Bet Types and Betting Terminology Explained

With so many different bet types available to punters nowadays, it’s hard to keep up with the latest betting terminology. That’s why we have compiled a complete list of all available bet types and more importantly, the bookmakers that offer them.

Not only do we clearly explain the various bet types and betting terminology, but we have dedicated a page to each bet type where we: provide detailed examples to help you better understand each betting type, tell you when best to use each bet type, advise you on the bookmakers that offer each betting product and tell you how the cost of each bet type is calculated.

WHY UNDERSTANDING BET TYPES IS IMPORTANT

It is vital that you understand all of the available bet types you have at your disposal, because they can have a dramatic effect on your overall profits. Choosing the right bet type can alter your winning return on a successful bet significantly. Why back a horse on the tote when you can use ‘best of the best’? You don’t have control over the result of a horse race, but you do have control of the bet type that you use.

The example below highlights the importance of selecting the best value bet type. The best of 3 totes product can pay significantly better than just using one single tote.

value-in-understanding-bet-types

SIGNING UP WITH A BOOKMAKER

For each bet type we have assembled a list of recommended bookmakers that offer the particular product. Not all bookmakers offer the same horse racing win bet types so it is very important to know which bookmakers will give you top fluc for example. Simply visit our bookmakers page and select a bookie that gives you the bet types that are suited to your punting needs.

ALL FORMS OF BET TYPES

We cover all forms of betting types. All of the sports and racing bet types on offer are covered, you just need to click on the page for example afl line betting explained appears on our line betting page.

SPORTS BETTING TYPES

Sports betting is gaining in popularity in Australia. Where betting was once primarily just on horse racing, nowadays sports betting is just as big. There are different types of sports bet types that you should understand.

AFL and NRL BETTING

Take a look at any game of AFL and NRL and you will see up to 50 markets for each game, this is because there are so many different bet types. For example margin betting, which requires you to not only select the right team but the correct margin.

Multi Bets are becoming more and more popular too. A multi bet is the combination of two or more bets, into one single bet; you can even combine different bet types. Line betting is another popular footy bet type where the bookmaker handicaps the event to make it even, check out our page and example for line betting explained.

Live betting is another bet type that is set to increase in popularity in Australia. Currently, live betting is not available online with Australian bookmakers.

EXCHANGE BETTING

The introduction of Betfair and exchange betting has seen the number of bet types available to punters increase. Lay betting is now possible where you can back an outcome to lose, for more information and examples see our page, which thoroughly explains lay betting.

HORSE RACING BET TYPES

The past 7 – 8 years has seen a huge change in the horse racing bet types available to punters. The introduction of new bookmakers has increased competition and they have brought with them innovative bet types. It started with top fluc, then the best of 3 totes was brought in to give punters better value, now we have best of the best which combines both of these bet types.

Recently, Pick your own field has been added by Centrebet where you can select a winner from any field within a race! Check out our page that thoroughly explains Pick your own field.

BEST OF THE BEST

This is simply the best racing product available to punters. The potential increase in profit with this bet type is enormous and if you’re not using it, then you have to ask yourself why! We explain best of the best in detail and we can tell you that currently, it is only offered by Luxbet and Centrebet on a regular basis.

The example below highlights the value of the best of the best bet type. It can pay significantly better than a typical bet type like the starting price.

best-of-the-best-bet-type-explained

EXOTIC BET TYPES

The TAB (or totalisator) has long been the only place where you can put on an exotic bet type like a trifecta or a quaddie. The TAB uses parimutuel betting where all of the funds bet on the race go into a pool. Winnings dividends are declared by dividing the number of correct tickets by the size of the pool. This still works very well for exotic bet types where there are large pools. However, there are now much better win bet types available and if you want better value for your money, you shouldn’t place your win bets on the tote. Tote betting is explained in detail with examples.

Australian bookmakers other than the TAB are now offering exotic bet types. Instead of setting up their own pool, they simply match the dividend declared by the TAB or in some cases increase it 5%. This means that if you want to place all of your win bets and exotic bet types with the one bookie you can.