Sports betting has become a popular form of gambling, with millions of people around the world participating in it. However, not all types of bets are created equal. Some can increase your chances of winning, while others can lead to significant losses. As a bettor, it is essential to understand what types of bets are worth your time and money, and which ones you should avoid. In this article, we will discuss the different types of bets that you should not bet on and why.
What are Parlays?
Parlays, also known as accumulators or combo bets, are wagers that combine two or more individual bets into one. These bets offer a higher payout than individual bets but require all selections to win for the bettor to profit. For example, if a bettor places a three-team parlay, they would need all three teams to win their respective games to receive a payout.
High Risk, High Reward:
One of the main attractions of parlays is the potential for a high payout. Since the odds of winning a parlay are lower than individual bets, the payout is substantially higher. For example, if a bettor places three separate $10 bets with odds of +110 each, their total payout would be $66 ($60 profit plus $10 stake). However, if they placed a $30 parlay bet with the same odds, their total payout would be $363 ($330 profit plus $30 stake).
Parlays and the House Edge:
The house edge, also known as the vigorish or vig, is the built-in advantage that sportsbooks have on every bet. In sports betting, the standard house edge is 10%, meaning that if a bettor wins, the sportsbook will take 10% of the winnings. The house edge for parlays is significantly higher, making it even more challenging for bettors to turn a profit. For example, in a 3-team parlay, the true odds of winning are 7/1, but the sportsbook’s payout will be significantly lower, around 6/1, giving them a higher house edge.
The Appeal of Parlays:
Despite the high risk and low chances of winning, parlays remain popular among bettors due to their potential for huge payouts. It is tempting to try and hit a big win with a small bet, especially for casual bettors who are not as concerned with long-term profits. However, it is essential to understand the odds and the potential losses that come with parlays.
Teasers:
Understanding Teasers:
A teaser is similar to a parlay, but instead of increasing the payout, it allows the bettor to adjust the point spread or total in their favor. For example, if a bettor places a six-point teaser on two NFL games, they can move the point spread in their favor by six points for both games, making it easier to win the bet.
Increased Odds of Winning:
Teasers have a higher chance of winning compared to parlays since bettors can adjust the odds in their favor. However, the increased odds come at a cost, as the payout is much lower than a parlay. For example, a three-team teaser with -110 odds would typically pay out at +180, significantly lower than a parlay with the same odds.
Teasers and the House Edge:
Similar to parlays, teasers also have a higher house edge. Since the bettor has the advantage of adjusting the odds in their favor, the sportsbook has to compensate by increasing the vigorish. The more significant the adjustment, the higher the house edge, making it challenging for bettors to profit from teasers.
The Lure of Teasers:
The main attraction of teasers is the increased odds of winning, making it a popular choice among bettors. It is an appealing option for those who enjoy betting on favorites, as it allows them to decrease the point spread and increase their chances of winning. However, it is essential to consider the potential losses and the impact of the house edge when considering placing a teaser bet.
Prop Bets:
What are Prop Bets?
Proposition bets, also known as prop bets, are wagers on specific events or outcomes within a game. These bets can range from the number of points scored in the first quarter to whether a specific player will score a touchdown. Prop bets are typically offered for high-profile games, such as the Super Bowl, and have become increasingly popular due to their unique nature.
The Unpredictability of Prop Bets:
One of the main reasons why bettors should avoid prop bets is their unpredictability. Unlike traditional bets on the outcome of a game, prop bets rely on multiple factors that may or may not occur during the game. This makes it challenging to predict the outcome accurately, even for experienced bettors.
Prop Bets and the House Edge:
The house edge for prop bets can vary significantly, depending on the type of bet and the sportsbook offering it. However, on average, the house edge for prop bets ranges from 25% to 35%. This means that even if a bettor wins a prop bet, the sportsbook will take a significant cut of the winnings, making it difficult to turn a profit in the long run.
The Temptation of Prop Bets:
Prop bets can be tempting for bettors who enjoy taking risks and want to add more excitement to their betting experience. It is also a popular option among casual bettors, as they do not require a deep understanding of the sport or team involved. However, it is essential to understand the odds and the potential losses before placing a prop bet.
