If you live in New Jersey, you can’t have failed to hear about the state’s long-running efforts to regulate and legislate all forms of online gambling. Today, New Jersey’s gambling laws and some of the least restrictive in the whole of the United States, particularly concerning online gambling. Several states have now legalized online sports betting, but New Jersey went much further than this by allowing online casino gambling too.
New Jersey has now become an excellent test case, proving that the legalization of online gambling does not result in lower profits for the majority of the land-based casinos in Atlantic City.
New Law, New Possibilities – But How do They Work?
There are a huge number of adults who would like to place bets on sports but never do so because of the time and expense of finding and visiting a casino that offers sports betting. Thankfully, residents of New Jersey no longer have to worry about such things. When looking to place a bet online, however, the sheer number of bet types and options can be a real challenge for those who are new to NJ Sports Betting.
Be aware that all odds used in the following examples are in the US-style Money Line format. For those unfamiliar, the key thing to know is that negative numbers denote odds-on outcomes whereas positive numbers indicate an odds-against result.
- Spread Bets allow you to decide if you think you know better than the bookies. As an example, a sportsbook could offer odds of -110 on Tampa for a spread of -8.5 points. Place a bet of $220, and if Tampa beats the spread, you’ll win $200 plus your initial stake.
- Over/Under (Totals) let you bet on how many points will be scored, rather than choosing one side over another. A football game may have an over/under of perhaps 80 points with odds of -150. You can choose to either “take the under” or “take the over”. Bet $100 on the over and if more than 80 points are scored you’ll win $150.
- Straight Bets can work be complicated at times despite their name. These bets are usually based on the same principles as the over/under and spread bets. They differ from the other bets as it is also essential that your team or player wins the game when placing a straight bet.
- Cash Outs are a fairly recent invention that gives punters the option to accept a lower payout if they cash out before the game is over and they don’t want to take the risk that the game will suddenly go the other way, resulting in a loss. See the next example on Parlay Betting for a good example of a Cash-Out.
- Parlay Bets are sometimes called accumulators/accas, combo bets, or multis. You begin by listing all of the results you think are going to occur, and the odds offered by the bookmaker for those results will then be multiplied together. Parlay bets can get huge very quickly – you don’t need to bet on dozens of outcomes to have a shot at a huge prize, but you should ideally pick at least one long-shot to vastly increase the size of your winnings should all of your choices turn out to be correct.
- Teaser Bets allow you to place two or more spread or over/under bets on multiple teams. A punter placing a teaser bet can also make changes to the spread – the more teams covered by the bet, the more freedom you have to tweak the rules. Of course, your payout will be less than a regular bet, and if you want to bet on multiple outcomes simultaneously a Parlay bet is a far better option.
- Live Betting is sometimes referred to as “in-play” betting, as they allow you to make a wager on what might happen next in a game or contest that has already started. Two common in-play bets are which player will score the next goal, or which team will be winning at the end of the first half.
- Future Betting isn’t a type of bet, so don’t go looking for it whilst browsing online sportsbooks. Instead, the term Future Betting refers to any type of wager which relies on the outcome of events that may or not happen in the future. An easy example would be betting on your team to win the World Cup before the tournament has even started.
- Prop Bets, also known as Proposition or Novelty bets, are usually made on things that do not relate directly to the outcome of the game you are betting on. Not all sportsbooks allow you to request a price for unlisted prop bets. Unibet does, however, and they can be great fun.