Sports fans and avid sports bettors should have a basic grasp of most of the regular types of betting that can be found in Las Vegas, as well as any of the countless sportsbooks that can be found online. These online sportsbooks have made betting on your favorite NFL teams simple, fast, and very entertaining. There are other types of football bets, other than the regular types. These are considered to be Special types of bets, as they do not adhere to the regular convention of betting that most are used to. These special bets are done to maximize the entertainment value of watching an NFL match. There are many different types, but we will focus on the four main special bets; Proposition, Parlays, Futures, and Teasers.
Special Types of Bets
Parlays are a fun way to bet, and if everything goes as planned, can be a very profitable type of bet. The parlay is where the bettor picks two or more teams to wager on. These wagers do not have to be limited to simply picking the winner of each match; they can also include the regular types of betting like the Moneyline, Point Spread, and Over / Under bets. The odds change as the amount of teams that are bet on increase, making the payout even bigger than before. The trick with parlays is the fact that each team that was bet on has to win in order for the winnings to be paid out. An example of how many picks and what odds they would be given:
2 Picks: odds of 3/1
3 Picks: odds of 6/1
4 Picks: odds of 10/1
5 Picks: odds of 20/1
6 Picks: odds of 40/1
7 Picks: odds of 80/1
8 Picks: odds of 100/1
9 Picks: odds of 200/1
10 Picks: odds of 350/1
There is usually a cap on how many picks, or teams can be bet on during a parlay; usually it is a max of 5 teams depending on the sportsbook. These are very good odds to have when there are strong individual odds of your picks winning the games.
Teasers are like parlays where a bettor can pick 2 or more teams to bet on, but are different in two regards; spreads and odds. With parlays the spread and odds are done in a regular fashion, but with teasers, the spread is adjusted to be in favor of the bettor. As such, the bettor will not get as big of odds, thus the payouts will be smaller. Just like in finances, the lower the risk, lower the reward. This type of bet is more suitable for those looking for a safer bet.
Bettors are given a certain point spread value in their favor, which depends on the amount of picks they wager on. On a two-pick, the bettor might get a 5 point spread in their favor. For example, the bettor’s first pick is the Indianapolis Colts and they are favored to win by 6 points, and the second pick, New Orleans Saints are favored to win by 9 points. The bettor would net the spreads of each pick by subtracting the original point spread from the point spread in their favor. In the Colts instance, they would have a new favored point spread of 1; as it is 6 – 5 = 1. As for the Saints, it would be a 4 point spread in their favor; 9 – 5 = 4. This means the Colts only have to win by 1 point and the Saints only by 4 points; instead of the original 5 and 9 points respectively.
For a 5 point spread in favor of the bettor, the odds would look something like this:
2 Picks: odds of 11/12
3 Picks: odds of 10/11
4 Picks: odds of 9/5
5 Picks: odds of 3/1
Same thing goes as it did for parlays, regular max of 5 picks.
Proposition bets, also known as exotic or Prop bets, are a very different way of betting on football. This type of betting isn’t limited to just one category, but they do usually follow the straight betting rules of 50/50 chance of winning. These bets were created as a fun way for bettors to enjoy the gaming experience. One could say that these types of bets resemble the types of bets that are done between friends. These can usually be bet on before and throughout the match as they depend greatly on what happens during the actual game.
Using examples helps to better understand what prop bets are. Betting on:
- Which team will score first
- Which player will make the first touchdown
- Which team will get the first fumble, interception, sack
- Total throwing yards and running yards
- Team to get the shortest, longest touchdown
- Number of touchdowns, field goals
- How many injuries
- How many penalty flags
- Whether or not a team will win the challenges
This is the simplest type of special bets, as it is a straightforward type of bet. As the name suggests, a bettor will wager on a team to win, but not in a closely upcoming match. This bet is for the long run, as it depends on the outcome of events at the end of the NFL season such as the NFC and AFC champions, and which team will win the Super Bowl. The odds change as the season continues, but depending on the sportsbook, the initial odds that were wagered with will be kept until the end.