Penalty Awarded Betting Markets | Penalty Betting Explained
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Penalty Awarded Betting

Steven D. Thompson

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Wagering on sports is all about the thrill of the moment and nothing sends hearts racing and pulses-pounding like a penalty kick for your favourite team. Penalty awarded betting markets double that excitement and take the nail-biting suspense to a whole new level. Have a feeling that a penalty is on the cards for the next Serie A match?

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    Penalty Awarded Betting Explained

    There's nothing complicated about betting on penalties awarded. As the name implies, in this market, you bet on penalties. If you are completely new to football betting, a penalty kick is a set piece awarded to a team when the opposition has committed a foul in its own penalty box. So when you bet on penalties, you wager on two possible outcomes:

    • A penalty kick will be awarded: Yes
    • A penalty kick will be awarded: No

    As you might imagine, the odds for the Yes outcome are significantly higher than the odds for the No option. That's because penalty kicks are not awarded in every match. However, those rare occurrences also mean that there is great value in these types of wagers.

    Moreover, there are several variations of the original penalty awarded bet that also bring about enticing betting opportunities. These include penalty markets such as Penalty To Be Missed, First Penalty Taker, First Goal to Be a Penalty, Will There Be a Penalty Shootout, etc. So, if you are into prop betting options of this kind, you will love the wide range of penalty bet types top online bookmakers offer.

    Penalty Awarded Betting Explained Penalty Awarded Betting Explained

    Penalty Awarded Betting Markets

    When you join top-quality online bookmakers, you can bet on several penalty betting markets. The more popular the football match is, the better these penalty wagering options will be. Let's look at these bet types and see how you can wager on each one.

    Will There Be a Penalty Kick?

    The most common sports betting market when it comes to penalty kicks is whether there will be a penalty awarded in a match or not. For instance, if you bet on the UEFA Champions League football match between Real Madrid and Juventus and predict that there will be a penalty awarded during the game, the referee must point to the spot at some point during the 90 minutes. It doesn't matter which team gets the penalty and whether the penalty kick is converted into a goal.

    Alternatively, an online betting site may provide you with a penalty awarded bet type, where you can predict which team will get the penalty, Real Madrid or Juventus. As you might expect, the odds for this betting market will be higher than the original version of this bet due to the wager being trickier. However, if you get this wager right and successfully predict that Real Madrid or Juventus will benefit from a penalty kick, you can get substantial winnings.

    Penalty Taker Market

    Some betting sites will allow you to bet on which player will take a penalty during the match. This wager might sound tricky, but it is quite easy to get right if you know who is the designated penalty taker for each team. In other words, if you know who usually takes penalties for Team A or Team B, betting on this market is almost the same as wagering on whether there will be a penalty awarded. Of course, the higher odds are an added bonus.

    As a variation of this sports betting market, you can also wager on which player will take the first penalty in a match. Another alternative when it comes to these individual player markets is who will score the first penalty in a penalty shootout. Depending on the bookmaker, you can also bet on which football player will take the last penalty in the penalty shootout or whether a football player will be one of the designated penalty takers during the penalty shootout. The options are endless, but you need to join a top-notch online bookmaker.

    First Goal to Be Scored from the Penalty Spot

    Top bookmakers allow you to bet on how the first goal will be scored. Whether it is scored from open play or a set piece, such as a penalty. As with other markets, your penalty betting options here will depend on the sportsbook. That means you can bet on a wager saying the first goal will come from a set piece. So, if the first goal is scored from a free kick or from a penalty kick, you will win. Alternatively, the bookies might offer one market for a penalty, one for a different set piece, and one for a goal scored from open play.

    Will a Penalty Kick Be Missed?

    An interesting variation of the standard penalty awarded betting market is if a penalty kick is awarded and then missed by one of the teams. For example, Team A might get a penalty and score. If that happens, your bet won't win. However, later Team B might get a penalty kick too. Luckily, Team B misses the penalty, meaning your bet is a winning one.

    Match Goes to Penalty Shootout

    Penalty shootouts happen during knockout matches and are quite common in crucial elimination-round games such as quarter-finals, semi-finals, and finals of popular competitions like the UEFA Champions League, Europa League, or the Conference League. As with the penalty awarded betting market, when you bet on this market, you choose between the Yes and No options. In other words, you predict whether the match will go to penalties.

    So, for you to win your bet, there shouldn't be a winner after 90 minutes and after extra time. In contrast, if you bet on the No option, you want the match to be decided before the penalty shootout. However, keep in mind that the odds for the No option will be significantly lower than the Yes option.

    How to Place Penalty Bets

    Betting on penalty kicks is as easy as you want it to be. In fact, placing penalty awarded bets is as straightforward as handicap betting or wagering on moneyline markets. Here's what you need to do to place penalty bets.

