Developing your understanding and skill with sports bets takes time, but it’s an enjoyable process. The more you understand, the more interesting it gets and the more you are likely to win, so things should get more rewarding as you go along.
It’s a good general rule of thumb to start with simple bets and move on to more complex or exotic ones as you get more familiar with wagering and the events you are focusing on. However simple or complex they are, there are 2 basic sports betting structures that you’ll encounter: Pari-Mutuel bets and Fixed Odds bets.
What are Pari-Mutuel Bets?
Fixed Odds bets are more common in sports matches and Pari-Mutuel bets, also often called Tote or Pool bets, are more common in racing events. To understand one kind, you need to know about the other. For Fixed Odds bets, the exact odds are known at the time when you’re actually placing your bet. These do not change.
In Pari-Mutuel bets, all the punts are totalled or pooled together (hence the other names for the bets) and the odds fluctuate depending on how many wagers are placed. This makes things really exciting to watch when you’re betting on a race. If you have good information about an underdog that has very long odds, you know that not many people have backed it and you could be in for a very tidy windfall. Short odds, by contrast, indicate a sure thing.
Different Types of Pari-Mutuel Bets
When both sports betting structures are seen there’s usually more of a selection of Totes bets than Fixed Odds bets available. Choosing the best options in each situation can be quite a challenge, but it’s ultimately very rewarding. Your simplest options are always Win and Place bets; all you need to do is put money on the contender who will win or come second or third in a race.
Win and Place bets can be combined in Each Way bets, where you say who the first 3 finishers will be but you don’t need to give the exact order. This is more of a challenge, and is what you’ll see in Exacta and Trifecta bets. Move on to those as you’re feeling up for more of a challenge. As you gain more confidence, you should also start exploring Pot Pari-Mutuel bets.
In all Pot Totes, you are making predictions on more than 1 event at a time. In a Quadpot, you make Place bets on the third to the sixth races of the day. The Placepot works in the same way but is for the day’s first to the sixth events. In the Jackpot you are more challenged but more rewarded too; you need to name the winners of the first 6 races. For an exotic version of the Jackpot try a Scoop 6 bet, where the 6 races that you predict the winners of can be anywhere on the race cards line-up. Keep betting and you’ll find more exotic Pari-Mutuel bets to entertain you.
You Get What You Give
As with most things, the more you put in to your Pari-Mutuel betting, the more you get out. Use these guidelines and start developing your skills at one of the best sports betting sites, and remember it’s a process that you should keep refining for more rewards.