Sports betting is an incredibly competitive and complex industry that has grown tremendously in recent years. As such, bookies are constantly looking for ways and solutions to scale their operations and streamline the experience in order to attract more customers.
One of the critical elements of success is the variety of their betting offerings. This article will delve into the intricacies of modern sports bookmaking and what betting types their portfolios should contain. We will also show you how OddsMatrix, a leading sports betting data provider, can help bookies grow their business with data.
To better understand the topics we’ll touch on later in the article, we need to set the stage by outlining the ins and outs of a bookmaking operation.
A bookmaker, also known as a “bookie” or “betting agency,” is an organization or individual that accepts bets on various events. These events can take many forms, but they mainly involve sports. Bookies set odds, manage bets and pay out winnings. The process is relatively straightforward, but a lot more intricacies are involved in running a betting agency.
First, there are setting odds. The gist is that bookmakers determine the probability of each outcome in an event and set the odds. When setting the odds, bookmakers must account for factors such as historical data, player/team form, expert predictions, weather, and, most crucially, public opinion. Bookmakers gauge public opinion by scouring social media and monitoring the media. As for collecting and assessing historical data, bookmakers often use odds feed service providers like OddsMatrix (more on this later).
The next step involves accepting the bets after setting the odds. Customers place bets on various outcomes and combinations of outcomes – the number of goals scored, the winner, or even as granular as which players might be substituted with whom.
The third step is balancing the book. Balancing the book means bookmakers set the book in such a way that no matter the outcome, they profit by paying out less than the total amount wagered. To balance the book, operators must constantly adjust the odds to attract more bets on less popular outcomes. Another way to balance the book is to limit the maximum stake allowed on a particular outcome. This is so important that it led to an entire industry oriented towards providing accurate sports betting analytics to ensure bookmakers work with the best odds possible.
The fourth and fifth steps concern paying out the winnings, reporting, and regulation. Payouts are adjusted based on the odds while reporting and regulation involve the bookmakers’ adherence to the regulations of their jurisdiction.
As mentioned in the introduction, as gambling is becoming more competitive, bookies must find creative ways to attract and retain customers.
Operators do so through marketing – however, there is only so much an operator can achieve with creative marketing. What truly matters is offering a seamless user experience, a wide variety of betting options, and, more crucially, accurate (and attractive) odds.
As such, betting operators have been increasingly leaning towards services that provide the infrastructure and data capabilities necessary to run a modern sportsbook operation. OddsMatrix offers sports data feeds and sports data API solutions for real-time betting odds, scores, and settlements. More on this later.
Now that we’ve established the basics, let’s go through a few betting types that all bookies should have in their portfolios.
There is a good reason why moneylines are among the first bets listed when bettors click on a specific game. And that’s because money lines are amongst the most basic betting types there are – bettors simply bet on a team to win, and that’s pretty much it.
However, just because moneylines are simple doesn’t imply that they don’t come with their own quirks. The odds for moneylines can be just as uneven as the matches themselves.
For example, the game may see the underdog with long odds while the favorite with short odds – thus leading to a huge potential payout for the former and a low payout for the latter. This, naturally, complicates things for the bookmaker, whose primary interest is to balance the book and turn a profit regardless of the outcome.
This makes solutions like OddsMatrix all the more important. OddsMatrix offers real-time odds data for a wide range of sports and betting types. Through it, bookmakers can access accurate odds, which they can adjust based on developing trends, thus minimizing the risk posed by moneyline bet types.
Point spread betting is a staple in high-scoring sports like football and basketball. Instead of betting on who will win outright, bettors wager on the margin of victory. A favorite must “cover the spread” by winning by more than the set number of points, while an underdog can win the bet either by winning the game or by losing within the margin.
For example, if Team A is -6.5, they must win by 7 or more points. If Team B is +6.5, they win the bet as long as they lose by 6 points or fewer, or win the game outright. This bet type levels the playing field, making lopsided matchups more appealing to both bookmakers and bettors.
