Over the past couple of years, we have witnessed an exceptional growth of the sports betting industry owing to technological advancement, especially solutions like sports betting app development. Many big companies have built their own online sports betting apps to provide punters with a convenient and improved gambling experience.
With sports betting apps, punters can now place wagers on their favorite sports events or matches without having to visit a sportsbook or stadiums physically. They can enjoy a betting game from any place at any time using their smartphones, tablets, or desktops. Many sports betting platforms also offer a live streaming facility so that players can enjoy watching live matches and placing bets simultaneously on the same platform. Also, perks like rewards, sign-up bonuses, etc. further enhance punters’ experience.
No doubt, the perks of online sports betting apps or software are unlimited. And your sports betting platform must offer all of them to acquire, engage, and retain a good deal of customers. But, when offering all these perks, you must not ignore the basic features like different types of bet support. It is important to offer multiple betting options to cater to the requirements of different punters with different preferences and strategies. Here are the ten most popular bet types your sports betting app should support.
The straight bet is one of the most basic bet types in sports betting that the majority of punters are acquainted with. Generally, straight bets are used for sports and leagues NBA, NFL, NHL, and MLB. If your sports betting platform covers popular sports and leagues, it should also offer straight bet options to the punters.
In a straight bet, bettors place bets on a single event with a total, point spread, or a money line. Punters can either place a wager on favorites and leave the points, or they can place a bet on the underdog to earn the points. But, to cash in, the favorites require winning the game with more points than the set betting line. Also, the underdog needs to win outright or defeat less than the set bet line. In this case, draws are called Push. This means no money is lost or won.
In parlay betting, there is a collection of different bets on a single bet. It is also named combo bets, accumulators, or multi. In parlay bets, odds are flexible, meaning odds can be adjusted according to the total count of picks made by the punters’ group together. Punters must win every bet in order to win the entire game. When any single wager is lost, the whole parlay bet will be lost. This type of wager might involve higher risks, but punters enjoy it thoroughly owing to the better payout benefits it offers.
Over/Under is one of the easiest bet types in the sports betting arena. It is also named a Total line bet, meaning the bet depends on the overall score of the specific sports match. In Over/under bet, odds providers set a number for the total last score of both teams. Punters then place a wager on the actual score staying below or exceeding the set number. For sports football or basketball, punters can often place bets on a total line by every half of the event or match.
Full Cover Bets
A full cover bet refers to any wager consisting of all available different bets over particular selections. Name of Full Cover bets vary according to the number of selections, as below:
Trixie: Selection of Three
Yankee: Selection of Four
Super Yankee or Canadian: Selection of Five
Heinz: Selection of Six
Super Heinz: Selection of Seven
Goliath: Selection of Eight
Full cover bets come with the benefit of dividing the wager into different selections. Due to this, many punters prefer full cover bets. With full cover bets, punters can win money without having to win all selections. This makes it a more profitable and low-risk bet type.
Handicap bets are also known as points betting, spread, Asian handicap, or line betting. This type of bet is mostly used in popular sports like Golf, Rugby, Football, Tennis, etc. Handicap betting allows bookmakers to convert sporting events with varied odds into even money competitions by offering virtual perks or cons to competitors for balancing the field. Handicaps are mostly implemented when a team is way superior to its competitor.
The Teaser bet format is much similar to that of the parlay bet. However, there is a little difference. Similar to parlay betting, teaser bets allow punters to group two or more wagers in a single wager. But, here they can have a betting line in favor of a comparatively low payout. Teaser bets consist of exchanging points for volume. The punter buys a certain number of points, in return for which he/she needs to parlay two or more selections.
Opposite to Teaser bets, Pleaser bets allow players to move the point spread on the side of a sportsbook, in return for improved odds. Pleaser betting not only provides an improved line to sportsbooks but also helps bettors to receive higher payouts. The more points bettors let go the better odds they receive.
Head to Head Bets
Head-to-head bets are one of the conventional bet types. This type of bet is usually used in sports like professional golf and NASCAR. Punters can place wagers on the head-to-head outcomes amongst two teams. They can place bets on losses, wins, and draws. As a Head-to-head bet has a simple betting format, it is popular amongst both professional and amateur bettors.
Money Line Bets
In a money line, bet punters are required to select a team that they anticipate winning. They win the wager straight-up with no point spread. Also, the wagers are shown in positive and negative values. The negative wager values represent the favorite team and inform the punters how much money they have to bet in order to win $100. Whereas the positive values indicate underdogs. Larger positive values represent that the teams are anticipated to lose depending on the oddsmakers’ predictions.
Future betting involves betting on the results of sports matches or events that will take place in the future. For example, it may include betting on football championships or MLB world series even before they happen. Punters can place wagers on the entire season or series. As future bets run for several weeks or months, you can get a better user engagement rate for your sports betting platform. Therefore, your platform must support future bets.
Build a Powerful Sports Betting App with Betfoc
If you are about to set up an online sports betting business or are willing to invest in sports betting app development, you must emphasize offering all the betting options on your platform. This not only engages a massive number of bettors but also helps you drive better revenue. Make sure you select the best sports betting software development company that can help you develop a feature-pact software with all the betting options. Betfoc is one of the established names in the iGaming software market, you can count on for the same. We are a team of experienced professionals specializing in sports betting software app development.