Types of Bets Explained
Overview of Bet Types
Australian bookmakers offer dozens of bet types across different sports and racing. Understanding what each bet type is, how it works, and when to use it will help you make informed decisions. This guide covers every common bet type available at licensed Australian operators.
Singles
A single bet is one selection on one outcome. It is the simplest and lowest-risk form of betting. If your selection wins, you get paid. If it loses, you lose your stake. Singles are recommended for beginners and for confident, higher-stake wagers. Example: $20 on Collingwood to win at $1.85 returns $37 if they win.
Multi Bets (Accumulators/Multis)
A multi bet combines two or more selections into one bet. All selections must win for the bet to pay. The odds of each selection are multiplied together. A 4-leg multi at $1.80, $2.00, $1.70, and $1.90 has combined odds of $11.63. The risk is higher because one losing leg means the entire bet loses.
Multis are popular because they offer large potential returns from small stakes. However, the implied probability drops dramatically with each added leg. Use our multi calculator to see how combined odds and probabilities change as you add legs.
Each-Way Bets
An each-way bet is two bets in one: a win bet and a place bet at equal stakes. If your selection wins, both bets pay. If it places (finishes in the top positions) but does not win, only the place bet pays. Each-way bets are most common in horse racing but are also available in golf and some other sports. The place odds are typically 1/4 or 1/5 of the win odds. Use our each-way calculator to compute returns.
Exotic Bets (Racing)
Quinella: Pick two horses to finish 1st and 2nd in any order. Only one unit cost.
Exacta: Pick 1st and 2nd in exact order. Box for 2 units to cover both orders.
Trifecta: Pick 1st, 2nd, and 3rd in exact order. Box 3 horses = 6 units; 4 horses = 24 units.
First Four: Pick 1st through 4th in exact order. Box 4 horses = 24 units; 5 horses = 120 units.
Flexi Betting: Place an exotic bet at a fraction of the full cost. If the full trifecta box costs $24 and you flexi for $12, you receive 50% of the dividend if your combination wins. Use our flexi bet calculator.
Handicap/Line Betting
The bookmaker applies a points handicap to equalise the contest. In AFL, a team might be -15.5, meaning they need to win by 16+ points for the bet to pay. Handicap betting is available in most sports and is the preferred market type for experienced bettors because it offers close-to-even odds on both sides of the market.
Over/Under (Totals)
The bookmaker sets a number (total points, goals, runs, etc.) and you bet on whether the actual total will be over or under that number. Half-point lines (e.g., 160.5) ensure a definitive result. Totals markets are available for match totals, individual team totals, and individual player statistics.
Proposition (Prop) Bets
Prop bets cover specific occurrences within an event: first goalscorer, number of corners in a soccer match, player to score a double, team to score first, and hundreds of other micro-markets. Props are popular for entertainment but generally carry higher margins than standard markets.
Responsible Gambling
Some bet types (multis, exotics) have very low win probabilities but exciting potential payouts. This combination can encourage chasing larger bets. Stick to fixed stakes and remember that simple bets have the highest probability of winning. For support, call 1800 858 858.
Recommended Betting Sites
Based on our testing, these bookmakers offer the best experience for this type of betting:
Remember to gamble responsibly. Set limits before you start and never bet more than you can afford to lose. Call 1800 858 858 for support.