Bookmakers adjust the spread to encourage equal action on both sides of the bet. This dynamic nature allows sportsbooks to mitigate risk and maintain a balanced book, which is vital for profitability. For bettors, it introduces a layer of strategy beyond simple win/loss prediction.
Prop bets allow wagers on specific events within a game, often unrelated to the final score or outcome. Common props include player statistics (e.g., “Will Player X score a touchdown?”), team stats (e.g., “Which team will score first?”), or even novelty bets during marquee events like the Super Bowl.
These bets add entertainment value and offer endless creativity for bookmakers. They are especially popular in casual and live betting markets, where engagement is key. They also open up betting opportunities in games with heavy favorites where traditional bet types may be unappealing.
From a bookmaker’s perspective, prop markets can be less efficient due to lower liquidity and higher variance. This creates both risk and opportunity. Skilled oddsmakers who accurately price props can significantly boost margin, especially in high-traffic events.
This is among the more complex betting types. Bettors go for this model when they are unable to gauge the outcome of the match but have a rough idea of its development.
For instance, betting on totals involves wagering on the total combined score of both teams. It’s up to bookmakers to decide whether it’ll be over or under a certain threshold.
Betting over assumes that the teams will combine for more than x number of points.
And betting assumes the possibility for the teams to combine for fewer points than the set line.
In parlays, multiple wagers are combined into a single bet. This has the result of increasing the odds and, by extension, the total payout. The catch is that every single leg of a parlay needs to hit in order for it to win. If one of those bets loses, they all lose.
Parlays are essentially a mix of spread, moneyline, and over/under bets. Bettors are attracted to parlays because of the huge potential payout. They’re also very hard to win, which is part of the allure.
Now, from a bookmaker’s point of view, parlays can be a very lucrative betting niche to leverage – especially because they are very hard to win. Balancing the book can be made even easier with the help of a dedicated solution that provides accurate odds data and the infrastructure to support parlays.
Live betting, also known as “in-play betting,” refers to gambling that occurs after a game has started. Users can place bets throughout the game rather than only before its start. Consequently, odds change in response to what’s happening during the game – adding an exciting dimension to traditional betting, which is a “bet and wait” kind of game.
The demand for live betting has exploded during the Pandemic and has changed the nature of gambling in general. The fact that it feels more like a “game” than other forms of betting is what attracts bettors the most to it, as bettors can adapt their strategy and have tighter control over the outcome. As this emergent form of gambling started gaining popularity, operators have strived to offer the best possible betting experience to customers who prefer it.
However, experts within and outside the industry have raised concerns about live betting due to its vulnerability to match-fixing. The reason why live betting is so exposed to match-fixing is twofold: the higher betting limits and the changing odds. Add the short windows during which betting takes place, and it’s easy to see why it may be harder to spot fraudulent betting.
Fortunately, dedicated data feed solutions like OddsMatrix offer security and risk mitigation tools to spot and prevent match-fixing.
Sports betting data solutions like OddsMatrix provide bookmakers with essential data and tools to help them manage their operations more efficiently and competitively.
These services collect and analyze vast amounts of sports data and offer various features that can streamline and improve the bookmaking process. Some of the ways a bookmaker can use a sports betting data solution like OddsMatrix include:
NFL betting revolves heavily around point spreads and totals due to the structured, once-a-week schedule and high parity between teams. The spread and total lines are well-analyzed and move frequently based on injuries, weather, and betting volume. Prop bets, especially player performance props, are increasingly popular due to the sport’s data-rich nature.
Parlays also thrive in the NFL, as bettors seek to capitalize on multiple Sunday matchups. Teasers (modified point spreads for lower payouts) are another popular NFL variant. With high national visibility and fan engagement, NFL betting represents a major portion of sportsbook revenue.
In the NBA, point spread and totals dominate because of high-scoring, fast-paced games. Bettors often favor totals, influenced by team tempo and player efficiency. Due to daily games, line movement is more volatile, especially with late-breaking injury news.