    • Estimated Time Needed: 10:00
    • Tools Needed: Account
    • Supplies Needed: Time, Money
    Shortlist Reliable Bookies Step 1

    Shortlist Reliable Bookies

    You want to maximize the potential of each penalty wager you place, and for that, you need a top online bookmaker. So, your first goal is to create a shortlist of reliable betting sites. Check the license of each sportsbook and ensure it is issued by a reputable regulator. Also, verify that the bookmaker utilizes the latest security technology.

    Examine Penalty Betting Options Step 2

    Examine Penalty Betting Options

    The quality of your sports betting adventure will largely be determined by the wagering markets at your disposal. Therefore, before joining an online bookmaker, inspect the penalty bet types it gives you. The more penalty betting options available, the better your prospects of winning and the more enjoyable your wagering experience will be.

    Analyze Sportsbook Bonuses Step 3

    Analyze Sportsbook Bonuses

    Many sports bettors leverage free bets and deposit bonuses to boost their penalty bets, and so should you. So, the next thing on your agenda is to see which sportsbook bonuses you can trigger when you join a betting site. If the bookie has an enticing welcome bonus, lucrative free bets and a bettor-friendly cashback program, you should definitely consider joining it.

    Join and Place Your Bet Step 4

    Join and Place Your Bet

    You should now sign up with the sports betting site that performed the best in your tests. To do this, click on the Register/Sign Up button and follow the bookmaker's instructions. Next, verify your account and make your first deposit. Once your account is funded, you can start thinking about which football matches you will be betting on.

    Strategies and Tips for Penalty Awarded Betting

    When betting on penalty shots, there is always an element of luck involved. However, there are also several penalty betting strategies you can use to increase your chances of making successful bets. Let's look at three such penalty betting tips.

    Analyze Average Penalties Awarded
    Harness the Bet Builder Option to Maximize Your Winnings
    Bet on Competitions with Video Assistant Referee (VAR)

    As with other markets, if you want to predict whether there will be a penalty in a match, your best bet is to look at previous penalty stats and see the number of average penalties awarded to a particular team. For example, a team might have an aggressive goalkeeper who frequently lounges at strikers and commits fouls in the penalty box which result in punishable offences.

    Similarly, a team might have a forward who falls at the slightest contact in the opposition box, tricking referees into pointing to the spot. In short, if an English Premier League or La Liga team frequently plays in football matches with penalties awarded, you want to bet on that team.

    Some sportsbooks promote the Bet Builder option as one of their betting offers, while others consider it a betting special. However, it doesn't matter how a bookie classifies the feature. What matters is how you use it, because when you wager on penalty betting markets, a good Bet Builder can make a world of difference. Let's say you did your research, compared penalty statistics, and examined previous matches. So, now you think there might be a penalty for Team A in a particular football match. That bet can be quite lucrative in itself.

    However, if there is a penalty, it will probably be taken by the player who usually takes penalties for Team A. Moreover, that player will likely score, thus increasing the chances of Team A winning. Therefore, instead of just betting on the penalty market, you can take your potential winnings through the roof by compiling a Bet Builder with these selections which are closely related to the penalty betting market.

    Another great tip is to wager on leagues and tournaments where there are Video Assistant Referee (VAR) reviews. When there are incidents in the penalty box in competitions like the Champions League, La Liga and the English Premier League, the referee and officials in the VAR room will give each incident a second and a third look. That means fouls that might have been initially missed by the ref will be spotted by his VAR assistants, thus increasing your chances of having winning wagers.

    Conclusion

    If you are looking for a change of pace and betting on markets other than the standard moneyline and handicap wagers, you can check out penalty awarded betting options. As we explained, even though they are slightly tricky to get right, wagering on these markets is pretty straightforward, as you only need to predict whether there will be a penalty in a football match or not. The alternative penalty markets, such as First Penalty Taker or whether there will be penalty shootouts make for an even better wagering experience.

    At Betpack, we analyze and compare the best betting sites for wagering on penalty kicks. We look at penalty betting markets and odds but also examine payment methods, help-desk availability, bonuses, and special features. So, if you are looking to enjoy betting on penalties to the fullest, we recommend you start your sportsbook search with the top-rated betting sites we feature.

    Frequently Asked Questions

    How are Penalties Awarded in Football?

    A penalty kick is awarded when a team commits a foul in its own box and the referee blows the whistle and points to the spot.

    Which Betting Sites Have Betting on Penalties?

    Most top bookmakers allow you to bet on penalty markets. The more reputable the sportsbook is, the more penalty options you will get. For example, a top bookie might allow you to wager on bet types like Penalty To Be Awarded: Yes/No, First Penalty Taker, Match to Go to Penalty Shootouts, Penalty to Be Missed, etc.

    What is the Penalty Awarded in Betting?

    As the name suggests, a penalty awarded in betting means that you can wager on whether there will be a penalty kick or not in a given football match.

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