About bet types, value bets, fallacies and promos
Visit any top off-line / online casino or bookmaker and you’re most likely to be presented with a good range of products allowing you to place bets and profit from. We’ll go over some of the popular bet types offered by these bookmakers, along with some practical examples of them. All these bet types have been categorised into two main groups, based on the number of selections they comprise of and the different conditions that enable you to profit from them.

These are ideal bets for both the novice sports bettors as well as the seasoned ones. These feature a comparatively lower level of risk than multiple bets and the involved betting costs are usually a single unit, unlike as in case of the full cover bets. The matters are pretty straightforward and simple when it comes to single bets, that is either your selection fails and you lose money or your selection wins and you profit.
Another significant advantage offered by single bets is the ease with which you can calculate the expected profits from them. All you need to do is multiply the offered odds by the bet amount and you’ll know the amount you can possibly win from your bets. Following are brief descriptions of some of the most popular single bets you can place in an off-line or online casino cum bookmaker or at any bookie:

Head to head bets
Easily the most commonly indulged-in bet type, both in the off-line environment as well as on the Internet, head to head betting is extremely popular among sports bettors. In these bets, all you need to do is bet on how you expect the concerned sports event to finish - a tie, win for a particular team or loss for a particular team.
Example: Chelsea is expected to host Manchester United in a late evening Premier League contest on the upcoming Saturday and you decide to place a bet expecting Chelsea to score an easy win. You’ll win your bet only and only if Chelsea beats Manchester United in this match, and lose if either MU wins the match or the match ends in a draw.

Totals bets (under/over)
Totals is one more very important bet type that is indulged in extensively at almost every off-line or online casino cum bookmaker. There is nothing wrong if you have always associated under/over bets with football matches wherein you can place bets on the final score line being under or over a certain number of goals. However, in reality, you can place under/over bets on almost any calculable statistic of a game, right from free throws, cards, points, games, set, number of corners and more. So as to avoid any confusion with the end result, condition for all those bets always remains a half number.
Example: Crystal Palace is about to play Manchester United in the upcoming FA Cup final at the Wembley Stadium. You are a huge Manchester United fan and decide to back your favourite team to score a win with over 2.5 goals. However, Manchester United’s third goal is scored only in the extra time’s second period, and hence you lose the bet.

Handicap bets
You may have already heard a lot about handicap betting and the various forms it can be indulged in – spread betting, points betting, line betting or Asian handicap betting. Regardless of how you may like to refer to it as, the main principle driving these bets is the same, the common factor being that either of the team/player is given an advantage before the start of the game.
This upper hand is usually handed to the team which is less likely to score a win or is the underdog in the contest. This handicap clause can either be in the form of a half or a whole number (please note, Asian handicap bets can have both). Handicap bets are highly popular with sports bettors throughout the world and you can see people placing these bets on some of the most conventional sports in their respective countries. In UK, Bet365 is one portal where you’ll find many punters indulging in it actively.
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Example of Handicap betting: Real Madrid is going up against Arsenal in an upcoming champions league match and the +1.5 goals handicap they’re are awarded makes them a sort of an underdog in the encounter. Logically speaking, Arsenal goes into the match with a handicap value of -1.5 goals, implying that it’ll need to score a win with a difference of at least 2 goals so as to deliver returns to people who chose to back them. Let’s say that Real Madrid ends up losing the game by 1 goal, now, the 1.5 goals handicap added to their score would make all bets placed on them the winning bets, despite the fact that they lost the game.

Each way bets
Another highly popular bet type, this is particularly the favourite of sports bettors who are ardent fans of horse racing. Each way bets normally comprise of two distinct bets, one placed on the selection you expect to win and another one placed on for claiming one of the pre-decided awards places, normally 2nd or 3rd. Terms applicable to these place bets are decided in advance by the bookmaker, and their payout is a certain fraction of the winning odds.
Example: you are very sure that Pina Colada will go on to win the upcoming 2.40 Warwick race, at the offered odds of 12/1. Place a £ 10 bet on that possibility. It’s an each-way bet that pays 1 / 4 if you bag any of the 2nd, 3rd or 4th places.
Now the best case scenario in this election would be that the horse indeed goes on to win the race and you score a phenomenal profit of £ 120. On the other hand, it may finish in 2nd position, and with the each-way terms coming into application, you’d get back quarter of the winning odds, registering a £ 30 profit.

horse racing

Any sports bet that features more than one bet is considered an accumulator bet. What’s basically meant by these bet types is that the odds applicable to each one of them get multiplied on the bet slip, followed by multiplication of the result by the bet amount. In general, at majority of off-line and online casinos, for instance Bet365, Ladbrokes, William Hill etc., these accumulator bets can consist of up to 15 different selections. Your potential return from the bet also increases significantly when you incorporate so many different bets into an accumulator, however, unfortunately so do the chances of not coming out as a winner. However, anyone who feels that multiple bets are his/her cup of tea, must definitely give either of the following bet types are shot:

Double bets
This is a bet type which as evident, consists of 2 different bets. It turns out to be a winning bet if both the bets or selections are winners.
Example: You place a £ 5 bet on Leicester to beat Chelsea and Manchester United to get the better of Portsmouth in upcoming Champions League matches. The availed odds for placing a double bet on these two possibilities are 2/7. In the event that both the bets end up as winners, you’ll win a total of £ 12.86 on that bet. On the other hand, you’d lose the double bet even if one of them fails. In that case the entire bet will be considered lost.

