A new era of legal gambling has arrived in New York.
Eight days into 2022, online sports betting launched in the Empire State. Four NY betting apps launched, with a fifth on the way early next week.
For months, years even, New York has prepared for this new day. Now that it has dawned, this new world of legal online sports betting in New York, questions become more prevalent.
Some revolve around the basics, including what common bet types users can find at NY online sportsbooks.
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Bet types to find at NY online sports books
Each sportsbook in New York may feature its own set of offerings. That could mean unique odds boosts, bonuses and promos. It could mean sportsbook-specific markets, another term for “bet types.”
For the most part, though, online sportsbooks in New York share common threads with these most popular types of bets.
Moneylines
When you’re betting on moneylines, this is strictly the outright winner of the game, regardless of the final score.
For example, if you place a New York Giants bet on the moneyline and the Giants somehow end up on top, you’ll win your bet.
To understand the odds, all you have to do is look at the sign in front of the line. If it’s a plus sign, something like +250, that means that for every $100 you bet, you’d win $250 if your bet won. On the other hand, if it’s a minus sign, like -450, that means you’d win $100 if you bet $450. The bet slip will always do the math for you but it’s good to have a basic understanding.
Point Spreads
When you’re betting on point spreads, you’re wagering on a margin of victory.
So, if you bet the Giants to win by -2.5, that means that they have to win the game by three or more for you to win your bet. Or on the other hand, you can bet an underdog at +3.5. That means they can lose by one, two or three points — or win outright — and you’d win your bet.
Over/Under Totals
Totals are also known as over/unders. This is a type of bet where you’re wagering on the combined score of the two teams or opponents playing in a game.
For example, if betting on the Buffalo Bills game and the total is 49.5, if the two teams collectively score at least 50 points, you’d hit the over. Scores like 40-10, 59-25 or 33-31 would all constitute overs.
On the other hand, if the final score is 49 points or less, that would result in an under.
Futures
While most day-to-day betting is on the games happening that evening, futures focus on long-term results.
During the NFL season, the most common type of futures wager involves which team will win the Super Bowl. This kind of result obviously won’t be known until further down the road. As such, the downside to these bets is that your money is locked up for a while.
The upside is that the payouts are very generous when you’re right with your predictions.
It should be noted that in New York, futures bets such as wagering on which player will win the MVP or the Cy Young Award are prohibited. Sportsbooks in New York cannot accept bets on individual awards in which they are decided by voting.
Props
Props are a type of bet that focuses on various happenings in the game.
For example, how many points will Julius Randle score for the New York Knicks in their next game? Will Aaron Judge hit a home run for the New York Yankees? Will any team kick a field of 50 yards or longer in a game?
These are great options for those who play fantasy sports and can find an edge with player or team performance. And props will certainly abound when Super Bowl betting comes around in early February.
Parlays
This is one of the most popular wagers at sportsbooks because you can bet a little to win a lot.
A parlay is simply a multiplier where you loop in several selections into one bet. These are risky because every outcome in a parlay has to win for you to win your bet.
For example, if you play a three-team parlay and two of the three win, you still lose your bet. Why they are so popular is because your payout multiplies. Your odds of winning decrease, but your payout can go from something small to a serious jackpot if you start playing parlays with five, six, seven or greater amounts of selections involved.
Several sportsbooks, such as FanDuel NY, offer what’s known as same-game parlays, in which bettors can tie together multiple props, moneylines and point spreads (among others) within a single event.
Online sports betting in NY already booming
It was just a week ago that four betting apps made their debuts in New York, resulting in some jaw-dropping figures supplied by GeoComply.
In just a few days, those four NY online sportsbooks will be joined by BetMGM Sportsbook NY. Over the next few weeks, there’s little doubt that online wagering in the Empire State will continue to boom, leading up to the most bet-upon sporting event in the country: the Super Bowl on Feb. 13.
New bettors in New York can now sign up and take advantage of some exclusive sign-up offers with any of the existing four betting apps and put their newfound knowledge of bet types to the test.