Player props (like points, rebounds, and assists) are a staple due to the stat-heavy nature of basketball. Live betting is also popular given the game’s scoring swings. For this reason, bookmakers must carefully manage exposure due to high variance and rapid line movement.
MLB is largely driven by moneyline betting, as the sport’s lower-scoring nature makes spreads less relevant. The run line, a fixed spread of 1.5 runs, is the primary alternative to moneylines. Totals are also popular, with weather, ballpark, and starting pitchers influencing the line.
Prop bets in MLB focus on player hits, home runs, and strikeouts. Parlays are common during the long season, often combining multiple games.
Like baseball, NHL betting is centered around the moneyline. The puck line, a standard -1.5/+1.5 spread, offers an alternative, but outcomes are often tightly contested. Totals are low (usually 5 to 6.5 goals), and influenced by goaltender performance.
Prop bets are growing in popularity, including shots on goal and power play outcomes. Overtime and shootouts add volatility, making live betting appealing.
Golf betting is mostly futures and props-based. Outright winner bets are common but challenging due to large fields. Top-5, top-10, and matchup bets (e.g., Player A vs. Player B) offer more accessible alternatives. Bookmakers often provide extended markets for each tournament.
Props include hole-in-one odds, round leaders, and over/under score lines. Live betting is increasingly popular, especially in majors. With individual performance at its core, golf betting requires bookmakers to monitor player form, course fit, and weather closely.
Tennis offers moneyline, set betting, and totals for games or sets. It’s one of the few sports where the individual nature leads to consistent odds modeling. Because of frequent upsets, moneylines often offer value in women’s and lower-tier tournaments.
Prop markets, including aces, double faults, and break points, are well-developed. Live betting is huge in tennis due to momentum swings. Bookmakers must stay sharp, especially during Grand Slams where betting activity spikes.
Soccer’s global appeal means betting markets are vast. The three-way moneyline (home/draw/away) is standard, often paired with totals and Asian handicaps. The low-scoring nature makes draws and unders more viable than in other sports.
Props cover everything from corners and cards to goal scorers. Live betting is massive, with odds adjusting based on possession, momentum, and goals. Bookmakers need robust models to manage the complexity across leagues and time zones.
Boxing betting centers on the moneyline and method-of-victory props (e.g., KO, decision, TKO). Over/under round totals are also popular. Due to limited events, each match can generate significant handle.
Bookmakers must assess fighter history, styles, and hype. Props can extend to round-specific outcomes and knockdowns. With fewer fights, public betting can skew lines, requiring careful adjustment to manage liability.
UFC betting mirrors boxing but with more diversity. In addition to moneylines and method of victory, bettors wager on round betting, significant strikes, and submission attempts. Parlays are popular across fight cards. Due to the unpredictable nature of MMA, underdog wins are frequent. Bookmakers use real-time analytics and sharp market feedback to refine lines. Live betting is tricky but expanding, especially in high-profile PPVs.
College football betting resembles the NFL, but with more disparity between teams. Point spreads can be wide, and totals high. Bettors must consider conference dynamics, team depth, and motivation (e.g., bowl games).
Props are emerging, but less consistent across books. Parlays, especially including heavy favorites, are common. Bookmakers face challenges with mismatches and limited data for smaller schools.
College basketball betting includes spreads, totals, and moneylines. Line movement is influenced by roster turnover, conference play, and venue. The tournament format in March Madness boosts futures and prop interest.
Live betting thrives during the tournament, especially with rapid scoring changes. Bookmakers must adjust for team inconsistency and public bias during March. Volume surges mean sharp pricing is crucial.
OddsMatrix is the leading sports betting data provider solution for bookmakers and operators wanting to present varied types of sports bets to their customers. If you’re a bookmaker or a sports betting operator looking for a powerful sports betting analytics solution, look no further than OddsMatrix.