Treble bets
As is evident, this is a bet type which consists of 3 different bets. It turns out to be a winning bet if all the 3 bets or selections are winners.
Example: Your bet slip consists of 3 different selections and you have wagered £ 10 on a treble bet comprising of: Leicester City 4/5, Manchester City 1/2 and Manchester United 4/6. If all the picked teams score 3 points in their respective matches, you’ll win a total of £ 35 profit, excluding the original stake amount of £ 10. Hence your total return would be £ 45.

Full cover bets
System or full cover bets are the wagers which comprise of various different combinations of the involved selections. Every combination must have at least a single unit bet placed on it. What’s great about system or full cover bets is that unlike as in case of an accumulator, you may still make profit even if some of the selections don’t work in your favour. On the other hand, the biggest cons related to full cover bets is that the returns from them are far lesser compared to accumulators.

If we put it in the simplest way, value betting can be considered an activity wherein you take maximum advantage of mistakes made by a bookmaker or an offline / online casino. Quite obviously, you won’t get a situation wherein you are offered 10/1 odds for Real Madrid to get the better of Gillingham, but how professional sports bettors consistently make money in the sports betting world is that they are able to locate value in the odds offered by bookmakers and are able to benefit from them.
So, basically a value bet is a type of bet, which in your opinion, has higher odds compared to normal. Some bets may emerge as winners, others may lose, but that’s not a major concern for the professional sports bettors. What matters to them the most is that they are able to score handsome profits in the long term. Let’s go over some important guidelines and learn how we can do exactly that by consistently placing value bets.

How a bet’s value is calculated?
The main thing you must learn to succeed in the sports betting world is about the concept of value and how to calculate this value. This is very important regardless of whether you place bets at some offline shop or some online casino.
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You can use the following formula to easily calculate the value of a bet:
Value = (probability % x provided odds) / 100
The odds availed in case of a value bet normally score a better result compared to odds of 1.00, implying that the average payout on any successful £ 1 bet would be higher than £ 1.
Let’s say Italy is travelling to England for a friendly match in which the chances of the former to beat in the latter are 3/1 (or 4.00 in terms of decimal odds). There is a 25% implied probability of Italy to score a win, but we feel they have an added 5% chance to beat England, owing to our gut feeling that Wayne Rooney isn’t in top shape.
Value = (30 x 4) / 100 = 1.2
And voila, it turns out to be a value bet! Even though statistics may not be on your side, but the payout will be the bet amount multiplied 4 times. Even if 3 £ 1 bets out of 10, to be winners, you’ll receive £ 12 in return, that’ll make it £ 2 over and above the £ 10 you had bet.

How to gain enough knowledge so as to be able to identify value bets?
This is where things get slightly tricky!
How exactly do you assess the chances of a certain outcome? One of the best ways to do that is by gaining as much knowledge as you can about the sport you are placing bets on. Please note, sports are quite different compared to casino games, for instance slots, wherein there are set payout percentages and bets placed on roulette, which is quite like betting on coin toss.
Many different factors including the weather conditions, referee decisions, Lady luck, team morale, pitch conditions, team form, crowd support and more can have either a negative or positive impact on the performance of both sides in a sports event.
There are several different ways in which you can gain the desired knowledge about a specific sport. Some sports bettors rely solely on a mathematical approach, wherein they comprehensively analyse the details of the past events, in the hope of correctly predicting the upcoming ones. It’s fairly easy to find highly comprehensive rating systems on the Internet these days, which are based on huge databases, full of statistics. These are actively used for measuring superiority or inferiority of players or teams.
Other sports bettors simply overlook all the statistics and focus solely on their own ability of gathering as much information as they can. Will Ronaldo be completely fit for the upcoming Champions League clash or not? How good is Real Madrid’s defence against set pieces and counter-attacks? What are Manchester United’s championship chances in the opinion of Alan Shearer? Internet is full of portals where the so-called pundits and tipsters actively provide insights into various sports. It is entirely up to you which one you go with.
Another alternative is subscribing to some expert’s advisory services. Carry out some research on the Internet and you can easily find a whole lot of paid and/or free services that regularly send you prospective bets with valuable odds. What’s important to remember here is that the equal odds may have entirely different value. It’s never a good idea to blindly back the favourites.

How to effectively apply the concept of value betting to real life situations?
Regardless of the exact method you use for gaining knowledge about different sports events, what matters in the end is that if those methods and the gained knowledge works in your favour or not. Once you’ve figured a value bet, you must carefully analyse the odds offered by different bookmakers. Hence, it is very important to maintain accounts with several sports betting websites. Furthermore, it’s all the more important for professional sports bettors because they can easily convert even slight differences in the odds into goldmines for themselves.
Additionally, you must give a lot of importance to the practice of effective bankroll management, especially when you are playing with large sums of money. There is nothing wrong in losing sports bets as it’s a part and parcel of the game, you must never chase your losses. In addition, it’s never a good idea to bet amounts that are higher than what you can afford to lose. Ideally, your bets must never go beyond 5% of your entire bankroll.

Pro of this strategy: You stand to win big sums of money from single bets and there is guaranteed profit in the long run

Cons of this strategy: Requires plenty of knowledge and there is a possibility of suffering short-term losses