Betting is a form of gambling that involves a person placing money on a bet in which such person has to correctly predict the outcome of an event (mostly sporting events) in order to win money. Currently, Sports betting stands among the most popular types of betting around the world. In most instances, sports gambling is done through a bookmaker. Interestingly, nowadays, placing a bet can be done through the use of a phone, gambling shops on through online bookmaker websites.
Each predicted outcome has an odd which is multiplied with the amount of money placed on the bet. This gives the amount of money expected to be won from the bet. The amount to be placed on the bet is called the stake and the odds are stated by the bookmaker. In most parts of Europe, people who bet are called Punters while they are called bettors in the United States and most other parts of the world.
Forms of Betting
Before you place your bet, you should choose the form of gambling you’d use. Most of the bets around the world are placed using a fixed-odds by the bookmarker. Before the event, the bookmarker puts out the odds for the games and any bettor can predict how much he can win based on the stake he puts in. The most commonly fixed odds are the classic 1*2 bets e.g.
- Outrights and;
- Correct Scores
It is, however, important to note that there are also several types of odds in sports betting but the most popular are the Fractional odds system and the Decimal odds system. The Moneyline odds system is however more common in the United States.
Another form of gambling is Handicap betting. In the handicap betting, the bettor only has to predict if a team or a player will cover the handicap. It is also regarded as the spread which is often provided by the bookmaker. The advantage given to the team with statistically lesser chances of winning is called the handicap. The handicap can also be an offer by the bookmaker for some other parameter e.g. number of goals. The number of points, number of corner kicks or number of penalties in a match.
Important Things to Note in Sports Betting
A major thing to note in sports betting is the odds that are offered by bookmakers. As earlier stated, winnings are usually based on odds and the stake placed on a bet. The best way to win is to find a value bet. A value bet is for the outcome of an event with the best possible odds. However, it is important to note that odds can rapidly change, particularly in live-betting. In most cases, a bettor could even win more money than another bettor who places the same bet as him if he places his bet earlier. A few tips to note when betting include:
- Efficiently manage your gambling budget;
- Have a good attitude
- Always find a thorough analysis of the event
- Gather relevant statistics and information on the event you’re gambling on
- Be familiar with the gambling system of bookmakers around you
- Stay updated on the events surrounding your bet.
In the past, it used to be impossible to place a bet without getting to the bookmaker’s betting shop. However, thanks to the internet. The process of placing a bet is now so easy that you don’t even have to leave your house before placing a bet. Most bookmakers now have websites and mobile apps where bettors can check odds, place their stakes and withdraw any winnings. Some of these sites even come with additional features such as relevant statistics, opinions and other popular predictions on the game. The most appreciable advantage of online-betting is live-betting where a bet can be placed in the course of a game. Most online betting platforms have this facility.