The most popular category of betting favoured by most sports bettors is ‘fixed odds betting’. Due to the popularity of the internet and the rise of the online bookmaker, this type of betting is more popular than ever.
Fixed odds simply means that in any game, race, event etc, bookmakers will calculate the potential result or outcome and offer ‘fixed’ odds or definite prices on them at any certain time.
And although, the ‘Fixed’ odds can change depending on the bet is placed, this type of betting where a definite prediction is being wagered on is known as ‘fixed odds betting’.
There are various types of ‘fixed’ odds. The ‘win’ bet, the ‘place’ bet, the ‘each way’ bet and the ‘lay’ bet.
The first type of sports fixed odds betting is the ‘win’ bet, particularly popular in football fixed odds betting. In fact, the ‘win’ bet prediction is the most common type of fixed odd bet offered by online bookmakers as the punter simply has to decide which team, horse, runner etc will win outright and make a bet depending on the fixed odds offered.
This is also a popular form of ‘Free Bet’ due to its simplicity.
The next type of sports fixed odds betting is the ‘place’ bet. Simply put, the bettor is predicting that a certain team, horse, runner etc will finish the contest, game, match, race or event in a certain position. This can vary but normally it will be 2nd or 3rd behind the outright winner.
The next type of sports fixed odds betting is the ‘each way’ bet. The interestingly named ‘each way’ bet is, in effect two bets. A ‘win’ bet and a ‘place’ bet.
The ‘win’ bet will be a wager on the regular odds for an outright win but a second back-up bet on a placing, most commonly 2nd or 3rd place, will also win money for the bettor but at much less odds than a standard ‘place’ bet.
This type of fixed odds betting is most popular in horseracing where there are more than just 2 contestants as most popular team games only have winners, losers and possibly ties and are, therefore, not suitable to ‘each way’ betting.
The ‘each way’ bet is, in effect, a ‘safety’ or ‘insurance’ bet covering more bases but for less profit.
For example, a bettor’s stake will double to cover that ‘insurance’.
Finally, comes the equally intriguing ‘lay’ bet. This follows the slightly unusual logic of wagering on something not winning. I.e. backing a loser.
Interestingly, in some ways, placing a ‘lay’ bet turns the bettor into a bookmaker due to the risk involved to the predictor, much like the gambles taken by financial investors in the world of stocks and shares where values can go up and down!
For example, let’s say that you are betting on a horse to lose at odds of 7/1 and you lay £10 on that happening.
If that horse wins, then you will lose £70, so you’re initial bet must be thought through very carefully.
These four types of fixed odds betting are the most popular, especially on the internet and with online bookmakers, but there are other various ways of fixed odds betting such as goalscorers in football, or wickets taken in cricket etc but these are very specific and each sport’s fixed odds betting must be looked at differently.
Fixed odds betting predictors are open on all kinds of bets, even Free Bets, so it’s a good way to get know basic betting, learn betting knowledge and hone your betting skills for more complicated types of wagering in the future.