Futures Bets:
Definition of Futures Bets:
Futures bets are wagers placed on an event or outcome that is yet to happen. For example, betting on a team to win the championship at the beginning of the season would be considered a futures bet. These bets often offer high payouts but require bettors to wait until the end of the season to see if they won.
Long-Term Waiting Game:
One of the main drawbacks of futures bets is the long waiting period. Bettors have to wait for several months before the outcome of their bet is determined, making it a challenging and often frustrating experience. This waiting game can also lead to impulsive betting, as some bettors may try to make up for their losses by placing more futures bets.
Futures Bets and the House Edge:
The house edge for futures bets can vary significantly, but on average, it is around 20%. This means that even when a bettor wins a futures bet, the sportsbook will take a significant cut of the winnings, making it challenging to turn a profit in the long run.
The Attraction of Futures Bets:
Despite the long waiting period and high house edge, futures bets remain popular among bettors due to the potential for a high payout. It is tempting to place a small bet and wait for a big win at the end of the season. However, it is essential to consider the risks involved and understand the odds before placing a futures bet.
Live/In-Play Bets:
Explanation of Live/In-Play Bets:
Live or in-play bets are wagers placed on a game while it is in progress. These bets offer constantly changing odds, and bettors can place them at any time during the game. This type of bet has become increasingly popular due to its dynamic nature and the ability to bet on a game even if you missed the start time.
Quick Changes in Odds:
One of the main attractions of live/in-play bets is the constantly changing odds. As the game progresses, the odds can shift dramatically, giving bettors an opportunity to capitalize on favorable odds. However, this also means that the odds can quickly change against the bettor, making it a high-risk, high-reward type of bet.
Live/In-Play Bets and the House Edge:
The house edge for live/in-play bets can vary significantly, but it is generally higher than traditional bets. This is because the odds are constantly changing, and the sportsbook has to adjust them quickly to keep up with the game. The higher house edge makes it challenging for bettors to turn a profit in the long run.
The Excitement of Live/In-Play Bets:
Live/in-play bets are appealing to bettors who want to add more excitement to their betting experience. It allows them to bet on a game while it is happening, making it more interactive and engaging. However, it is essential to understand the risks involved and have a solid understanding of the sport before placing a live/in-play bet.
Parimutuel Betting:
What is Parimutuel Betting?
Parimutuel betting is a collective betting system where all bets placed on a particular event are pooled together, and the winnings are divided among the winning bettors. This type of betting is popular in horse racing, where all the bets are pooled together, and the house takes a cut of the total pool.
Collective Betting System:
The main attraction of parimutuel betting is the potential for high payouts. Since all bets are pooled together, the more people that bet on a particular outcome, the higher the payout will be for the winners. However, this also means that the individual payout may be smaller since it is divided among several bettors.
Parimutuel Betting and the House Edge:
The house edge for parimutuel betting can vary significantly, depending on the number of bets placed and the amount of money in the pool. However, on average, the house edge for parimutuel betting is around 15%, making it difficult for bettors to turn a profit in the long run.
The Allure of Parimutuel Betting:
Parimutuel betting is appealing to bettors who want to try their luck at a potentially large payout. It is also a popular option for those who enjoy the social aspect of betting, as they can cheer on their chosen outcome with others who have bet on the same event. However, it is essential to understand the risks involved and the impact of the house edge before placing a parimutuel bet.
Conclusion:
In summary, there are several types of bets that bettors should avoid if they want to increase their chances of long-term profitability. Parlays, teasers, prop bets, futures bets, live/in-play bets, and parimutuel betting all come with high risks and low chances of winning. The key to successful sports betting is understanding the odds and the house edge and making informed decisions based on this knowledge. While these types of bets may be tempting due to their potential for high payouts or excitement, it is essential to consider the potential losses and the impact on your overall betting strategy. Remember to always bet responsibly and only take calculated risks when it comes to sports betting.
