With so many different types of online betting sites to choose from, it can be overwhelming for newcomers. What are the different types of spots betting sites?
In this blog post, we’ll take a closer look at some of the most popular types of online betting sites — including bookmakers and betting exchanges. From here you’ll be able to discover the right type of betting site for you.
Article Contents
Bookmakers
A bookmaker, also referred to as a sportsbook, is the most popular type of sports betting site. Bookmakers accept bets on events, and establishes the odds for every possible outcome. The odds are determined based on the bookmaker’s evaluation of the probability of each outcome and the amount of money placed on each option. The bookmaker earns a profit by managing their odds by adjusting their prices in order to “balance the book”, meaning they make a profit regardless of the event’s outcome. Bookmakers can be found at physical locations like race tracks and sports stadiums, as well as online platforms.
Online bookmakers offer many types of bets, including traditional fixed odds markets like winner and each way, as well as under/over, handicaps, accumulators, and novelty bets. Many online bookmakers also offer casino games, poker, and other forms of online gambling.
Betting Exchanges
A betting exchange is a platform that facilitates peer-to-peer betting instead of betting against a bookmaker. This allows users to place bets on various outcomes and customize their own odds, which other users can accept. As a result, betting exchanges offer increased flexibility and often provide better odds for the bettor.
The exchange earns a commission on winning bets, but does not have a vested interest in the event’s outcome. Although betting exchanges are primarily used for sports betting, they can also be utilised for other events, such as political elections and reality TV shows.
Learn more about Betting Exchanges
Bet Brokers
A bet broker functions as an intermediary between bettors and multiple bookmakers or betting exchanges. They offer a single platform for bettors to place their bets, eliminating the need to manage accounts with multiple bookmakers or exchanges.
Bet brokers may generate revenue through the odds differences between bookmakers and those offered, or charge a commission on bets placed. They are frequently utilised by high-volume or professional bettors who need access to a larger range of markets and prefer to centralise their betting activity through a single site.
Spread Betting Sites
A sports spread betting platform enables users to place bets on sporting events, with the possibility of winning or losing based on the accuracy of their prediction and the amount of their bet.
Sports spread betting differs from traditional sports betting because it involves betting on a spread or range of potential outcomes, such as the number of goals or points scored in a match. The user can bet on whether the actual outcome will be above or below the spread, and the bet’s size determines the potential winnings or losses.
Sports spread betting appeals to sports fans and bettors who prefer the flexibility and potential for higher returns compared to traditional fixed odds betting.
Learn more about Spread Betting sites
Tote Pool Sites
Tote betting sites offer an alternate form of sports betting on horse racing and greyhound racing.
The Tote system, also called pool betting, combines all stakes and distributes the winnings among the winners after deducting the operator’s commission and taxes. This form of sports betting does not have fixed odds, and the final dividend is determined by the total amount of money bet on each selection.
Learn more about Tote Pool betting sites
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