What is ‘Bet Type’?
Bet type refers to the many different ways that a player can bet. Across a huge array of games – from land-based casinos to online poker providers, and from sports betting to bingo – bet type refers to several methods of staking wagers.
‘Bet Type’ Explained
The term bet type is an umbrella term for a variety of other phrases relating to the ways that bettors can stake wagers and bet on specific outcomes. These are best explained broken down, focusing on some of the most commonly used.
Fixed odds wins means that the player has bet on one specific team, score (that is, the final outcome), horse, greyhound, or other such player to win the game or race. The term ‘fixed’ just means that the player who has made this bet will only win payout if this exact outcome happens to occur.
Another bet type is called pari-mutuel betting. In this type of betting – which is very common and is used as part of lottery, poker, and other such games – all wagers staked are put into a pool of money and are later shared equally among all those who win (depending on the bet they have made).
Other bet types offered by bookmakers and other betting establishments include accumulators (which are bets on four or more choices to win, all of which must win for the player to gain any sort of return); ’round robin (in which the bettor stakes wagers on three different selections comprising 10 individual bets, consisting of three doubles, three up-and-down bets, and one treble); and a novelty bet known almost exclusively to UK bettors called the ‘Union Jack’ bet (in which the player makes nine selections in a 3×3 grid).
Offering many different bet types adds a layer of variety to betting, as well as sometimes offers players the chance to bet tactically to increase their likelihood of winning.