Online betting on sports is governed by various rules that define the type of bets that can be placed and the conditions under which a bettor is declared winner. It is essential that a backbone of rules be in place because the bettors and betting sites are often located far apart, in different countries. The rules make the responsibilities of both parties clear.The general rules are similar for all online betting sites that cover sports betting. A change in the date and venue of a sporting action can void all bets placed on that event. The same holds true if the game is postponed for longer than twelve hours. Usually, bets are expected to be placed and accepted before an event starts. Only one account per individual is allowed, usually punters are tempted to try and open multiple accounts to bet more than the maximum wager amount allowed. In case, money gets credited to a bettor’s account by mistake, it is the bettor’s responsibility to notify the betting website as soon as possible. If he fails to do so he risks forfeiting money on bets won subsequently.According to the rules of online betting, the sports betting website is in no way responsible for bets placed on games that get suspended, a change in score, results being changed. Complaints and protests in this regard are not entertained. There is always a mechanism for ensuring the validity of a bet placed by a customer; for example it can be in the form of a token number that flashes on the customer’s screen after hi wager is accepted. Bets once placed cannot be revoked either by the bettor or the betting website. The betting site does not take responsibility for the accuracy of the information it publishes and it authorizes itself to correct discrepancies in prices mentioned and odds quoted if such are found. The results of the bets placed are made known anywhere between thirty minutes to sixty minutes after the game is over.As a bettor, you should be aware of the various types of bets that exist as defined by the rules. Over a period of time you will find your groove with one or more type of wagers. Given below are definitions of the most common type of bets accepted by the online sports betting sites.Straight bet – A straight bet is the most straightforward kind of bet in which you pick a winner based on your understanding of the odds.Point Spread – A term signifying distribution of points such that of two teams the underdog is given more points and you can bet on both the stronger team and the underdog. The only catch is that the winner has to win by more than the Point Spread.Total – This bet covers the total number of points that are scored in a game, the game duration includes the overtime as well.Parlay – A parlay allows you to select more than one game to bet on and your winnings from one game are automatically wagered on a subsequent game of your choice. For you to take home your winnings from a parlay, you must win all the bets you lay. If you’re lucky, you can take home a fair amount using a parlay.Future – In this case, you are allowed to take odds on an event before the season begins. Usually, the odds get short as the game date gets closer but if you win you get paid at the original odds that you bet on.