Straight bet / Standard bet / Single event bet
Several names are given to the most common type of sports bets and is often applied to Soccer, Tennis, Cricket and Rugby. When you place a straight bet, you simply pick the team that will win or lose the game. When a price is given for the draw, this is also a valid bet.
The odds maker sets a point spread. The point spread is the number of points that the favoured team is expected to win by. For example, say England are favored to beat the All Blacks by a point spread of 7. That means that if you pick the England team to win, they have to win by more than 7 points for you to win your bet.
Speciality (Proposition) bets
These are bets on particular occurences with a game. These are known as Proposition bets in the US.
This is a bet to predict the final score in a game, and is based on the number of goals or points scored by each team, or the number of sets won by each player (tennis).
This is a bet on who will be winning at half time and at full time. It is one bet, predicting the outcome of both halves of the game, and both predictions must be correct to win. A draw is a valid outcome for both halves. There are nine possible outcomes (where H = home team, A = away team, D = draw):
H-H, H-D, H-A, D-H, D-D, D-A, A-H, A-D, A-A
First/Last Goal Scorer
This is a bet on who will score the first or last goal in a match. They are two separate bets, although the odds are the same. You also have a First Try Scorer in rugby.
Margin Bet (Rugby)
This is a bet on the number of points (the 'margin') that your selected team will win by. The points are in groups of five, and you must correctly predict the winning team plus their margin for your bet to win.
This is a bet between two golf players, to predict who will get the best score in a tournament. The players may not physically play against each other in any round; this bet is based purely on their individual scores over the whole tournament (i.e. 72 holes).
Top Batsman (Cricket)
This is a bet to predict which batsman will score the highest number of runs for your chosen team, and applies to the first innings only.
In a Tournament, a number of participants are all competing to come first and therefore win the Tournament. Competitions, leagues, races and championships are also classed as Tournaments. In the US, Tournaments are known as Futures.
To Win bet
This bet applies to all sports.
It is a bet to predict who will come first (in a race, a league, a competition etc), and applies to all International sports. In US sports this type of bet would be known as a Future.
Each Way bet
This bet applies to all sports.
An Each Way bet also applies to Tournaments. It is in fact two bets - a bet to come first, and a bet for a Place. The number of valid places (also known as the 'range') is specified by the bookmaker for each tournament; if three places are specified, for example, this means that there will be a payout for 1st, 2nd and 3rd place competitors.
If you bet ￡10 Each Way, you are betting ￡10 to Win and ￡10 for a Place, and this bet will cost you ￡20.
If your selection comes first, both parts of your bet will win. If your selection gets a place only (e.g. 2nd or 3rd), the Win part of your bet will lose, but the Place part will still win.
The amount paid out for a place is determined by the 'split', which is specified by the bookmaker. The split is the fraction by which the full odds are multiplied in order to determine the payout for a place.
In a Multiple bet you can combine several different predictions, all of which must be correct for the Multiple to win. You can mix different sports in a Multiple bet.
The minimum number of selections in a Multiple is two; the maximum number is three for horse-racing, and eight for other sports. In the event of one selection becoming void, the bet drops down to the next level, e.g. a three-team Multiple would drop to a two-team Multiple; a two-team Multiple would drop to a single bet.