 33. If the final combined score is 40, we would be paid out 7 points or 7x our wager amount. If our punt is $1 we would be paid out $7, and if it was $10 we would be paid out $70. It would work the same if we bet below and the actual points score was 26.
Losing Big
Where spread sports betting can be risky is when the bet is incorrect. Let’s say we set our stake at $10, going in under the total, and the final combined point score ended up being 56. The point difference is 23 in the wrong direction. This means we would be liable to pay 23x our punt amount, which is 23x $10 or $230. When it goes right, this type of wagering pays off, but you must be aware of the risk before you place your bet at the best sports betting brands New Zealand has to offer.